Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-03-21
CONGRESSIONAL CHAT.
THE HOCSE H4s ITS WEEKLY Talk
ING SESSION.
Tie House.

| WASHINGTON, March 20.-The session of the
House o-day was for debate the funding
bill, and promptly at the meeting hour the
| House went into committee Of the whole Mr..
| Covert in the chair
| Mr.. FELTON, spoke in favor of the substitute
which he proposed to offer for the bill, and
which requires the secretary of the treasury to
| redeem any United States bonds which NAV
become redeemable during 1850 and 1881 to the
amount of gold and silver coin now in the
treasury, which may be in excess of % per
| centum of the outstanding United States notes,
using said excess of gold and silver coin for
the redemption of said bonds. Section two
requires the secretary, six months afte- the
| above mentioned amount of bonds are re-
deemed, and semi-annually thereafter, TO re-
deem the remaining. bonds to the amount of
gold and silver coin which may be IN the treas
| ury at the time in excess OF % per centum of
| outstanding United States notes. Section three
requires the secretary to purchase silver bullion
| to the amount of four million dollars per month
with lawful money of the United States. pro-
vided said bullion can be purchased at par, and
requires him to have the bullion purchased
coined into standard dollars now provided
| by law. Section four forbids and prohibits the
| secretary from Issuing hereafter any interest
| bearing bonds for the purpose OF funding or
| rounding the national debt any part thereof.
MIR. FELTON, expressed himself opposed To every
| form of interest bearing debt.
| MIR. Orth believed the public credit was
never on SO sure a foundation; that the gov
| eminent was able to refund it ia lower "a of
interest, and that three and a half per cent.
bonds could be negotiated-at par. That the
| financial world had confidence in the stability
| of the government and the determination of
| the people to maintain its stability and perma-
nence. That this desirable condition of public
aiairs has been brought about by the wisdom,
energy and integrity of the Republican party,
and exhibited most striking contrast with the
recklessness of the Democrats. When twenty
years ago they had control of the government
| the public faith and credit of the nation were
| at so low an ebD our public securities could
| be only negotiated at the ruinous rate of
| twelve per cent. interest, while now four per
cent. bonds readily command 4 premium. The
rapid reduction of our debt aid the consequent
reduction IN the rate OF interest would enable
the government To prosecute such works of in
| ternal improve as would furnish the peo-
pie cheap transportation for their surplus pro-
ducts. Prominent among these works would
be canal connecting Lake Erie with the
Wabash river at Lafayette and the further i'm
provement Of that river to its mouth.
| Mr.. Frye replied to the speech made some
two weeks ago by Mr.. F. Wood. He denied
that the public debt could be paid in twenty
years except by setting up printing press and
paying it in irredeemable paper currency.
rate that would exhaust it all in good deal
less than twenty years, without setting up
| presses?
MIR. Frye-The gentleman from New York
| IF. Wood says we have increased Ike debt from
| 1875 to 1879. If that Is true how long will it
| take to pay the national debt.
| MIR. keliy-That is not an answer to my ques-
| ton. l aver that at the rate We have paid the
debt in this fiscal year, when the people are not
especially complaining of heavy taxes, 1t will
disappear in fifteen years.
| MIR. Frye-I have no doubt that is true if the
rate at which we are now paying it should con-
| tinue for fifteen years. But is there man SO
crazy on this earth as to believe what lasts for
six months will last for fifteen years?
MIR. keily-Nill not the payment for the lis
cal year diminish the permanent interest fund
more than s3,006,000
| MIR. Frye-Does the gentleman know that al
| ready the balance of trade is changing? The
gentleman has received new light within the
last year and half and it lights up his face
| like that of an angel, while year agC it was
black as debris.
| Mr.. Kelly-All of my prophecies have been
confirmed. With the stoppage of the cancella-
| ton of green backs and the reconciliation of
silver the period of depression ended and pros
perlty made boom throughout the world.
Silver and Greenbackers red eemed the
country. Applause on the Democratic side and
among the Greenbackers.l
| Mr.. Frye, continuing, expressed belief that
| there being only five hundred million to be re-
funded in three and one half per cent. bonds,
idle capital seeking permanent Investment
would take it up. He would vote for the bill
in faith that IL would prove successful and that
the bonds coming due would be refunded ut
| low rate. He believed the country in the next
| hundred years, at least, would not see the rate
Of interest less than three and one-hale per
cent. The history of financial management of
this country since the war was the most mag
| nlhcent ever written in any nation in the wide
| world, from the dawn of creation to the pres
ent time. That was due to the sagacity, per-
| severence fidelity and courage of the Repnbli-
| can party, that had stood like rock against
! the wars of folly and imitation and reputation,
| and had saved the integrity of the country
| from overthrow. He dared declare no party or
| nation in the whole wide world, from the day
| of creation until now, could show a parallel to
the glorious financial record of the Republican
party, and yet the gentleman from New York
Fernando Wood had said there had not been
stable policy founded principles of en-
lighted craftsmanship. applause on the Re-
publican side
Sir. Mills strongly opposed the funding sys-
tenn and criticised tie whole financial system
of the government since the The cOun-
try, he said, wanted a government that would
receive the confidence of the people and enjoy
their affection. That government whose states
man sought diligently the public good. would
never have to appeal 10 the military to
stay its destruction. Il was not :. strong
government that wanted bat 4 just one.
(Applause on the Democratic side.)
MIR. Dunn:il said the questions presented by
the bill Were few and simple. fte bonds bear
ing D and per cent. interest were maturing.
Should thev remain TO be reduced by the sur
plus revenue, which the secretary judged
would be fifty millions every yeao or should
they be refunded into 81 per cent. bonds,
and the government use the forty mil
lion dollars in the purchase of out
outstanding ~ per cent. bonds. He thought
the latter Course to be the preferable one. If
this bill became law the bonded debt of the
government would be as follows: $3.50, 000, 600
~ per cent. bonds redeemable in 1901; S740,-
0UJ.00O per cent. bonds redeemable in 1907;
$500, OOO, OC0 81 per cent. bonds, redeemable in
1909; $3.50, 900. 900 81 per cent. bonds, redeem
able in two years. The interest of these bonds
would be S6S 900, 900, while the interest on the
bond debt at the close of the war had been
sl50,GJ0. 900. The finances of the government
of the United States had always been managed
by great men, and he name of John Sherman
would go down to posterity alongside those of
past secretaries of the treasury
Mr.. Sanford closed the debate, the committee
rose, and the House adjourned.
House Burned at Chippewa Falls.