The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-18
Mr.. BENTON, rep) of N. H., also prOfessed his

to compel the funding OF the present United States
tax on all the present bonds.
MI. PILE, (rep.) OF No. moved to make the terms
OF the bonds sixty years, and spoke In support Oh
Mr.. DAWES, abiding to . reference to the high
quotations OF Massachusetts, bonds In London, ex-
payable In London, and that they were three per
cent above par; while the United States six per cents
mar the sse We're per cent as
sachusetts bonds to the fact that they payable
only IN London, hardly any being held on this SIDE;
sent ten millions worth or bonds to this country In
week and took back ten millions in specie. Under
these circumstances there could be no health in the
currency or credit OF the government Let Congress
authorize loan at three and one-half or four per
cent in sterling bonds with the interest payable IN
London or In Frankfort and he had assurances that
the bonds would be taken In Frankfort in any
amount. ...,...--..
Mr.. BUTLER, (rep) OF Mass, agreed with his col
leage, and Thought that bonds paying 1895 per cent
interest free from all sorts OF taxation, and with
lon time say 1ty years to run would furnish all
Mr. FILES amendment TO extend the time TO sixty
years was rejected.
Mr. BROOKS declared himself opposed to the pro-
positions OF the Committee of Ways and Means and
neither would he commit himself to the bill as 1t
came from the Senate He objected to long bonds
ana preferred ten year bonds at least to be provided
tor at this session. At future session. with better
understanding Of the subject, Congress could legs-
After further discussion by Messrs. JUDD. rep.) Of
LII, FLA rep OF n. H., and other members, the vote
W a wa aken on the first amendment OF the Comtlee
vi ways anu Means, making but one class OF bonds,
w run forty years. at 3.65 per cent and was
Mr. PIKE moved to amend the provision about
exempting rom taxation. by inserting these words,
when SAID bonds shall be exempt from taxation in
any form whatevern
After discussion by Mr. Paine and Others Mr. Pike
modihed MS amendment by making 1t read 'and the
interest thereon and income therefrom shall be ex
empt from payment of all taxes or duties to the
United States, as wen as from taxation in any form
by or under State, municipal or local authority"
Mr. GARFIELD, (rep) of Ohio, opposed the amend
against exemption of capitalists RON taxation.
Mr.. ALLISON, repJ of Iowa, agreed with Mr. Car
field In his objections but he said there was an OBJ
lection lying SILL back Of that namely, the imprO
priety of exempting one class OF property rom tax
alton, matter what might happen be the urgent
necessities OF the country.
Mr.. scHENoK deprecated the idea of legisating on
prejudice or popular clamor, intmated By his col
league (Mr. Garfied) and the gentleman from Iowa
(Mr AlisOn) The people were not to be blinded or
led astray by demagogsm, and they would very well
understand that when man owning six per cent
bond exchanged It against S.65 per cent bond
he paid all his tax on that income in advance.
Mr. NiDLAck, (dem.l Of Ind, moved to amend by
sertng (which said bonds shall be liable 10 taxation
by or under State, municipal or local authority, 10
the same extent as money Is taxed and under such
State, municipal or local authority, and no greater"
This amendment was discussed by Messrs. Nib
lack, Pike, Axtell and Bingham. Without disposing
Of little committee rose.
MEMBERS ELECT FROM LOUISIANA
On motion Of Mr.. DAWES the credentials OF the
of that State ratlyng the fourteenth amendment OF
the constitution were referred to the Committee ON
Elections.
The House at i've O'Clock took recess till half
past seven O'Clock.
The thermometer in the chamber to-day Indicated
80 degrees.
Evening Session.
The House having resumed its session ia Com
mittee of the Whole, Mr.. Pomeroy in the char, the
FUNDING BILL WAS AGAIN DISCUSSED.
The amendments reported by the Committee Of
Ways and Means to the second secton--.iereiy ver-
bal--were agreed to.
discussion arose on the section proposed to be
inserted instead OF the third section. legalizng
tracts PAYABLE in gold, which authorizes the
sion OF United States notes into bonds for an equal
amount, and OF bonds into United States notes,
less the United states notes then outstanding shall
amount TO $I00,000,000.
Mr.. BRooMALi, lrep.) OF Pa, moved to reduce the
amount Of $500 100000 to $3.50 900, being the
amount now in circulation.
The section and the amendment were debated by
Messrs. Broomai, Pike, Garfield, Setback Boutwell,,
Hooper, Lynch, Butler OF Mass, Logan, IngersOll,
Allison and others Finally the debate was closed,
as to the limit OF United States notes, which was re-
jected.
Mr.. CoBURN, rep.) Of Ind, moved to strike out the
clause allowing conversion of United states notes
into bonds which was rejected.
~, MI rsP o Of M moved owe o to
Various other amendments were offered and reject
ed Finally the vote was taken on inserting the section
as reported by the Committee OF Ways and Means IN
place OF section three, and the amendment was re
jected, 10 to o..
me next anenumcnl was 10 StrIke out the tnlr0
section legaliZin% contracts in coin.
Mr.. CoBuRN, (rep.) of Ind, took the ground that
the proposition would be disastrous and would re-
suit IN general bankruptcy and run, as all notes
would be hereafter made payable In gold and would
cause gold TO rise fifty per cent
Mr.. HUBBARD, (rep) OF w. Va, moved to amend
the section by providing that gold contracts may he
paid In legal tenders, at the rate OF gold in the New
York market on the day the contract natures.
Mr.. GARFIELD offered Mr.. Schenck's amendment
to the section, providing that the consideration
coin contracts shah be matter arising after the pas
sage OF the act, &c. Agreed 70.
Mr.. PETERS, (rep.) OF Me-, moved to amend by re-
quiring contracts In coin to he in writing Agreed to.
Mr. NGEEsoLL suggested that the section was for
the benefit OF the gold operators OF Wall street.
Mr. PIKE remarked that t was In anticipation of
the decision OF the Supreme Court, which would rule
the Legal Tender act void.
Finally the section was struck out.
The committee rose, and the House, at haf-past
The following is the bill 50 far as passed upon by
the Committee Of the Whoie:-
coupon registered bonds Of the United States such
form he prescribe and OF the denomination of $50
Of Il. United alter forty and bearing
payable semi in coin At the rate Of three sixty
and the Interest thereon and income herefrom shall be
well AZ aon IL or Sy 1 or uns
State municipal or Local a. and the said bond. and
ton payment at the option Of the holder or
purchase q &. or ssSsn n s0" e S Of
United states other the three per certificates
iscai year and may be aggregate
sufficient the principal Of all outstanding existing
SIC And be i further enacted That there hereby sp
sls5 annually. which during each h.cai
year shall be applied to The payment OF the interest and to
daeton shall Be in q sinking fund provided the
h section Of the ACT entitled ns -" Ian act to the Issue
states" approved February 70, 1854
l1cM ITEMS