The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-03-21
TIE FORTY. sixth CONGRESS.
A Debate IN the House Over the
Funding Bill.
Mr.. Felton's Plan for Funding the
Debt - speeches Of Messrs.
Frye. Mills, Dunnel1
and Others.

House met to-day Tor 0eDAUe only Oh the
funding bill, and immediately went into
committee of tho whole Mr.. Covert. Of New
York, In the cheir) on that bill. Mr.. FELTON,,
Of Georgia, spoke In favor OF . substitute
which he proposed to offer for the bill, and
which requires the Secretary Of the Treasury
to redeem any United States bonds which
may become redeemable during 1880 and 1881,
to the amount Of gold and silver coin now In
the treasury, which may be In excess of 20
per centum Of outstanding United States
notes, using said excess of gold and silver
coin for the redemption OF eaid bonds. Sec
tion requires the Secretary elk months after
the above mentioned amount of bonds are
redeemed, and semi-anDnRlly thereafter, to
redeem the remaining bonds to tile amount
OF the gold and silver coin which may be In
the treasury at the time III excess Of 25 per
centum Of outstanding United States notes.
Section requires the Secretary to purchase
silver bullion 10 the amount OF $4,000, 600 per
month with lawful money Of the United
States. provided eaid bullion can be pur-
chased at par, and requires him to have the
bullion 90 purchased coined into standard
dollars as now provided by law. section .
Ing hereafter any interest bearing bonds for
the purpose of funding or refunding the
national debt or any part thereof.
Mr.. FELTON, expressed himself az opposed to
every form Oh lDV9r6et Ue0TlH& u6UC.
He said the bill Of the committee looked to
the perpetutty Of q national debt, and while
that remained the outrageous revenue laws
could never be repealed. II tended to estrange
one section OF the country from the other.
and served to keep alive the mem9riss ' q t. the
by economy: second, by the unlimited coin.
are Of silver. Never had greater fraud
been perpetrated upon the working Glasses Of
any people than the remonetization 81 silver,
but he believed that the silver dollar would
yet be the great coin that would FREQ the
country OF the debt, elevate and enrich the
laboring clasees and make our vast terrific
ries the happy and prosperous home OF mil
lions Of people.
The debate was continued by Messrs. Frye,
Kelly, Mills, Dunnell and Sanford. aud at
4 80 O'Clock the House adjourned.
Mr.. Frye replied to the speech made some
weeks ago by Mr.. 4. Wood. of New York. He
denied that the public debt could be paid In
twenty years, except by setting up printing
pfRs. M Nils, oi Texas, strongly opposed the
funding system. In olden times Wise mer
who managed the government In times o!
money e be nsed II times
unknown to the funding system-it laid ita
exactionH at the doors Of the opulent, while
the funding system stealthily and surrepti-
tiously laid all Its crushing burdens on the
The financial administration Of the govern.
ment since the war had not sought the
mortality Of public credit, but the immor-
taljty OF public debt. Az soon RS the war was
over. representatives OF the money power had
come into Congress and demanded the repeal
OF every tax on wealth. The government had
surrendered $500 100000 annual revenue dc.
rived from wealth, and had increased the
burden OF taxation laid upon the laboring
classes OF the Union. III that tax had been re-
tained. including $72,OOO,0O0 income tax, the
country would have been to-day without q
dollar Of national debt. Why was 1t given
away7 In order to retain the debt, whose In.
hundred and fity MILL, millions ,o.i,s ier safe sae
which national banks could stand. National
banks hold with the national debt. Why
should all the burden fall upon the shoulders
of the laboring people2 Why should not the
enormous wealth 81 the country be taxed1 Il
lowed quickly by till to lower the tax on
Internal revenue. On tariff ? No, that would
not be touched. 1t was said that the
country wanted strong government
It did not want strong govern.
ment to receive its strength from the money
power. 1t did not want a government made
strong by the military. arm. II wanted
government that would receive the conf.
dence Of the people and enjoy their affection
That government whose statesmen sought
diligently the public good would never have
to appeal to the military arm to stay Its de-
struction. It was not . strong government
that was wanted, but a just one. lApplaust
on the Democratic side.
MIR. Dunnell followed In favor Of the bill.
Mr.. Sanford was the last speaker, and a.
the conclusion OF his speech the cOmmttte.
rose and the House adjourned.