New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-07-18

onehalf II he knew there such PLATFORM, and sneh
determination the part Of his own party, he would,
with Frank Blair and all, vote for the other party lie
would for such swindle on the taxpayers Of the
would vote for euch speculation In
Of the large bondholders and miionaires He repeated
Though IL hard to III, that even II Frank Blair
soot the platform OF paying according to the contract
and the Republican candidate stood ON the platform OI
paying bloated spectators twice the amount agreed 10
be paid them, and OF taxing his constituents TO DEATH
he would vote for Frank Blair If worse man than
Seymour was on the ticket, he added lAuch excite
Mr. ROSS The Democratic doors are still open, and
Mt O'NEIL Glep. PENN moved TO fix the interest at
four and half per cent and spoke IN support Oh that
Mr. sCHENCK opposed tho motion, declaring his belief
that the debt could he consolidated gradually al the rate
Of interest proposed by the Committee on ways ana
Means lie had objection To make the bonds n1ty or
sixty year bonds instead Of forty years 81, ,......
Mr.. ONEILS amendment fixing the rate OF interest at
four and one half per cent was rejected.
Mr.. Pixies amendment 20 make the interest four per
cent. also rejected
Mr.. boutwell, rep. MassJ expressed his belief that
return specie payment Nevertheless waving his own
Judgment he would vote for IT, He preferred however,
two classes OF bons one class for domestic investment,
at Of interest which would render them desirable
here and the other class for foreign Investment al lower
Mr. MILLER rep PENN favored the Senate bill in
preference to the amendment Of the Committee on Ways
Mr.. DELANO Rep Ohio deprecated any action calcu-
lated TO shake confidence the national credit lie CON
or Indirectly blow az the credit OF the nation. The
country would nave TO stand To its bargannot only
10 the letter, hut TO the spirit Of IT. He preferred the
Senate bill to the amendments Of the Committee OF ways
and Means
Mr.. BENTON rep N H. also professed his preference
Mr. LOGAN tRcp. III argued that the only way to
compel the funding O the present United States bonds in
bonds paving smaller interest is to impose tax on all
Mr. PILE REP, Mo- moved to make the terms of the
bonds 60 years and spoke IN support Of that proposition
Mr. DAWES, abiding Ia reference to the high q.Qa-
tons OF Massachusetts, bonds IN London, explained mat
those per cent Sterling bonds payable IN London,
and that they were per cent above par. while the
United per cents IN the market were % per
cent bcow par. He attributed the preference Tor INC
only m London Let Congress authorize loan OF -
per sterling bonds with the interest payable IN
London IN Frankfort and he had assurances that the
bonds would be taken IN Frankfort in any amount
Mr. BUTLER NIassJ agreed with his colleague. and
from an taxation, and with long time, fifty years to
run would furnish all the advantage that his colleague
Mr. PIIEs'S amendment, 10 extend the time to sixty
years, rejected. - IA, -,
Rep y. H.. BROOKS, and other members, the vote was
taken on the first amendment OF the Committee Of Ways
and Means making but Que class OF bonds, read iorty
years al 3 $500 per cent and il was agreed TO-
Mi PIKE moved to amend the provision about exempt,
ing from tNa0n, by inserting these words, which SAID
bonds shall Dc exempt from taxation IN any form what
ever"
After discussion by Mr.. PAINE and others, Mr. PIKE
modified his amendment by making It read and me ~
tctest thereon and income hcictom shall be exempt
from payment Of al taxes or duties 10 the United states
we'll from taxation In any form by or under state
municipal, or local authority
Nj. GARFIELD ltcp, Ollo) opposed me anehdineh
rs likely continue the popular outcry against eA
cmption Of capitalists from taxation.
Mr. ALLISON rep, Iowa. agreed with Mr. Garfield IN
h- objection: but hc sai there Is M objection lying stu
back 81 that. namely the improperly OF excepting one
class of property from iaNaon no matter what might
happen To be- the urgent necessities OF the country
ST. NIBLACK Dem Ind moved to amend 10y striking
ont the exemption from taxation and inserting -
Which adj boads shall 5tc by, under state
nac' o' .., Or ,i o TSD ss no lg- ser
without di-po.ing OF the amendment the Committee
ON motion u Mr DAWES the credentials Of tho repre-
sentative, elect from Louisiana, aud the action Of mat
state BOO ruiyug tie N\th amendment OF me Consltu-
ton, were referred To The committee Of Elections.
