Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-01-12
FORTY-SIXTH CONGRESS.
"WEDNESDAY, January IL,

Senate resolutions OF the board OF managers Of
the New York Produce Exchange and of the
recommending the passage OF the bill to give
an American register to the Egyptian steamer
Dessoug. which brought Cleopatras Needle to
this country.
Mr. Hoar called attention to the fact that a
the last session a motion to consider the In
definite postpOnement OF the Geneva award
bln had lo, been laid laid on the table by, a
stood many Senators then opposed to the
bill were prepared TO support one providing re-
lief to limited extent and that bill TO this
erect had been introduced at the present SeS-
sion by Mr.. Edmunds He now desired TO ask
that Senator, who was member OF the Judi
ciary committee, to which the bill was referred
whether that bill Of his would be likely to b,
reported for action at the present session.
Mr.. Edmunds replied that he had no authority
to speak for the judiciary committee, ana as
at what time the subject would be reported
upon. but his individual belief was that the
committee would endeavor with diligence to
bring the matter before the Senate.
Mr. Davis wv. Va.) submitted resolution in
structing the committee on finance to inquire
into the adviSability of change In the organ
Aatlon OF the Treasury and other departments.
so as to divide the accounts, etc. for the col
lectfng, receipt and afe-keep1ng OF the rev.
enues from the disbursement accounts; to
transfer from the Treasury to the War or
Navy departments the Steamboat inspection.
l1fe.saviDg and other services and to place
under the State department matters connected
with our domestic and foreign commerce Ia
bled and ordered printed.
Mr: Logan called up the joint resolution ex-
tending the franking privilege to all official
business sent through the malls by Senator's,
Representatives and Delegates in Congress. and
In all other respects to be under the limitations
OF existing laws. MIR. Logan explained that the
resolution was designed to cover only letters,
etc.. sent from the departments through the
nandS OF congressman to the people at large.
He said that under the law at present while the
department clerks could frank official business
this privilege was Genied to member OF Con-
gress.
A discussion followed upon the expediency OF
restoring the frankng system, 10 which some OF
the abuses which caused its abolition were re-
ferred to.
At the expiration OF the morning hour, on
motion OF Mr. Withers, the army appropriation
bill was taken up.
In committee or the whole the amendments
or the Senate committee were read and agreed
to-
HOUSE On motion OF Mr.. Buckner (NIo)
the morning hour was dispensed with-l23
O24.
Mr.. F. Wood IN. W moved that when the
House next went into committee OF the whole
on the funding bill. the debate Oh the pending
amendment should be limited to 80 minutes.
Agreed to-149 to 4-MesSrs. CoffrOth, Steven
SOD, Humphreys and Weaver.
The House unen. at 12:35, went into commit
tee OF the whole tMr. Covert (NY,) In the cnat:)
On the funding bill
Mr.. F. Wood said that for himself he saw
nothing inconsistent in the establishment OF a
3per cent rate Of Interest for The bonds and
the shortening OF the option indicated in the
with the removal of the tax on bank deposits
and the establishment OF a rate of per cent,
the question OF option was absolutely Imma-
ter1al, because the bonds and certificates
would not be likely to rise to any great pre-
MUM, and would be at any time within the
reach OF the government, at par or at nom.
inal premium He believed that 8 per cent
rate could be safely established, and he was
confident of the cCaedy negotiation OF every
bond and certir. ..e6 Issued
Mr. Stevenson cp posed the bill on the ground
that II did no more or less than fix permanent
national debt upon the country
Mr.. Weaver protested against the refundtn,
OF the and per cents into auy obligation
that would take from the government the ri ;ht
OF redemption for single day Or hour.
Mr.. Mcmillan argued in favor Of an amend
ment Which he proposed to offer making TIA
bonds subject 10 taxation.
Mr.. DunEell "a member OF the committee On
ways and meaDs) said that he had no doubt that
three per cent bond would find ready sale,
and he advocated that rate OF interest. He
would vote however for reduction OF the time
from twenty TO ten years.
Mi. Turner (Ky.) opIo sed the refunding theory.
he Was In 1avor OF placing an income tax on
capitalists and bond holders. and letting the
revenue received from that tax 60 to the eXtln-
gushment OF the bonds
The time limited for debate having expired
the committee rose, and the House extended 1te
time for one hour
Mr.. Randall advocated. with confirmed judy
ment, three per cent bond. Ii the House ac-
cepted that rate he would like to amend the
Dill so as TO give the option to the government
at any time after one or two years. He had
received a communication from Mr.. Elliott, O;
the Treasury department, Which established
per cent bond could be negotiated. The amount
OF Indebtedness falling due In 1881 was about
6G9,GOOOO0. He would compel the national
banks to- take the per cents as security for
their circulation. He believed that golden
opportunity was presented to place the loan o.
the United States alongside ofand with equal
rates OF Interest with the loans OF the most
favored financial countries Of Europe. lie be
lievtd that this opportunity thrown away
would never return during this session, and he
as representative OF the people. felt that he
advantage OF so placing the puoltc hoods OF
the United States alongside of those OF Eng
land and Holland and France and Germany il
would oe an even which would mark the dis
tory OF American finance.
The time limited for debate here expired, and
Mr.. Frye asked tnat he should be allowed to re
pl! 10 Mr.. Randall.
i he confusion In the hall was so great that IL
as with the greatest difficulty that the Chair
man could obtain order, and the gavel was
broken under the vigorous raps before he sue.
ceeded.
The committee, ON motion OF Mr.. Randall.
rose and the time for debate having been ex-
tended one hour, Immediately recommenced.
MI Buckner opposed the bill. There was a
Trojan horse hidden behind Ito make per
maDent the National Bank system OF the
country.
Mr.. Frye said that the question presented
was not whether or not the government had
power to dragOOn the national banks into
taking per cent bonds. He admitted that
Congress had power over national banks. He al
mitted that the dragOOn1ng process could be ap-
piled II Congress desired iG. Never in the world
had there been q banking system so prolific OF
good and OF safety to the people, as the one now
In force in this country He would say to the
gentlemen VINO attacked that system that they
would never find people In the United States
who would ever consent to state banking
system, where their deposits should not be Sc
cured beyond peradventure.
The time for debate having expired, the Ques-
ton recurred on MI. Woods amendment fixing
the rate OF interest upon the bonds and certiIl-
Gates at per cent.
Mr.. Newberry demanded a division of the
question, and the vote was first taken In liking
the rate on the bonds at 8 per cent.
1t was agreed tO-132 yeas 90 nays.
The great body of the democrats voted IL the
Affirmative, and the ajor1ty OF the republicans
Ia the negative.
The second branch of Mr. Woods amend
ment, fixing the rate OF interest on the notes at
3 per cent, was also agreed to without division
The Albany SenatOrship.
IN. Y. Cor. Phila Ledger
The latest reliable news from Albany this
afternoon touching the intrigue for the U. s.
SenatOrship Is that caucus Of the republicans
will probably be held in the assembly Chamber
on Thursday night Meanwhile Vice President
elect Arthur has arrived on the ground and ha !,
taken charge Of the interests OF his friend, Nc.
Congressman Crowley, who Is looming up as
the CODklinp or SmachiCe', candidate Mr. owl