National Republican. (Washington City (D.C.)) 1872-1888, 1880-02-13
PUBLIC INDEBTEDNESS.
Important Action by the Ways and
Means Committee.
A Three-and-R-half Per Cent. Twenty Fort
Bond Agreed Upon-The Committee Al.
most UuHnimous-rhe Four Plans
Considered by the CommIt-
too--A Reserve for SUR
plus Kevsnuc, 80.
Plan for Rerundlng tho National Debt.

Plan for Refundng tho National Debt.
The House Committee of Ways and Meanf
finally determined yesterday the character OF
tho bonds to be adopted to rcpluce those
matnling In 1881. The subject has been
under consideration for several weeks, aud
the committee has given IL that careful no.
tcution which the magnitude Of the questions
involved seemed to require. rho result Ia
tho adoption Of the essential feature of Repre-
sentative Woods bill-a three.and.a.half per
ceut. intcrcst.bcaring bond. Some days since,
tho committee decided 10 restrict tho opera
tions Of any refunding bill that might bo
adopted to the five and six per cent. interest
bearing bonds which mature in 1881 aggro-
eating $7S2OOO0O0, or doducling tho sl6,.
100000 already bought or for the purchase Of
which the Secretary of tho Treasury ia now
negotatiug-S7G600O 00O,00O. Four distinct propo-
sitions engaged the attention Of the committee
this morning;
First-A thrcc.and.a.half per cent. bond to
run fifty years.
sccond-A three.sixty.fvc bond to run
twenty years.
Third-A four per cent. teu.forty bond.
Fourth-A four per cent. tCn-fOrly bond,
with authority vested IN tbs Secretary of the
Treasury TO issue 500 900, ,OOJ of four per cent.
ntcrost.bcarng notes, redcemablo at option
within ten years.
The committee, by the decisive vote of 10
to 2, adopted three and-a-half per cent. bond.
Those in favor were Representatives Wood,
Tucker, Gibson, Carlisle, Phelps, FELTON,, Con-
ger, Dunnell, Frye aud Kelley. Opposed
Representatives Garfield aud Morrison Repre-
sentative Mills not voting.
In his interview with the committee ycster-
day, Secretary sherman laid great stress upon
the value to the Government of the option in
tho redemption of the bonds and also upon tho
Importance ofrcserviug 5000, 900 900 for the cam
collation. Of which the surplus revenues of tho
Government might he ulilizel. These fea-
lures were also strongly urged by Representa-.
tive Kelley, aud were iavoraby entertained
by the committee. Tho question of time was
decided By vote Of II to in favor of forty
year bond, with an option TO the Government
Of redemption ut any time after twenty
years.
The motion Of Representative Frye that au-
thority be given the Secretary OF the Treasury
to lssuc S2OO,00O000 OF certificates, to bear in-
tcre,t ut four por cent. for one, two, three,
four and five years, to facilitate the re-
funding operations and afford an oppor-
tunity Of utilizing the surplus revenues
of the Government, WIS also adopted. sub
committee, consisting of Representatives Wood
Frye and Carlisle. was appointed to confer with
Secretary Sherman and agree upon the exact
phraseology Of bill embIayiug the features
agreed upon yesterday by lbe committee. 1t is
expected that the bill, constructed upon tho
basis Of Representative Woods bill, with tho
modification aud changes adopted by the com
mttcc, will be prepared and gotten into shape
to be reported to the House on call of the COM
nlttec on Tuesday next.