, 1881-01-15
The nEFuNplEG CEBATE.

we llMSB ulINNu1 EEAckaeA W kAV dAhultt ~ |
gnorancu nnd dc!ungogtsm revealed by tic
discussion OF tic 1.efuudlng bill III the House
Of Representatives, md 1t IL now evident |
that the purpose of tic majority Inns been
purely partisan. At the opening of the pres
eut sess!uu 1t sccineu TINT the Democrats
were disposed tn agrco upon practicable
fun,.in. scheme tint would be advantageous
10 thu Government by opening up market
for bonds at tile lowest negotiable Interest to
take the ,,!ase Ut the s7co, ,eCo, ,oG0 bearsng O
md per cent md maturing during tho pres
rut year. This purpose has evidently been
changed Under tl,o leadership of NE. lsAndntl
to partisan design to agree UPON such
,l!casura ~ will either require radical anend-
nc,,t In the Senate or call cut an Executive
veto. mud thus eLnble TIC Democratic denim
rUas' In tic Ilcuge 10 lnsi,ltatn tint they Ind
ulnturetl PIN. ii, The .ntrscst Of tho people
which hed lren t!rtcEtetl By Republican In
1iucllces Mni,y essential farts have been
concealed IN tic noisy and ccascless elntter
Kept up by the Dpuucrnts. 1t Is not
fit tho interest of tho people that
q It'll should bo passed which shnll
defeat the prnject ut refNndInu. 1t is
not In tho Iuterest Ut tic psople to authorize
Euutls Mt q ra,e Of 8 per- cent, II the bonds
bca1 lug that rate Ut Interest cannot be sold,
or II the term Ut tic lond be made SO short
that aucl, 4 rAte, practicable Under othor
conditions, wUnltl fafl 10 secure s'ibscrlp-
tlnns. 1t ls not III the Interest OF tic people
tl,at tho Treasury should bo required to re-
| t!uce Its coin reserve IL one-th!rl Of what
Inns beun found prudent to retn1h as IT.
tlemptlou fund, u,,d titus tllrenten the multi
tcnapce of spuclc-paymcnts, II IS not IN tho
ntercs. Of the people that proposition TO
make the now bonds lnynbIu In Kree.1ncks
Should receive the yotes Ut sixty.slx inelll'
beys OF Congress, It Is not IN tho Interest VI
tile pcoplo that proposition for taxing lhe
bonds aud ether measures IN cripple refund
Iur sl,ul!d rece,ye consideration. 1t Is Raft
to suy tint the plactEcnhtIity Ut refunllnx a
. per cent iutcrest has bccn p,easurRbly re-
ducet by tho treatment which tue sublce
ilss received Mt the lands Of Congress.
Tue recommendations submitted by TIL
Sccretnry Ut tits 1'tsasury III Ills annual re
port contemplated tho issue Of botl, bond
nit! lntereEt-hearlng Treasury notes, bl1
upui, very different terms IRON, tl'osu wlllcl
the 1louso hay Incorporated III the Refund
lug blu. Secretary Sherman desired thu
aul,ol Its To given for tbs issue of &3co, ,0o0
o0o ui Treasury certificates, sul.n!ng from olI
tu ten years. With sufficient a'nol,l,t .natu'
, lny tarl, yenr II correspond t0 tho reQtlllt
u,cl.ts Ut tia S!nkinx-vun4 law, a1'l brarlM
, interest not to exceed percent. 1Ie exprrSse
tho belief tlsut, owing tn tlio exceptional pletl
ora Of money, sslell certificates. being IN I'll
a nature Ct u ealt-Ionll, could bo negotiate
:, ut j per cunt, but desired sN'tseies
i discretion rs to tho ratio to Insure t1,c
!. sale nt Var. 1la alsn Tecon,hclsuc
!, authority for the tssuo of 24oo ,o0o.0 600
: bonds, Mt Il rnte OF Interest nut excced!n
aU5 per cent, running thirty years and r
dcculntlc ut tilu plGusuro Ut the loyerllmel
I, after fifteen years. Tho totai amount NJ
+ ttoglxeu OF botil for,na Ut securities woul
!. Mggregate $500, ,ooo, ,0oo, wltie the actual lssu
!, Of nuY securities. after dcductfnx the s'!rpls
~ revenue fur 1850 and t6sl IL ba applied OIL Il
~ 1naturing boi,us, w0uiA ba unly SE,1. So, ,0o
~ Tho difference wuu!t give The Secretary
i certaln discretion IN issuing the bonds OF I!
+, certificates, rs ona Or thd other f0Fu. Rlton
i, urpyu so DO the moro attractive 10 the publ
II ,rhv Democratic scheme bcars TO curEespoI1
T. eNce to th!s plam.
u The proposition to |ssue two classes OF I
~ curltles, the ms redoeElablo ut the pleasu
II Ut tt.s Government after one year aud
It other atter Ave years, at tic SAME rnto OF
as tercst-3 per cent--seen!s 10 bc utterly
q: practicable. Such securities cannot posStl
I'd taye u corresponding value III the mark
Ill Both these securities will have only ten yc
ri, to run at the most, but In one casa ti,e' u
eruuent Will l.uye tho privileges Ut redeem
attsr thn lapse Of ono yesr aud III tho 'otl
In. | m IA n,lv nffnr thH tnl,St NJ tlYa rtArs Il