New-York tribune., 1880-01-16
XLVIth CONGRESS-IId SESSION.

REGULAR REPORT OF PROCEEDINGS.
THE BAYARD RESOLUTION REPoRrED ADVERSELY
IN THE sENATE-sENATOR MORRILL, SPOKE ~
FAVOR OF PROMPT ACTION II REFuNDiNG THE
DEBT-TuE HOUSE DEBATED THE BILL IN RI
GAED TO BANK DESERVES.
SENATE. .WAsH>GToN. Jan 10. 1850
Several petitions of women asking constl-
tuuonal amendment giving women the right OF suffrage
we've presented.
Mr. ALLISON Rep, Iowa), from the Committee on
Finance. announced that he directed by that com
mitteGto enort back the JOINT resolution for the viii
drawal o. the compulsory leea-enler power OF Cmed
states Treasury notes He asked tha it be placed on
tbe calendar for Tie present. II was so ordered
Mr. BAYARD tDem DELI, from the same committee
pr, sented the Of The muOIltY, accompanied py
resolution MS follows:
TIE undersigned. believing the industrial commercial
I'm periiy o the country, in order 10 De
enduring and secure, must be based upon money q
actual and iln,Ic value, aud that our Government
h,s~ 30 power and is mc0mpetent 20 end1w It's paper
Obligations wi,h such value ana the UnIted states
Ir,isuy IN existence and in circulation beng
now etecmablr ia gold ana SILVER CON al ue ONION Oi
The holder, 80 commend tie Withdrawal 81 iho com
UElsoJ der power of sucn notes, ana lie pas
FRANCS HERMAN.
Here follows the Bayerd resolution that Treasury
States EXCEPT duties imports, ana shall not De 0tDef
wise eGal-.enderl
Admitting tne principle Of the resolution to the
power the Gov, uimeIt to make paper lcgi-teuHcI
ieseve NY acuon the ution as to The time OF
the withdrawal OF the po"tr 1Ia STen aT'ioS A WALLACE
JrsTIN :. MonEILG-
The minority report was also placed the calendar.
The amendment proposed by the majority merely
changes the words Treasury notes OF the United
Statos " to " United states notes"
Mr.. MAXEY Oen., Texasl, from the Comnittcc on
Post ON and Post Roads. reported favora0y on ne
Senate bill lCr the delivery OF dutihbe arHctS IN lie
mails. and Tor indemuity for lost reg sieied articles
Pllcad Oh tie calendar.
Among bills introduced aud referred were the fol-
lowing: . .,---,-..... a..
Corps perform the dnes of Solicitor ana JudgeAd-
vocttc-Geueral and fixing the rank and pay oi SucA
oa IN ,tiou Of Mr. DAVIS Dem w.va Tie senate pro
hun Yesterday rom Tie Comm. tee on Appropriations
tO rAcyc tnC Tres aeter OF the Jhid states from l'
amount now charged 90 hiu ana deposited WITH the seN-
Sir. THURMAN O)em.. ohio, oruosed the bIl. He
SAID Tie Institution dd not aufhorze Congress to
collect money oy Fed ri taxation to dyiio up among
III. DAVIS Dca. W. Yl)-It was collected from the
very Sots tat got ii and the surplus beonse" 10 tAe
Ailer dcbar. tue bl, weot over undcr the rues;
Nh. MORGAN QDem.. A~) presented tbe credentials |
Aisbama az Sen tor. in place Of thc Hon. George =
Houston, deceased, and Mr Pryor Was sworn in ~nd
MIR. MoRRHTs SPEECH
IMPORTANCE OF RETUNDISG THE DEBT ST a LESS
EAlE or INTEREST WITHOUT DELAY.
Mr. MORRILL, Rep., WI called FOR tie consider |
alton % .oution hsiruc;in2 the Finance Commit
tee 70 inquire nlo the pracucab'hty OF rc.undng The
pubic dbt at Ices rate Of interest shan per cent
speaking the rc.ouuou. ar. Morrii spoke in SUD- |
stance as follows
1ir President tie main question alout tAc Iefrudins
OF tne pubic deD hcl soon becomes dse ~ 20 deter
Out present per cents have rIscu to small
above lIr bat noi so much @s 20 nele gig pcr cont
equivalent 90 paI, "hal tia't Large an"4D' "i ooHos
Suddenly thrown ulUn NJ mafket 30 lower laic OF I
'e.,s w V, t ".4 Ur." U N,"'tt' r' ,-. n,,
ola- pro ia the price Of di commoats. ocd lI
tAis case Cd Ike result could hardly Doe avoided
$50 LOAN UPR4CIiCABtF.
