The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1895-02-20
aCARLISLE'S CONTRACT
AS MADE WITH THE EUROPEAN SYN
DlcATE FOR GOLD.

and nIcans Committee, 1t IL Presented
to tho IIousc--On Our Ixnees to tho MAN
~ Congrcss.
WASHINGTON, Feb. II. Mr.. Wilson,
the chairman Of tho ways and means
committee, yesterday afternoon report
ed to tho House the joint resolution
agreed upon in committee authorizing
the issuance OF a thirty-year3 3 per cont.
Interest bearing gold bond. .A6';
Tho report accompanying tho leso-
luton includes a copy of tho Presi-
dents recent message to Congress
bearing. upon tho subject and also q
copy of the contract made by the
Treasury Department with the Euro
pcan syndicate for the purchase of the
now bonds Continuing, tho report
says:
The committee have had the bene-
Of the Treasury, who exhibited to
thcn the original contract entered in, n
to by himself on tho 9Th day of Feb
ruary, and explained its details to
them A full and complete copy OF
said contract is here added. From q
reading of this paper it will be seen
that the arrangement Of the Secretary
with the, parties to this contract effects
the purchase Of 3,500,000 ounces OF
standard gold coin of the United States
(amounting to $65, 116. .275,) at least
onc-half of which shall be obtained
III and shipped from Europe. For this
gold coin ne has contracted TO issue
to the parties furnishing it, under au-
thority Of the act for tic resumption
or specie payments, approved January
4 1895, per cent thirty-year coin
bonds of tho United States at price
which realizes them interest at the
rate of 81 per cent. But the Secretary
OF the Treasury has reserved the right,
| fauthority is givcn him by Congress,
to substitute at par any bonds Of the
United States bearing3 3 per cent. in
tcrcst, of which the principal and in
teresL shall be specially payable in
United States golu coin Of the present
weight and ircncss, said substitution,
however to be made within ten days
from the date Of the contract
1T is tile object of the Joint resolu-
Ton herewith reported to give TO the
Secretary Of the Treasury authority to
substitute such bonds to the amount of
l the contract.
Tho saving to be effected to the
government, as set forth in tie Presi-
dents message, will be S539,15o per
year for every year the 3 pcr cent.
bonds run, and of The amount Of SIG, :
l7i,77O should they run thirty years
AS 1t is not believed by that commit
tee That the issue Of bonds speciallypay-
able in gold will impose any addition.
al burden or liability upon tho govern
nent. than if they arc made payable
IN coin under its pledge and policy to
preserve the parity OF the coins in the
two metals, the saving Of this largc
amount becomes Il matter Of substan-
tial moment and advantage to the gov
elmment And rs the parties to take
the bonds are ,lndercontract 10 furnish
gold for them, it seems no hardship
on the government to contract TO paw
them back in the same coin that they
furnish to it,
| Following is the text Of The contract
between tho Treasury and tho syndi-
cate:
This agreement, entered into this
Sth day of February, 1895, between the
Secretary Of the Treasury Of the Uni
ted States Of the first part, and Mcssrs.
Belmont 81 Co., Of New York on be-
half Of Messrs. n M. Rothschilds 81
Son Of London, England, and them
selves and Messrs. j. p. Morgan 81 Co
Of New York, on behalf Of Mcssrs j.
;. Morgan & Go. Of London and them
selves, parties on the second part
"Witnesscth: Whereas, it is provid-
cd by the Revised Statutes Of the Uni
ted States (scction 1900 that the Secrc-
larry OF the Treasury may purchase
coin with any Of the bonds ornotcs of
the United States authorized by law at
such rates and upon such terms as lie
may deem most advantageous to the
public interests; and the Secretary of
the Treasury now deems that an cmer-
gency exists III which the public inter-
csts require that hereinafter provided,
coin shall be purchased with The bonds
of the United States of the description
hereafter mentioned, author nod to be
issued undcr the act entitled, An act
to provide for the resumption of specie
payments, approved January IA, 1875,
being bonds Of the United States dt s.
cribcd in an act of Congress, approved
July ID, 1870, entitled, AN act to au.
thorizc the refunding of tho national
debt; now, therefore The said parties
Of the second part hereby agree to sell
and delivcrto the United States threo
million five hundred ounces Of stand
ard gold coin Of the United States, at
the rate of $l7. 804. .41 per ounce, paya-
bic in United States per cent thirty
year coupon or registered bonds, said
bonds TO be dated February 1, 1896,
payable at the pleasure of the United
States after thirty years from date, is
sued under tho acts Of Congress of
July ii, 1870, January 90, 1871 and
january II, 1875, bearing interest ct
the rate Of per cent. per annllm, pay
able quarterly.
First Such purchase and sale Of
gold coin being made OH the following
conditions: Q.) At least onc-half Of
all coin delivered hereinunder shall
be obtained and shipped from Europe.
but the shipments Shall not be re-.
quircd to exceed 300,00O ounces pcr
month, unless the parties of tho sec
olld part shall con tnt thereto.
| (2) All deliveries shall be made at
any of the sub.treasuries or at any
other legal dcpositary Of the United
States. 3ysis
| "0.) All gold coins delivered shall
be received on the basis OF 25 $40
grains of standard gold per dollar If
within the limit of tolerance.
| &"(4) Bonds delivered under this
contract are to be delivered. free of ac-
crued interest, which is TO be assumed
and paid by tho parties Of the second
part at tho time OF their delivery to
them.
SccOnd--Should Tho Sccrctorvj4of