New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-14

(Mr. RandalD were in his opinion faIlacious Ha o,.
csed tue action OF The Speaker in making this oues,t
party question. The Speaker had declared that H.
DrA,c cratic prty had always been In favor OF payinS
the National debt. He would not charge the speabs
with having believed that except for tito m0Ioet akr
case he and his party had down In three ptehs,
battles that very question He mad merely d essri
70 sound the party tOcsn, and bring the party sodly ~
/ the question Of a per cent option bond.
amused the lecture OF the gentleman from Maine NV
Recd but he wished to remind the gentleman thst ~
rules required that the speaker should be on tho 400,
while the House In committee. The gentleman'e
lecture might better have come from any other nemSs
for hat gentleman ad never gone very far beyond IN.
lines Of the naIrowest part sansbip He thefrfose
recommended the gentleman TO cast the beam from h
OWL eye before lac troubled himself about the mote i
| the OF his neignbor. ''' h
Mr.. REED was sorry that the Speaker had toks, ~,
observations the light Of personal lecture Toe 1
feet what be said bad been 20 call attention ~ ~
parsans zip wnIch had been adopted In matt, ~
which there had not been the renotrst element OF par
urti II had been dragged IN by the SPEAKER Az IN b
charge that ne was PARTISAN he was glad 20 say thar
the wisdom a party like the Republican n sag
Deter than all the nonpartisaI ship that mad ever
Mr. WOOD SAID that Yesterday the House had fxed thu
rate of interest at per cent Tho next question Of a
portance how long the bonds should run IT,
proposition that In issuing grave and great obeshan
OF the Government Congress should predicate s power
meet IL at maturity, revenues not received NO
IA itself very dangerous one In 1872 the revenue
from customs had been S2 10000, IN 1879 hsS
fallen 10 $50 OOOOOp IL very evident Co linn ths
for Congress farm ont those supposed Revenues IN %
vance. was not the policy which a great GoyernIaaS,
should adopt. But admitting that this large s,r
plu, wOnd continue, were gentlemen willing To lie thei,
hands ia advance 10 be Responsible by their yoes t
the OF the enormous burden rnposei npo5
the Government nv taxatOni He would not consent re-
that. He was willing the time as lOg a. wss
consistent with rbe successful sale Of the bonds w
Mr. BRIGHAM rep. \, j. expressed MS preference
for "a 3j2 cent bond, II the time to be- short
Mr. NDALl. accepted ihe amendmen offered 20 his
amendment hy hfro~nshend tlil Limiting the amount
0i "h!@ ana crrh YES 10 De Issue whereupoa Mr..
MILLS cXa,) offered an amendment fixing the time IN,
the hOnd ana ecrtlfcatcs at 10, which also &c.
Mr. CLAFLIN (Rep., Mass.i moved 10 amend by maxi
ing the bona 80. which was agreed to without dk
Mr. RYON Dem. PENN moved to amcud by maxim,
tine bonds payable in twenty years. This rejected
the vote bang. yeas. 10; nays lob.
the aud icates the words 800 coo Of
Treasury notes" his also was rejected.
THE SECTION AZ AMENDED.
Mr. RandalPs amendment u amended was then
adopted by VO,e OF 28 TO 9, Messrs Weaver and Gil
lette voting IN the negative and lac then proposed
further amendment. relative the interest the per
gents. which adopted.
The section now reads as follows:
That all existing provisions OF law authorizing the re-
funding Of the National debt shall apply any bOnas
Of the United States bearing higher rate Of Interest
come re1eemaDle Provided that in lieu the bonds
an norzed TO be issued by the Act of July IL is70 en
titled - An Act t0 authorize the rounding OF the
National debt " and the amendaTory thereto ana
the certificates authorized Ivy the Act 0: February o.
1870 entitled An Act authorize the Issue Of cer
heates OF deposit In aid of the refundIg Of the public
debt" the Secretary OF the Treasury is hereby author
lied TO bonds 10 the amount of not exceeding
O0OOO0O0 winch shall bear interest at the OF
per per annam redeemaOle at the pleasure OF
United States alter five years and payable ten years
date OF and also certificates In the amount
OF not exceeding DOOO bearing Interest at the
rate Of cent per annun redeemabe at the pleasure
OF the United States after year and payable In
years from ae date OF issue The bonds and cernOes
snail be in all other respects OF like character and sub
leOt TO the provisions the bonds authorized
be issued by the Act OF July Ia, 1870 entitled An Act
10 authorize the rcfunding OF the National debt"
and acts amendatoFy thereto provided that nothing
III tus act snail be Construed as 10 authorize 10.
ere sc OF the pubic debt ana provided further tat
before any Of the bonds certificates authorized by
this snail be the duty Of tho Secretary OF
the Treasury 10 paw on the bonds accrued during the
year 1881 all the silver dollars OF 4I22 grains and all
the gold ana above SJOOOOOOO the Treasury tor
teres the per cent bonds hereby authorized TO DO
refunded ~hal cease at the expiration OF thI days
after notice that the have been designated by tie
Secretary Of the Treasury for redemption.
OTHER AMENDMENTS OFFERED.
Mr.. KELLEY stated that he would not press his
substitute, smuoh its provisions had essentially
been INCORPORATED in the bill.
Mr. WEAVER Dem, Iowa. offered amendmcn,
providing that portion OF the public debt pay
able Law ful money shall be funded under authority OF
tina act into Obligations payable exclusively IN coin II
WIS reject 'd-l6O cas- 10 SO nays
Hr CHIrTENDEN rep, n. ~ offered amend.
ment revealing ,n5 tax Oh BANK capital ana deposits
and prOydns that the AK on the circulating notes Of
National banks ISSUED upon bonds horned by TINS
act, shall not exceed one IA 4 OF per cent.
Mr. MILLS made the polnt Of order thlt the amend;
mCut not Ecrmane and gave warning that hit should
0r admitted lac Wpud bring forward amendments M
posing an income TAX and revising thr tarih
The point ~ order was sustained ana the aGenCUelc
Mr. WARNER Dem, ONO, offered an amendron,
liking the interest tie certificates II 81
cent and providing tLat they should issued III
smdor denominations than 80.
! Hi> ia "a uut ON point ot order.
Mr. ANDER>ON rep, Kunl on rcd sn meudm-nt
pioh bl.la- le incorporation Of National banks ailer
point OF order was raised against the Amendment
prndug whIca M DIERELL (Dem., TeDn.) offered an
committee rose ana the Hoase, II ti0 p ~. aiorrEee
uuth Tomorrow