The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-09
IHE CONTRACT PBRFECTBD,
Three and y Half Million Ounces of Gold
Coin in Exchange for Bonds.

WASHINGTON, d. G., Feb. s.-Unless
Congress In ten days passes a law author
izing the issue of gold bonds bearing
per cent. interest, running thirty years. or
otherwise relieves the Treasury In the re-
plenishment of the gold reserve, Secretary
Carlisle WILL by direction of the President,
sell per cent bonds to the amount OF
So, 10000 for gold
Arrangements whereby this can be done
and $65, 600 in gold be received for the
bonds, have been perfected. and the con-
tngent contract signed to-day.
This official memorandum of the trans
action was made public at the Treasury
this evening:
The contract was made with August
Belmont q Co., of New York, on behalf
OF Alessrs. n. NJ. Rothschid & Sons. OF
London. and j. II. Morgan a. Co. OF New
York, on behalf of j. :. Morgan & Co,
Of London. and themselves, and provides
for the delivery to the United States OF
$4,000 ounces of standard gold coin OF
the United States, to be paid for I'm
United States 4 per cent. bonds. A large
number of other banks and financial in
stitutions are interested I'm the trans
action, but their names are not mention
ed in the contract itself The department
does DOT know In what proportion the
coin or receive the bonds, as this Is
matter for arrangement between them
selves by the terms OF the contract. the
parties are TO bear all the expense Of
hinging gold from abroad and they are,
so far as IL lies I'm their power 10 exert
all their financial influence and make all
legitimate efforts TO protect the Treasury
against Withdrawals of gold pending
complete performance OF the contract.
Nsa hpn L. 70. I.. ,l.Ig, Ia.
payment for gold actually delivered. In
view of the possible failure OF legislation
I'm Congress negotiations have been pend
ing for some time here and abroad. and
the terms OF this contract are the best
that coud be procured with "A coin bond
THE DETAILS PERFECIED.
The contract was drawn up during the
Ply by Attorney General Olney and Sec
rotary Carlisle, and submitted to j. LynSe
Stetson, counsel for the baotiar .SApc~T,
Pierre. Morgan, me new YORK hns,ncier,
arrived here early this morning, and had
a conference with Secretary Carlisle Mt
the Treasury at 10 o'clock when all unfn-
shed details were perfected. Mr.. Bel
mont. il is understood. started for Wash
ington this morning. but was snow bound
en- route, and, therefore. took no personal
part in contemplating the details.
Mcssrs. Carlisle and Olney remained at
the Treasury Department until nearly 1
o'clock. drawing up the contrnct, and
when il was finished they joined the Cabi-
net. which had assembled at II o'clock.
The contract met the approval or tho
President and his advisers, and the mem
orandum. subsequently made public. con-
tains the essential details Of the contract.
No further gold Withdrawals were re-
ported to the Treasury at the close OF
business to-day. The gold reserve remains
at sll 100000 I'm round numbers.
Representative Wilson, Of West Nir-
ginla, the chairman OF the Ways and
Means Committee. to whom the Presi-
dents bond message was referred, VIII
call the committee together at 10 o'clock
tomorrow morning.