Birmingham age-herald., 1895-02-09
THE EDICT GOES FORTE, And Grover Cleveland Will Pros
 duoe the Means TO PLACE THE GOLD RESERVE Where 1t Is Required to Stand. ABond Issue Will
 Be Made.
TO PLACE THE GOLD RESERVE

WASHINGTON, Feb. 8.-The president ent the following message to congress sb noon today:
 To the Congress of the United States: Since my recent communication to the congress calling attention to our financial condition and suggesting legislation, which deemed essential to our national welfare and credit, the anxiety and appre- hension then existing in business circles have continued. AS a precaution, there fore, against the failure of timely legisla- ton through congressional action, cautious preparations have been pending to employ to the best possible advantage, in default of better means, such executive authority as may without additional legis- lation 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 busi- ness situation is so critical and the legis- lative situation so unpromising, with the omission thus far on the part of the con- gress to beneficially enlarge the powers of the secretary of the treasury in the premises, as to enjoin immediate executive action with the facilities now at hand.
 Therefore, in pursuance of section 2700 of the revised statutes, details of arrange ment have this day been concluded with parties abundantly able to fulfill their un- dertaking, whereby bonds of the United States, authorized under act of July IA. 1875, payable in coin thirty years after their date, with interest at the rate of per cent per annum, to the amount of little less than s62, 400, ,000, are to be issued for the purchase of gold coin, amounting to a sum slightly in excess of s65, ,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 restore such re- serve as to make it amount to SomethinN more than $100, ,000 ,000.
 Such a premium is to be allowed ths government upon the bonds as to fix tho rate of interest upon the amount of gold realized at 3% per cent per annum. At least one-half of the gold, to bo obtained ia to be supplied from abroad ktch is very important and favorable Ire of tho transaction. The privils especially reserved to the governms Bubstitutu at par within ten days date, in lieu of per cent coin b2p/ Pr bondg in terms payable in gold ring only 2 per cent interest If the Che 6amd should be auth oriZed by
 The arrangement thus Id, which, after careful inquiry, Ars in the present circumstances a Considering all objections to be the best attainable, de- velops such difference in the estimation of investors between bonds made payable in coin and those especially made payable in gold, in favor of the latter, as is represented by A of a cent in annual interest.
 In inc agreement Just concluQeQ the an- nual saving in interest to the government if 8 per cent gold bonds should be sub- stituted for the per cent coin bonds under the privilege reserved would be $5s9, 159, amounting in thirty years, or at the ma turity of the coin bonds, to SIG, 174 ,770.1
 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 gold; therefore discrim- ination in the judgment of investors be- tween our bond obligations payable in coin and those made payable in gold is very significant.
 It is hardly necessary to suggest that the sentiments or preferences of those with whom we must negotiate in disposing Of the bonds for gold are not subject to our dictation.
 have only to add that In my opinion the transaction herein detailed for the infor-S nation of congress promises better results than efforts previously made in the direc- tion of effectively adding to our gold re- serve through the sale of bonds, and be- lieve it will tend, as far as such action can in the present circumstance, to meet the determination expressed in the law repeal Ing the silver purchasing act of July IA, 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 the value of the coins of the two metals, and the equal power of every dollar at all times in the markets and pay nlents of debts.o
 GROVER CLEVELAND.
 Executive Mansion, Feb. s, 1895.