The daily gazette., 1880-12-31

The FUNDING BILLs.-The severa
schemes for.funding S673, 100000 of th'
bonds Of the United States due on July
lst, are interesting and occasion much
discussion public and private. The
bonds outstanding draw and 0 pei
cent. interest. If they can be funded
into per cent. bonds the saving will be
very heavy in the twenty OF thirty years
they are likely to run.
Mr.. Woods bill is the most simple
and direct plan. 1t is the plan of the
Ways and Means Committee, although
termed Woods bill. This bill makes
the proposed bonds redeemable after
twenty years at the pleasure OF the
government and payable forty years
after date of issue at per cent, inter
est. And it IS said that the Committee
are Unanimous in opinion that the sale
OF the bonds can be ID ade at par.
Mr<W ood'sor The plan of the Ways
and Means Committee, it is said Will be
antagonized by Mr.. Kelley, Speaker
Randall, and also b. the plan Of Secre-
tary Sherman.
Judge Kelley proposes to offer sub
stitute, differing somewhat from Secre-
tary Sherman's plan, but it is said both
favor the issue Of Treasury notes, With
out the legal tender clause, We believe.
JGdge Kelley proposes TO issue Trea-
sury notes TO the amount of 100000,
00O, in denominations of not less than
$40, redeemabie at any time al the
pleasure Of the Government after Jsly
/, 1887 and also 1887 100000 in simi
lar notes, redeemable at any time after
July l, 1885.
Secretary Sherman recommended tht
issue of not less than $500, 900, 900 o.
Treasury notes bearing interest not ex
ceeding per cent, and running from
oDe to ten years, and also the issue 0
- $400,000,000 OF bonds OF the characte
and description OF the 4 per cent. bond
new outstanding, but bearing a rate c
interest not exceeding 3-65 per cent
aud redeemable at the pleasure of Tia
Upited States after fifteen years. Ju;
why the Secretary asks for SS00,000,0 ,0O
to'fund $o73 ,000,0 900 we do not unde
stand he has no doubt furnished
however. There is talk of comprt
mise between the Secretary's plan an
that OF Judge Kelley, by taking the tin
ef ths former aud the rate Of interest
the latter, or fixing the interest at 81 p
per cent. II Kelley can be induced
do this and Is found able to manage Il
Greenback vote, it is possible that SUI
compromise might be effected. A
other report is that Secretary Sherma
has modified his plan, aud now pr
poses to apply the surplus revenue b
tween this and July, the estimat,
amount being $50,000,0O0, to the lmm
diate cancellation Of so much of u
obligations, thus leaving S62S, 900, 900
be provided for.
Speaker Randall, is is said, will
found opposed TO tue Committee repo
and endeavor to have it amended,
is said that The Speaker favors the iss
OF $52O,000000 of per cent. bon
payable in ten years. And it is eharg
that Mr.. Randall proposes to pay tht
in yearly installments of $52 900, 900,
order to retain pretext for protect
tarirf rates of revenue. IL will be
we'll to wait and ascertain the mott
of the Speaker. he Is able and {
posed to be fair while his patriotic sci
ments are not doubted anywhere.
certainly favors the lowest rate of I'M
est at which 1t has been proposed
issue the bonds, and no doubt belle
it is best to get rid of our debts WI
we are able as fast as possible.
Girls This is the last day of |