The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-02-09
HIS MESSAGE.
The President Calls tho Attention o
Congress to His Bond Plan.

Congress to His Bond Plan.
WASHINGTON, Feb. s-The president to
day sent the following message TO con-
gress:
Since my recent communication 10 congress
callinS attention 10 on, financial condition and
suggesting legislation which deem esSentialto
our national welfare aad credit, the anxiety and
apprehension then eN /, ing in business circles
have continued. As a precaution, therefore,
against tho fai ure of timely legislative action
cautious preparations have been pending 70 en-
pOy, to the best p0ssihle advantage, IN default
OF better means. ch executive authority As
may. without additional legislation. be exercised
for the purpose of reinforcing and maintaining
IN our treasury an adequate and safe gold re-
serve in the judgment OF those especially
charged with this responsibility
The business situation is so critical and the
legislative situation so unpTOmising, with the
omission thus far on the part OF congress 10
briefly enlarge the powers Of the secretary OF
the treasury in the premises, as TO enloin Inn
mediate executive action with the facilities now
at hand. Therefore, in pursuance Of section
1900, revised statutes, details Of an arrangement
this day have been concluded y 'h parties
abundanty able TO fulhl their Undertaking
whereby bonds Of tho United states authorized
under the act Of July -, 1876, payable IA coin 30
years after date, with interest 10 the rate OF
per cent. per annum, 10 amount 70 llLtle less
than sgi2, 100000 are TO be issued for the pur-
| chase of gold coin amounting 10 a m slightly
! In excess OF $4,000 00o. to be de yered TO the
| treasury OF the United States, which sum, added
| 10 the gold now held in our reserve. viii so rest
| In such reserve as to make IL amount 10 some
thing more than Sl00,0000Oo. such premium is
| to be allowed 10 tho government upon bonds as
| TO fix the rate of interest upon the amount OF
| gold realized at 81 per cent. per annum.
! At least half OF tho gold to be obtained Is 20
/ be supplied fTom abroad which Is very inn
| portant and favorable feature of the tranSac-
] The pFiVilprn Is pSupglallV reserved Ia the
/ government to substitute at par, within 10 days
! from this date in lieu OF PER cent. coin bonds,
| other bonds IN terms payable in gold and bear
| ing only per cent. interos. II the issue OF the
same in tho meantime Dee authorized by con
| gress.
The arrangements thus com leted, which,
after careful Inquiry. appear in Tho present cir
| cumstauces and cons deIing all objects de-
sired, the best attalnab.e, develops such differ
| ence, in the estimation OF ln. 20 u between
! bonds made payable In coin and those specih-
cally payable in gold, in favor OF he latter, as
| is represented by 81 per cent. annual interest
/ In the agreement just concluded the annual
| saving of interest 10 the government, II per
| cent. gold bonds should be substituted for per
| cent bonds. under tho privilege reserved.
| would be Sj39,I59, amounting In - years, or at
the maturity or the coin bonds, TO SiGl74,77O.
or course there never should be doubt in any
quarter as TO the red emption in gold Of the
( bonds OF the government which are made pay
/ able IN coin.
Therefore. discrimination In the Judgment OF
| investors between our bond obligations payable
/ in coin and those specifically made payable In
. gold IS very significant II is hardly necessary
to suggest that. whatever may b. our Views on
the subject. the sentiments or preferences OF
7 those with whom We must negotiate in dispos-
I ing OF our bonds for gold are not subject 10 our
dictatiOn
/ have only 10 add that. IN my opinion, the
. transaction here intimated FOR the Information
ol congress promises better results than the
. efforts previously made in that direction. efie j.
I lively adding 20 our gold reserve through the
Z sale Of bonds, and believe that 70 VIII tend. as
far as such action can In the present circum-
I stances. TO meet the determination expressed in
I the law repeating the silver purchasing ella se
1 @. the act OF july ~, 1890. and that In the
language OF such repeating act the arrangement.
made VIII aid OthHr EFFORTS 10 secure the mainte-
nance OF parity In tho value OF the coins OF the
two metals and the equal power OF every dollar
~ all times in the market ani in the payment
OF debts.
togned.l GRoNEE CLEVELAND.
Executive Mansion, Feb. s, ls9J.
The message was referred to the ways
and means committee in the house and
the finance COMMITTEES in the senate.