Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-04-26
WASHINGTON NOTES.
A NEW RICHMOND AND oANviLtE
THROUGH TRAIN.
Redemption of SIS Discentinued-,sais
Randolph's Funerai-The Worlds
Fairs Lady Secretary.
[By telegraph 70 the Dispatch

WASHINGTON, April 25.--The Comptroller
Of the Currency has authorized tho First
National Bank of Fernandina, Fla, to be-
gin business with capital of $4,000.
Commencing Monday next, the 27th in
slant, the Pennsylvania railroad train
leaving New York at 4:3O p. IL. will run
through to Atlanta without change Of
cars ria the Richmond and Danville line.
Secretary Foster to-day issued the fol-
lowing circular disseminating the redemp-
ton of ~ per cent. bonds: with view
20 reserving the residue of the Al per cent.
loan for adjustment within the fiscal year,
which begins on the lat of July next, pub
lie notice ia hereby given That redemptions
OF the bonds of that loan will be discon-
tinued for the present, and the circular Of
October 3, 1880, under which such redemp-
tons have been made, is hereby rescinded.
Due public notice will hereafter be given
of the action of the Department with re-
spect TO said ~ per cent. bonds"
The action taken to-day by Secretary
Foster in disseminating the redemption of
the ~ per cent. bonds IL believed to be
the first Of series of measures intended
to put the Treasury in condition to meet
the heavy obligations which are expected
to fall due before Congress reassembles
These ~ per cent. bonds do not mature
until next September, and there is really
no obligation, express or implied, upon
the Government to redeem them before
that date. But in view of the large ac-
emulation of money in the Treasury
during recent years the Department sought
to restore some of it to circulation by
Offering to purchase such bonds as might
be offered at fair price in advance of
their maturity. To-day S29,400 worth
were redeemed, and the total amount of
~ per cent. bonds redeemed, or rather
purchased, since last October last Is
Sl5, N6, 100
On the first Of the present month $751;
S54, $50 of this class of bonds were out
standing The national banks hold over
thirty millions of them. II an emergency
should arise there is small doubt IN the
mind of Secretary Foster that the banks
would be entirely willing to continue their
holdings at lower rate of interest, and
they would be prompted to adopt this
course rather than ohlige the Treasury to
call in the money IN authorized deposlto-
ries. BY purchasing the ~ per cent.
bonds under its circular terms the Urea
sury has saved the payment Of much inter-
est. and it is entirely possible that redemp-
ton will begin again If the financial condi-
ton should warrant it. The terms of to-
days circular themselves seem TO indicate
such q purpose and expectation on the
part of the Department, and it may be no
ticed that the reason assigned for the dis
continuance of redemption by the circular
is one with view to reserving the residue
OF the loan for adjustment within the fiscal
year ending little over two months hence.
A warrant was issued from the Treasury
Department to-day for 1920, s65 in favor Of
the State Of Michigan, this being that
States share Of the direot-tax fund. The
sum of $500 was withheld from the
amount applied for on account of arms
furnished to the State.