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Financiers Agree

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Washington, Fob. 14. - The hope that the wnys and meatis committoe would agree on a bond resolation was justifled when the committeo met yo6tcrday and agreed to the proposition subniitted by the Bub-conimirtec.thc substnnce of which has been printod in these dispatchos. A report on the matter was written and btforc Uu: hougc aUjounicl yctordy aftornoon resolntion and report had been roatl In the house. Following is the substanco of the report : "The messaate of tho president which is lierowlth apprsnded oommunlcates to the house the conditiou of the reserve of gold in tho trensury availiiblo tor the redtrnption of the governmout' legal teuder notes and the mointonance of the parity of its coin circulation and the reasons which compol at the present time an issue of bonds to replenish and iiuiintain that reserve; also the +renentl texrns of a contract made under anthority of seotion 3700 of the revlaed statutcs for the purchasc and delivery to the truasury of a sum slightly in exoess of $66, 000, (XX) of gold ooin, to be added to the stock in the treasury, which amounts to only íto, 217,081 at the present timo. Coiniuïttee (iaw 'I'lmt Contract. ''The committee havo had the bonofit of conference with the secretary of tho treasury, who exhibited to thom the original contract enfcered into by himsolf on the 8th d.'iy of .February and explained its details to thom. A full nud completo copy of said oontraot is hereto addod. From a rcading of this paper it will bo neen thnl 6ho arrangement of tho secrotary wkh the porties to tho contract effects thu parchase of Ü.öOO.000 ou noes of standard gold coin of tho United States (amounting to $65,116,275), at least onuhalf of which shall be obtained in and sbipped from Iiurope. For this gold eoin he has contracted to issue to the parties fnmishing it, under authority of the tiet for the redemptiou of specie payments, approved Jan. 14, 1875, 4 per cent. t.hirty-years coin bonds of the United Htates at a price which realizes to thom Interest at the rate of 3% per cent. Olijcct of the Joint Resolation. "But the secrotary of the treasury lias reserved the right, if autbority be givon him by congress, to substituto at par any bonds of the Uuitod States bearing 8 por oenfc. interest, of whioh the principal and intflrost shall be specifically payable in Uuited States gold coin of the present weight and lineness, said substttutlou to be tunde within ten days from the date of ihp contract. It is the object of the joint i -'jluHon herewith fubmitted to give Ui ilj sn'Ti'tdxy ui the treasury authority tó subxtttute such l)onds to the amount ot the mtract. The saving to be effected to the govermnent, as Bot iorth in the preeidüDt's message, will be $539,13!) per year for every the 3 per cent. bonds run and the amount of $16, 170,770 shóutd they run thirty years. A iood ThlD( Thatls M'orth Savinj. "As it is not belioved by the oommittce that the issue of bonds epccifleally paynble in iiold will iinnose anv additional buitlon of liability upon the government than if thoy are made payable ia coin, nnder its pledge and policy to preservo (hc parity of the coins in the two metáis, the saving of tïiis largo ainount beeonios matt?r of substantiaJ moment and advnntago to tho government and as the parties to tafce tho bonds are undor contract to f urnish g(.ld coiu for them, it soems no hardship on the government to contract to pay the.m back in the same coin that tlwy furuished 10 it." Goins to Bc Quick Work. The house will devote its atteution today to the bond resolución reported from the ways and meaos committee, and Speaker Orisp says th; will probably reach a vot-y tonight. The uommittee on rules met this mornlng, and will report a rule allowing a certain number of hours for debate and zing a timo for a vote lato this ufternoon. Chairman Wilson says action must be had at once in order to be effective, and he has asked the commitfoe on rules for nu order for a voto after the day's debate. Keport ot tho Minority. The ininority report opposes the issue of gold bonds bocause the reason the reserve neecis replenishlng is that the government gives tho greenback holder tho right to choose tho coin he will havo in redomptíon, a right he has nofc; that such a ley cannot be made binding by the executive department; that the secretary can redeem greenbaoks with silvor; that tho authoriziition of gold bonds would mako Kold the standard and discrimínate against silver, and that tho retnedy for the present condition is to redeem notes in silvor whonover it is more eonvettiont to do so. In tho vote by which the committce JMlopted the resol ution Hopkins of Mm EepubHcans voted o with McMillia, Whitney, Bcyan and Wheeler, Ucniocrats.


Ann Arbor Argus
Old News