TIE va!ue Of United States loan hea.inr
O. rntc OF interest less than per cent woudI
appear 10 be- sufficiently tcstai tr dat of tle
$50 per cent loan OF the D3,uot OF Columbia,
where tae United states GoyefUmcui Las n', only gua-
artccd the interest but has also pledged e tn 10 see
.hat eulln fund is provided for hc gradual payment
of the principal THIS should make the loan pruci ealy
as good any loan u the General Govern
a 85s GEMS net. loan st $50 would neaui-li' bring
less than loan at 90 per cent interest Nonld nor
bring pre'aRm, ny that much reducing tho public
d. b., and thus obtain financially all tue adv antasc pos
interest mat cc be expected mold public sccur
Ties al paI, cannot De much les thti per cent
Under the eAist laws OuT bonds could not Oe sold Tor
less then Iar. but L Of per cent las been appropr
ate9 OF exie4 7es ana ISl coi4hl5s"nS' 4. '~'I "'u
$50 s45 $50 a,d the half OF per cent ou tl.s sum
ora, 81 jgIJ2- 20. icaflng Xpeldrd Sll12@v7 4"
The Subscribers {" lDe pr cent loan mHd" well h' N
lsd, .,s 1an so Of PEI c.uI rrci taoura the bond
are quoted DO the market al To- 81 per cent a1"'
.eall.4 ~ the Government. This rise II recent, and
ior considerable ti'Ns ID Vas doubtful "Lein.r
ohrr soca OF any description. good or rad. thar Lave
her p,r cent loan in 1872 wac for cacn 800. ou5
Ss4 30 qua that Low sells ~ II. Dr What was suo-'
o. al l5l2 per cent beio" psr' nov of'nsS - per cent
for th.s advance ln tie value QtIner seyHuc. known
10 DE due 10 fine growing sohdhiy oi th'r h,punhc'
apd cannot rsiy regret 20 see The CREDIT oi
oar G0reumcat2 ot per cent above par 80 long a. no
noy b. Tic higher the premium he higher, OF course,
vll be- tho premium thaJ will DO Insisted upon IN the
terms o. lne nest t.tu+
now GLFAT BRITAIN NEGOuATrD 4 LOAN.
The methods by hlch Great Britain obtained loans "a
3 per cent. iormlng Tie bulk II Dcr public debt.
were . Iuo- improyiGcnt iclfs oi statesnan5p the
hi, ory o nat Governments Take. for Example ont o.
many similar Transactions hat might ho cited loan OF
no loss than s1sO0C00oO was larraned for n 1915.
where II vas stipulated that every subscriber Of 500
should De entitled TO $50 of percent sock and $50 |
O. por ccEj stock. Here was an ai!Iiira cauai oi
every $500 advanced. There is high British authority !
(Mclni.ocJ Tor stating tiaI ms loan, NitAoGi ,hty
iQ cent 60 the interest without any increase OF tne
Assuming TIE in,erest-bcaripg debt OF the United |
States OF $50, TO be invested In per cent
hands and tlat an annual payment OF thirty millions
sem!anrual investment OF interest at per cont ana |
fr whole dcb would be- cxfin gisheO less than tiiNy
ono wears. 4 much smaller sum would cXtnguish tho |
debt less than hhy years. Mortgages which are never
10 be paid are ill-ouc lie necks % the pcople.
1t must be borne Ia mind tna loan Of $eObUOOOOo, |
to y years 40 32 per cent interest, would DE itr
more expensive TO thc country tlsn the loan at
per cent thirty years. That is 10 should !
be required pay 600 II interest on te 3l9
per OaD instead of $500 100000 on the per cent
loan. long hf loan is thus stripped OF all
attractions
What have the right TO expect from the discretion
OF the secretary Why that ho snail be skiliu enough
to get much oT tine per cent bond II Will bring IN
The market II Congress could make an ohcr with the
CnnpCtcBre 70 enforce is acceptance much less than
3l2 per Iniehf be of'r red.
II may he argued, a thcc are about 5000 600 900 Of
the bonds rciecnabe 1851 held me Treasury
securty fOr the Naliord bauE that tAc banks, al