Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1895-02-15
MORE BONDS
Mr., Cleveland Sends a Message
10 Congress.
STANDS As A BULWARk.
The Amount. He Says, Is 10 Dc
Little over Sixty Million Dollars
the Ronds to Run Thirty Years
at Four Per Cent.

Ii
the Ronds to Run Thirty Years
at Four Per Cent.
The President to-day sent the following
message to Congress:
To the Congress- of the United States:
Since my recent commun cation to tho
Congress calling attention to our hnancia'
condition and suggesting legislation which
I deemed essential to our national welfare
ami credit the anxiety and apprehension
then existing In business circles have con-
tinued.
As precaution, therefore, against the
failure of timely legislative aid through con-
cresslonal acton, cautious preparations
have been pending to employ TO the best
rossible advantage, in default OF better
means, such executive authority as may,
without addii NAL legislation, be exercised
for the purpose Of reinforcing and maintain
Iny in our treasury an adequate and sa'o
gold reserve.
In the judgment Ct those especia ~
CHARGED with this re e,ponsibiIity, the ous
ness situation is 80 critical and the legisla-
live situation is SO unpromising, win inc
omission thu. far on the part OF the Congress
10 beneGcialy ly enlarge the powers oil the sec-
,retary OF the Treasury in tho promises, as 10
anioin immediate executive action with the
facilities now at hand. Therefore, In pursu'
ance OF section 300 Of the Revised Statutes
the detail, of an arrangement have this day
heon concluded with parties abundantly able
n fulfill their undertaking whereby bonds ol
.ba rni. ell States aul horzed under the acl
y July a. 1875. payable in coin thirty years
afeer their date, with interest at the rate OF
ner cent. per annum, to tho amount OF q
little less than $62, 400, ,O.0 are to be issued
for the purchase or gold coin amounting 70
ann slightly In excess of $65 0O0, OOO to be de-
livered to th, treasury OF the Unitel SAFES,
which sum, added to Il" gold now IN our re-
serve. will restore such re5er'of. 70 make IL
amount TO something more than SlCO,OOj, 0oo
Such premium is to be allowed to the gov
eminent upon the bonds as to fix the rate oil
interest upoa the amount Of gold realized at
}l per cent per annum. At least one la
!, The gold to be obtained is to be supplied
from abroad, which is a very important and
favorable feature Of the transaction.
The privilege l., especially reserved II tho
government to suits itu at par Wi'hin ter
1ays from this dats in lieu OF tho iour pei
cent coin bonds, OF Ter bond in terms pay
able in gold aud Learing only three per cent
interest il the issue OF the same should IN th'
meantime be authorized by the Cong ress.
The arrangem mt thus completed, whicl
after careful inquiry, appears IN present CIR
cumstances and considering all the object
desired to be the best attanable, deyeloi
such a difference In the estimation ot lnye'
8 tors. between bonds made payable IN col
and those specifically made payable In gol
I In favor Of the later, as Is represented. D
! three.fourths OF cent In annual interest l
the agreem mt Just concluded the annua
e saving in interest to the government IL 5p'
l. oen. gold bonds should be substituted Tor
o ner cent. coin bon Is under The privilege n
T. served would be $5S9, 15J, amounting inthi'
n years or at the maturity of the con boEds
u SIG, l74,77l
l. or course. there never should be doub!
q any quarter as TO the rede nption In gold
'a he bonds Of the government which ARENA
| navable IN coin. Therefore, the discrimin
In tion in the Judgment OF investors Detwe
our bond obligation payable in coin aao ihe
specifically made payable in god is very 81
nihcant.
It's hardly necessary to suggest that wa
"a ever may be our views on the suo!ec''
=, sentimen of preferences of those Win WIZ
'O' we must Ne sotlate in dlsposing OF our Dol
Tor gold are not subject to our dictadon.
"' have only to add that in my opInion
~" tran.action herein detailed for the inlorr
t,on of the Congress promises better resi-
~, 'n' than the eff RS prevl. usly made In the
L''. rect on OF effectively adding to our gold
ou serve through tne sale OF bonds aud L
d" lleve It will tend. as far as such nc ion cal
""' nresept circumstances to meet tue deterl
III nation expressed in the law repeating the
ver-nurcha,ing clause OF the act OF July
00"' se). and that, in the language OF such
n0 healing act, the arrangement male Will
'he' opr efforts to ENSURE the maintenance OF
narity In value of the coins OF the two m'
'"u and the equal power OF every dollar at
h0"' ti1aes 10 the mar lets and in the paymel
AMI "A'eS
Of debts."
GROVER CLEvELAS
"' Executive Mansion, February 8, 1885,
aged