Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-12-22

fOr their clrculatlOn IN D percent. DOnu5.
He was not quite sure whether that
would not be interfering with the con.
tracts with the banks. He was not
quite sure whether Congress had not
the power to change by law what the
Government said should be
placed in the Treasury to
protect noteholders, 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 tho people
would have, and instead OF it being in
6, 5, AZ and per cent. bonds, that it
should all be in 3 per cent. The bonds
having that they could come with very
much better grace and ask for reduc-
ton of taxation on circulation and de.
posits.
Mr.. Hiscock inquired what the result
would be in the event OF the banks re.
fusing to accept that?
Mr.. Randall replied that he had al
ways seen the banks study their own
interests, and he believed it would be to
the interest OF the banks to have 3 per
cent. bonds. He thought that he spoke
for the banks OF Philadelphia,
when he said, as far as he
was advised, were perfectly willing
as far as they could under the law, TO
prevent.that kind OF deposits. In that
way market would Immediately be
made for the bonds. There was no rea'
son why the United States should not
borrow money at a lower rate OF inter
ko
civilized nations. 1t had the power and
ability to pay both the principal and in
terest. and there was no reason why
United States security should not have
superior credit, and stand at the head OF
government securities OF the nations OF
the world. There had been some abuses
in the past in connection with the re.
funding of the national debt; for in
stance. in regard to the payment OF
commissions. He waited TO know
whether this bill allowed commissions.
Mr.. F. Wood replied that in the
former refunding law one-hall OF one
per cent. was allowed, which was to
cover commission and all expenses OF
printing and issuing bonds. In this
bill one-quaIter Of one per cent. was al
lowed for the cost OF disposing OF the
bonds, bnt that did not include the cost
OF printing
Mr.. Clatlin said the cost OF printing
would be about one fourth OF one per
cent.
Mr.. Randall-Then let us call it
printing" because an allowance for
commission leads to abuses. He also
wanted to know whether any provision
OF the bill looked to the dovetailing OF
interests.
Mr.. +. Wood replied that the bill pro.
tected the Treasury IN that respect and
that provision was made for the adjust
ment OF interests.
Mr.. Randall remarked that he had
been unable to find out from the Treas
NV Department the amout OF double
interest paid out in the refunding act IN
1879, and asked whether Mr.. Wood
could furnish the information.
Mr.. Wood said he conld not.
Mr.. Randall concluded by saying he
wished TO facilitate the Treasury in this
matter; that every Democratic member
had the same desire, and that the House
would fail in it's duty If 1t did not pro-
vide for the necessary legislation to meet
the bonds falling due in July. He
wanted, however, to have the Law
yuarde in the three following particu.
lars: No commission to be paid. no
double interest to be allowed. aud the
benefit of the premium, ii any, to revert
to the people.
Mr.. Weaver made humorous speech
arraigning the Democratic party for in
consistency on the financial question,
and stating that that party IN It's State
and National platforms, encamped every
four years where the Republicans had
encamped for years before.
He was frequently interrupted by
Messrs. Reagan. Warner, Finley, Bland
and others, and his replies to them were
received with laughter on the Republi-
can side.
Mr.. Reagan defended the Democratic
party from the charge o. inconsistency,
and retaliated with that charge upon
Weaver and the Greenback party.
Mr.. Rland asked for what Presidential
candidate Mr. Weaver had voted in 'l6.
Mr.. Weaver-For Rutherford B.
HAYES. and am sorry for it.
Mr.. Bland-And you have a good rea-
son why. Laughter.
The discussion, which was very noisy
and irregular, ,drii,ed into the question as
to the responsibility for the demonetizi.
ton and credit for reconciliation OF
silver, the Democrats casting discredit
on the Republicans for the former, and
claiming for themselves thecredit OF the
latter.
Mr.. Reagan asked nv. Weaver to state
cate yorically whether he was In favor OF
paving the public debt in greenbacks
Mr.. Weaver replied that the Green
back party proposed not to violate any
contract existing between the Govern
ment and the bondholders.
Mr.. Reagan-That is exactly what the
Democratic party said after the passage
OF the law of 90.
Mr.. Bucknsr asked Mr.. Weaver when
he had Joined the Republican party.
Mr.. Weaver replied that he had left
il in '16 First when the gentleman
Buckner) was stumping his district in
favor Of substituting greenbacks for Ma
tional bank notes.
Then followed a long personal debate,
in ,ulged in bv many OF the members,
and which ended up in the following in
teresting manner:
Mr.. Sparks-Does the gentleman
Weaver say that used the word
'falsehood?'
Mr.. Weaver-So understood.
Mr.. Sparks-Oh, no. Your 8 was GER
tainly the first offensive word.
Mr.. Weaver [s,ill good humoredlyI-
We are all right now.
Mr.. Spa,ks-You misunderstood me;
7 said you we're stating what was not
true. and YOU were wanting in the quail.
tiles of a gentleman in your failing to
remedy it. Excitement and confusion
That was ali there was OF il, but it Was
developed at the last election that you
wanted those qualities.
Mr.. Weaver [now thoroughly argered
and excited / denounce the gentleman
personally rs liar on the floor OF the
House.
Mr.. Sparks [equslly excited You
are a scoundrel and villain.
Mr.. Weaver thereupon, (am!d great
uproar) left the place where he was
s,anding and advanced menacingly to-