IlIE FUNDING HlLl,
Tho amendments reported by the committee OF ways
and Means tho second section merely verbal were
discussion arose on the section proposed TO he in
serted instead Of the third section, cghlZng contracts
nayabr n gold, which authorizes tho conversion OF
United state. notes into bonds for an equal amount ana
OF bond. into United STATES notes, unless tho United
states notes then outstanding shall amount To SioVo-
Sir BRoONALL E,p, Pa moved to reduce the
amount OF EipuV1ooO To SH6OOOUO being the amount
The section aud the amendment were debated nv
Nr,-r. BEOOMAII. PIKE. GARFIELD, SCHENCk,
BOUTWELL,, HOOPER, LINCH BUTLER of Mass b,
LOGAN. GNGEKsOLL. ALLISON and others Finally the
debate wa, closed aud Mr. tNGERSOLL moved to strike
ont the provision limiting United state, notes. rJ'cted
Mr. tDBlEN u, p lad moved iostlhe Ont thI 'iaIse
allowing conversion ~ United states notes into bonds
Mr INGERSOI.L rep. III moved to increase the lin
I lt.f.ou FROM SUU.n0uV'I to SJjj,0ODOOU.
Various other amendments were offered and rejected
Finally the vote Wa, taken o inserting lhc section as re-
ported by the Committee oi Ways ana Means n place Of
section ., and the amendment was rejected 40 To o.
The next amendment 10 strike out the third section
/ lc-lIikug contract, ~ coin.
| 10 was debated by Mcs.rs. ANTELI. LOGAN. FL
/ DRIUGE. CANANAUGU, IIGBl, BONDEN, ALLISON,
/ COBl'EN HUBBARD Nv Va and others.
/ MrCANANAUGH Dem, Mon. Tern moved 20 legalizo
contract, payable IN gold ana advocated thdl proposition
Mr C0HUES took the ground that the proposition
would Dec disastrous aud would result IN general BANK,
rfurv and ruin. all notes would hereafter De lnaue
payable gold, and would cause gold To rise MY per
/ Nr HI-BBARD Rep West va moved to amend the
section by providing that gold contracts may he PAID IN
legal tenders, az the rate oi gold III the New iolh Ac'
FN.s 4 fla. ftf FH. ~ Il a ~
Mr. BINGHAM rep. Ohol advocated strlkiug our ING
Means n, regarded the section "a IN the interest OF te
and the oneymongcr ana against the interests
Mr. GARFIELD advocated the retaining OF the section.
with uroyso proposed 10 be offered by Mr.. schemes
r. 49, rtinp sinud stand hc regarded II rs OF the
means to bring back the country Ia specie pay icht
The debate having been closed the question was taken
ON Mr. Ilnbbar,l's amendment, and II was rejected.
/ Mr. GARFIELD offered Mr.. schenck's amendment IA
the section providing that the consideration TOT com
contract, shall Ice matter arising after the passage OF the
/ Mr PETERS d2cp. Me- moved to amend by requiring
/ cortracrs i'm coin To 'bs i'm writing. Agreed to
/ Mr.. lNGEEsOLL suggested that inc section WAS lo'
the benefit OF the gold spectators OF Nal-st ,.,
Nr PIKE remarked that Il was In anticipation OF the
/ decision oi the Supreme Court which would rue tue
! legal tender act void
The Committee rose aud the House, at 1890. adjourned
The following IS the bill 80 far as passed upon by the
Is IN, Secy Of the hereby authorized to ISSUE 20 n
mons or registered she ud states In such im " ne may
i sr of the d~nominsion multiple Of that sum-
r-i-rnabr At tie pleasure Of thr United Nt a
bearing an semi annually IN com az tue raw
sr esntmn per snuum. which said bonds aud Tue n,eI's.
eon shall be exempt from Tue payment OF
AM t,rr 81 duties United States a. sell as from tAoa an,
fr by or under state municipal or local authority am we sa
fo aud HE proceeds thereof shall he exclusively used r e ep
lion or p,rnea option Of the holder or purchase OF OF ean
~ - ,u, amount u auy Of the present lnteIethranus
, of The United states other than the heeperceuum eetuhIs'
before the eud 81 the present hs yr
the aggregate sufficient To- cover t
prncp Of all outstanding existing Obligations As hmel u Au
SEC frdB, Il 0ril sroeri that there hereby 'pprpnl
from goods, the Of hundred
I i've million, ofdolr, annually which sum during cah us' ;,
OF the interest and 10 TIE Irlu
| 81 Nh. principal Of the public debt and snea
| r.Iuc on shall be 10 lieu 90, tne snh99k 800. NJ
entitled An Act 10 authorize th