The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-02-09

Washington, Feb. S.-The president to-
day sent the following message TO Con-
gress:
Since my recent communication 10 Con-
gress, calling attention to our financial
condition and suggesting legislation
which deemed essential to our national
welfare and credit, the anxiety and APP
prehension then existing in business cir
cles have continued. AS precaution,
therefore. against the failure OF timely
legislative action, cautious preparations
have been pending to employ to the best
possible advantage, in default Of better
means, such executive authority as may,
without additional legislation, be eXer-
cisedF for the purpose of reinforcing ana
maintaining in our treasury an adequate
and safe gold reserve.
Situation Critical,
Irphe Judgment of those specially
charged with this responsibility the bust
ness situation is SD critical and the legiS-
omission thus far on the Part OF Congress
TO beneEcialy enlarge the powers OF the
Secretary of the treasury ia the premises,
as to eDjoin immediate executive action
with the facilities now at hand
Therefore, in pursuance of section $500
of the revised Statutes the details OF an
arrangement have this day been concillg1
ed with parties abundanty able to fulflil
their undertaking whereby bonds OF the
United States authorized urder the act
of July Il, 1919, payable in coin thirty
years after their date. with interest at
the rate cf per cent. PER annum, to the
amount of a. little less Than So, 400, 0H0, are
10 be issued for the purchase, OF gold
coin amounting to sum slightly in ex-
CesS Of $50, GO 900. TO be delivered to the
tIe2 sury of the United Sta les. which sum,
edded to the gold now held in our reserve
will so increase such reserve as 10 make
Il amount TO something more than $l(l.-
o00.C50. Such premium is to be allowed
IS, the rate of interest upon the amount
of gold realized at 3S4 per cent. Per an
nun.
At least half of the gold to be obtain
ed is 10 be supplied from abroad which
is a very important and favorable fea-
ture of the transaction. The privilege
IS especially reserved TO the government
this date, in leu of per cent. coin
bends, other bonds payable in gold and
bearing only per cent; interest II an
issue of the same should in the mean
time. be authorized by Congress The ar
sGngenent thus completed, which after
a careful inquiry appear in the present
Circumstances and considering all the OBJ
5ects the best attainable, develop such
differences in the estimation of interest
betWAn bends mada payable in coin and
thosf1TepecificalIy payable in gold, in favor
OF - latter. as is represented by y Of /
per cent. in the annual interest In the
agreement just concluded the annual saw
bonds under tie privilege reserved, would
pc $3.50 159, amounting in thirty years, or
at the maturity Of the coin bonds, 10
S16,175, 40.
doubt in any quarter as TO the redeD1p-
4icu in geld of the bonds of the govern
mont which are made payable in coin.
Therefore. the discrimination in the ludG-
snent OF investors between our bond OBJ
LEGATIONS payable in coin and those spe-
officially made payable in gold is very sig
,liGcTmt. 1t is hardly necessary TO sus-
Fest that whatever may be our views on
the subject. the sentiments of preferences
of those with whom We must negotiate
for the dispoSing Of our bonds Tor gold
are not subject to our dictation-
PromiSes Better Results.
have only to add for the information
,,f Congress that in my opinion the trans
action here intimated promises better re-
suits than the efforts previously made
jn the direction of effectively adding to
our gold reserve through the sale of
bends. and l believe ii viii tend, as far
as such action can in the present circurl-
Stances. 10 meet the determination eX-
dressed in. the law repeating the silver
purchasing clause of the act of July II,
1Sq0 and that in the language of Sucn
rerealing act an arrangement is made
flat will aid our efforts to secure the
maintenance of the parity in value OF the
coins OF the two metals and the equal
power Of every dollar at all times in the
market and in the payment of debts.
(Signed) GROVER CLEVELAND.
Executive Mansion, Feb. S, 1895.