Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-02-02
HOUSE.

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engaged the house after routine busi-
ness had been dispatched.
Mr.. Maynard argued in defense OF
the secretary OF the treasury.
Mr.. Kelley Penn. followed, and
asked what sort Of an Outcry the DEM
ocrats Of the house would have raised
If the secretary of the treasury had
refused the offer Of foreign bankers to
take one hundred and thirty-hve mil
lion dollars OF the public debt at i've
per cent, and ne had continued to
pay six per cent? What answer
would it have been for the secretary
to say that he found a divergence of
opinion among lawyers on an imma-
terial point of law, and that he
thought he had better not do 1t until
congress should cOnstrue that imma-
terial point of lawS They would have
made the country ring with the story
that the secretary Of the treasury,
rather than reduce the interest on the
bonds in the hands of his pets, had,
on an immaterial point, gone on pay
ing.six per cent, while eminent bank
ers Of Europe we're clamoring for five
per cent. bonds. He went On to ridicule
Mr.. COx's pretensions to public virtue
in the matter, contrasting with it the
ring frauds Of New York, and ia re-
ferring to the fact that Mr.. Cox had
spoken at meeting In New York in
favor of the reelection of Mike Nor
toe, Tweed's lieutenant, to the senate
o be State Of New York. Mr.. Cox
said, tEat in his speech on that occa.
sion, he had condemned the ring
frauds; that the corruption Of men
who had managed the public affairs
in New York city to the humiliation
Of the Democratic party would not
form a justification In the house of
representatives for this syndicate
transaction. As to Mike Norton he
had presented only the reform Of the
city charter in the senate and it was
carried against him by the RepubI-
cans who we're purchased up.
The house then went into commit
tee of the whole, and resumed the
consideration of the Indian appropri-
alton bill. After the COMMITTEES had
got through with forty pages of the
bill, and while there were still thirty
pages unread, an arrangement was
made that the COMMITTEES should rise
and report the bill, allowing for GER
tain amendments which would be Of
fered in the house.
Mr.. Taffe offered an amendment
providing that no payment shall be
made to the tribes that are now at
war with the United States, but that
II portions of such tribes shall remain
at peace, and observe their treaty OBJ
legations, payment may be made to
such portion pro rata, and also pro-
vidiDg that all appropriations for the
Indians shall be liable to payment for
depredations committed by any Of
those tribes.
Without dispOsing of this and other
amendments, the house adjourned.
Mr.. Dawes, chairman OF the COM
mittee of ways and means, closed the
debate and apolOgized for addressing
the house at this late stage of such a
dry debate, his Justification of it be-
ing that II the charges made against
the secretary Of the treasury that he
had q transaction with a syndicate
in defiance Of the law were true and
the house pronounced it true, that
fact would deal blow at the credit
of the nation more severe than any
1t had sustained even from the rebel
lion. He proceeded to defend the
secretary and said he had VIGOROUSLY
shown that he had not violated but
executed the law. Suppose that SYM
dicate had made such profits as the
gentleman had alleged, and had made
them at the expense Of the govern
ment, which was not the case, what
profits had the United States made
out Of transaction by negotiating
500, ,000, 900 of five per cent. bonds
and Withdrawing the same amount of
six uer cent. bOndsS Is had made
saving of$2, ,00O, 900 a year, or go, ,000,-
900 at the end of ten years. That
amount put out TO draw interest
would make SO, ,000, 900 at the end Of
those years, and the present value
Of that saving was s14, $4,000 The
benefit of the success of funding that
4200, ,000, 900 did not end there. 1t so
strengthened American credit abroad
as to render 1t certain that the bal
ance Of the debt could be funded at
four per cent. In that connection he
read q letter of Assistant Secretary
Richardson, dated London, December
18th, relating to q conversation which
the writer recently had with the
governor OF the Bank of England,
who is represented as saying that IN
til lately he had always thought that
the debt could not be funded, but
now he had been shown that the re-
sources of the country were so inn
mense, and the determination to main
tain its credit so fixed and settled, that
we would soon be able 10 borrow
money at four per cent.
The vote was then taken, ard the
resolution declaring that the secretary
of the treasury, In negotiating fo= the
loan, had neither increased the bond
ed debt. nor incurred an expenditure
contrary to law, was adopted by
strict pal ty vote-yeas l10, nays So.