Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1895-02-09
THE PRESIDENTS MESSAGE.


The following is the full text Of the
Presidents message sent to Congress
yesterday, mention of which was made
in the GAZETTE of that date:
To the Congress Of the United States:
Since my recent communication to
Congress calling attention to our hnan-
cial condition and suggesting legislation
which I deemed essential to our ma
tional welfare and credit, the anxiety
and apprehension then existing IN busl-
ness circles have continued. As pre-.
caution therefore against the failure OF
timely legislative aid through Congress
sional action, cautious preparations
have been pending to employ 10 the
best possible advantage in default OF
better means, such executive authority
as may, without additional legislation,
be exercised for the purpose of reinforc-
ing and maiutsining in our treasury an
adequate and safe gold reserve. In the
Judgment of those especially charged
with this responsibility, the business
situation is so critical and the legisla-
tive situation so unpi omising with the
omission thus far on the part of the Con-
gress to benefcially enlarge the powers
of the secretary of the treasury In the
premises, as to epjoin immediate execu-
tive action with the facilities now at
hand. Therefore, in pursuance OF sec
ton 200 of the revised statutes, the
details of arrangement have this day
been concluded with parties abundant
ly able to fulfil their undertaking
whereby the bonds of the United
States, authorized under the act of
July IA, 1875, payable in coin, thirty
years after their date with interest at
the rate of four per centum per annum
to the amount OF little less than sixty
two millions and four hundred thou
sand dollars are to be issued for the
purchase of gold coin amounting to
sum slightly in excess of sixty-hve
millions of dollars to be delivered to
the treasury of the United States,
which sum, added to the gold now held
in our reserve, will so restore such re-
serve as to make it amount TO some
thing more than one hundred millions
of dollars. Such premium is 10 be
allowed to the government upon the
bonds as to fix the rate of interest upon
the amount of gold realized at three
and three. fourlhs per cent. per annum.
At least one-half of the gold to be OBJ
tanned is to be supplied from abroad:
which is very important aud favor
able feature of the transaction.
The privilege is especially reserved
to the government to substitute at par
within ten days from this date in lieu
of four per cent. coin bonds other bonds
in terms payable in gold ard bearing
only three per cent. interest if the issue
of the same should in the meantime be
authorized by Congress. The arrange
ment thus completed, which after care
ful inquiry appears in the present cir
cumstauces and considering all objects
desired, to be the best attainable, de-
velops such difference in the estlma-
ton of investors between the bonds
made PAYABLE in coin and those es-
pscialiy made payable in gold, IN favor
of the latter, as is represented by three
tour;hs of cent in annual interest.
In the agreement just concluded the
annual saving 10 interest to the gov
ernment if the three per cent. gold
bonds should be substituted for four
Per cent. coin bonds under the privilege
reserved, would be five hundred and
thirtv-nine thousand, one hundred and
| fihy.nine dollars, amounting in thirty
yesrs. or at maturity Of the coin bonds
10 sixteen million, one hundred and
seventy four thousand seven hundred
aud seventy dollars.
OF course there never should be
doubt in any quarter as to the redemp-
toa in gold of the bonds of the govern
ment which are made payable in gold.
Therefore the discrimination in the
Judgment of investors between our
bond obligations payable in coin and
those specifically made payable in gold,
is very significant.
1t is hardly necessary to suggest that
whatever may be our views on the sub
ject the sentiments or preference OF
these with whom we must negotiate in
disposiug of our bonds for gold are not
subjected to our dictation. have only
to add that in my opinion the transaction
herein detailed for the information Of
Congress promises better results than
the efforts previously made in the di.
rection of effectively adding to our gold
reserve through. the sale of bonds and l
believe it will tend, as far as such ac-
ton can in present circumstances, to
meet the determination expressed in
the law repeating the silver purchasing
clause of the act of July IA, 1890, and
that in the language of such repeating
act the arrangement made will aid our
efforts to Ensure the maintenance OF
TIE parity in value of coins of the two
medals and the equal power of every
dollar at all times IN markets and
in the payment of debts"
GROVER CLEVELAND.
Executive Mansion, February s, 1895.
To CELEBRATE PEABoDY's BIRTH
| E, .:.4o,Joot IF puhlic Tpctri1ntion