The Portland daily press., 1881-01-19
xLVIth CONGRESS-2d Session.
SENATE.

was desirable, if possible, to have action at the
present session. The commerce committee
were now crowded with business. Vests mo-
ton to refer it to the committee on foreign af-
fairs was agreed to.
The bill of last year to provide for ascer-
tanning and settling private land claims in
certain States and Territories occupied the re-
mainder of the morning hour, without action.
AT the expiration of the morning hour, the
Halliday claim was taken up, and after an
amendment to the original bill, making one
hundred thousand dollars the full payment of
the claim, the bill was passed. The claim
was for half a million.
conference committee was ordered upon
the consular and diplomatic bill.
After an Intellectual effort to get up bill to
provide for the allotment of lands in seve-alty
to Indians, on several reservations the Senate
adjourned.
HOUSE.
Mr. Keifer from the committee on elections
submitted the unanimous report of that COM
mittee declaring H. Bisbee, Jr., is, and N. A.
Hull is not, entitled to the seat from the 2nd
Congressional district of Florida. Laid on the
table and Keife gave notice that he would call
it up at an early day.
Mr.. Sparks, chairman of the military affairs
committee, reported back adversely the bill to
place U. S. Grant on the retired list of the
army.
Mr.. McCook submitted minority report,
which, with the bill, was referred to the COM
mIttee of the whole on the private calendar.
Mr.. Mcpherson from the committee on naval
affairs reported favorably the Senate bill to es
tablish and equaliZe grades and regulate ap-
pointments and promotions in the marine
corps.
The House went into committee of the whole
on the funding bill, debate on pending section
and amendment thereto being limited to one
hour and ten minutes, debate to be allowed
thereafter on every substantive amendment
offered. The pending amendment was tina!
offered by Mr. Carlisle as substitute for the
fifth section.
Mr.. Wood claimed there was possibility of
negotiating per cent. bond at par.
The naval appropriation bill was reported,
and will be called up for action tomorrow.
The appropriation is $14, 100000.
The amendment giving State banks the right
to issue circulating notes on the deposit OF 3
per cent bonds, in the same manner as national
banks. was rejected.
Mr.. Gillette of Iowa offered a substitute for
the bill which will come up tomorrow as unfn-
ished business. The following is a text of the
funding bill as agreed to in committee of the
whole and reported to the House,
BILL TO FACILITATE REFUNDING OF THE
NATIONAL DEBT.
Be 1t enacted, etc.: That all existing pro
visions of law authorizing the refunding of the
national debt shall apply to any bonds of the
United States bearing higher rate of interest
than Il per cent. per annum which may here
after bee ome redeemable provided that in lieu
of bonds authorized by the act of July II, 1870,
and and acts amendatory thereto, and the GER
tiicates authorized by the act of February 26
the Secretary OF the Treasury is hereby author
lied to issue bonds to the amount of not ex-
ceeding 800, 900 which shall bear interest
at the rate of per cent. per annum redeema-
BILE a, the pleasure OF the United States after
five years and PAYABLE ten years from date of
issue; and also certificates to the amount of
$500, 900 900 in denominations of $40, $40 and
500 either registered or coupon, bearing inter-
est at the rate of per cent. per annum, re-
deemable at the pleasure of the United States
after one year and payable in ten years from
the date of issue. The bonds and certificates
shall be in all other respects of like character
and subject to the same provisions as the bonds
authorized by the act of July IA, 1870, provid-
ing that nothing in this act shall be SO constru
ed as to authorize an increase of public debt.
Provided further that before any of the bonds
or certificates authorized by this act are issued
it shall be the duty of the Secretary of the
Treasury topay on bonds accruing during the
year 1881 all the silver dollars of 4l2a grains
and all gold over and above $50, OOO, 600 now
held in the treasury for redemption purposes;
| and provided further that interest upon the
| per cent. bonds hereby authorized to be re-
| funded shall cease at the expiration 80 days
| after notice that the same have been designat-
| ed ny the Secretary of the Treasury for re-
| demption.
| Section authorizes the Secretary of the
| Tr asury in the process of refnnding to ex-
| change at not less thar par any of the bonds
| or certificates herein authorized for ally bonds
| OF the United States outstanding and uncalled,
| bearing higher rate of interest than Al per
| cent. per annum, and on bonds so redeemed
| the Secretary may allow to holders the
difference between interest on such bonds
| from date of exchange to the time of maturity
| and interest for like period on the bonds or
| certificates issued; but none of the provisions
| of this act shall apply to the redemption or
| exchange of any of the bonds issued to Pacific
| railway companies and the bonds so received
| and exchanged in pursuance of the provisions
| of this act shall be cancelled and destroyed.
| Section 3 grants authority to issue bonds and
| certificates to the amount necessary to carry
| out the provisions of this act. The Secretary
| is authorized and directed to make suitable
| rules and regulations to carry the act into
| effect.
| Section authorizes the Secretary, if in his
| opinion it becomes necessary, to use not exceed
| ing 80 millions of the standard gold and silver
| coin in the treasury in the redemption of and
| per cent bonds. authorized to be refunded
by the provisions of this act, and he may, at
| any time, apply the surplus money in the
treasury, not otherwise appropriated, or SO
much thereof as he may consider proper to the
purchase or redemption of United States bonds
! and certificates, provided that the bonds and
| certificates so purchased redeemed shall
constitute no part of the sinking fund, but be
| cancelled.
| Sec. From and after the first day of May,
| 1901, lHt tllFc6 peT CoIiG. JULIUS dutuOIiLou Ny
the first section of this act, shall be the only
| bonds receivable as security for national bank
| circulation, or as security for safe keeping and
prompt payment of public money deposited
with such banks; but when any such bonds,
| deposited for the purpose aforesaid, shall be
designated for purchase or redemption by the
| Secretary of the Treasury, the banking
association depositing the same shall
| have the right to substitute other
| issue of bonds of the United States in lieu of
| l,J hat hopI into
est has ceased shall be accepted or be continued
| on deposit as security for the circulation or for
| safe keeping of public money. And in case
| the bonds SO deposited shall not be Withdrawn
as provided by law within thirty days after in
| terest has ceased thereon, the banking associa-
ton depositing the same shall be subject to the
| liabilities and proceedings on the part of the
| comptroller provided for in section 1924 of the
Revised Statutes of the United States; and,
provided further, that section 4, of the act of
| June 20, 1874 for fixing the amount of United
| States notes, providing for the redemption of
| national bank currency, and for other purposes.
| the same is hereby repealed.
Sec. 6-That this act shall be known as
"The funding act of 1881 and all acts and
parts of acts Inconsistent with this act are
hereby repealed.
Mr.. Randall of Pennsylvania, obtained
leave to have printed in the Record some re-
marks upon the amendment offered some days
ago, relative to the payment of double inter-
est. 1t had been asserted that it would result
in loss to the government of millions, but he
commended 1t would result in a saving.
General leave to print was granted all the
members.
After further consideration the reading of
the bill was completed, the date in the last
section-18S0 being changed to 1881.
Mr.. Bland of Missouri. offered substitute
for the whole bill, authorizing the Secretary
of the Treasury to receive for resumption pur-
poses coin in the treasury equal to 80 psr cent.
of all legal tender notes outstanding, aud a
sufficient sum of coin to redeem silver certifi-
ton of the public debt.
The Republicans at first showed DISPOSE
ton to refrain from voting, but finally other
counsels prevailed aud they voted against the
amendment, which was rejected, 43 to LOG.