New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-02-02
HOUSE OF REPRESENTATIVES,.
.rcnrn.rr nnrrwrLL on rnE sYNpIc ATE.

Immediately after the reading OF the Jonr-
nal the debate was resumed the report Of the Com
m,ttce on Ways,and Means to the transactions OF the
Secretary of the Treasury with the Syndicate IN nego
tiatlng the new loan. , a., 49,
Mr. MAYNARD 0lep TENN. a member OF the Com.
jtfce an Wavs and Means made elaborate argument
in defense Of the Secretary and IN support oil the reso
ZION of the majority of the Committee.
MT KELLEY QSep, PENN, another member OF the
Committee OF WAYS and Means, followed on the same
ID ~ the oueson and asked what sort Of cutlery
bn Democrsts of the House would have raised II the
secretary of the Treasury had refused the oner Oh o
ein bankers TO take slSc" OF tee rrc cant What
answer would it have been for the secretary 10
say that he found divergence OF oPhlYn anon" ong
that he thought he had better not 40 III uhui
Congress should consre that nmera p4ht no. OF LOW
tnat the Secretary Of the Treasury, rather IMAM reduce
tb Of the honds in the hands Of his pets, and
had on an mmaeral point gone paying six per cent
while the eminent bankers of Europe were c,am0rlng
pretensons public virtue in this matter contrasting
with IL the "Rng" frauds Of NewYoIs ana referring 10
the fact that Mr. Cox had spoken at meeting IN NeT
York In favor reelection OF Mike N0rOnINteu
Iicutenautto the Senate of the state OF New-Go ORE.
occasion he had condemned the Ring frauds lie hoped
deai snG Civ 70 the Illumination of the Demo
cratic party would not form justification in the House
70 Mike Norton he had presented the only reform char
fer in the Senate but il was carried against him by the
MT. KELLEY said he had TO resume the moor.
Mr. KELLEY would not pause to ask who had bought
M the Republicans but they were certainly bought by
rcesses IRON the millions stolen uy Tweed, Norton N
Mr.. ELDRTDGE- They were cheap men.
Mr.. KELI.EY-That not necessarily so, as % man
who stole 500 could afford u buy pretty higprced
men as politicians co. iLaughterl He did NOT mean to
assa Mr. Cox who was pure his personal character.
but nevertheless partisan Inc appear9nSe 9l MT
Cox assang the conduct OF the Secretary OF t lreas
seemed 10 be the greatest joke of that gentleman
life It funny, 80 characteristic may ne nau
been induced to bring few facts in close juAaposuon
Nj DAWES Rep Mass Chairman Of the Committee &c
defend the Secretarys course arguing that II was not
I'm defiance Of law but that it carrying out the law
Tcrg of the case The Secretary had been ar
ragned not for want Of economy, but for violation OF
law; and 10 that arraignment ne had pieadeu
and had VIGOROUSLY shown that no ma, hal
not violated, but had executed, the law,
supposng that the Syndicate hadmade such profits as
the gentleman had ALLEGED, and had made them at tho
expense of the Government which was not the case,
what profits had the United states mace out Oh w,
transactioni negotiating s20GO0OOc0 OF 1--WE per cent
bonds and Withdrawing the same amount OF FIX per
cent bonds it had made saving OF $4,000 year u,
or s2OOOOOOO at the end of ten years Ihat pt at
interest would make s26,OOOOO at me emo Oh
ten wears. The present value of that saving
was 81 $4,000 II the calculation were carried out on
the whole $1,5OOecOoO for 80 years when the longest
bond shall cease the saving IN interest t 600 m
annually at six per cent would amount 10 Nd,5'sVo9o
The present value OF that saving wa @ 5 Int
benefit of the success of funding tht SI9O uu n,
end there 1t had 80 strengthened American creui,t
abroad to render it certain 'hAt the resi- OF
the debt could be funded az Iour ,ro or
cent In that connection he read "a ietler
NJ Aes
the Goth OF December, relating conversation WDcD lhe
writer recently with the Governor OF ihe BANK OF
England who is represented saying that until lately
he had always that the debt OF the United states
could funded hut that now II bad been SHOWN th
the country universal, ana
credit
should able TO borrow money att per cent
Rank of England could fail TO have favorable ef-
feet on American securities. The secretary mlSh turn
from ills puny gnment 10 the puOc Judgment upon
| mia course having reduced the Public Dcbt about
ZOO Coz 600 and having by funding $20)O00OO not only
saved S9G COOOO1 but assured the saving OF SgOO0OO
more and whatever might DC the vote Of the House on
he resolution the secretary could turn 10 that OheT ana
greater verdict Of the American people ana OF the cOuh
| tries OF Europe. 80 ,.,- ,..,... - o.,
the Secretary OF the Treasury ia negotiating the oah
had eith,T Increased the bonded deUt incurred
penditure contrary Law, adopted BY srct party
vote-Yeas 10 NAYS, rs.
TIN INDIAN APPROPRIATION BILL. .
The House then went into Committee OF the Whoie
| MT cox Dem., n y in the chair and resumed the
consideration Of the Indian Appropriation blll Aftei
the Committee had disposed OF 40 pages OF the Dll ana
while there stl 50 pages unread an arrangement
was made that the Committee should rise ana report
me bI allowing certain amendments 10 be offered III
/ the House. ,-. -
ylnC that no payment shall be made 10 Tribes that are
M war with the United States; but that If portions OF
such TT shall remain at peace ana observe Their treaty
obligations payment may be made TO euch portions PR
rata and also providing that all appropriations for In
daua shall be liable to payment for depedaiiOus com
| mltted by any OF those tribes
Without dspOsng of this or any amendment the House
! adjourned