The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-11
The Funding Bin in Congress.


The Funding Bin in Congress.
The indications are, we think, that the
sruding bin reported 10 the House Of Re.
representatives. from the Committee Of Ways
and Means will be very much changed In
some Of its most important features before
IL passes that body. The debates on the
subject have been marked by ability. cour-
tesy, aud caudor. There Is much 10 he said,
so II appears. on both sides Of every ques.
ton involved in this new funding bill.
There are many members who wish WITH
tie surplus revenues of the Government 10
pay Oh in the next ten years the whole
amount OF tho debt falling due this year
some seven hundred aud twenty millions OF
dollars, we think. Others contend that as
8 per cent. bond cannot be sold at par
unless IL be very long one-matnring oniy
az the end Of fifty years, say-CongreSS
should authorize the Secretary OF the Urea
sury TO refund the deb; failing due this year
upon the best terms possible. and not limit
him TO per cent.
Mr.. KELLEY. Of Pennsylvania, the father
Of tue House, and a Greeubacker OF his
own kind, led of in favor Of paying of the
debt As rapidly as possible. Mr.. WEAVER,
tho Greenback candidate for President, has
showed much skill In debate, and extiaor-
binary familiarity with the. figures Of his
subject, in the half dozen or more long ana
short speeches which he has made in favor
OF paying the debt with silver dollars and
ereenbacks The facts are rather IL favor
Of the policy Of paying of the debt as soon
as possible. In the last fifteen years. the
Government has paid off 1884, 100000, al
though she paid annually on an average
much larger sum in interest than she has 10
pay now, or will have to pay hereafter.
The Secretary OF the Treasury estimates the
surplus revenue for this year al ninety mil
lions OF dollars. II The Government Is to
baye every year so large surplus as
that, IL would seem TO be an easy matter
10 paw eff seven hundred million dollars
in ten years without the assistance Of any
new funding scheme, 1t being understood
that the bonds rcdeemable this yearscan be
substituted by Treasury notes bearing 4
per cent. interest. which en- be redeemed
al any time. and by 81 or per cent. bonds
yedeemabIe within ten years. Nor does
there appear to be any apprehension felt
that The credit OF The G oycrnment VIII spf-
Ter from any of The measures proposed by
anybody IN either house, unless perhaps
from The scheme Of some crazy Green
hacker, which scheme cannot command a
DOZEN votes. Even Mr.. WEAVER has neither
expressed nor Indicated in any manner
wish to engage in any scheme OF real infla-
ton. One OF the funny points made against
the prolectionists of The East who are OPP
posed to the existing law providing for the
coinage OF silver dollars was that the mining
az silver was an American industry need
ing and deserving protection as truly as iron
foundries and shops. Said Mr.. BELFORD,
OF Colorado, You ask me to protect pig
iron. ask you to protect silver" Pro-
tec,ing silver is Il good deal like protecting
wheat or Indian corn. which we can sell
cheaper than any other country can; but
all the same Mr.. BELFORD made his point.
The bill is both advocated and denounced
by both Republicans and Democrats. 1t is
not party question. The committee that
reported it is Democratic committee-that
Is majority OF its members are Democrats,
but no one. so far as we have observed, has
pretended TO claim that the members OF the
House will vote on it as paItisans. The
bank. are unwilling to deposit per cent.
~
circulation, and oppose the new bill on that
account. What, however, they will do II
the policy OF paying of the debt is adopted.
we cannot guess. Such lction on the part
of Congress would probably run up the
prices Of the Government BONDS not re-
deemable for Il good many years to come,
rs the banks would IN tue case supposed be
compelled to ruy such bonds or else sur
render their circulation.