Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-02-14
FINANCIERS AGREE
Those of the Ways and Means
Committee of the House.
BILL TO AUTHORIZE GOLD BONDS
So That the Treasury May Take Advantage
Of the Option Given by the Syndicate and
Save Millions Of Interest-The Bill To
BE Probably Voted On Today-An Old
Silver Law Dug Up by Hartman-That

WAsHISGTcS, Feb. 1.-THE hope that
the ways and means committee would
agree on bond resolution was justified
when the committee met yesterday and
agreed to the proposition submitted by
the sub-committee,t the substance of which
mas 49, - in these dispatches. A
report on the matter was written and be-
fore the house adjourned yesterday after
noon resolution and report had been read
in the house. Following is the substance
of the report: 1.-The message Of the presi-
dent which is herewith appended CON-
municates to the house the condition of
the reserve of gold in the treasury availa-
ble for the redemption of the govern
nent's legal tender notes and the mainte-
nance of the parity of its coin circulation
and the reasons which compel at the
present TING an issue Of bonds to replen-
ish and maintain that reserve; also the
general terms of n contract made under
authority of section 800 Of the revised
statutes for the purchase and delivery to
the treasury of a sum slightly in excess
Of SO, ,OOO, 600 of gold coin, to be added to
the stock in the treasury. which amounts
to only sept, ,os1 at the present time.
Committee saw That Contract.
1.-THE committee have had the benefit of
n conference with the secretary of the
treasury, who exhibited to them the origi-
nal contract entered into by himself on
the sth day of February and explained its
details to them. A full and complete
copy of said contract is hereto added.
From reading of this paper it will be
seen that the arrangement Of the secre-
tary with the parties to the contract ef.
fects the purchase of 100000 ounces Of
standard gold coin of the United States
amounting to So, 116, ,215), at least one
half of which shall be obtained in and
shipped from Europe. For this gold
coin he has contracted to issue to the
parties furnishing it, under authority of
the act for the redemption of specie pay
ments, approved Jan. II, 1919, 4 per cent.
thirty-ycars coin bonds of the United
States at a price which realizes to them
interest at the rate of 32f per cent.
Object Of the Joint Resolution.
"But the secretary of the treasury has
reserved the right, il authority be given
him by congress, to substitute at par any
bonds of the United States bearing per
interest shall be specifically payable in
United States gold coin of the present
weight and fineaess, said substitution to
be made within ten days from the date of
the contract. 1t is the object of the joint
resolution herewith submitted to give to
the secretary of the treasury authority To
substitute such bonds to the amount Of
the contract. The saving to be effected
to the government, rs set forth in the
presidents message, will be SJ39. 139 Per
year for every year the 3 per cent. bonds
run and the amount Of SIG 40, 40 should
they run thirty years.
a Good Thing That Is Worth Saving.
'As it is not believed by the committee
that the issue of bonds specifically pay
able in gold will impose any additional
burden OF liability upon the government
than ii they are made payable in coin,
under its pledge and policy to preserve
the parity Of the coins in the two metals,
the saving of this large amount becomes
n matter Of substantial moment and ad-
vantage tn the government and the
parties to take the bonds are under con-
tract to furnish gold coin for them, it
seems no hardship on the government to
contract to pay them back in the same
coin that they furnished TO it
Going to he Quick Work.
The house will devote its attention today
to the bond resolution reported from the
ways and means committee, and Speaker
Crisp says the house will probably reach a
vote tonight The committee on rules
met this morning, and will report a rule
allowing certain number of hours for
debate and fixing time for n vote late
this afternoon. Chairman Wilson SAYS
action must bc had at once in order to be
effective. and he has asked the committee
on rules for an order for vote after the
days debate.
FINANCIAL VOTE IN THE SENATE,