Waterbury evening Democrat., 1895-02-09
ABOUT THE BOND ISSUE
The President Thinks It Will
 Bring Back the Gold.
TALK OF ANOTHER FINANCE BILL.

ator Morgan Pleads For Cable Connec-
 tion With Hawaii.
 WASHINGTON, Feb. a.)The action of Inc house ways and means committee upon the presidents message concerning the bond issue cannot be predicted today with certainty even by members of that body, although they were engaged in q canvass of views nearly all of Thursday. 1t is understood that a bill based upon the president S message will be submitted to the committed but the attitude of sev- eral members toward it is not known.
 Representatives Wilson, Stevens, By pum and Tarsney or the Democrats arc suppos q to favor such measure. MesSrs Bryan and Wheeler are listed against it. and McssrS Whiting. McNIillin and Mont gomery aIe lis ed in the doubtful column. The two irst namId voted against tho Springer bill and the last for it. and their attitude ;ipon the message is likely to be unchanged.
 The Republican members O. the com mittec generally decline to say what DO, sition they will take upon the question. but there k talk among them of offering ! a counter proposition. crhaps something in line with Mir. Reeds plan. although the talk was so indefinite that it may come to naught.
 Representative Cochran, who would doubtless sustain the president in this matter. is out nf town. and Representa- tive Gear is ill leaving ten Demo, rats and five Republicans upon the committee to settle the question.
 4 Purchase of Gold With Bonds.
 The bond transaction consummatod by the president is, strictly speaking. not a sale of bonds for gold but purchase of gold to be paid for in bonds The issue l ha ont ed by the resumption act, but under sec | tion S100 of the revised statutes, which reads as follows: The secretary of the | treasury may purchase coin with any of | the bonds or notes of the United states authorized by law at such rates and upon such terms as may seem most advanta- geous to the public interest -
 The contract was made with August Belmont X Co. of New York on behalf of Messrs \. NJ. Rothschild X Sons of Lon don and themselves, and J. P. Morgan x Go of New York on behalf of !. $. Nor gan &; Co. of London and themselves. and provides for the delivery to the United States of 2, 800. 900 ounces of standard gold | coin of tho 1 nited States, to be paid for | in United States per cent bonds X | largo number of other banks and fnan- | cial institutions are interested in he | transaction hut their names are not men | tionod in the c.rn ract itSoif,
 | Tho dcpar. ment dCos not know in N hat proportions tho Variuu' parties are to fur nish the gold coin and receive the bonds. | as this k a matter for arrangement be- | tween themselves, By the terms of the | contract the parties are to bear all the OK l pense of bringing the gold from abroad. | Another stipulation of great i!uTOrtance | is that Mes>rS Morgan and Belmont agres | to exert all their hnan,ial ~trrngth and 1 influence ard that of their asS0ciatcS at | home and al r. ad tu protect tile treasury against withdrawals of gold pending the | conn leto performance OC the contract No bonds arc tu c delivered except in pay mcnt for -oll actually delivered. Thinh ih,- Issue. NNIiI II,. thr Last.
 In v.ew of tho probable failure of con | gross. treasury officials dCc.are that theNo 1 terms are the best that ,ouId be procured with a coin lCnd .: husr who are in h | position Ia knuW ,hc presidents views on ] tho sub PCt -ltc il a. lis urinion that this | issue will e" fa, Ir,t"Tc public ontid.nCH 1 at home and aiIuad that an' other issues l will ho Unuerrssarr at lClS. until tho l meeting ut th" n"Nt congress in urCemhcr. | If, h;wevcr. It should he une necessary. tho pros'u us Ht WiIi al InS promptly aS may be necessary ,o protect tho public credit, | IL is confidently cNpe ted by the I}rcSi- l session of congress wholly unnecessary. It is stated un good authority that it was the president S first intention To make the present loan < iOO, 0Uu U0O and this amount was for some time insisted upon by tho London hankcr>, but after much delbera tion the president concluded that the amount announced yesterday would pIob- ably answer every purpose aS fully as a greater amount. and recently he stated to ID.1.s- Al
 j00, ono ounces of gold would place our reserve above the $lOO, OOU, Uu0 point hc would not consent to purchase a greater amount His dcyisiOn Was reluctantly ConCurrrd i'm
 There i> >;lid tu q nu provision in the contract nh'ignG the government t0 dis pose of any future issue to McssrS. Morgan and Be mont or to any on" whomsocl CT nor was there any specific IT implied un derstanding to that effect It is under stood that the gold called for by tho terms uf tho agreement will be shipped from London at-Ihc earliest day practicable
 The agreement on the part of MCssrs. Mor- gan and BUlHOnt 10 use their best cndeav . orS to prevent gold from Icing withdrawn from the treasury was understood to mean that no part h the gold bargained for should either directly or indirectly be talk on from the treasury.
 Therefore 1t is fully believed that the reserve will be augmented by the full amount of gold purchased.
 The House Receives the Message. Discussing and filibust sring on an ap
 propriation item to allow congressman , clerks at $l.20I pcr annum. brought for ward as an amendment to tho legislative appropriation bill. st 1pFed material prog
 resS on that measure in the house, It be-
 ing evident that vote on the proposition
 was impossible, the bill was late in the day laid aside and other business consider ] ed until adjournment
 President Clcvcland's message advising congress of an arrangement to sell $62,
 100 GOO per cent bonds was received with slight applause of approval on the Demo,
 cratic side. The message on Hawaiian matters was read and referred to the com
 mittee on foreign affairs
 The r2cssa e was as follows:
 ITO the Congress of the United States Since my recent communication to the congress calling attention to our financial
 condition and suggesting legislation which 1 deemed essential to our national welfare
 and credit the anxiety and apprehension
 then existing in business circles have con,
 tinued
 As precaution, therefore against the
 failure of timely legislative aid through
 congressional action cautious preparations
 have been rending to employ to the best
 possible a'lvantage. in default of better
 means such executive authority as may,
 without additional legislation. bo exer-
 ,ised for the purpose of re-enforcing and
 maintaining in our treasury an adequate
 and safe gold reserve.
 Tn the judgment of those especially
 charged with this responsibility, the busi-
 ness situation is so critical and the legis-
 Iative situation is so unpromising with the
 omission thus far on the part of the con-
 gross to beneflcially enlarge the powers of
 the secretary of the treasury in the prem
 ises as to enjoin immediate executive ac- hn fnnilifinS at hnr