The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1895-02-16
NOR ( ], 3 / T ! lD|S.
President Cleveland's Special Mes
sage on the Subject.
Congress Informed That Arrangements
Have Been Made to Dispcse Of 4-3O
Coin Bonds to the Amount
of 862. 100000.

WASHINGTON, Feb. 9.-The president
Issued the following message to con-
gress at noon Friday:
TO THE CONGRESS OF THE UNITED STATES:
Since my recent communication to congress
calling attention to our financial condition
and suggesting legislation which deemed es-
sential to our n tional welfare and credit the
anxiety and apprehension then existing in
business circles have continued
AS a preca1tion. therefore, against the fail
ure Of timely Legislative aid through congress-
1onal action cautious preparations have been
pending to employ to the best possible advan-
tage, in default OF better means, such execu;
tive authority may without additional leg1s-
lation be exercised Tor the purpose OF rein
forcing and maintaining in our treasury an
adequate and safe gold reserve
In the judgment OF those especially charged
with this responsibility the business situation
Is SO critical and the legislative situation is so
unpromisinH with the omission thus far on
the part OF congress to be Iehclu1ly enlarge
che powers OF the secretary OF the treasury IN
the premises as to enjoin immediate executive
action with the facilities now at hand.
Bonds tor 1862, 100000.
Therefore in pursuance of section 300 OF the
revised statutes, the details OF arrange
Inent have this day been concluded with parties
aoundautly able TO fulfill their undertaking
whereby bonds of tle United States author
lied under the act Of July A. 1873, pay
able in coin, thirty years after their date. with
interest at the rate OF per cent per annum
to the amount Of little less tnan s62,-
100000, are to be issued for the pur~
chase OF gold coin amounting to q
gum slightly In excess OF $65 100000 to
he delivered to the treasury of the United
States, which sum added TO the gold now held
in our reserve will so restore such reserve as
to mako it amount to something more than
S1OO OOJ,O0G Such d premium is to be allowed
to the government upon the bonds as to fix the
rate OF interest upon the amount OF gold real
lied at 81 per cent. per annum. At least one
half of the I'D to be obtained is to be sup
piled from abroad which is very Important
and favorable feature OF the transaction.
Must Act Within Ten Days
The privilege is especially reserved to the
government to substitute at par within ten
days from this date in lieu Of per cent coin
bonds, other bonds in terms payable in gold
and bearing only 3 Per cent. interest il the
issue of the same should in the meantime be
authorized by congress.
The arrangement thus completed, which
after careful inquiry appears in present cir
cu1nstnnces and considering all the objects de-
sired to be the best attainabe develops such
difference in the estimation Of investors be-
tween bonds made payable in coin and those
specifically made payable i'll gold In favor OF
the latter, and is represented by three-fourlhs
OF q cent in annual Interest.
Can save Millions.
In the agreement just concluded the annual
saving in Interest TO the government il per
cent gold bonds should De substituted for per
dent, coin ponds under the privilege reserved.
would be $3.50, lo9, amounting in thirty years
or at the maturity OF the coin bonds, to S16,-
i7477O
OF course. there never should be q doub in
any quarter rs to the redemption in gold Of
The bonds Of the government which are made
payahAs in gold. Therefore, the discrimina-
ton, In tue Judgment of investors, between our
8 bond obligations payable in coin and those
specifically nude payable in gold is very Sig
nlficant.
1t is hardly necessary to suggest that what
ever may be our views on the subject the SEN
timentS or preferences OF those with whom we
must negotiate in disposing Of our bonds for
gold are not subject to our dictatton
have only TO add that Iii my opinion the
transaction herein detailed for the lnforma-
tion OF the congress promises better results
than the efforts previously made In the direc-
tion Of effectively adding to our gold reserve
through the sale Of bonds. and I believe it
will tend, as far as such action can in
present circumstances, to meet the de-
termination expressed in the law repeating
the silver purchasing clause of the act of July
Il, 1890, and that in the language OF such re-
pealing act the arrangement made will aid
our efforts to insure the maintenance of the
parity in value of the coins Of the two metals
and the equal power Of every dollar at all
times in the markets and In the payment Of
debts.'' (Signed} GROVER CLEVELAND.
Executive Mansion, Feb S, 1895.