New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-21
XLVIth CONGRESS-IId SESSION
A DEBATE on THE FUNDING BILL.

A DEBATE on THE FUNDING BILL
Mr.. FRYE RiPLIIs 10 MR. p. wOoD-THg fENAy-
CIAL MANAGEMENT or tut REPUBLICAN PARTY
-sPsrCHEs BY MR. KELLEY AND OTHERS.
Observation-Disclosures March 20. $780,
The House met to-day for debate only on
tae Funding bil, ana immediately went mo CommIttee
OF ihe Whole on has bill.
Mr. FELTON, Dem. GlJ spoke in favor Of snb'ti
tute Which he proposed offer for the BILL and which
requires the Secretary Of the Treasury 10 redeem any
United States bonds which may become redeemabls
during 1850 and 1881 to 10 amount Of the gold and
silver coin now in the Treasury which may be IN excess
% per cent # the outstanding United States notes.
nsDg said gold and silver coin for the redemp
ton OF said bonds. -.
Section r. anircs the creary SIX months after she
above-menton ned amounts u bonds are redeemed ana
to the amount Of gold and silver coin which may be in
Treasury ut the time in of 25 per cent OF tho
outstanding United states notes
section requires the Score airy TO purchase silver
bullion TO the amount OF - 100000 per month with
lawful money OF the Un'ed States provided SAID bullion
can be purchased pal. and requires INN 10 nave the
bullion so purchased coined Into standard dollars as
Section forbds and prohibits the Secretary frOm
issuing hereafter any Interest bearing bonds r0rfhe pur
pose Of funding refundng the National deDt OF any
Mr. FELTON, expressed himself as opposed to every
form OF teres bearing depl WIZ Ia, III I
revenue laws would never ne tepea ed ne
wanted the debt paid, hrs by economy; second by thd
unlimited cOn'g- OF SILVER.
Mr.. ORTIZ Rep Ind) believed the public credit was
able to refund tue debt at lower rate Of interest.
ana that SS Per t cent De e0eG Soad hsS
confidence in the stability OF The Government and
N ot he nenpe TO mnmtafp lis stability
and permanence that this desirable condition Of pub
lie affairs been brought about by the WISDOM, en-
,r0v and integrity of the Reminlcan parry, and
NIB red a striking with the reckiessness of
the Democracy when. twenty ye RS ago. aey had con.
credit Nation at 80 low an ebD tat our pub
securities could only be negotiated at TIE Iulnoas
rate IL per cent interest wnle now our per cent
md al command
Mr.. FRYE rep, Mo- replied 10 me speecl maze some
win tie Committee on WAYS and Means in reporting
the nil providing Tor 3le per cent bond 10 run i0r
nropoSifion Of tie gentlemen from New-YOrk lOra3 l9
Ter bond uayabe IN hfy years, but he had peeh
Overruled by the committee. Did tistOy snow .nae q
country could have continued prosperity Tor tniry
years Tie denied the pubic debt could be pafi
twenty years except by setting up Onnuhg presses anu
paving n IN IrreGeemaDle paper currency. .
Mr. KELLEY rep. Penn)-Are we no. now ,pay a u
at tna would Naaus II an III go0d uea Tess
tnau twenty years WI hOut setting up presses ar, =
Mr.. FRYE-The gentleman from w-Iork ONT. +:
WOOD say mat we have increased tne dept ilon 80
10 1879. l. mat true how long viii 1t AXE to pay inc
Mr. X LEY That is not an answer to my question.
aver that - the rate we have paid the eeO III us
fiscal year W hen me peopie are ot spy Sss
ug neayy iaX,s 1t VIII dlsappr II ID nlles. yeaS. .
Nh FRYE nave no doubt that Is true II Tue TaIe ~
which We reno~ paving II should eonnae tSr ~
years, INT H. tnee uah s. or zy OF. tl' c ~ a. ~
heye that what LISTS Tor SIX months VIII last lof niVeon
Sir. KEIAEY-Wfl notthe payment for this fiscal year
dimin,n me- permanent interest fund more than three
Mr. FRYE-Does not the gentleman know that already
The balance OF trade Is changinst Ine ggnlemin A"'
Mr.. KELLEY-All nv prophecies have been c"nHrined
Win stoppage OF the cancellation ot grernD os IA
ended, and prosperity made d" boom throngh9ut ing
world The silver men and the G,eenoaensrs tG5oe n's
inc country. lApplau,c on the Democratic sue ana
"i R ii connir expressed ms belief thar there
heiu orl I've hundred millions 10 be funded III jig per
, cen, 'Vs roSId take n up. lie would vote Tor
fa a