L86 



HESS. (THE BOXD QUESTION.) 



be allowed to the Government upon the bonds as to 

 sine rate of interest apon the amount of gold real- 



of taeVold 1 ? bTobffn^iTto W su^lieTrroni 

 b a very important attdf favorable 



.jr.-:.' . . -'..:.. - Bttd 



obJaetoMred to be the b.- 

 '"-renee in the win 

 made tmyahle in 

 yablv in ^\<\ in f:vr 

 by three fourths of a 

 In the agreement ju 



L gold bonds should be substituted 



.. ' ; , ,.-,.,-,:,,.. 



in thirty years, or at 

 to $!;.! 74.770. 



be a doubt in any 



r as to the redemption in gold of the bonds of 

 * are made payable in coin. 

 in the judgment of in- 

 in coin 

 \ < r\ 



'It b hardly necesaary to Mi^ot that. 

 may be our views on the - 

 or preferences of those with uh<>m we must 

 Msntfnts in disposing of our bonds for gold are not 



1 have only to add that in my opinion the tranxac- 

 tion herein detailed for the information of ti 



Therefore, the discrimination, in the jud^me 

 vaster*, between our bond obligations payabl 

 and those specifically made payable in gold 



than tin 



in the direction of <: Iding 



to oof fold reserve through the sale of bondi 

 I believe it will tend, a* far as such u.-tl-.n 

 preseot cirrmnetartces, to meet the determination ex- 

 pressed in the law repealing the diver-purchasing 

 clause of the act of July 14, 18*>. un.l tl.at, in the 

 lanfoeceof such repealing act, the arrangement m:i<i( 

 ill sidour ..fthi- 



Irii in value of the coins of the t< 

 the equal power of every dollar at all time* in tl:.- 

 and in the payment of debts." 



(DROVER CLEVF.I 

 / . - 



1 3 the Committee of Way* nnd 

 made a rpjwrt t. the lions*- which contained 

 the contract with the bond syndicate : 



Thb acreeroent entered into this 8th day < 

 ntarr. 18M. between the Seeretary of the Treasury ot 



.-' ..- . M, \ . 



-,..,... ..f 



\: .1 I- M '-..-. A- 



, of New York, on behalf of Measrs. J. 8. Monrsn 

 4 London, and themselves, parties of the sec- 

 ond part, 



i: - . 

 (Mas of ti 



' 



fifuretaijf of the Treasury may purchase ooin with 

 the bonds or notes of thet nited States author- 

 bed by law, at such rt and upon such terms as he 

 met deem sost advantaireons to the pu- 

 and the Secretary of the Treasury now deems that an 

 -m, 



thaCasbrrtinafW pmvid,,|. coin hsll I 

 with the bond* *tates,oftlM 



* treinefter mentioned. suth<, r /. i to IK- 

 he act emit 



$w%!^*2Ly&j*z? 



in an act of Congress ap]>r<>\c.l July M. IST<\ entitled 

 An Act to authorize Uio refunding r tin iuiti..i:tl 



the wiitl parties of tin- .-.. -..,n.l part 

 hereby agree to sell anl deliver to the I 

 8.600,000 ounces of staixhinl 





a rate of $17.80441 per ounce, pay able In 



United States 4-per->-t-nt. tint 

 ered bon<U. -:n.l 1-n.U to in 



].;i\;il'l- at tin- ] '!;. I nit,,. 



thirty y-at> 



gress Of -li. >71. an.l .Ian. 14. 



187ft, bearing intm^t at the rate .i' . per an- 



niun, payable juurterly. 



Su.-li i'ur,-li:i-e nn<l 

 tiiii.l,- -n tin- following 



1. At 1< :i-t MIH- halt' <>| all ,-'in l,-li\ ,-ral>le 1 

 mxlcr hhull ) ul.taiix ,1 in an<l hliipp,-,! fr,,m Kun-pr, 

 but the .-hipiu, nt* .-hall not lu- re<juir,-l t< 



800,000 OUIK Mil. linle>>* the : 



second i-art shall <-"ii- nt tl:, 



1 ,Uli\er'u-s hhall he ma*li at any ..J'tliesiiK 

 ;,-s or at any other legal depository ) tlu 

 t niti.l States. 

 8. All gold n.ins deliven-,1 ^hall he r-ei\, ,1 ,,n the 



i^ of standard gold per dollar, if 

 within limit of tolerance. 



4. BoinU tlelivered uixler thin contract arc to be 

 d-liv<i' .i,'cnx-d inten-.st. which is to be aa- 



hunied and paid 1>\ the partic> of the .ecc.nd part at 

 the time of their delivery to them. 



M.I. Should the Secretary Ol 

 sire to .itl't-r t<- ><-ll any hoixU of' the I'n.' 



T Let'-. re the 1 M -lav'-' all til>t 



olfer the Willie to the parties of the second part : hut 

 thereafter he shall he free IPMII every such <>K. 

 to the partic> of the second part. 



Third. The Secretary of the Tn -a-m 

 he ri^rht. within ten da\ > fp-n, tl.. 

 in caw lie shall receive authoritv fp-iu < 

 therefor, to Mjl.stitute any bondsof the 1'nite,. - 

 hearini: '' p-r .-cut. interest, of which the principal 



and interest shall be specifically payable in I'nited 

 States gold -oin of the present weight and t. 

 for the bonds herein alluded to; Mich 3-p< 



Me,! l.y the part'u-s of the 



part at pur, i. e., at $18.60465 per ounce of ntand a rd 

 gold. 



Fourth. No honds shall l>e <lelivered to tin- 

 of the second part, or either of them, except in pay- 

 ment for coin Irom time to time received h, -reunder; 

 whereupon the > -ur\ ..f the 



United States shall and will deliver the IX 

 hepin provi.ied.at such places us shall I 

 hy the parties of the second part. At. 

 delivery out of the I'nited States shall* he a- 

 and paid h\ the parties ..f the second p :i rt. 



Fifth. In consideration of the purchase <>i 

 coin, the parties of the second part, and their . 



nme and will hear all 



and i! of hrinuinjr ^old from Kurope 



li r : and. : their power, will 



. tinanciid inthierx-e and will make all 1 L'iti- 



.ry of t In- 



states against the witlnlrawal> of gold pen-iinf the 

 complete performance of thi- 

 In witness whereof the part 



T hands in In- part> Ol ruarv. 



; - -:,. 



f tfu Treasury. 







" , i 



don, and t kernel ret. 



.1. I'. M'.|{AIC & Co., 



On Ixhalf, fi. Morgan <t Co., London, 



and tkemtelcei. 



Attest: 



W. R. Crims. 



FRANCIS LYXDE STETSOW. 



