Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-04-18
The Purchase Of Government Uouds.
WAsHINGToN, april 1.-THE Secre-
tsly Of the Treasury issued the following
circular at O'Clock this afternoon:
Tim, .r.r-- In r.-,l--A.r-

WAsHIyGroN. april 1.-THE Secre-
taly OF the Treasury issued the following
circular at o'clock tbis afternoon:
IREAsUET DEPARTMENT.
OFFICE or TIE SECRETARY,
WAsHEoToN, April Il, 1883.
Circular
The purchase Ct bonds by virtue Of
the authority contained in section Of
the act Of March 3, 1881, chapter l33 Of
the Slstutesat Large, notice is given that
on Monday. April 23i, aud daily there
after at noon until further notice. propo-
sa.s will be received aJ the Office OF the
secretary of the Treasury for the sale to
the Government Of United States bonds
of the scts Of July l4. 1879, and January
20, 1871. The proposals should state
the specific character OF the bonds
offered. whether coupon or registered,
and must be Tor the mic OF bonds with
accrued interest to and including tine
day of sale. The right IS reserved
30 reject any and all proposals for the
sale of bonds if 1t is thought 20 he for
the interest OF the Government to do 80.
{. 5. EAR.mLD, secretary.
This action Of the Treasury Depart
ment is not the result of a iull ana tree
discussion of the subject at the Cabinet
meeting TO dav. II is well known that
the President and Secretary Fairchid
were DESTROYS Of applying a portion OF
the rapidly-growing surplus to the pur-
chase OF bonds before the close OF the
present fiscal wear, and that they had he
come somewhat impatient at the delay
on the part of Congress in clearly
defining tie powers OF the Secretary
Of the Treasury IN the premises. The
action of the House Yesterday, and the
previous action Of tue Senate IL regard
20 the bond-purchasing powers OF the
Secretarv under existing laws, has finally
removed eli doubts in the minds Of the
Administration on the subject, as indi-
Gated by to-deys action. Secretary
Fairchiid this afternoon refused 10
make any statement III regard to the
financial policy of the department ex-
ccpt to say that the circular issued to-
cav inviting proposals for the sale OF
United States bonds told all that Was ne
cessurv on the subject. He had not
madeup ismind he said. astothe amount
OF bonds he would purchase, though
the fact that proposals Will he received
daily without limit as to time might I'M
DIV that he wanted to buy large
amount The amount to be purchased,
bogevcr. lie said, depended almost en-
tirelv upon the amount offered and prices
asked. Ii would. he said, be manifestly
improper for him to say ANYTHING IN re-
oerd TO the rates at which he would
accent tine bonds. lie added, however,
with a smile, that as the interest on the
bonds now outstanding did not run so
long as the interest on those which were
purchased last suraner 1t ml9ut he fair
70 assume that they are less
valuable and consequently can be
bought at lower figure than
was paid at that time. He did not care,
he sad. TO anticipate these things how
ever. especially as he would have full
knowledge on the subject next week
that is. if the holders of bonds are
willing TO sell them TO the Government.
The surplus. IS estimated at the Urea
sny Department, IS now 800, 900, 900.