The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-18
HOUSE OF REPRESENTATIVES,.

HOUSE OF REPRESENTATIVES,.
| WASHINGTON July II, 1868.
Mr.. GRIswoLD. (rep.) Of N. Y, from the Committee
| Of Ways and Means reported bill authorizing the
Secretary Of the Treasury to refund the duties paid
| on chime OF bells and a clock imported for St. Jo-
! seph's cathedral in Buffalo, New York. Passed
THE FUNDING BILL TAKEN UP.
| Mr.. SCHENCK, (rep.) OF Ohio from the Committee
of Ways and Means, reported back the Senate Fund
| Grafton.
Mr.. Schenck's motion was agreed to-yeas SO,
| nays So.
ON motion Of Mr. DAWES rep.) of Mass the Gre
denals OF the four persons claiming to be Represen-
| tatlves rom Alabama were referred to the Com
mlttee on Elections.
Mr. BROOKS, ldem.l Of n Y, suggested that the
chosen at regular election or at mere primary
| meeting.
went into Committee Of the Whole on the Funding
bill, Mr.. Pomeroy in the chair.
| Inc Dill having been read the amendments pro-
posed by the Committee Of Ways and Means were
| considered.
Mr.. scHENcK suggested that the debate on this bill
should be confined to mere five minutes business
| discussion.
Mr.. BROOKS thought the debate should not be re-
strcted except to Keep within the scope of that
subject adding that the bill was one of the most i'm
| portant that could come before Congress.
Mr.. ScHENcK moved to close the debate in two
! hours.
Several members objected that the time was too
long suggesting one hour half an hour and five
Mr., STEVENS, rep) of Pa, moved to close the de-
bate In half an hour.
| Mr. SCHENCK therenp0n modified his motion by
! limiting the time to ten minutes.
| Many Members-That is right.
| Mr.. BROOKS said that on q proposition TO shut OF
| debate on such important bill involving
$4,000 100000, he felt 1t his duty 10 ask for the yeas
The vote was taken on Mr.. Schenck's motion to
close the general debate In ten minutes and it was
| agreed to-yeas 70, nays 6S.
| The first amendment proposed by the Committee
OF Ways and Means was to limit the lowest denomi-
nation Of bonds to $50.
The committee rose informally and the House re-
ceived message from the Senate, with the Senate
, amendments to the Indian Appropriation bill. Tic
amendments were not concurred IN. and COM
mttee OF conference was asked for. Messrs Butler,
of Mass, Window and Brooks were appointed.
CONSIDERATION OF THE FUNDING BILL RESUMED
The Funding bill having been resumed, the first
amendment was, at the suggestion Of Mr.. Butler OF
language follows:-"BOnds OF the United States
in such form as he 1.-THE Secretary Of the Treasury
may prescribe and OF denominations OF fifty dollars
| Or some multiple OF that sum-
The amendment in that form was agreed to.
The next amendment OF the Committee Of Ways
aud Means was to strike out the provision Of the
first section which Classics the denomination and
interest Of the bonds. and insert in lieu Of 1t the
| words:-"Forty years and bearing interest payable
semi-annualy III coin, at the rate OF 500 per cent
per annumh
| MIR. HUBB,RD rep.) OF W. Va, moved to amend
the portion proposed to be struck out by providing
class Of fifty year bonds at 500, thus making four
classes OF bonus. lie argued that 10 reduce all the
bonds to uniform rate OF 3.65 would be to render
| pugatory and void the whole Funding biIl because
as 1t contained no compulsory provision, holders OF
the present six per cent bonds would not exchange
them for bonds paying less interest
Mir. ScHENCK expressed his preference for only
one class OF bonds: but he hoped that II the Senate
classification not struck out the amendment of
Mr.. hubbard would be adopted.
Mr.. Hubbards amendment to the portion proposed
to be struck out was agreed to.
