Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-02-02
Forty-secOnd Congressional Session.
WASHINGTON, D. c., Feb. 1.
SENATE

WASHINGTON, d. y, fcD' l.
SENATE.
The greater portion of the session was con-
sumed in the discussion Of the amnesty bill
Without action, adjourned.
HOUSE.
The house rcsumed consideration of the syn
dictate resolutions Immediately after the reading
OF the journal, and Mr.. Maynard addressed the
house in favor of the resolution.
Mr.. Kelley, OF Pennsylvania, followed Mr..
Maynard in support OF the resolution of the
ways and means committee In relation to the
syndicate. MIR. Kelley said he did not propose
to attempt to yindicate the secretary OF the
treasury. That official needed no viniCatOn.
His official character in this whole business had
never been assailed by any gentleman who had
spoken on the subject. He proceeded, therefore,
at once to the consideration of the policy of the
government in issuing bonds.
MIR. Dawes, chairman of the WAYS and means
committee, closed the debate If the charges
made against the secretary Of the treasury, that
he made transaction with the syndicate in de-
liance OF law, were true and if the house pro-
nounced it true, that fact would deal blow at
the credit of the nation more severe than any it
had sustained even from the rebellion and war
He argued that it was not in defiance of law, hut
the carrying out of law according to its plain
object and purpose, and under The very neccssi-
tics OF the case. The secretary has been ar.
raigncd, not for want Of economy, but for viola
ton of law, aud TO that arraignmcut he bad
pleaded, and had VIGOROUSLY shown that he has
not violated, but had executed the law. Sup
posing the syndicate had made such profits as
alleged, and made them at the expense of the
government, which was not the Casc,-what
protits.hadithe United States made out of the
transaction in negotiating 5000, 900 600 five
per cent bonds and Withdrawing the same
amount of six per cent bonds? 1t made a say
i'm of 81 ,0C0,0OO year, $50, 600 at the end
of ten years. That put at interest would make
SIG 600 at the end of ten years. The present
value OF that saving was S1i,Si0.000 Ii the
calculation were carried out, on the whole 81 :
500 100000 for thirty years, when the longest
bond shall cease, the savings in interest invested
semi-annually at SIX per cent would amount to
81 773, 900, 900. The present value of that saw
ing was $3.50 100, 000. The benefit of the sue
cess Of funding that $500 900 900 did not end
there.
1t had so strengthened American credit abroad
as TO render 1t certain that the balance of the
debt could be funded at four per cent. In that
connection he read Il letter OF Assistant Sccreta-
ry Richardson, dated London, Dec. 18th, re-
lating to the conversation which the writer had
with the governor of the Bank Of England, who
is represented as saying that, until lately, he
had always thought the debt could not be
funded but that now it has been shown that
the resources OF the county were so unequal,
and the determination to maintain its credit so
fixed and settled that we should'soon be able to
borrow money at four per cent. Such senti-
England could not fail to have favorable
effect on American securities. The secretary
might turn from this puny arraignment to pub
lie Judgment upon his course, having reduced
the debt about S3000000 and having, by
funding 5000 100000, not only saved S26.0O0,-
600, but assured the saving of $500 600
more; and, whatever might be the vote of the
house on the resolution, the secretary could
turn to that other, and greater, verdict of the
American people and of the countries of Europe.
The vote was taken, and the resoutiOn-de-
claring that the secretary of the treasury in ne
gotlating the loan, had neither increased the
bonded debt nor incurred expenditure contrary
to law-was adopted; yeas no. nays Sc.
Iae house then, in committee OF the whole,
resumed the consideration Of the appropriation
bill.
After the committee got through forty pages
of the bill and while there were still thirty
pages unread, an arrangement was made thar
the committee rise and report bill, allowing
certain amendments to be offered in the house.
Mr. Tatfe offered an amendment providing
that no payment be made to tribes that are at
war with the United States, but that, if por-
tOns of such tribes shall remain at peace and
observe their treaty obligations, payment may
be made TO such portions pro rdtd and also
providing that all appropriations Tor Indians
shall be liable TO payment for depredatiOns COM
mited by any of those tribes.
Without disposing of this amendment, adj
iourned