The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-02-26
F0RTY-FOURTH CONGRESS,
a BILL TO REDUCE THE INTEREST
ON THE PUBLIC DBbT.
1ncres sing the Ia Per Cent. Bonds -
s5OO.OOO, OOO-Ths ssnate's Notions on


Economy-No Rest for the District Thieves
WASHINGTON, Feb. 25.-In the Senate to-
day MIR. Conkling (Rep., N. W presented incur
rent resolutions Of the New York Legislature
against the granting Of a subsidy to the Texas
Pacific Railroad and other internal improves
ments.
On motion Of Mr.. Sherman CRep., Ohlo) the
Senate took up the bill reported by the Finance
Committee to amend the acts authorizing the
refundinR OF the national debt. Mr.. Sherman
said the bill was recommended b. the Secretary
Of the Treasury. 1t provided THAT the ~ per
cent. bonds should run thirty years instead OF
fifteen years, and increased the amount from
s30O,OOOOOO to s5OOOOOOO. The Secretary Of the
Treasury believed that " this law should be
passed he could commence fundng tue per
cent. bonds into ~ per cent bonds. " he sue
coeded to the full extent OF Sj0O,0O0,00O there
would be a saving 70 tho Government Of $780,
600 annually.
Mr. Salisbury Dem, DELI asked II there was
any probability OF negotiating four per cent.
bonds.
Mr.. sherman said II was absolutely imposei 10
now to negotiate the four per cent. bonds. He
hoped the advancing credit OF the Government
would soon enable the Secretary of the Treas
Sir. Salisbury said N the Government of the
United States would MAKO It known TO capital
lists throughout the world that the rate Of inter-
est IL would pay hereafter would be four per
cent. he had no DOUBT the bonds would De taken
AT that rate Of interest. II there was DISPOSE
ton on the part Of the Government to neRO-
tiata bonds at higher rate Of interest than four
per cent, OF course bonds bearing that rate OF
the policy Of advertising 10 the world now tn I
the Government was going to fund bonds az four
aud half per cent interest. lie had mo doubt
cauit-lists would invest In our four per cent.
bonds.
no DEMAND ron ~ PER CENT. BONDS
Mr.. Sherman said the Score vary 81 the Treas
! urv had never been able to sell our four ana a
only succee ed, after four years trial. In selling
| S5lO.OOOO IN I've yer cent. bonds. Now the
| money market was thought to he favorable for
the negotiItion Of four and half per cent. bonds.
| Should tho bill 6e sse q there would be three
$4,000 90 at four and half per cent. and
! $500 600 az four per cent. u the Secretary OF
/ the Treasury should sell hut sl.Oo0.0O n these
! four and \ half per cont. bonds, one and a half
per cent. IN COLD per anDum would nc sIvod.
Sir. Wallace (D;m Pal INQUIRED If it was the
| opinion OF the Chairman OF the Committee on
| Finsnce that nfty-year bond bearing four per
cent. interest could he sold 1t par IN gold
Mr.. sherman sid he doubted the policy OF the
| Government issuing n 0fty-year bond. He be-
lieved tho whole public debt would be paid be-
fore that time.
Mr. Allison REP. Iowa. said this loan should
| be excepted from the pruvisions of the sinking
| fund. As II now stood, under IT'S PROVISIONS tue
! whole public debt would be paid In twonty-three
MIR. sherman said the passage Of this bin
Sinking fund hereafter.
THE SINKING FUND sACRED.
Mr. Edmunds dIcp.. VT sAid he was sorry "a
hear tne Chairman OF the Com nt'tec ON Finance
say that Congress could do AZ It pleased with the
sinking FUND. The provisions OF law relating 10
the s.neins fund he (Mr; EdmundD nad always
pledged 10 uphold that fund as much a. 1t would
be pledged to uphold ANYTHING. IL Mexico OF
any other country should so violate the law that
CT, ditors In our country would lose their money
our Government would deem 1t sufficient cause
Nr. Sherman said the Senator from Vermont
misunders,uod him. He regarded the sin1ing
fund ~ sacred, and the public faith was pledged
/ to maintain II. lie meant 10 saw that Congress
could direct what bonds should bs purch sel
for th- sinking tuud or what currency sh ud
be used To- suppors 1t. Or course, tnat fund IN dsl
After further debate the bill was passed with
out anendmont-vens. al nays, .. Those voting
In the neg tive were Messrs. yorseriIl Of MIS-
sour, Elinn Of Connecticut. MoCreery OF Ken.
lucky, Mcdonald Of Indiana, and Robertson oil
Ihe iii ~ passed amends the acts named a.
as e. provide thai thc amount ~ bonds tutl Or
iIun 70 DO Issued bearing 81 ger c-ni. llteIcr. bt
Increased 10 &. JUpJ.uu, glld that tnev b, pava.
bl. 1t the pleasure Of the United stn'cs ntei
tligsv years frum the du OF their t.suc ins trhU
Ct after nltcon years. IL also rcu'ides that tHt
act sndil not oe construed to .uthot<e "uy lu
for the Gets namea. uortu authorize any m
crease whatever Of tue BONDED Geot Of the
IHr WIT PoINT ArPnCrI ATiONs.
Mr.. Allison ar d.. i'wO called uu IN, lIgu-c
| hui making pufour ttiaus flr the puori OF th'
Military Academy for tue fiscal year end.n1
! Juur ID. ISL
the n.s. Ainendment reported lbs the Commit
! tee uu Auuru priation was " " 40 diti 'uIl Pay
/ OF pr Ter 'cts tlf leagth Of service. tj,'1j.'
A,T. XIV DEM leXd-l hop,d the amend
m,ut would lie agreedtJ lie thought wuea TIL
bill was ueforc th1 Hous' u lie seuiatN e'
/ ADD the pay II the officers cut down ty thi.
BODY, 1t was saving IT the srisgot and W stint
Z at the bung.
Mr.. S,ulsouty Dem. Deli said there were very
few urofc n tnrou-hou' the country who 70
ceived pay equal to that received by the protes
surs at West Point. lie thought II comments
able III the House to exhibit some degree O
economy, and II they found an Pppr0 priatiol
which nad been heretofore too larSe II shoulC
! tie cut down.
Mr.. Kelly Dem, Or) gave notice ofan amend
mem, which h would summit mt the prope
time. providing that after June 30, 1873, each o
the Professors at West Point whose term of ser
vice exec eds ten years, shill have the rank. pay
and lilo vance of colonel those whose term o
service eXceeds five Years and less than ten, tn
rank. pay, and allow ance Of alIeutenant-cu lonel
and others. the rank, pay, and allowance Of
major.
PeuGing discussion the Senate went into Elk
ecutiye session, and afteTward az ourned unit
Monday.