Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-03-22
WHEEIING w. VA MONDAY MORNING, MARCH %, 1880.
truo, how long will it take to pay III
national debt9

national debt4
Mr.. kelley-That Is not an answer to
nv question. aver that at the rate we
have paid the debt in this fiscal year,
when the people are not especially com
planning VI heavy taxes, 1t Will disappear
in fifteen years.
Mr.. Frye-I have no doubt that Is
true, II the rate at which we are now
paying IL should continue fifteen years,
but is there man 10 crazy on this earth
Ms 20 believe what lasts for six months
will last fifteen years.
Mr.. Kolly-Will not the payment ior
this fiscal year diminish the permanent
interest fund moro than three million
dollarsH
Mr.. Frye-Does not the gentleman
know that already the balance oi trade
is changing The gentleman has re-
ceiyed new light within the last year
aud n hail. aud II lights up his face like
that Of an angel, while year ago II VAS
as black ~ the devils
Mr.. Kelly my prophecies have
been confirmed. With the stoppage ol
the cancellation Of greenbacks aud the
rumouetiEalion Of silver, the period oil
depression ended. and property made u
"bOom" throughout the world. The
silver men aud Grcenbackcrs redeemed
the country. Applause ON the Demo
cratic side and among the Grecnback-
cts
Mr.. Frye, continuing, expressed tho
belief that their being ouly Eve hundred
million to bo fundedhn 3 per cent. bonds,
idle capital seeking permanent invest
mcnt would take 1t up. lie would vote
for the bill in tho faith that II would
prove success, aud that the bonds
coming due would be refunded at u low
rate Hc believed the country ia the
next hundred years nj least would
not scc the rate OF interest less than -
per cent. that the history Oi the iinan.
Cial management Of this country slncc
the war was the most magnificent ever
written in any nation in the wide world
from the dawn of creation 10 the pres
eut time; that Was due tu the slgaCIty,
perseverance. fidelity aud courage oi
the Republican party that had stood
like rock against the waves oi ipliy
ui imitation aud rcpudlstiOn, aud
had saved the integrity OF the country
from an overthrow. lie dared to de.
Claro no party. no nation IN the whole
wide world, from the day oi creation
until now, could show parallel tn the
glorious financial record Of the Republi'
can party; aud yet the gentleman from
New York Mr.. Wood had said there
had not boon u stable policy found
cd on principles aud enlightened states
manship. Applause On the Rcpubll-
can side.
Mr.. Mills strongly opposed the fund.
ing system aud criticised the whole
financial system of tho government
since the war. The country, lac SAID,
wanted government that would rc.
cciyc the confidence OF the people and
culpy their affection, that the govern
mcni, whose statesmen had sought
50 diligently lor tho public good,
would never hayc 10 appeal To- the mlll-
tary arm to stay it's destruction. II wts
not strong government that Was want
ed, but n just ouc Applause on the
Democratic side.
Mr.. nunnell said the questions pre-
scented by the bill were lew aud simple.
Bonds bearing five aud six per cent IN.
tcrrst were maturing. Should they rC-
main 10 bc reduced bv the surplus rcvc.
nue. (which the Secretary Judged would
bc $,0,0N every year or should they bo
refunded into 3! per cent, huuds and tho
government use the $4,000 in the pun.
chase oi the outstanding 81 per cent
buuds2 lie thought the latter course to
bc the preferable one. II this hill be
came a law the bonded debit ul
the government would hc ~ follows.
S15O. .OQO, ,OO0 oi a per cent. bonds rc.
dcrmahlc in 1891 $1,000 900 ui I per
cent bonds rcdccmablr IN 1907 500
ON. .OOO Of 81 per cent, bonds rcdccma-
blc in 1900. $3.50 ,OO0, ,OG0 ui Z! per cent.
bonds rcdccmablr IN two years, The
interest on these bonds would bc siS,-
OOO, ,OOO. while the interest ON the bond.
cd debt at tho close ol the war had been
$3.50 600 NN The finances Oi tho Gov-
ernmeut oi the United States ha 4
always been managed 10y great men,
and the name ol John Sherman would
gu down to poslcrly alongside ul those
oi the past Secretaries II the Treasury.
Mr. Sanford closed the debate. when
the committee rose and the House a J.
i,urnal