The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1895-02-14

m the judgment or those especially
charged with this responsibility, the busi
ness situation is so critical and the legis
lRtive situation Is so unpromising with
the omission thus far on the part of the
congress to beneficially enlarge the powers
OF the secretary of the treasury in the
premises, as to enjoin immediate execu.
tive action with the facilities now at hand
Therefore, in pursuance with section
3, 700 of the revised statutes the details Of
an arrangement have this day been con
cluded with parties abundantly able 70
fulfill their undertaking, whereby bonds
OF the United States, authorized under the
act Of July IA, 1875, payable In coin, 30
years after their date, with interest at the
rate of per cent per annum, to the
amount Of q little less than S69 400, 0O0 are
TO be issued for the purchase Of gold coin
amounting to a sum slightly in excess Of
S65, 100000, to be delivered to the treasury
nf the United States, which sum added to
the gold now held In our reserve will
so restore such reserve as to make IL
amount to something more than 800. .OOO p.
600. Such premium Is to be allowed TO the
government upon the bonds as to the rate
OF interest upon the amount Of gold real
lied at the rate OF 32I per cent per annum.
AT least one-half OF the gold to be obtained
is 20 be supplied from abroad, which il a
very important and favorable feature of
the transaction.
The privilege is especially reserved to
the government to substitute at par within
ten days from this date IN lieu OF the 4
per cent coin bonds other bonds In terms
payable In gold and bearing only per
cent interest IL the issueof thssame shoul Id
In the meantime be authorized by the con-
gress.
he arrangement thus completed, which
after careful inquiry appears in present
circumstances, and considering all the OBJ
jects desired, TO be the best attainable, de-
vslops such difference In the estimation
OF investors between bonds made payable
in coin, and those specifically made pay
able in gold, In favor Of the latter, as Is
represented by three.fourths Of a cent in
annual interest. In the agreement Just
the government, II the 3 per cent gold
bonds should be substituted by per cent
coin bonds under the privilege reserved,
would be $500 l59. 90, and amounting in 80
years, or at the maturity Of the coin bonds,
to SIG, ia, ,71000
OF course there never should be doubt
In any quarter as to the redemption in gold
of the bonds Of the government which are
made payable in coin. Therefore the dis.
elimination in the judgment Of investors
between our bond obligations payable in
coin and those specifically made payable
in gold, is very significant IL Is hardly
necessary to suggest that whatever may
be our views on the subject, the senti
ments or preferences Of those with whom
we must negotiate in dispOsing Of our
bonds for gold, are not subject to our die.
tatiOn.
have only to add II in my opinion
the transaction here init lated for the in
formation Of the congress promises better
results than the efforts previously made in
the direction OF effectively adding to ouI
gold reserve through the sale Of bonds
and believe il will tend as far rs such ac
tiou can in present circumstances TO NEE
the determination expressed by the Law
repeating the silver purchasing clause o
the act Of July IA, 1890, and that in tn,
language OF such repeating act the ar
rangement made will aid our efforts tC
ENSURE the maintenance Of the parity il
/ value of the coins of the two metals ant
the equal power of every dollar at al
times in the markets and in the paymen
of debts. GROVER CLEVELAND.