Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-02-08
Congress Has Ten Days Of Grace 10
Help The Case,
by ACrIOSAs BEFORE SUGGESTED.
This Isaue Draws Tour Per Cout In.
tsrsar qua Runs IhiTty Ysnrs-
Hut Il BrouEhta Premium.

NA1lANhlNNf r UNs o. inc tfeNis
dent today sent the following message
to Congrosi!
since my recent communication 10
Congress, calling attention to our
financial condition aud suggesting
legislation which deemed essential
TO our national welfare and oaeiit, the
anxiety and apprehension then cEiot.
Ing Ia business clgcIcs have continued.
Asa prooaution therefore agalntt the
failure Of timely legislative octIon,
cautious Preparations hRvo boon pend
Ing to employ TO the host possible al.
vantage, In default OF better
means, such executive author
ny as may, without adii.
tional legislation, be- oxorcls,d for the
purpose OF Reinforcing anu maintsln-
ing In our treasury IA adequate and
safe gold reserve. In tho Judgment Of
those specially charged With this re-.
tponsiblliiy mo busiuoss situation IL NO
critical anu tne legislative situation no
unpromising, with the omission thus
far on the part Of Congress 10 bone.
hoIally enlarge the powers Of the seors-
tary Of the treasury In the premises, ~
10 cnJoiu immediate executive action
with the facilities now at hand.
Therefore, IN pursuance OF section
$500 Of theFeylgod siatutes, the details
Of an arrangement have this day been
concluded with parties abuudanily
able TO fullll their undertaking whoru.
by bonds VI the United SAtcs, author
lied under the 40. OF July, H. 1915,
payable In cola thirty years after
their date, with Interest AZ tho rate Of
4per cent per annum, to tho nm3unt
OF little lees than sixty.two miilio no
and four hundred thousand dollars,
are 10 DO Issued Tor the purchase OF g0lu
coin amounting 10 n cum eighty 10
excess OF slAtysuvo million dollars, 10
be- delivered 10 tho treasury oil the
United States, whiou tum, uddcd 10
the gold nov held Ia our resuryu, Will
sOlncrrase such reserve na 20 mako 10
amount 10 something more than $780,
100000. SUCH premium Sc ID Lu AZ
lowed 20 tue government uplu tie
honda as 10 TX the rate Of Interest uIuu
Tho amount Of gold realized uf I Der
cent per huuum. At least half %. the
gold 10 be obtained Is 90 be supplied
from abroad lwhlcl Is a very inpUf-
tnnt aud favorable feature OF tue tfauf-
action. The privilege Is ospecial-
~ TnseTyrt 10 the government
20 substitute at par Within ten
days nom THE date, Ia lieu OF Z
per cont cOiu bonds, other bonds pay
able la gold ana bearing only three Per
cent Interest, II M issue OF tue same
should In the moalt time be- authorized
by Congress. The arrangements thus
completed, which after n careful In
quiry appear In the prefent cirOum.
biances gnd considering all the objects
tho best Gtlainable, develop such dilief-
sncu In the estimation Of Interest be-
tween bonds made payabloin coin and
those specifically payable In gold, IN
IhVOr OF tho latter, as IA represented BY
three'louTthb VI ono pur cent ia the
annual Interest. In tho agreement
JUST concluded the annual saving OF
iuterest 10 tho government, II three
Per cent gold bonds under the priv
llege reserved, would he $3.50, l6O,
amounting Ia thirty years, or at tue
II H.#
'77O.
OF course there nevor should be a
tuubt In any quarter ua 10 tho 10.
'emptiOn In gold Of the bonds Of tho
NVernmeni, which Gre made payable
u coin. Therefore the discrimination
~ the judgment Of investors between
oE bond obligations payable In coin
am those specifically mado payable IN
B0il 10 very significant. IL ia hardly
necessary to guggest that Whatever
may be our Views ON tnH subject, the
sentiments or preferences OF those with
whom we mus negotiate for tho dispos.
ing 0iour Oond6 Tor gold are not sub.
leot 10 -FOUR diotgtion.
| have only TO add for the lnlorma-
Ton oiCOngresa that In my opinion
Tue tTarBaCtiOn hero intimated prom
fta better rsaulla than the efforts pre-
Nlgualy made In the direction OF
Effectively adding 10 our gold reserve
through tue sale Of bondt; and believe
" VIII TENTS far as euCu action can IA
lhu preeoni circumstances, 70 meet tho
determination expressed Ia the Law
repeating tho oliver purchasing clause
tho act oiJuly IA, 1880, anu that I'm
lho language o. sunn repeating act an
arrangement Is made that Will ald our
tuofls T. secure the maintenance T
thn parity In value Of the Ulius % the
Two metals aud the equal power tf
t'pfy dollar at all umes IN the market
All IN tue payment u dehts.
(aignei.) GRuyGR CLEVELAND.
EXECUTIVE MANSION, Fec. 8, 1895.
UufenseIv gpld