The daily gazette., 1880-12-23

THE REFuNDiNe BILL.--Speakel
Randall made an earnest speech to the
House ON Tuesday, in which he urged
in truthful and earnest language the
Importance of an early passage Of
bill to refund the United States Q,
and Al per cent. bonds falling due in
July into 3 per cent. bonds. just how
much the total of these bonds amount
to is not known. But Mr.. Randall
said "he thought that the sum.proyid-
ed for could be reduced to 5000, 600, :
900, and that the Secretary of the
Treasery would find, after careful cx-
animation. that Congress need not
provide for more than that amount of
bonds. He would like to put an aux
iliary power into the taking Of those
bonds, or legislation which would som-
pei national banks to take the entire
amount of bonds which was required
as a security for their circulation, in
three per cent. bonds. He ives not
quite sure whether that would not be
interfering with the contracts Of banks.
He was not quite sure whether Con-
gress had not the power to change by
law what the Government said should
be placed in the Treasury to protect
note holders, but that question could
be inquired into. He would say to
the banks that Congress proposed by
legislation to change the character of
the guarantee the people would have,
and, instead of it being in Q, 5, Al aud
Per cent. bonds, that it should all be
in 3 per cent. The banks having that,
they could come with very much
better grace aud ask for reduction
Of the taxation On circulation aud de-
posits.
"He thought that he spoke for the
banks of Philadelphia when he SAID
that, as far as he was advised, they
were perfectly willing, as far as they
could under the law, to permit that
kind Of depoils. In that way mar
ket would Immediately be made for
the bonds.
MI. Randall believed that The policy
Of this Congress should be 10 pass =
funding bill, and give At an Hillary
power OF negotiation, so as to compel the
banks TO take the 3 per cent. bonds
There was no reason why the United
States should not borrow money at
lower rate of interest than auy other
country among civilized nations. Ii
had the power To pay both principal aid
interest, and there was no reason why
American securities should not have Il
superior credit, aud station at the head
Of the Government securities of the
world. The had been [he said) some
abuses in the past III connection with re-
funding the pubic debt. For slanc.,
in regard to the payment Ol comm sions.
He wanted to know whether this bill al
loved commissions.
Mr.. +. Wood replied that in the for
mer refuuding law oHe-half per cent.
vas allowed, which was to cover com
MISSION and all expenses Of printing aud
Issuing the bonds. In this bill one quar-
ter OF one per cent. was allowed ior cost
of disposing of the bonds, but that did
not include the cost of printing.
Mr.. Clifton, of Massachusetts, remark
ed that the cost OF printing would be
/! of one per cent.
Mr.. Randall remarked that he had
been unable 10 find out from the Trea
sury Department the amount of double
interest paid out in the refunding pro
cess OF 1876, and he asked whether Mr.
Wood could furnish the Information.
Mr.. Wood said he could not.
Mr.. Randall concluded by saying that
he wished TO facilitate the Treasury in
this matter, that every Democratic mem
Der had the same desire, and that the
douse would fail in Its duty If /. did not
provide the necessary legislation to meet
the bonds falling due in July. He
wanted, however. TO have the law guard
ed in the three following Particulars: no
commission to be pad; no double inter
est TO be allowed; aud the benefit OF the
premium, II any, 10 revert to the people.
The New York Herald is of the opin-
ion that 81 per cent is as low rate OF
interest as can be fioated and that if Mr..
Woods bill passes with rate of 8 per
cent. 1t will be so amended in the Sen
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