Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1895-02-14
MORE BONDS.
President Cleveland's Special Meg
sage on the Subject.
Congress Informed That Arrangements
Have Been Made to Dispose of 4-3O
Coin Bonds to the Amount
81 S62, 100000.

WASHINGTON. Feb. 9.-The president
issued the following message to con
gress at noon Friday:
TO THE CONGRESS OF THE UNITED STATES:
Since my recent communication To congress
calling attention TO our financial condition
and suggesting legislation which deemed es-
sential TO our national welfare and credit the
anxiety and apprehension then existing in
business circles have continued
As precaution, therefore. against the fall
ure OF timely Legislative aid through congress-
ional action cautious preparations have been
pending TO employ 70 the best possible advan-
tage, z default OF better means, such execu-
tive authority as may without additional Iegis-
lation be exercised for the purpose OF rein
forcing and maintaining In our treasury an
adequate and safe gold reserve.
In che Judgment Of those especially charged
with this responsibility. the business situation
Is so critical and the legislative situation is 50
unpromising with the omission thus far on
the part Of congress TO benehcialiy enlarge
the powers OF the secretary Of the treasury In
the premises as TO enjoin Immediate executive
action with the facilities now at hand
Bonds for see ,4OO. 900.
Therefore in pursuance OF section g. roo OF the
revised statutes. the details OF an arrange
ment have this day been concluded with parties
aoundantly able to fulfill their undertaking
whereby bonds OF the United States author
lied under the act OF July a. 1875 paw
able in coin. thirty years after their date with
interest at the rate of per cent per annum
to the amount OF a little less than s62-
10000, are to be issued for the pur-
chase OF gold coin amounting TO a
sum slightly in excess Of SIS 900 coo to
be delivered 20 the treasury of the United
States which sum added TO the gold now held
in our reserve will so restore such reserve as
TO make It amount to something more than
500 0oJ000 Such premium Is to be allowed
TO the government upon the bonds as to fix the
rate OF interest upon the amount OF gold real
fzed at So Dor cent. per annum. At least one
half Of the gold to be obtained is TO be sup
piled from abroad which is a very important
and favorable feature Of the transaction.
Must Act Within Ten Days.
The privilege is especially reserved to the
government to substitute at par within ten
dogs from this date In lieu OF per cent coin
bonds other bonds In terms payable in CORD
and bearing only per cent. interest if the
issue OF the same should in ths meantime be
authoSized by congress
The arrangements thus completed which
after careful inquiry appears in present cir
Cumstances and considering all the objects de-
sired to be the best attaiuable develops such
difference Ia che estimation OF investors be-
swsen bonds made payable in coin and those
specifically made payable in gold In favor OF
the latter. and is represented by three fourths
" cont IN annual interest.
Can Save Millions.
In the agreement just concluded the annual
saving In interest to the governments IL per
cent gold bonds should be substituted for par
dent. coin Doads under the privilege reserved.
would be s5ss i59, amounting In thirty years
OF at the maturity OF the coin bonds, to Si6,-
T7A70
or 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 gold. Therefore the discrimina-
ton, in the judgment OF Investors between our
bond obligations payable in coin and those
specifically made payable i'll gold is very sig
nidcant.
1t Is hardly necessary to suggest that what
ever may be our views on the subject the SEN
timents or preferences Of those with whom we
must negotiate In disposing OF our bonds for
gold are not subject to our dictation
have only TO add that in my opinion the
transaction herein detailed for the NORMA
tLon of the congress promises better results
than the efforts previously made ia the direc-
tion OF effectively adding 60 our gold reserve
through the sale of bonds. and l believe it
will tend, as far as such action can in
present circumstances. 70 meet the de-
termination expressed in the law repeating
the silver purchasing clause OF the act OF July
IA. 1890. and that In the language OF such re-
pealing act the arrangement made will aid
our efforts TO insure the maintenance of the
parity in value OF tho coins OF the two metals
and the equal power Of every dollar at all
times IN the markets and in the payment OF
debts (Signed) GROVER CLEVELAND.
Executive Mansion Feb & 1895