The New York herald., 1878-03-07
PROCEEDINGS OF CONGRESS,
SENATE.

WASHINGTON, March 8, 1873.
Mr.. PADDOCK, (rep.) OF Neh. from tho Committee
on Public Lands. submitted q resolution authorizing
the committees, In considering the memorial oil
William McGarrahan, 10 send for persons and papers,
take testimony and 70 employ s,onographer, the
penses be paid out Of the contingens fund Of tho
Senate.
In explanation Of the resolution he said this
had given the courts and Congress much trouble. II
was now bcforo the Committee on Public Lands and
It was deemed best to take testimony, that intcll
CONT understanding OF the case might be bad. The
resolution agreed 10.
Mr. DAWES, (reps) Of Mass, said few days ago
the Senator from Vermont (ME MorrilD gave notice
that no would to-day call up the bill In regard to the
appointment Of a commission to inquire into the
Ollie liquor trInc that tho Senator III to
attend the Senate to-day but ho hoped TO be hero to-
morrow and would then call up the bill.
LONG BOND BILL
The Senate then resumed consideration OF tho un-
finished business, boing the bill to authorize long
bond for the Investment Of savings Several verbal
amendments were agreed 10.
Mr.. CocKRELL, (dem.) OF NO., moved to strike out
the words 'in coin" in the clause making bonds
redeemable In coin alter fifty from tho date OF
their ISSUE In support Of this amendment he said -
Prior TO 1862 the govern mont Of tho United States
had never issued obligation of any kind which
called fof payment In coin. lie was opposed to using
the word coin in tho statutes of this country.
Let there be but one money for the government and
the people. Let tho government deal as private
dvldual He hoped the words ''in coin" would be
stricken out and lot tho bond bc redeemabio In what
ever might be money IN pursuance oil the constitu-
tional power OF Congress. The amendment was re-
jected without roll call
Mr. DORSEY. (rep) OF Ark, moved to amond the SEQ
ton which provdes that tho bonds shall sold for
for United States legal tender notes. al the
ratio at which they may stand IN the market, by
striking out the words TAT the which they may
stand in the Market" and said the o6jcct OF his
amendment was to havo bonds purchased with either
coin or legal tender notes. Rejected without roll
call.
section SO TO read. "rhc coin received for such
bonds shall be applied 10 the redemption OF oustand
ing bonds OF tho United States which redeemable
and bear tho highest rate OF interest Of such bonds"
Agreed TO-
THE RATE OF INTEREST.
Mr.. EATON, (dem. OF Conn, said he was In favor OF
the general features OF this bill, but he IN
tavor OF s0me of It's details II was gravely proposed
IN thus senate % 70 pay the Working men and wsrkS
than we wero now paying the capitalists OF Europe
VINO had invested In our bonds He favored the OF
600 OF such bonds instead Of $780, 20
bear tour per cent interest instead Of 66 and would
make the smallest bond $50 instead Of $25, pro-
posed by the BILL He thought IL the rate Of interest
fixed at four per cent many savings banks in tho
Unted States would invest in tho bonds. They could
ssy
real estate paying six per cent ana therefore could
afford to pay five per cent interest to dcpostor The
twenty-five dollar bond was obnoxious TO him. No
person In the United Stutcs who desired government
bond wauted one OF less denomination than $50
Mr.. CoSKLixo, (rep OF N Y, inquired how II oc-
currod France then, Tor example, great many
people liked bond which called Tor only fifty francs
for some hours awaiting their turn TO purchase
Mr EATON said If tho honorable Senator (Mr. Uonk.
1ngl had information that In France the people
awaited tner turn tho curbstone to purchase the
bond no possessed information which he (Mr Eaton)
did not.
Mr. BAyARD (dem.) OF Del, said ourpresent tour per
cent bonds were tor thirty years, and he dd think
they could be disposed Of longer bond should DO
made 10 bear the same rate OF interest. He had
talked with men who had made this subject . study,
and they all agreed that the thirty yesr bond could
be disposed of II the ty yoar bond bore The
rate OF interest,"
ME BLAINE, (rep) of Me-, inquired OF tho Senator
years bond should bear So5 per cen, interest," then
hundred years bond should bear three per cont and
no supposed a. thousand years bond d. should boar no
from Connecticut (Mr. EaIon), aud thought It duo to
the success Of the experiment that the rate o intcr
ost be xed at iour per cent
| Mr. EATON said there was now on deposit In the
savings banks OF this country ST. OO0 and this
was mere matter OF $1OO, 000 200 10 absorb
post In his own State OF Con nnecticut the savings
banks lad nearly 500, 600, 900 ON deposit.
Mr. WALLACE, tdem.) Of Pa- .aid the bill as stood
mined that dny year bond would be most desirable.
wisely taken advantage OF the condition OF the public
mind TO bring forward this bill There was feeling
oil toward savings Ohnks the
try and II was not right for Congress TO take advan
tage Of that and cocrce the peopo INTO taxing bonds
bearing low vi interest. Hc moved 10 strike Out
3 65100" the rate OF interest aud insort in lieu
thereof "four per cent"
| Mr.. SALISBURY, (dem OF Del, favored the amend.
mcnt OF Mr.. Blaine, and SAID We had now the 36j
District OF Colum ba bonds outstanding, which, he be-
| leved, were quoted at less than eighty cents
rSrEREsr
Mr.. CocKRgLI, Of Missouri, opposed the amend
mcnt and saiu no would much rather have the ratio o
interest liked at three per cent These bonds were al
exempt from taxation, and IN consequences Of that
emption they were worth more. IL added ~ lsast two