Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-03-22
CONGRESSIONAL.
HOUSE;


Tho session to-day was iur debate only
on the funding bill, AM promptly at the
meeting hour th, House went into
Committee ui the Whole. Mt Covert IN
the chair
Mt FELTON, spoke IN favor Of the sub
stttutc whIrh ur proposed 10 oilcr ior
the bill, and which requires the SeCtr-
tary at the Treasury 10 redeem any
United States bonds which may become
rcdcvmablc duuus 1850 aud 1888, 10 the
amount Il gold and silver coin now III
the Treasury. which may hc IN excess
ui -, per cent ui the outstanding United
Ntt.s notes. using sand excess VI gold
aud SILVER ,n.u Tor thc redemption ui
sald bonds,
section requires the Secretary, SIX
months after the above mentioned
amount ul bonds are redeemed. and
semi annually thereafter, to redeem the
remaining bonds g. the amount Of gold
and silver coin which NAV bc IN the
treasury at lhr tine ~ excess ui - per
rcu,um ol outstanding United States
notes
section ; requires the Secretary 10
purchase silver bullion to the amount
oi $1,000 OOO per month with lawful
money ot the United States, provided
sail bullion be- purchased at par, and
requires him % have tie bullion ~ pur.
chased coined INTO standard dollars as
now provided hy law.
section iuTbiis aud prohibits the
Secretary iIum issuing hereafter any IN.
trrrsi bearing bonds Tor thu purpose OF
funding oT rounding the National debt,
uT Iuy paTt thereof
NJ. FELTON, expressed himself as being
opposed o. every form Of intercst-bcar-
~ d,h,
Mr.. Ouh believed the public credit
WIS never vU ,u liTm foundation, that
the Government was able b. refund its
lvbl at a lower rate ul interest, aud that
- pei cent bonds could b. negotiated
NJ ptr. that the financial Nutii had con
uIyu,c in the stability ui the Govern
myui aui the determination of the people
20 maiuiAu ITS stability aui pvrmanencc.
Tnis desirable condition OF public Affairs
had been bruugL, about by the vision,
energy and integrity Of the Rcpubli-
cans, and exhibited most striking
contrast with rycklcssncss OF the Dcul.
q, racy when twenty years RgD they had
control OF The government Then the
pubic faith and credit II the nation
were also at low ebb. Our public Sc.
Curilcs could only be negotiated at
the ruinous rate Of " per cent interest,
ahilc nov per cent bonds readily
cimman,lel a premium. The rapid ~.
iUr.iru ui our lcht and the consequent
reduction IN the rate Of interest would
enable the government % prosecute
such works Oi internal improvement AS
would furnish the people cheap
transportation Of the surplus pro
ducts Prominct among these works
Suuld b. canal connecting Lake Ere
With the Wabash riyer St Lafayette, and
It further improvement OF tha! river
O. It's mouth
AZ. Frye replied 10 the speech made
Somc weeks sgo 10y Mr.. Z, Wool. lie
denied that the public debt could be
paid IN twenty Year,, except 10y setting
up printing presses and paying u In ir.
rc,lceuahle paper currency.
Mr. keIlcy-Arc NC not nov paying
IA Ata nate that would exhaust It all in
a good deal lsss than tseny years with.
out setting up presses
Mr. FrYc-The gentleman from New
York n. Wool / says We hsvs increased
the debt from 1875 to ls7s. II that !.