The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-14

reasonable time IN which TO sell tnat part
OF the issue which they might desire to dis
pose of. 1t was argued further that as the
Morgan syndicate had lost considerably on
the last issue, as the market now stood, all
proper consideration should be shown Mr.
Morgans associates at this time. IL was
accordingly agreed that Oct. !, 1893, should
be the date fixed on for the release OF this
obligation. Nothing in the contract pre-
vents the government from Issuing bonds
the date, the only condition being that In
case another issue is decided on before oct.
the syndicate shall have preference
BY some members of the ways and means
committee it Is held that this Is an
option in favor of the bond syn
provision is just and merely gives pres
ent purchasers of bonds an opportunity 70
issue was sold and not allow bond at, a
much more favorable price to be put on the
market to the detriment of the bonds al
ready purchased by the syndicate. There is
nothing, it is claimed, in the contract TO
prevent the treasury from rejecting OFFERS
of the syndicate and making bond sales
elsewhere, nor is it forced to sell entirely to
the syndicate if it chooses to sell elsewhere.
but it is said by this very provision the
government is assured that it dispose
OF future bond issues on equally favorable
favorable to the bond resolution declare
that there is nothing in the contract that is
not right and proper, while those opposed TO
full text of the bond contract is as follows:
This agreement entered into this sth
taTy Of the treasury '' of the United ted States,
mont co., Of Msw x9rs, on. On Behalf d of Of
don, England, and themselves, and Messrs:
j. p. Morgan & Co.. of New York, on behalf
of ]: S. Morgan & Co., of London, and them,
Statutes of the United States tSection Sco)
that the Secretary of the. Treasury may
notes of the United States authorized by
law, at such rates and upon such terms
public interests, and the Secretary of the
Treasury now deems that an emergency cx-
lists in which the public interests require
that as hereinafter provided coin shall be
purchased with the bonds of the United
States of the description hereinafter men
toned authorized to be issued under the
act entitled, An act for the resumption Of
specie payments, approved Jan IA, 1875;
being bonds OF the United States described
in an act of Congress approved July ii,
1870, entitled, An act to authorize the re-
funding Of the national debt = -,
second part hereby agree to sell and de-
liver, to the United States $500 900 ounces Of
the .' rate of sl7.soan per I ounce. payable in
United States four-per-cent. thirty-year
coupon or registered bonds, said bonds to
pleasure of the United States after thirty
years from. date, issued under the, acts Of
Jan. IA. 1875, bearing interest. at the rate
of per cent, per annum, payable quarterly;
coin being made on the following condi-
tions. /. At least one-half Of all coin de-
livered hereinunder shall be obtained in
and shipped from Europe, but the shipment
shall not be required to exceed 100000 ounces
per month, unless the parties of the second
part shall consent thereto. 2 All deliveries
at any other legal depository. of the
United States. 3; All gold coins delivered " ID
grains of standard gold per dollar, if within
limit of tolerance. 4. Bonds delivered an
der this contract are to be delivered free
>s.,I.s ~..1
and paid by the parties of the second part
at the time of their delivery TO them.
ury desire to offer or sell any of the bonds
of the United States on or before the 1st
of October. 1895, he shall offer the same to
the parties of the second part, but there
after he shall be free from every such OBJ
legation to the parties of the second part.
''Third-The Secretary of the Treasury
from date, in case he shall receive authority
from Congress therefor, to substitute any
bonds OF the United States. bearing 8 per
interest shall be specifically payable in
United States gold coin OF the present
weight and fineness for the bonds herein
alluded to; such 5 per cent. bonds to be
accepted by the parties of the second part
at par, /. e., at s1S.604e5 per ounce Of stand
ard gold.
..Fourth-No bonds shall be delivered to
the parties of the second part, or either of
them, except in PAYNE MT for coin from time
to time received hereunder, whereupon the
Secretary of the Treasury OF the United
States shall and will deliver the bonds as
herein provided at such places IS shall be
designated by the parties of the second
part. Any expense of delivery out of the
United States shall be assumed and paid
by the parties of the second part.
Fifth-In consideration of the purchase of
such coin the parties of the second part
and the associates hereunder assume and
will bear all the expense and inevitable
loss of bringing gold from Europe here
under, and as far lies in their power
will exert all financial influence and will
make all legitimate efforts to protect the
treasury Of the United States against with
drawals of gold pending the complete per-
formance of this contract"
The contract is signed by J. G.. Carlisle
Secretary of the Treasury; August Belmont
& Co., on behalf of Messrs. n. NJ. Roths-
child & Sons. London. and themselves; J.
T. Morgan Co. on Behalf of Messrs. J.
S. Morgan &s Co., London, and themselves
1t is attested by w. L. Curtis and Francis
Linde StetSon.