The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1895-02-15
4 pREsIpENrs MESSAGE
ne Give. mis- Reasons for ssiIInr nor
Bonds-Blames congress FOR Not Hsc1
fnr His First Warning.

Ne Gives His Reasons for 6sllIue nIrrt
bonds -Blames Congress for Not Heed.
ing His First wsrning.
WASHINGTON, Feb. g-The president
sent the following message 70 congress-
Mt noon Friday;
To the Congress 81 tho United States
Since my recent communication 70 the con-
gross, calling attention 70 orr financial conoi-
ton, and suggesting Legislation which deemed
essential 70 our national Nelfare md credit
the anxiety and apprehension then existing In
business circles have continued. A. % precau-
ton. therefore, against the failure or tifnei,
legislative aid through congressional atficn
cautious preparations have been pending 70
employ 70 tho best possible adyanta4c 80 de-
fault u better means such executive authority
as may. without additional legislation he cx-
ercised for the purpose q reinforcing and
maintaining Ia our treasury IN 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 70
tnpTomistng with the omission thus for on the
part Of tho congress 70 beneteinlly enlarge the
powers OF the secretary Of the treasury In the
premises as 70 enjolu Immediate executive
action with the facilities nowat hand
Therefore. ia pursuance 81 Section 500
OF the Revised States, tho details 0i on a.
raugement have this day been concluded
their
undertaking whereby bonds OF tho United
States authorized under the act OF july
II, 1915. payable In coin thirty years after their
date with interest at the rate ~ 4 per cent.
per aunum 70 the amount Of litt'c less than
sixty-two millions, Andfou hundred fhons-
and dollars are 70 DO issued Tor tho purchase
Of gold coin amounting to sum slightly Ia
excess OF sg5.000,00o. 20 be delivered 10 tho
treasury Of the United States which sim.
added TO the gold now held IA our reserve VIII
30 restore such reserve as TO make /.
amount 70 something moro than litO-
0o,oo0 Such q premium 10 DO al-
lowed TO the government upon she bonds n4 to
tlx tho rutc Of interest upon the amount d
gold realized Mt 81 per cent per annuin AZ
least ous-half OF tho gold 70 ~ obtained n
70 be supplied from abroad which Is (, ycry
important and favorable feature or the trans
action
The privilege is especially reseryed 10 the
government 70 substitute at mar within I0dny-
from this dnte In lieu OF the 4 pcr cent coin
bonds. othcr bonds in terms payable ~ gold
and bearing only 3per cont Interest Il tho Issue
OF the same should In the meantime DO author
lied by congress.
The arrangement thus Completed which.
after careful inquiry, appcaes 10 presen,
circumstances and considering ~ inc Oh
5ects desired to DO the best attnlnahin. de-
Nelops such difference in the estimation
Ot investors between bonds maze puvnhlc
in coin and those specifically nadc % srabie
IN gold In favor OF the latter. as Is RIP
resented by three-fourths OF Govt Ia am
nual interest. In the ngreefneiit just con-
cludGd the annual saving In Interest 20 tho
government II 8 per cont. gold bonds should be-
substituted for 4per cent coin b0ud- ur0er
tho privilege reserved, would be $50 no.
amounting IN 20 years. or ut tho maturity %
The coin bonds. TO stGl7i.1a0 OF course, there
never should be- q doubt Ia my quarter
as TO tho redemption In gold OF the bonds ~
the government which arc made payable ID
gold Therefore tho Discrimination, In the
Judgment OF investors. between our bond obi :
cations. payable in coin and thosc specifically
nude payable in gold is very significant
IT Is hardly necessary TO suggest hat what
ever may he our views on the subject tic
sentiments or preferences OF those With whom
We must ncgotiate in disposing ofour bonds
for gold are not subject to our dictation.
have only to ada that. In my opinion. the
transaction herein detailed for the Informal
tion OF the congress, promises better results.
than the efforts previously made Ia the tiirec-
ton of the effectively adding 10 our gold
reserve through the sale OF bonds and
believe 1t will tend, as far as such action can
In present circumstances. 10 meet the Informal
tton expressed in the law repeating the silver
purchase clause Of the net Of July n. 1870 and
that in the language OF such repeating act the
arrangement made will aid our c1orts to sin
sure the maintenance Of the,parity IN value 81
the coins OF the two metals and tho equal
power OF every dollar at all times In tho fn0r-l
kets and In the payment Of debts
GRovER clEvELAr5
Executive Mansion. Feb. g. isns
ID