The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-14

per cent. interest-bearing gold bond.
The report accompanying the resolution
includes a copy Of the Presidents mes
sage to Congress bearing upon the sub
ject, and also copy of the contract
made by the Treasury Department with
the European syndicate for the purchase
OF the new bonds. Continuing, the re-
port says:
RrpoRT OF THE COMMITTEE,
THE committee have had the benefit of
a conference with the Secretary of the
Treasury, who exhibited to them the
original contract entered into by himself
on the Sth day of February. and explain
Ell its details to them. "A full and com
plete copy Of said contract is hereto
added. From a reading of this, it will
be seen that the arrangement of the
Secretary with the parties 10 this con-
tract affects the purchase of three mil
lion, five hundred thousand ounces OF
gold coin of the United States amounting
To S65. JIG, ,2l5); at least one-half OF which
shall be obtained in and shipped from
Europe. FOR this gold coin ne mas con-
tracted to issue to the parties furnishing
it. under authority of the act for the re-
sumption Of specie payments approved
January 4, 1875, per cent. thirty-year
coin bonds Of the United States. AT
price which realizes TO them interest at
the rate of "a per cent. But the
Secretary OF the Treasury has reserved
the right, by authority given MN by
Congress, to substitute at par any boilus
of the United States bearing per cent
interest, Of which the principal ana IN
terest shall be specifically payable IN
United States gold coin OF the present
weight and fineness, said substitution
however, TO be made within ten days
from the date Of the contract.
'It is the object of the joint resolution
herewith reported. TO give 10 the Secre-
tary Of the Treasury authority to sub
stitute such bonds to the amount OF the
contract.
''rhe saving TO be effected by the Gov
ernment, as set forth in the president
message. will be S539, ,lj9 per year, FOR
every year the per cent bonds run, ana
OF the amount of sl6174,77o, should they
run thirty years. As 1t is not believed by
that committee that the issue OF bonds
specifically payable I'm gold VIII impose
anv additional burden or liability upon
the Government than II they are made
payable i'm coin, under its pledge ana
policy to preserve che parity OF the COINS
i'm the two metals, the saving OF this large
amount becomes matter OF suDstahtial
moment and advantage TO the Govern
ment. And as the PARTIES b. take the
bonds are under contract TO furnish gold
for them. IL seems no hardship on tHt
Government to contract 20 pay them PACK
in the same coin that they furnlsh 10 IT,
CONTACT WITH The SYNDICATE.
Following Is the text OF the contract
between the. Treasury and the syndicate:
This agreement, entered into this, the
Sth day Of February, 1888, between the
Secretary OF the Treasury OF the Uultel
States of the first part. ana Messis
August Belmont d Co., Of New YORK, on
behalf of Messrs. \. NJ Rothschld *
Sons, OF London, Eng, ana themselves
and Messrs. j. +. Morgan * CO.. OF Ne"
York. on behalf of Messrs. }. > Morgan
a Co. of London. and themsciVes, par
ties of the second part. Nitnesseth:
Whereas It is provided by the reVised
statutes Of the United states toect' "'VO
that the Secretary Of the Treasury may
purchase coin with any of the bonds OF
notes of the United States authorized Dy
law. al such rates and upon Such terms
as he may deem most advantageous 70
the public interests: and the Secretary
of the Treasury now deems that an emer-
eency exists in which the public interest
require that as herein provided com
shall be purchased with the bonds OF
the United States of the description
hereinafter mentioned, authorized TO be
issued under the act entitled, AN act 10
Provide for the Resumption OF Specie
Payments" approved January !, 1870. be
ing bonds Of the United states described
I'm an act OF Congress approved july ~
1875, entitled. IAN Act 10 Authorize the
Refunding Of the National Debt; now,
therefore, the said parties Of the second
part hereby agree 10 sell and deliver 10
the United States three million five hum
nd Of
coin OF the United States, at the rate OF
81. .S0l.n per ounce payable In United
States four per cent. thlrty-year cou-
pons or registered bonds, said bonds 70
be dated February /, 1875. and payab g AT
the pleasure Of the United States. after
thirty years from date issued under he
acts of Congress of July II, lSj, January
20, 1871, and January !, 1915. bearing in
terest at tho rate Of four per cent. per
annum payable quarterly.
THE CONDITIONS or PURCHASE.
First Such purchase aad sale of gold
coin being made on ths following con-
ditans. a. At least one-half of all coin
delivered herenunder shall be obtained
in and shipped from Europe, but the snip
mentj shall not be required TO exceed
5000 ounces per month. unless the
parties Of The aecOnd part shall consent
thereto. - All deliveries shall be made
az any of the sub-treasuries or at any
other legal depository of the United
States CD All gold coins delivered sha1
be received on the basis of % $40 grains or
standard gold per dollar, II within the
limit OF tolerance. a. Bonds delivered
under this contract are TO be delivered
free of accrued interest. which is TO be
assumed and paid by the parties OF the
second part at the time OF their delivery
TO them.
Second. Should the Secretary OF the
Treasury desire 10 offer or sell any bords
of the United States on or before October
I 1895. he shall first offer the same 10
the parties of the second part. but there
after he shall be free from every such
obligation TO the parties OF the second
part.
RESERVES THE RIGHT TO SUBSTITUTE.
Third. The Secretary of the Treasury
hereby reserves the right, within ten
days fom the date hereof In case he shall
receive authority from Congress there
for TO substitute any bonds of the
United States bearing per cent interest.
of which the pI .ncipal and interest shall
be specifically payable in United States
geld coin of the present weight ana fine
ness for the bonds herein alluded to.
such per cent bonds TO be accepted by
the parties OF the second part at par, at
SIS. .el65 per ounce of standard gold.
Fourth. No bond shall be delivered 10
the parties of the second part or either
of them, except payment for coin from
time to time received hereunder; where
unon the Secretary of the Treasury of the
Irnitad States shall and Will deliver the