The New York herald., 1876-02-26
CON G R E S s..
Disagreement Between the Senate and House
on the S.65 Bond Question.
The Military Academy Ap-
preparation.
REFUNDlNG THE NATIONAL DEBT.
SENATE.

WAsmxGroN, Feb 25, 1876.
on motion OF MI SHERMAN (repl OF Ohio, the Senate
proceeded TO the consideration bills reported by
The Finance Committee on Wednesday last to amend
The acts Of July H. 1870 and January 20. 1871, to
lhorize the refundlng ofthe national debt.
Mr. SHERMAN explained the bill and said 1t was
recommended by the Secretary of the Treasury 1t
provided that the AZ per bonds should run thirty
years, instead OF fifteen years, and increased the
amount from $500, 600, 900 to $500, 100000.
Mr.. EDMuSDs trep.), VI, inquired II any Of these
~ per cent bonds had been issued?
Mr. SHERMAN replied the negative. Continuing his
remarks, he said the Secretary of the Treasury be-
ieved that If this law should be passed he could
mence funding the per cent bonds into AZ per cent
bonds If succeeded to the full extent of $780, 600
there would be saving to the government of ST. 900
annually.
Mr. OGLEsBY (rep) of ILL.,, asked what was the ne
cessity increasing the amount Of these bonds
$500, 900 600 If none OF them had ever been placed
Mr. SHERMAN said Congress should, before commenc-
ing the issue Of any OF these bonds fix the amount to
be issued 1t was believed that $500 ooQ worth Of
Mr. SALISBURY, (dem1 OF DEL, asked II thero was
any probability Of negotiating four per cent bonds2
Mr. SHERMAN said 1t absolutely impossible now
to negotiate the four per cent bonds He hoped the
advancing credit Of the government would soon enable
An extended debate followed.
Mr.. MCDONALD, (dcm) of Ind, submitted amend
bonds bearing four and onehal per cent interest au
thorzed TO be issued be increased to $500 and
that they be payable al the pleasure OF the United
States after thirty years from the date of their ISSUE
instead OF after fifteen years. and insert in lieu thereof
as follows:-"That the bonds authorized to be
issued, bearing four and half per interest DO
made payable at the pleasure Of the United States after
thirty years from the date OF their ISSUE instead OF f
teen years"
Mr.. SHERMAN opposed the amendment, and argued
that would be better TO pass the bill reported by
the committed
Tha NJ ION
IA; nays, 49,
The bin was then read third time and passedyeas
bl; nays, 5-as follows-
Yeas-Messrs Alcorn, Allison Anthony. Booth, Boutwell,
GGsyOn Dsyss Dorsey Ea%gnds English
harvey HitcScOeE Howe ingalls, Johnston, Jones Of Fa
SicSs Morr sy Of Me- Morrill, Of vs Morton NorWood
%s %s ye $ndS%s sn
Nays-Messrs Coekrel. Eaton. Mccreery Mcdonald and
The BILL passed, is as follows:-
Be enacted &C. that the authorize the refunding
m the % national % debt approved July H. 1870 and January
ed Uu aa Ss as per @ @ @ ed to be
At the pleasure the States after thirty years from
hs date Of their issue instead % Of after fifteen
be any Of the total amount Of bonds provided
orze any Increase whatever Of the bonded debt of the
United states provisions Of the acts to which this
act, hereby continued in force effect.
Mr.. SARGENT, (rep) of CAL, moved that when the
Senate adjourn to-day be to meet on Monday next
Agreed To.
THE MILITARY ACADEMY
MI. ALLISON trep) of Iowa. called up the House BILL
making appropriations for the support OF the military
academy, for the fiscal year ending June 80, 1877.
The first amendment reported by the Committee on
Appropriations "For additional pay of professors
Tor length OF service So, 500.
An extended debate followed, in which largo num-
Der OF Senators participated.
Mr. KELLY, (Dem.) Of Oregon, gave notice OF an
amendment which ho would submit the proper
time providing that after June 30 1876 each of the
professors at West Point whose term OF service ex-
ceeds ten years, shall have the rank pay and allow
ance OF colonel Those whose term OF service exceeds
five years and less than ten the rank pay allow
ance OF lieuten% colonel and Others the rank pay
and allowance of Major.
Pending discussion at four p. NJ, the Sem
ate, on motion of Mr.. Wright went into executive
session, and after short time the doors re-
opened and the Senate adjourned until Monday