The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-02-09
BONDS WILL Be ISSUED.
The Presidents Message Pre-
Sents Two Alternatives,
HE OR CONGRESS MUST ACT.
IT Relief Is Not Afforded in Ten
Days the Secretary Will Issue
62,4Oo,OOO of a Per
Cents, Maturing in
Thirty Years.
Dy Southern Associated pre,s.

President sent tho following mes
sage to Congress at noon to-day:
10 the Congress of the United
States: Since my recent comtnuui-
cation to the Congress calling at
tention to our financial condition.
and suggesting legislation which /
deemed essential to our national
welfare and credit, the anxiety and
Apprehension then existing in bust
ness circles hnve continued. AS q
precautIop, therefore, against fuil-
ure OF timely legislative aid through
Congressional action, cautious prep
aratlons hive been pending to en-.
ploy to the best possible advantage,
IN default of better means, such ex.
| ecutlve authority as NAV, without
additional legislation, be exercised
ior the purpose of reinforcing and
maintaining IN our Treasury ON ad-
| equate and safe gold reserve.
In the Judgment of those espe.
clally charged with this responsible.
lty the business situation is SO criti
cal and the Legislative situation so
unpromising with omission thus far
on part OF Congress to beneticIally
enlarge tho powers of the Secretary
OF The treasury IN tho premises, as
TO require Immediate executive sc.
ton with the facilities now at hand.
Therefore, III pursuance of section
lIUO, OF the revised statutes. the de-
tails of an arrangement have this dnv
been concluded with parties abuud
antly able to fulfill their undertake.
ing, whereby bonds of the United
States, authorized under the act of
July IL, 1879, payable in coin, thirty
years after their date, with interest
ut the rate of per cent. per annum.
to the amount of little less than
S62, 4OO, 600, are to be issned for the
purchase or gold coin amounting to n
sum elightly III excess of 500, 600, 600.
to be delivered to the Treasury of
the United States, which sum, added
to the gold now held in our reserve,
VIII so restore such reserve rs 10
make X amount to something more
than one hundred millions Of dol
lnrs. Such premium Is to be al
lowed TO the Government upon the
bonds as to fix the rate of interest
upon the amount of gold realized ut
three ana three -fourths per cent,
per annum. At least 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.
The privilege is especially re
sefvea to the Government to sub.
stltute at par within ten days from
date, III lieu of the per cent. coin
bonds, other bonds IN terms paya.
bic III gold and bearing only ) per
cent. interest, if the issue of same
should III the meantime be author.
lZed by Congress. The arrange
ment thus completed, which, after
careful inquiry, appears in pres.
ent circumstances and considering
all the objects desired to be the best
attainabie. develops such n diner
ehce III the estimation of Investors
between bonds made payable III coin
ana those especially made payable
III gold IN favor of the latter, ms is
represented by three. .fourths of q
cent IN annual interest,
II the agreement lust coneIude1
Inc annual saving III interest to the
Government, if per cent, cold
bonds should he substituted for The
per cent. coin bonds. under the
privileged reserved, would be 1893.
lo9, amounting at thirty years. or at
maturity of com bonds, TO SIG. In.
40. OF course there never should
be doubt III any quarter ns TO tbs
redemption in gold of the bonds of
tue Government which are made
payable in gold, Therefore. the
discrimination IN Judgment of the
investors between our bond obI,oa.
tons payable IN coin and those spe.
cilically made payable in gold is
significant.
is hardly necessary to suggest
mat whatever may he our views on
the subject, the sentiments or ure
ferences of those with whom we
must negotiate III disposing of our
ponas Tor gold, are not subject to our
dictatioD.
j have only to add that in NV
OPINION, herein detailed for the
Information OF Congress, it promises
better results than the efforts pre.
Vlonsly made in the direction OF
eiiectiVeiy adding to our gold re.
serve through the sale of bonds.
ana believe it will tend, as far es
such action can III the present
circumstances, to meet the deter
mlhhtion expressed IN the law re-
spectluS the silver puchnsing clause
OF the act OF Jnly IL, 1890, and TINT.
IN the language of such repealipp
act, the arrangement made will aid
our efforts 20 ENSURE the main.
tenanoe of the parity in value of the
coins OF the two metals, and equal