Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1895-02-08
ANOTHER MESSAGE.
President Again Appeals to Congress
for Remedial Financial
Legislation.
National Credit Must Be Protected
Bond Negotiations Pending-Silver
Respectfully Mentioned.

Washington, Feb. 8.-President Cleve
land to day sent the following message to
congress "Since my recent communica-
tien to congress-, calling attention to our
financial condition and suggesting legis-
lation which deemed essential to our
national welfare and credit, the anxiety
and apprehension then existing in busi-
ness circles have continued. AS pre-
caution therefore against failure OF
timely legislative action, cautious prepara-
tions have been pending to employ to the
best possible advantage, in default OF
better means, such executive authority as
may without additional legislation be
exercised for the purpose of reinforcing
and maintaining In our treasury an ade-
quate and safe gold reserve. In the
Judgment Of the 9 especial, charged
with this responsibility, the
BUSINESS SITUATION IS SO CRITICAL
and the legislative situation 80 unprom-
Using, with the omission thus far on the
part of congress to benefclally enlarge
the powers of the secretary of the treas
ury in the premises, as to enjsin exec
utive action with the facilities now at
hand. Therefore, in pursuance of section
$500 of the revised statutes, details of an
arrangement have this day been con-
cluded with parties abundantly able to
fulfill their undertaking, whereby the
bonds of the United States, authorized
under the act of July IA, 1875, payable
in coin thirty years from date with
interest at the rate of per cent per an
mum to the amount of a little less than
$62,O0O0O0, and 100000 are to be issued
for the purchase of gold coin amounting
to sum slightly in excess of $65,000,000,
to be delivered to the treasury of the
United States, which sum added to the
GOLD NOW HELD IN OUR RESERVE
will so rest in such reserve as to make 1t
amount to something more than $780,
100000. Such premium is to be allowed
to the government upon bonds as to fix
the rate of interest on the amount of gold
realized at 3A per cent per annum. At
least half of the gold to be obtained is to
be supplied from abroad, which is very
important and favorable feature of the
transaction. The privilege is especially
reserved for the government to substi-
tute at par, within ten days from this
date, in lieu of the per cent coin bonds,
other bonds in terms payable in gold
and bearing only 8 per cent interest. if the
issue of the same should in the meantime
he authorized by congress. The
ARRANGEMENTS THUS COMPLETED,
after careful inquiry appear, in the
present circumstances and consider
ing all the objects desired, to be the best
attainable to develop such difference in
the estimation of interest between bonds
made payable in coin and those speci6-
cally payable in gold in favor Of the
latter, as is represented by three-fourths
of cent in annual interest. In the
agreement just concluded the annual
saving in interest to the government
of per cent gold bonds should be sub
stituted for the 4 per cent coin bonds
under the privilege reserved would be
$539,159 amounting in thirty years, or at
the maturity of the coin bonds, to $16,-
174,77O. OF course there never should be
doubt in any quarter as to the
REDEMPTION IN GOLD
of the bonds of the government which are
made payable in coin. Therefore the dis
elimination in the judgment of invest.
ors between our bond obligations paya
ble in coin and those specifically made
payable in gold is very significant. 1t il
hardly necessary to suggest that, what
ever may be our views on the subject, tht
sentiments or preferences of those with
whom we must negotiate in the sale OF
our bonds for gold are not subject to oul
dlctation. have only to add that in my
! opinion the transaction here intimated
" for the Information of congress promises
better results than the efforts previously
made in the direction of effectively add
ing to our gold reserve through the sal'
of bonds, and believe it will tend, al
far as such action can in the present cir
cumstances, to meet the determination
expressed in the law repeating the
SILVER PURCHASING CLAUSE
of the act of July IA, 1890, and that if i
should be in the language of such repeal
ing act the arrangement will aid our of
forts to secure the maintenance of tn
parity in value of the coins of two met
ais and render equal in power every dol
lar at all times in the market and in th'
payment of debts.
Signed GROVER CLEVELAND,
Executive Mansion, February 8. 1895.
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