The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-02-09
ANOTHER MESSAGE.

PRESIDENT Cleveland Informs Congress,
That Unless 1t Authorizes the Issue of 3
Por Cont Gold Bouda within Ton Days,
Th.y wili Cost tho Nation m Ertra
I~hroe.quartsr Per Cont,
WASHINGTON, y. G., Feb. s.-Rspra-
sentative Springer called at the white
house this morning TO talk oves the
financial situation With the President,
lie found the President engaged in wri.
ting a message, which later in tho day
the President sent 10 Congress. The
mea.ags is as tollowg:
To TX Consrti, Of Ia United S.aia:
Since my recent com munication TO
the Congress. calling attention to our
financial condition and suggesting lesis.
lAlion which l deemed essential to u
n~atioaal welfare and credit, the auxisty
and apprehension then existing in bust.
ness circles have continued.
Asa precaution therefore against the
failure Of timely legislative aid through
congressional action, cautious, prepare.
tions have been pending to employ to
the best possible advantage. in default
OF better means. such executive author.
ity a. may. without additional lesisla.
ton. be exercised for the purpose OF 70.
iniorcing and maintaining IN our treas-
ury an adequate aud safe gold reserve.
In tho judgment Of thoae especially
charged with thia responsibility. the
business situation 10 so critical aud the
legislative situation 10 30 unprouising
with the omission thus far on the part
OF the Congress to beneticially enlarge
the powers OF the secretary Of the treas-
ury in the promises. as to %anjoin imme.
dlate executive action with the facilities
now Mt hand. Therefore. in pursuance
OF section 500, OF the revised statutes,
the details OF an arrangement have this
day basn concluded with parties abund-
anily ably TO fulill their undertaking,
whereby bonds Of the United States,
authorized under the act OF July
IL. 1872, payable in coin, thirty
ycars after their date, with interest
at the rate OF 4 per cen per annum,
to the amount OF a little les, than
S62,4O,000, are to DO issued for the pur.
chase Of gold coin amounting to 4 sum
slightly in excess OF s65, 0Oo, 900, to ba
delivered to the treasury OF the United
States, which sum. added to tho gold
now held in our reserve, will 30 reltore
such reserve ~ to make it amount to
something moro than 500, 900, 900.
Such premium 10 to be allowed 10 the
government upon the bonds as to the
rate OF interest upon the amount Of gold
realized at 81 psr cent per auuum At
tn,Bt ana olf ~ tha ynl1 20 ha nhtns,oJ
10 to be supplied from abroad. which ia
a very important and favorable feature
OF the transaction.
The privilege 10 especially reserved to
the government to substitute At par
within ten dsys from this date, in lieu
Of the 1 per cant coin bonds. other
bonds in terms payable in gold aud
bearing only 3 per cont interest il the
issue OF the same should In the mean.
time be authorized by the Congress.
The arrangement thus completed.
which after careful inquiry, appears, in
protent circumstances, and considering
all the objects desired, to be the best at
tainablc. develops such a difference in
the estimation OF investors between
bonds made payable in coin, aud those
specifically made payable in gold In
favor OF the latter, as is represented by
three.four,ha OF O cent in annual inter-
est. In the agreement just concluded
the annual saving IN interest to the
government, il 8 per cent gold bonds
should DO substituted by 1 per cent coin
bonds under the privilege reserved.
would bc $3.50. l50 90. and amounting in
thirty years, or ut tho maturity Of tho
coin bonds. to Sl6,l74,770 90.
OF course there never should DO a
doubt in any quarter as to tho rcdemp-
ton in gold OF tho bonds OF tho govern.
ment which arc made payable in coin.
Therefore tho discrimination in tho
judgment OF investors between our
bond obligations payable in coin and
those specifically made payable in gold,
/, worry significant. 1t 10 hardly noces-
snry to susgest that whatever may DO
our viows on tho subject, the sonti.
monta or preferences OF those with
whom wo must negotiate in disposlng
OF our bonds for gold, arc not subject
to our dictation.
l have only to add that in my opinion
thu transaction hero intimntod for tho
information OF the Congress pronisos
bsttor reJulls lhan tho efforts previous.
Iy mndo in tho direction Of effectively
adding to our gold reserve through tho
sale OF bonds; and I believe 1t will tend,
~ far As such action can in preGont cir.
| enmu,ancos, to meet tho determination
EXPRESSED by tho law ropealing tho sill
yer purchasing clause OF the act Of July
IA. 1890. md that In tho language OF
such repeating act tho arrangement
made will MD our efforts to Insure tho
maintenance OF tho parity in value Of
the coin, Of tho two mo.als and tho
equal power OF ovcry dollar at all timo,
In tho markets and In tho payment OF
debts"
(signed) GROVER CLEVELAND.
Erecuiire Iunsiou, Ftb. s. 1905.