\I, REVIEW OF 18M. 



in 





the President authori* 

 it. gold foan, the only remedy wee 



:h, uuJ,.n<> , Bteitftbj ON Ml ' 

 .direct purchase of 

 the contra. -i 

 for the importa- 



M* \t t!.. ejflM Ufl -v 



..tilUtlnlift ill the Hit. 



r funiitj 



iu.g the operations of 

 M En* .T, - ,i ta 



r $1.000 bond, carrying a 

 \ug. 1 ; and in Amer- 

 | fartareal fr..n Fab, i. The 



el June '24. but, after a large 

 niM.ut $I,VI<NI.INN), had been 

 n*d. t! .iry i.f th.- 



rent disturbances in 

 at a critical period 

 hich would have forced 

 consequent withdrawals frtmi 

 ujsaoed in a departure from 

 >f the contract, that one half 

 I be procured abroad, and ac- 

 gnld then in-Ill in 



r the fulfillment 

 le Bond Syndicate continued 

 for the protection of the 

 tween June 



r..i-j:.i::-j.iu. Tnej bad paid 

 Feb. 91 $33,558,1 2.81. rcpre- 

 .M half 



fi r full payment had been 

 wild in the 

 one S8, nt $107.550.976, and 



withdrawals of 

 t stood at $99.- 



jirotection of the Treasury 



itinuetl. nn.l nt 



ifl \.-.ir the amount wiu* r 



In Ins atiinnl tneesage to Congress 



'ion t the nc- 



Preas- 



the legal 



>o was generally opposed, 



- 



ateeof m-l. i-t.-ln. -. to mett a deficiency 

 ^ 1.000,000 coin bonds 



ntain The bill was 



-mite, but the 



r lh.- 



der at the option of the Government. **! 

 lobe paid /or by it* issw f aft**! **. 



Congress and by some banker* to this nlan of 

 thePreaident. and on Jan. a. 1*6. the Hscniary 

 of tl Treasury iseusd a circular inviting profju^ 

 $10QuOO(MI004>Mf^sjit. ti 



, - . . 



. >..:,.'! I-,', . . ; 

 r. .....:'.., , i . 



6; pment 

 of tto ev 



to be made at any 



|-r crni. <>n noti.-r of a<^|.iai.^ ..f t!. l-.d. 



SO per cent, at the end of each Uo < 



1 1 was understood that a 

 take all of the 



ireular. 

 The financial 



natelv after the Vi 



1 leveland, by reeinn of a war 



(iitniiK' which Europeans freely sold Ameriean 



tr ; and later there was more or be* sell* 



ing by fbreignera, hi Dim of i|j|wlieaeioni of a 



finan 



tt.f - | j -I 1 lOf < : ' 



afllH PraaUawl 



T!, f .. 1B| 



. 



. .' ' 



h<. of the jm , . ' 



prices of leading staples on or ab 

 1. 18M. compared with prices at the 







i4u.iu a 



I - v 



a 



g unacceptable to the Administrntkm. ami Tne Crwm\-WiUi the 



r Win* l.ttle probability ' n mfcMl > - ' H h " : r : 



n could bo ^ * anprnjedssAi 



vithJ. P. Morgan oe^eeUnMte.../!^^^ 

 ;:i-- of ll.5OO.000 ounces of 

 enable one half promptly and the re- 





' 



-.; ;; - 



