New-York tribune., 1880-01-16
Try TELEGRAPH TO THE TRIBUNE /


WASHINGTON. Jan 15.-The Committee on Ways
md Means spent an hour to-day IN discussing Mr.
Fernando Woods three and half per cent Refund
inc Bill. The only points considered were those In
the first section of the BILL which relate TO the rate
of interest and the length OF time the bonds are to
run.
Members of the Committee say that there is
nrattv general assent to the proposition that
thre and half per cent loan can be hoa:ed ana
that there is therefore likelihood Of this feature OF
Mr. Woods bill receiving the support OF a majority
of the Committee. The proposition for fGty-year
bond is received with less favor and 1t is quite
doubtful whether il will be adopted by majority
of the Committee.
In speakne of this feature of the bill to-day,
member of the Committee said that while he does
not believe that this generation should be called
upon TO nav the whole debt he is not in favor Of the
Government tying its own hands so that 1t Will not
be able TO redeem its bonds for n half century to
come He continued, " Mr. Woods bill authorizes
the Secretary of the Treasury to exchange on Ger
tain terms the gig per cents for any other bonds OF
the United States which bear more than per cent
interest. Under this provision the Secretary might
exchange the fty-year bonds for the 4l2 per cents
which mature in 1891. and thus tie up an additional
amount of the debt, say $2OO,OOO,OOO"
The same gentleman said that in his opinion it
new refunding law until the next session Of Con-
gress because there are only $1S 100000 Of bonds
which mature before May, 1881; and these the
Secretary of the Treasury xpects 10 be able TO pro-
vide for out of the Sinking Fund. &c -,
Mr. Wood himself SAID to-day that he IS eTalhcd
10 find his bill so well received by the members OF
the committee He Is very hopeful of It's success.
General Garfield, who is amember OF the Commit
objections TO bring against Mr. Wooa's plan at the
next meeting of the Committee General Garfield
is understood TO indOrse the opinion oi secretary
sherman that it wOud be mpracticabe for the
Government TO sell gig per cents at par
Among members OF the House, outside of the Com
nrcttv general feeling in favor of Mr.. Woods
measure A TRIBUNE correspondent has taikch
with number OF members & OF DGIn o pfeS ay ON
the bill in detail, most Of them approve Its main
features. ,., OF
Der cent loan is practicable there Is one feature OF
Mr. Woods bill which is dangerous lhat IS the
provision which requires the Secretary OF tue Iie2
ury TO pay out all coin ia the treasury except 20
per cent OF the amount OF leeal-tcndeT5 IN cIcuia-
5,on in the purchase of per cent ana g per cent
bonds on certain terms. " Under tins secilo,
said Mr. Chlttenden, " the amount of com IN the
Treasury viii be reduced To aG9It SoO,oOVoOo. VI
the coin reserve now IN lhe treasury ,ne sun mo, ol
about $50 900 900 is in silver dollars. Nv the Time
the law could go into operation. the amount
of silver, If its coinage continues at tne rate
Of $2000,000 month would be about az arg az
the specie reserve required tor the ontsiahuims t @
legal-tenders think the Secretary would be com,
PEELED to pay gold for bonds. and the result wo,Il' I
be that the Treasury would Ee drained OF rs P3d'
and nothing but silver would be left with which 70
redeem the greenbacks." Mr.. Chittonden thinks
that if Mr. Woods bill is 10 become law the com
age of silver dollars should be stopped. -
Mr. Alexander II. stephens says that be is dis,
posed to favor Mr.. Wood's bili although he would
much prefer that the debt should be paid oil when
IT natures under the present law. On being asked
how this could be done. Mr.. stephens replied: we
ought to have ten more mints and coin silver dot
lars as rapidly as possible and redeem our bonds
with thein.o
Mr.. Levi z. Morton has not yet found an opportu.
nifty TO study Mr. Woods bill. lie has rclnaIke9
that he would be glad to know whether Nh Wood
has received any assurances from capitalists 'hat
lead hun TO believe q 3l2 per cent loan can be
iloaied He estimated thar possibly II might be.
Among members Of the House generally there IS
tfeeiing that fifty-year bond would deprive tuc
Goyernmcnt for too long period OF the option oi
tedeeinin2 its bonds. good many members req
favor 3.65 bona on account OF the ease with winch
interest al that rate can be computed.
ACOhPLlMENT TO The WEATHER BUREAU
lBr TELEGRAPH TO THE TRBUsz.l
WASHINGTON, Jan. 15.--1he German Government
eeenty paid the highest compliment to the United
Rates by addressing. through tho German Minister