Mexico weekly ledger., 1880-12-23
CONGRESSIONAL.
IN Funding Ball---Buckner's and Other
Substitutes.
cial Correspondence Of the LEDGER.

The Funding Blll--Buckner's and Other
Substitutes.
-
Special Correspondence Of the LEDGER.
WASHINGTON, D. c., Dec. 14.-In
the House to day, upon motion of
MIR Wood, of New York, (Dem.)
that body went into committee of the
whole on the funding bill, reported
by the committee on ways and means.
Mr.. Wood stated that 1t had been
agreed to alter the rate Of interest
contemplated from three and a half
to three per cent.
Mr.. Buckner, of Missouri, (Dem.)
offered as q substitute the bill le-
ported by the committee on banking
and currency. This bill sets apart
500, 600. 900 of DIN IN the treasury
for the redemption Of g~reenbacks,
and authorizes the secretary to issue
$500, 600, 900 of treasury notes of
not less than $40, and bearing not
more than 4 per cent. interest, of
which not more than SEC. 0O0, 900
shall mature each year from the date
of issue, to be disposed of at par and
at a cost not exceeding one-fourth of
] per cent. cost which, with the coin
in the treasury belonging to the
United States over and above said
reservation, is to be used in the put
chase or redemption of 6 per cent.
bonds maturing in 1881.
Mr.. Kelley, of Pennsylvania. (Rep.)
offered q substitute authorizing the
Secretary OF the Treasury to issue
bonds to the amount of $237, 00O, 900
bearing 3 per cent. interest, and re-
deemable at the pleasure of the gov
eminent after July, 1885, with $780,
DOC, 900 treasury notes of demon
NATION, not less than $40, bearing 3
per cent. interest, and redeemable at
pleasure after July, 1882, to be ap
piled to the payment ofU. S. bonds
falling due in 1881, or exchanged for
them.
Dir. Gillette, of Iowa, (National)
offered as a substitute the bill read
by him in the House in March.
1t will be remembered that when
over a year ago the Secretary of the
Treasury reminded congress that
over sever hundred and eighty-seven
millions of 5 and 6 per cent. bonds
would become redeemable during the
first six months of the present year,
Judge Buckner, one of the most prac-
tic&l statesmen and economists OF the
House, contributed a suggestion to
that bodyland the country of the mos,
available means OF taking advantage
of the maturing of q large an amount
OF bonds to make a corresponding
reduction of The public debt. THIS
suggestion was embodied in a bill
authorizing the Secretary of the
Treasury to use the bonds provided
for in the act of July l4th, 1870, il
refunding ma uring 6 per cent. bond:
to the extent of $104 ,654,O56, at !
per cent interest, and ST as to make
up the $1,000. 000, 600 authorized tt
be issued originally, and joint reso
luton directing the secretary to Sc
aside 800. OOO, 600 of L. S coin ii
the treasury for the redemption o
the outstanding greenbacks, aud us'
the sum remaining in the treasur,
for the purchase and redemption o
6 per cent bonds.
There is little doubt that Judg'
Buckner's suggestion was the bes
that could have been made. Hi
resolution was based upon the fac
that there wree then $50, 0OO, 900 o
available coin in the treasury, ant
had his bull and resolution beer
passed, there would have been a,
immediate reduction of S194,654 ,05'
in the amount of bonds now to b
provided for, and a saving of no les
than S7,493, 081 of interest annually
But these measures, instead of bein,
acted on, were referred to the com
mittee on ways and means, whic
preferred perpetuating the debt b.
refuDding it in long bonds and treas
ury notes. Hence the bill reporte,
by tat body and the substitutes OF
fered for it.
The bill sent up to the House b
the ways and means committe
provides that in lieu of the bond
authorized by the act ofJuly 14.l87C
and other amendatory acts, the Sec
rotary Of the Treasury may issue nc
exceeding $500, 600, 900 of bond
bearing three and a half per cent ii
terest, redeemahle at pleasure attic
twenty years and payable after forty
and 5000, 600, 900 of notes bearin
three and a half per cent interest 1t
deemable after two years and pays
bic ten from issue, but not more tina
$40, 0O0, 900 PAYABLE in any tisc;
year. AS stated the objection to iii
bill is that it perpetuates the del
and continues necessity for 'aXa1i"
to meet the interest on it. Mr.. ke
ly's substitute, to a considerable {,
tent, does the same thing and W
some of Its provisions are preferabl.
MIR. Gillette's is the most ohjectlO,
able that has been offered. 1t Pre-
vIdes that the Secretary shall ss
aside all surplus coin and papt
money from time to time in the trea:
ury as a fund to pay the bonds ms
turing in 1881, and purchase silvs
bullion for coinage to the full capaci
ty of the mints, and directs him
nrcpQrn Treasury notes rpcpiyabl
for all public dues where not othel
wise stipulated, and a legal tcnde
for all public debts where not otheI
wise stipulated in an amount equ;
to the outstanding national ban
notes. 1t prohibits the issue and eli
culation of hank notes after May
1881, and levies an income tax {
three per cent on incomes of sl.5O
and TWO per cent on all above $4,000
and finally winds up with a provis
that only SO many bonds shall b
paid as there is accumulation to do S
with.
1t will be seen that this embod
ment of nationalism is vague, agra1
ian and if it could be adopted, migf
amount to nothing or be very d'
~structive of national credit and e,
listing general prosperity. 1t leave
everything ut the discretion of tn
Secretary and creates another Odieu
tax. The notes authorized by NJ
Gillette's bill are not legal tender