Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1895-02-14

WARRINGTON, Feb. O. 1.-The president
yesterday sent the following message to
congress, after final brief conference
with Attorney-General Olney and Sec.
retary Carlisle'
10 the Congress Of the United States
Since my recent communication to congress.
calling your attention to our financial condi-
eion, and suggesting Legislation which deemed
essential 70 our national welfare and credit,
he anxiety and apprehension then existing In
business circles have continued.
Al prsoaution, therefore, against the fall
uro Of timely legislative and thorough congress
sional action, cautious preparations have been
pending to employ to the best possible advan-
tsge, In default Of better means, such execu-
tive authority as may, without additional legis-
lstion, be exercised for 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
u 40 critical and the Legislative situation 70
unpromising with the omission thus far on
The part Of congress to benehclally enlarge the
powers Of the secretary Of the treasury In the
premises, o. to enjoin immediate executive &C.
tiou with the facilities now on hand.
Therefore, In pursuance Of section S700 Of the
Revised Statutes, the details OF an arrange.
ment have this day been concluded with par.
ties abundantly able 10 fulhll their undertak.
Ing whereby bonds Of the United States, au-
thorised under the act Of July "A, 1875, payable
In coin thirty years after date, with interest OF
the rate Of per cent per annum to the amount
of little less than NJ, 100000 ore to be Issued
for the purchase Of gold coin amounting to Q
sum slightly In excess Of S5,OOOO)0, 10
10 delivered to the treasury Of the United
States, which sum, added to the gold now held
Ii our reserve, will 80 restore such reserve ~
to make II amount TO something more than
oi0o,000,000 Such premium Is to BE- allowed 70
The government upon the bonds as 10 GX the
rate Of interest upon the amount Of gold real
LIED at the rate Of SN per cent. per annum At
least one-half Of the gold TO be obtained Is to
be supplied from abroad, which IS very
important and favorable feature Of the trans
action.
The privilege Is especially reserved 70 the
government to substitute OF par within ten
days from this date In lieu Of the 4 per cent
coin bonds other bonds In terms payable in
gold and bearing only per cent interest, II
The Issue Of the same should In the meantime
be authorized by congress,
The arrangement thus completed, which,
after careful inquiry appears from present
circumstances, and considering oil the obje,ts
desired, TO be best attanable, develops 81 n
difference In the estimation Of investors be-
l..
specifically payable In gold In favor OF the lat
ter as is represented by three-fourths Of q
cent In annual interest. In tho agreement just
concluded the annual saving in interest to the
government II per cent gold bonds shall be
substituted by per cent coin bonds under the
privilege reserved, would be S5J9, 80, amount
Ing In thirty years or Mt the maturity Of the
coin bonds, to sl6,l7i77o.
OF course there never should be doubt In
any quarter rs to the redemption in gold Of the