The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-07-01
THE SCIENCE OF POLITICS.
SHALL OR. NATIONAL BLEssING BE
FUNDgDEAr FoUR PER CENT?

Tie Fusdips Bin before the Heuse-Ne sps-
cisl InAuce uts FOR ForeiGn Capita lists
Vas Trpmp's One thousand Year Bonds.
WAsHiraTox, June 30. The House this after-
noon considered the bill suthorising the refunding
spd consolidation Of the national debt aud for otter
purposes.
Mr.. BLAIn CRep., Mich.hmoved 10 amend the Hrs,
section by inserting the wosds the amount Of in
terest specified ip each coupon shall be expressed
10 dollars and the equivalent thereof In English
sterling currency, and in francs"
Mr.. DAvIs QRep., n. ~ moved TO amend the
amendment by adding q prov'so that the Secretary
Of tho Treasury shall have power in his discretion
TO make the interest or coupons, or part OF the
bonds, not exceeding Eve hund-ed millions. payable
X any loreis. connsry, ?, he may deem advisable.
M. woop Dem., N. VI yrs opposed to the bill,
because, arst, although Il was great Improvement
on tho ianelas scheme recommended by the secre.
ssrAss, set be saw danger in disturbing tile bonded
debt .s now existing. Thc bonds outstanding
the country, and in altering It's character
Congress would affect injuriUasly, and disturb the
sss"sss nms interest; and the stability o. trade
posed loan of thousand millions could be nego-
tated at4 Per cent, and aisilure TO do 80 after
the Government Third, that II II could be nego-
tated at all. It would be only In Europe, where
lower rate OF interest prevails, and this would In.
volve the huniinting necessity Of this Government
becoming applicant TO foreign capitalists for pc.
cuniary lAvor. Fourth becaase n thus negotiated,
itwou Id take out OF the country
YoRrY MILLIONS A TEAR
as interest to be paid abroad, where II would be
expended for the advantage of other people where
IL the debt held In the United States Its in
terest would be paid at home aud thus assist In the
development OF domestic industries ana 10 tue ability
Of the people to bear lite burdens Fifth, foreign
debt is curse to amy country. Better to bear the
debt at home, even at higher rate OF interest until
the debt Is reduced TO more endurabe volume,
than TO mortgage the country to to-, whose preju.
dicea and eympathies are hostile TO American pros
trouble between the Uued States and other nations
would take advantage OF the necessities Of the
United States to impcrii their security
Mr.. BRooKs Dem, n. Y } contested the views
pressed BY his colleague tMr. Woodl whose first
objection WAS that 1t disturbed the bonded de as
now existing. For his part he wanted TO see It dis
turbed. The Government had been paying i've, Elk,
seven, and eight per cent interest. and he wanted
that species OF disturbance which would reduce 1t to
four per cent As to the second objection made by
Stntcs four per cent bonds abroad he denied that
II was either imposeibls or improbable. As to the
objection against tho bo1ds being held abroad, he
reminded his colleague that the greater part oil tile
bonded debt OF the Government now held
abroad, and WAS likely to be. and this bill would
not change that fact
The amendments offered BY Messrs. Blair and
Davis vcro rejected
Mr.. MAYHAn Dem. n. W moved to strike from
the first section that clause wbich exempts the bonds
aud coupons from all taxation, and spoke Ia support
OF IL. Rejected.
tfMr. wooD offered m amendmcu, to the second Sec
ton, prohibiting the payment OF any commission or
brokerage for the sale, ezcruge. transfer OF any
OF these bonds. The ame idment was rejected I;
Yeas 80, nays lN