! Mr.. PIKE. trep) OF Me-, moved to amend the
amendments proposed by the Committee Of Ways
stead Of 1856.
Mr.. GRIswoLp advocated the amendment offered
by Mr.. Pike. The true way, he argued, OF funding
the national debt to give such expression through
the national council to assure the world that the
country means TO pay It's debts in good faith. TIL
would not accomplish the object and the discussion
Of twas mere waste Of time.
Mr.. BUTLER, (rep) OF Mass, said that he wanted
to see but one kind Of funded debt There were
nineteen forms OF public securities and nobody
could tell which form was worth more and which
sss He advocated the extension OF the time to nifty
years. the adoption of The 800 OF interest the
. In any form.
Mr.. PANE Gep.l OF via. advocated also the strik.
Income and bonds and the fixing OF interest at SOS.
Mr. STEVENS, OF Pa, declared himself in favor Of
funding bill which should reduce interest II
person chose to fund under IL no harm done: II
any person lid choose to fund at lower rate OF in
lerest then the government would profit 10y IL.
lie thought, however, that the lowest rate OF
interest should be four per cent. He did
not think they could get money cheaper. lie thought
It the duty OF the government, with the accumulat-
Ing gold. 10 expend one-haf OF II In redeemng the
iyetwentics In advance OF their falling DUE after
ion. lie had understood the gentleman from ll
nois mr. Ross 10 say that the bonds should be paid
according to the New YORK platform. What was
| Mr.. Ross-to pay the nve-twentes in lawful
! money.
Mr.. ROSs-Greenhacks: that IL your doctrine aud
mine, You know, lLaughterl
Mr.. STEVENS hold 90 the Chicago platform, and
! as understand H. on that point, TO The New York
platform that those bonds shall be paid just accord
Ing 10 the original contract.
( MgNBER-Fhe law, Mr.. notwithstanding 10
! Mr.. PIKE-The spirit and letter OF the contract.
| AIR. SrEvENs-What was that laws That the In
ierest should he paid up 10 certain time Mt six per
cent in coin. After the bonds fell due they would be
payable IN money Just as the gentleman from Illinois
ROSS understood IL; just as he mr. Stevens UNDER
stood IL Just as all understood II when the law was
dozen times by the Chairman Of the Committee on
| Ways and Means. II he knew that any party In the
country would go for paying IN coin that which was
| payable In money thus enhancing the debt one-hsf:
! " he knew there was such platform and
such a determination on the part Of his own
the other party. He would vote for no such
swindle on the taxpayers OF the country.
favor the largo 9 sondnoders aSa
mlionnaires. He repeated Though y was hard to
~ that even 4 Frank 3 ,Si stood on the plat
republican candidate stood on the platform OF pay
ing bloated spectators twice the amount agreed to
sG he 70 Woua vote FRANK worse s
man than seymour was on the ticket, he added.
| Much excitement and sensati0n.)
| Mr. R0ss-The democratic doors are ssll open and
| the gentleman can be taken In.
| Mr. Pixies amendment was rejected.
Mr. BOUTWELL,, (rep.) OF Mass, expressed his belief
that the passage OF this bill would postpone indsn
ntely the return to specie payment; nevertheless.
| waving his own judgment, he would vote for It, He
preferred, however, two classes OF bonds-one class
for domestic investment, at rate Of interest which
| would render them desirable here, and the other
class for foreign investment, ut lower rate Of In
| terest.
Mr.. MILLER, (rep.) Of Pa. favored the Senate bill
In preference TO the amendment Of the Committee Of
| Ways and Means.
Ir. DRLIso Crep) Of Ohio deprecated doing any.
thing TO shake confidence In the national credit He
| considered him an enemy to his country Who aimed,
| directly or Indirectly, blow NJ the credit OF the
| nation. The country would have TO stand up to its
bargain not only to the letter. but TO the spirit Of It,
He preferred the Senate bill to the amendment Of the
COMMITTEES of WAS and Means