The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-04-18
BONDS ARE TO BE BOUGHT
PROPOSALS WILL BE RECEIVED
DAILY FOR SOME TIME.

Secretary Fairchild Issues a Circular
Immediately After a Meeting of the
Cabinet-The Action the Outcome OF
the Recent Debate in Congress-No
Hint as to Prices.
WASHINGTON, April 1.-THE Secretary
of the Treasury issued the following cir
cular at o'clock this afternoon:
TREASURY DEPT, OFFICE OF SECRETARY,
WASHINGTON, April II, 1888.
Purchase of bonds by virtue of the authority
contained in section ,, of the act of March S,
large, notice is given that on Monday, April 23,
and daily thereafter at noon, until further
notice, proposals will be received at the office
sale to the government Of United States
bonds Of the acts OF July ID, 1870, and
Jan. 90 1871. Proposals should state the specific
character of the bonds offered whether coupon
or registered, and must te for the sale of bonds
with accrued interest to and including the day
of sale. The right is reserved to reject any
and all proposals for the sale of bonds if it is
thought to be for the interest of the govern
ment to do so.
RESULT OF CABINET CONSIDERATION.
This action Of the Treasury Department
is the result of full and free discussion of
the subject at the Cabinet meeting to-day.
1t is well known that the President and
Secretary Fairchild were desirous of ap-
plying portion of the rapidly growing
surplus to the purchase of bonds before the
| close of the present fiscal year, and that
| they had become somewhat impatient at
| the delay on the part of Congress in clearly
! defining the powers of the Secretary of the
| Treasury in the premises. The action of
| the House yesterday and the previous ac-
| ton of the Senate in regard to tho bond
| purchasing powers of the Secretary under
the existing laws, has finally removed all
| doubts in the minds of the administration
on the subject, as indicated by to-day's
| action.
Secretary Fairchild this afternoon re
| fused to make any statement in regard to
| the financial policy of the department, ex-
| cept to say that the circular issued to-day
| inviting proposals for the sale Of United
States bonds told all that was necessary on
the subject. He had not made up his mind,
| he said, as to the amount of bonds he would
| purchase though the fact that proposals
will be received daily without limit as to
time might imply that he wanted to buy a
| large amount. The amount to be purchased,
| however, he said, depended almost entirely
upon the amount offered and the prices
| asked 1t would, he said be manifestly i'm
proper for him to say anything in regard
| to the rates at which he would ac-
| cept bonds. He added, however, with a
Sinil6, JldJ as INC INTEREST on Une DOUuS
now outstanding did not run so long as the
interest on those which were purchased last
summer, it might be fair to assume that
they are less valuable and consequently can
be bought at a lower figure than was paid
at that time. He did not care, he said, to
| anticipate these things, however, especially
as he wonld have full knowledge on the
subject next week, that is, if the holders of
bonds are willing TO sell them TO the gov
| ernment The surplus as estimated at tho
| Treasury Department, is now $105, 900, 600.
1t was determined in the Cabinet to-day
that, inasmuch as both Houses of Congress
had now formally assured the Secretary of
the Treasury that he has power to buy
bonds with the surplus, that the Secretary
of the Treasury should do so whenever
sufficient occasion should arise. There is
now no probability that any new silver
legislation, nor any measure looking to in
lation Of the currency will go TO the Pres-
dent from Congress this session.