, 1876-04-30
NOTES AND NEWS

| Special Dispatch to The Chicago Tribune.
WASHINGTON, D. O., April 29.-Gen. Bank
will Offer in the House on Monday q bill t.
utilize the product of gold and silver mining i
the United States. The object OF tho bill is t.
! provide circulating medium Unlimited in quan
tity aud incapable OF fluctuating in va1ue on q
stable paper currency, which shall be at all time
absolute representative OF vnlue.
[Io the Associated PTes,.l
HErUND1Na THE NATIONAL DEBT.
The question Of amending the existing stat
utes in reference to the tefunding Of the na
tional debt, which comes up in the House Com.
mittee on Ways and Means next Thursday. will bf
certain to develop wide difference OF views in
the Committee. It is thought that majority
are favorablv inclined to the principle involved
in the Senate bill authorizing the extension Of
ths limit Of the ~ per cent bonds to tise hun
dred millions and the change OF the time OF
redemption from fifteen to thirty years. The
Committee have already agreed unanimously,
however. that the Senate bill shall be ignored
upon the ground that that body had no juris-
diction to originate such bill. SO that il the
House COMMITTEE conclude to authorize = *
per cent thrty-year bond they will do 40 by adopt
ing Woods bill inRtaad Of the Senate bill. Some
members Of the Committee, headed BY Morri-
son, the Chairman are opposed to any change
IN the existing statute. Col. Morrison says that
III hs Judgment the Secretary ct this Treasury
can now negotiate 1 per cent tond if he SO
"ishes. and TINT 1t would simply be throwing the
nations money away to put out TX per ccth
thirty-year bond, when per cent tnirtY-year
bond could be sold for par in the market.
He says that per cent bond free OF taxes is
better investment to-day than the most OF im-
proved real estate, and he s opposed to the Gov
ernment paying ~ per cent for money when
private borrowers, Offering good security. eas1iy
Obtain it at per cent. Ho does not think
that any change in tue credit Of the Government
has taken place since the original Fuodiug bill
was passed, and believes that the calculations
then made that by the tima the ~ per cents
be disposed OF, will prove to have bean fully
justified, ii the Government will only make the
effort to negotiate tho per cent. The act
passed On july II, 1870 authorized the issne OF
520O, ,000,0o0 per cent ten-year bonds; $780,
per ee"s so' sopds nRa
BY the act of Jan. &c, 1871. the 5 per
cent bonds we're Increased to $500, ,n00 900. and
tile per cents to S70u 051,00). The Seuate
bill now increases the ~ per cents to $780,
o0o, 900, and engthens their term to thirty years,
and reduces the per cents to $500. 900. 900.
Morrison comedies the probability Of the sen-
ate. or rather Woods bill prevailing in his
committee, but claims that it will never pass th
House. He is equa'ly as much opposed to e1-
tending the term OF either the 4k
that the entire scheme Of funding now provided
by Law ia feasible and sufficient, without any
change OF amendment OF any kind.
HATS.
Congressman Hays Of Alabama, was exam
ined to-day By Scott Lord, OF the House Judi
ciaEy Committee, relative to his alleged sale of
a West Point cahetship. His dofeuse was that
he made q present Of the appointment out
right to his friend Lllley the attorney OF
this city, who does business in
cadetsbips. He denied that he ever received
any money for the appointment Of the cadet
Raa ff1a1aa and Hha oatyaS 70 !;
ture to the certificate In the War Department
that Beardslee had lived in Chatham County,
Georgia, at least year, be denied that he had
oTer algoed or ever seen that document.