New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-01

Elections. made report in the Kentucky contested eec
ton case that John NJ Rice, the sitting member is dis
Governor OF Kentucky shall be informed Of the vacancy
and that Zeger the contestant shall be allowed the
Mr. BURR Dem NJ presented the views Of the mi
nority declaring Mr. Rice justly entitled TO his seat
The resolutions to be called up for action Friday
Oh Mr. drA PAINE Tep Wis., gave notice that after the
tested election cases before the House.
Mr.. CULLoM Rep., Ill asked leave to introduce and
put on its passage bill Incorporating the United states
Freehold Land and Immigration Company.
Mr. KELSEY Rep n n o9e eS Seb1 the Senate b
Cor tbe ec q Of prempoh settlers in Nebraska was
taken from the Speaker stable and passed.
Tho touso then At 915 proceeded TO the consideration
NJ the b authorizing the refundng and consolidation Of
the On DEBT OF aPd s sS ffasr p Ohio verbal
amendment was made striking ont at the end Of Section
nrovided for in the second section OF this act
Mr. SCHENCK rep Ohio said that II the debate had
rIe he Uond already have awaited himself OF an oppor
tunity to express his own views ana Ie views Oh te
thH sesson ." and the heat Of the weather and
still more the attention which had been gwen give.
satisfied him that the House had done wise thing IN
limiting debate mere business discussion uueI to
Ave minutes rule ne dsy that the United States
had reached that point in reference TO s greer
that authorized the TO into the markets
OF the world and offer its per cent bonds az par
Mr. j
specified in each coupon shall be expressed III aors d
the equivalent thereof in English serihs curen'S anu
Mr. DAVIS Rep. n. " moved to amend the amend nd
ment by saas nave in his discretion to make
interest coupons portion OF the bonds not
deem advisable. Mumurs Of disapproval; If.
Mr.. BLAIR rep, Mich.) argued in advocacy OF MS
Rom il in inducing foreign Investment in the loan
Mr. WOOD Dem n. ~ was Opposed 10 tne vi, Do
First Although IL was great ny tbe secretsry of
the Treasury and on the bill passed by me senate, YET
listing The bonds outstanding formed the basis or the
monetary transactions of the country and IN altering
and disturb the business interests and the
stability OF trade Second; because IL was t I'm,
GS% mat s at four per cent and
failure to do after making the effort would Teaet
against the credit Of the Government THIRD: But II IL
could be negotiated at all It would be only IN EUROPE
where lower rate OF interest would involve the huml-
II thus negotiated would take out of the coun
it would be expended advantage Of other people,
whereas the debt held in the United States It's
interest would be paid at home and thus assist In the
development Of domestic industries and In the ability OF
the people to bear its burdens Eyh foreign dept
higher rate of interest until the debt reduced
to endurable volume, than to mortgage the coun-
try those whose preudces and sympathies hostile
mapt f trombe between the United states and other
nations would take advantage OF the necessities OF the
United States to imperil their security.
MT BGTLER Rep MaS GPPoTe1 the m
itself by England raising the value OF the pound ster
ling or in France debasng her franc as she had done
United States to be held abroad That the great dan
had now 81 2OOOOOOO Of its bonds held abroad, beside
of State county city and corporate bonds, 80
naat IS on large eae the evil Of Irish aSseHtees1
lie therefore did not desire TO have any nducement held
out TO have the debt taken abroad
n. ~ cOntrOyerted K
pressed by his colleague Mr Wood whose first objection
was that disturbed the bonded debt existing.
For his part he wanted to disturbed The Govern
ment had been paying and per cent interest and
ne pef cent As to f&s which
Wood that was 70 sen ne Salbe or
improbable AS to the objection against the bonds Deg
part of the bonded OF the Government held
abroad, and was likely to pc ana TINS 4ul WOuu noi
advocated the passage OF the bill -,
Mr. KELLEY Qtep., PENN opposed the amendment
offered by Mr. Blair The policy OF expressing amounts
IN the language money Of foreign countries might do
very well for adventurous Railroad Corporations Dut
would be unbecOming In great nation.
MT. JUDD rep III remarked that the principal fea-
tre OF the first section OF the bill was that II was
thoroughly Americana; there word, or syllable In
it indicating that the Government sought foreign loan
He argued that the proposition made 6y MT BLAIR was
bOndboders purchased through brokers'
who were perfectly familiar with the relative value OF an
amendment was unnecessary the bonds and coupons
were payable only the Treasury Of the United States
This country because the people paid and 10 per cent
interest he said that the they had to so much
was because the Government paid such nigh interest
when the Government reduced its rate OF interest the
general rates Of interest would fall in proportion.
Mr. COBURN (Rep., Ind) remarked that the practical
question was Where could the Government get money
the cheapest Here ten per cent was common rate OF
capitalists took these bonds at four cent he would
say amen! Let them have them why not pay the IN
dollar greater loss when paid to European than 1t
was when paid TO Americana What was the aterna-
the bog a NOT IF heT them
It withdrew one thousand millions iron, from
that the money should be obtained in Europe instead
converting Americans into money lenders sharks and
Jews. He wanted the American people TO use their
money in building mills bridges roads and railroads
and II they expected the bill 70 be practical the DOnds
ST Blair he' therefore, 'A'0i'l 'H' ''l'o
The amendments offered by Messrs BLAIR and DAVIS
Mr. MAYHAM Dem, n: " moved to strike from the
first section that clause which bonds and coupons
Mr.. SWAMI Dem., MIDI addressed the House In advo-
Mr.. MAYHAM withdrew his amendment.
Mr.. WOODWARD Dem, PENN renewed II, andaIg
t9t 1g This no C9 S 80 could not bind or
any future Congress from exercising that power
Mr.. BINGHAM (Rep., OhiO) opposed the amendment,
and denied the correctness Of the legal position taken by
Mr.. Woodward -.
Mr.. BROOKS Dem, N. " opposed IL and appealed 10
his Democratic colleagues not to place themselves IN an
impracticable position and not TO put ODstaclcs Tue
way OF measure which would reduce by one-thrd the
amount Of interest which the Government mad now 10
pay ,.,.,r. A.. A.
Mr.. BUTLER Rep Mass.) argued that while the five
twenty bonds liable TO Federal taxation Congress
could declare these four per cent bonds exempt from All
taxation. That would not be actually renewing theM
from taxation but would be merely dscouhthg tne TAX
alton in advance. a.,
Mr. WOODWARD maintained the correctness OF his
constitutional position and argued to prove that TACT
Mr.. HOLMAN willing To have the bonds declared
exempt from State TAXATION but he was unwilling, ana
he believed the people were to allow Congress 10 invest
itself OF the right OF taxation. .-.,..
The amendment striking out the clause exempting the
bonds from taxation rejected by large majority,
the Yeas and Nays BEING refused -. 4.
Mr.. INGERsoLL Rep, III moved an amendment o 10
instead OF in coin, which was rejected. .
III ma VadfO bonds