Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-03-20


made salabe and popular, the intercs,
should be higher than the bill proposes
am very anxious that the measure
which the Senator from Pennsylvania
has advocated with much zeal and abil
ity shall be laid before the people.
think 1t is very desirable measure, and
| think il is due to our people, and
think il is due also to the success Of
the experiment that we shall offer them
the very reasonable interest--and q
very low one 1t is--of 4 per cent.
Mr.. Bayard. Let me put this ques
ton to the practical sense of the Sena'
tor from Maine: Tomorrow would be
having $4,000 to invest prefer to sub
scribe to a fifty-year bond at a pei
cent, or thirty.year bond at 4 pei
cent?
Mr.. Blaine. Ishould prefer the thirty
year bond for the reason that there Is
a possibility that might live thirty
years to realize the principal, but there
is no probability according to the ex-
pectations Of life-tables OF the insur-
ance companies that ! should live fifty
years. | would exactly apply to my.
sell what is the rule in the financial
markets. | say to the Senator from
Pennsylvania, il there be difficulty
such as the Senator from Delaware
suggests of giving a longer bond and
therefore a too great competition be-
tween this loan and the one already
out, ! would take this at thirty years,
and venture this prediction that #
thirty years be inserted instead Of
fifty there will not be one dollar less
subscribed tothe loan between the two
oceans.
Mr. Eaton. ! believe my friend
from Delaware rose some half hour ago
to ask me certain question, but |
really have almost forgotten what it
was. However, in the course of his
argument he called this a filty-year
bond My friend from Pennsylvania
will remember that my suggestion was
that IT should be q iorty-year bond and
not fiity.year bond, while agree en-
tirely with my honorable friend from
Maine and so far as have been able
in conversation with men in whose
Judgment | have the utmost conf
dence. | still further agree with him
that thirty-year bond will in the
United States bring as much as fifty
year bond, and in many respects it is
more preferable. The timo is long
enough. But | propose that this bond
should be forty years because the
other per cent. bond is thirty years
confess il we had no issue of bonds
at thirty years, | would rather this
bond should be thirty year bond
than forty-year bond, and it will
bring just as much money IN Georgia
or Mississippi, or North Carolina, OIL
Connecticut at thirty years as it would
at forty years.
am very desirous that this meas
ure should pass ia proper shape an
so dcsirous Tor two reasons. first,
would be glad to see some OF the 6 pei
cent bonds brought home that ar,
abroad and let our own people invesl
in our securities in small way.
would be glad to do that, but in doing
it | am not willing. to do injustice t
the laboring man and the laborinl
woman Of the United States.
Ny friend from Delaware think
this is not for the saving as.banks, bul
for the people. 1t is not for anybody
in particular as against savings insti
tutions. There are now on deposit II
the savings.banks of the Unites States
81 200, 100000; and here is littl'
matter of s1eO,0OO,O00 that is going t
take the place of the savings-banks
There are nearly hundred millions
/, deposited in my own little State o
Connecticut alone. To-day the de
posits in that State are sS0,00O,0
in Massachusetts,, over 5000, 600, 900
in Now York, il my memory serve
= me, over s3O0,00O,0O0; in New jersey
J very large amount. This issue o
! government securities will not taxi
the place and drive savings banks out
| sincerely hope that my friend iron
(; Pennsylvania will make this change
shall be compelled to move the amend
ment had much rather that tn
= Senator who has the bill in charg
: would look at It with the same eye
: that do than to offer an amendment
Mr.. Wallace. Mr.. President, the bill
in its present form is the result of th
I Finance Committee. For myself
A, have very little feeling on the subject
Ny Judgment does not coincide witt
that of the Senator from Connection
/, in regard to the length of the bond.
! think fifty-year bond-indeed 1t wa
originally sixty year bond-willstan
| higherin the market than tbirty-yea
e bond bearing the same interest. Th
: debate on the funding act, of wbicl
this is to be part, demonstrated plain
ly that at that time Senators on thi
I floor took this subject into considera
ton, and very serious efforts were mad
+ to make the bonds run, in place o
thirty years, fifty or sixty years, an'
the arguments then adduced and th
0 quotations then cited, demonstrates
: very plainly TO my mind that a fifty
year bond will stand higher in th
! market than at hirty-year bond Nj,
! judgment accords with the bill as !
4. stands.
: As TO the rate Of interest conies
that the case of calculating the interes
on the amounts named in this bill IN
clined my mind to 4 per cent. rathe
than 3.65 per cent, or any fractiona
rate, and hence | drew the bill origin
I, ally in that form but the Financ
Committee acted differently, and direct
ed me to report tor 3 65 bond. AS
said when | originally spoke to the bill
! have no special preference as to tbes
details. Whatever the Senate MAJ
: prefer TO do, shall be content with
| shall be glad, therefore, If the Sena
tor from Connecticut will test the sens
! of the Senate on his proposition by al
: amendment on which we can divide.
MIR. Blaine. should like to ask tn
! honorable Senator Is rather ques
; ton that ought not TO as, for
ought TO have read IL more carefully
J does BIO provide for quarterly or semi
I annual coupons
Mr.. Wallace Scmi.annual coupons
Mr. Blaine II will divide itself int
impracticablc fractions.
Mr. Wallace. 1t does ard there
. fore, as | said, preferred a 4 pei cen
!. bond.
u Mr. Blaine. | hope the Senator wi
. give us the advantage Of his lcadorshi
J. in favor Of per cent.
Q Mr.. Wallace. I-ssy tho question