The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-01-22
WASHINGTON.
Value of the Pound Sterling..Flnan.
ciuI Discussion in the Ways and
Means Committee

Value of the Pound Sterling..Fln
ciuI Discussion in the Ways and
Means Committee.
WAsuGxaToN, January 2l.-The Senate
Finance Committee have decided to re
port bill fixing $4,S605 as the value a.
which pound sterling shall be received
by the officers OF the United States gov
ernment.
In the Committee Of Ways and Meanl
to-day, Ellis II. Roberts, offered the fol
lowing resolution:
Res0lred, That the Chairman be re
quested to inform the Secretary Of the
Treasury that this committee does moi
propose 10 report any new legislation with
reference to the negotiation OF the bonds
ofihe United States.
Mr.. Beck offered the following as a sub
stitutc:
WHEREAS, The Secretary OF the Treas,
ury has laid before the Committee ol
Ways and Means what he had dono in
relunding the bonds Of the United States,
and advised said Committee that he would
refund the remaining thirty millions
authorized to be refunded at five per cent,
upon the same terms as he did the last
one hundred and thirty.fve millions of
the two hundred millions heretofore re-
| funded, unless some action was taken eX.
pressing disapprobation Of that course;
and the Committee having heard proof
prO and con, and having no authority to
express any opinion, except through the
House by which 1t was appointed, deems
it 10 be duty to lay all the facts and
proofs heard or taken by them before the
House; therefore,
Rcsolrea, That it is inexpedient for the
Secretary of the Treasury to refund
tho bonds OF the Government un-
der the provisions Of tho act Of July
IA, 1870, upon the terms and through
the agencies and machinery employed
by him in the exchange Of the last $780,
100000 Of the $780, 1000, 900 heretofore re-
funded under the said act First, because
the present is not favorable time, ow-
ing 10 the condition Of the money mar
kets, for the United States to seek to
force $500, 100000 Of It's bonds upon the
market. Second, because, by the terms
made with the last syndicate, and again
proposed, the Secretary undertakes TO
put it out of the power OF the United
States or any subsequent Secretary to use
the money subscribed Tor the United
States bonds for three months, for which
course there is no authority Of law, and
because it is an indirect mode OF paying
o commission to the syndicate notauthor.
lied by law, and in excess 1.-THE provisions
of the act Of July 4, 1870. The substitute
was voted for by DIessrs. Beck and Kerr.
Mr.. Brooks was absent. The opponents
we're the remainder of the Committee.
The substitute was therefore rejected,
Mr.. Kerr offered the following as sub.
stitute:
Rcsolred, That 1t is the judgment Of
this Committee that 1t has no legal or
legislative authority to express in its Of
fetal capacity any opinion or advice to
any officer or department Of the Govern.
ment ofthc United States except through
the House of Representatives.
This substitute was also voted down by
q party vote, and Mr.. Roberts resolution
was then adopted, MCssrs. Beck and Kerr
voting in the negative.
Tho Committee oil Ways and Means
had before them to-day the subject oi
refunding the cotton tax.