Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-03-27

. at 3.65.
. Mr.. Randolph. do.
Mr.. Allison. Assuming, as the Sen
. ator says, that the 1865 bond will moi
{ be readily taken, in order to govern
my own action, l desire his judgment
: as to whether 4 per cent. bond will
+ be readily taken, because if he thinks
. So
: Mr.. Randolph Ono moment. Ny
, answer is that per cent bond will
I certainly be much more readily taken
/ than a 3.65 bond, and as | also deem
the sale Of 1855 bonds at par impracti.
/ cable-in large amounts at least, up to
one hundred or two hundred millions
Il favor the higher rate of per cent.
tor reasons already given, and because
this rate will be clear gain TO the gov.
ernment of 2 per cent. upon the rate
now paid upon most of our bonds.
+ Mr.. Allison. Mr.. President, before
the vote is taken on the proposition OF
the Senator from Maine desire to say
a word / shall vote for the amend
ment proposed by the Senator from
Maine, and chiefly on the ground stat
ed by the Senator from New Jersey,
namely, that a bond bearing 4 per
cent. interest will be readily and rap
idly taken, while bond bearing 3.65
: per cent. interest will not be so likely
to be taken. In addition TO that
think IL is not probable that we can
fund our great Indebtedness at an in
terest of 1865 per cent. We have now,
| believe, about seven hundred mill.
ions of bonds still in existence bearing
6 per cent II we issue loan Of $780,
100000 at 1865 we could not very well
after that time propose another loan
bearing per cent. interest, because
should we do so, as stated by the SEN
ator from Delaware, these bonds bear.
ing 65 would at once fall below par,
which would be an injustice to the
persons who might take them. There
fore my own judgment is that in max
ing this experiment with our own cit
izens it is wiser for us to adhere TO a
4 per cent. bond, and pay the interest
quarterly upon the bond, as is already
provided by law in regard TO the ex-
isting four per cents, which, | believe
are only about par now in gold coin.
| desire now to make this bill perfect
in order that it may meet what seems
to be an apprehended difficulty just at
this moment
was amazed at the honorable Sen.
ator when he failed TO give me frank
answer TO my question
Mr.. Randolph. Oh, l beg the Sena-
tors pardon.
Mr. Allison. The Senator said he
thought ! was trying to gather him
into some trap by asking him the
question whether he thought per
cent. bond would be taken readily,
Why, Mr.. President, we have been
told in this Chamber and out of it that
the action of Congress within the last
few days would have the result to de.
preciate the credit OF American securi.
ties; that we had here by legislative
action undertaken TO repudIate part
Of our obligation. Now, desire in
any loan that may be provided for to
show to the public that the predictions
made with reference to our credit are
not likely to be realized,
Mr.. Randolph. Will the Senator
allow me to interrupt him2
Mr. Allison. Yes, sir.
Mr.. Randolph ! do not care TO en-
ter upon the discussion of the old and
trite subject heretofore discussed but
| will say to the Senator from Iowa
that one of the reasons why ! prefer q
per cent bond now is that silver be-
ing legaltender the per cent. bond
of today with oil the chances as to
silver will be little better, as the Sena-
tor may discover in time, than 365
bond payable in gold. That is my an
swer to the question.
MIR. Allison. Mr.. President, | do not
desire to enter INTO discussion of the
silver question in any sense but, mas
much as the Senator from New jersey
has alluded TO il, let me call to his
mind the fact that American securities
have not deprecated in the markets of
the world. Every security of tho
United States to-day is as valuable as
it was week before the passage OF
the silver bill. Although our credit
has been hammered by newspapers and
by various other means which / will
not undertake. to name here as the
crodi, ot M other nation has been ham.
nsred ,s, II has w;tbs,ooJ ali his
nd 80 jov our soo,r;,;es s,and os higb
and @ as wsll 90 ,bev aver stood in he
markets oe the world Therefore.
when we are dealing win this ma,,er
let us deal with il not as tboupb there
wara NOW conditions bnt as wofind
!, our securities to. .dav the hes, securities
in the market of tho world let ma nlace
mon record hero If We make law
viii roc.rance 70 onr bonds n sia,nte
which will enable no IN rcfnnd s10o
0o0 0oo nj onr a ner cent, bonds into n
bond bearing n lower rate of interest /:
and if we can let us distribute these
bonas among onr own nconle In tbat
view / sboi1 vote for tbe amendment
nronosed bv tho honorable senator
from Maine
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