The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1881-01-14
TE1:sLEGR.A.P!E.HE3.I1.C. E e :
photographed tothe Rock TsEdnd Argue. ]
xLvI CONGRESS.
HOSE

HOSE
WASHINGTON, j an. IA. The following
bills were reported: By Mr.Calcsek, from
thea acommittee on elections, the minority
report, declaring that neither j, G. Holm
nor W. Z. Sapp have been legally electsd
from the Eighth Congressional district OF
Iowa. Also the minority report In tbs
case of Wilson vs Carpenter, from til,
Ninth Congressional district OF Iowa. Both
reports were ordered printed and laid or
the table.
By Mr. Johnston for tho relief of Gen
eral Ord.
The House thsn wen. ioto committee on
the funding bill.
Mr.. T. Nood hoped the gentlem ar
from Pennsylvania (Randaii) would ex
plain his proposition. which was rather
novel;
Mr.. Randall said be had nsver under
stood the difference between q bond and
q certificate bearing the same rate OF inter
est. Hs desired merely to simplify che
bill by making the debt of one descrip-
ton.
Mr.. F, Wood could not see the necessity
for a change from the historical practice o.
the country.
Mr.. Townshend, of Illinois. offered ar
amendment. fixing the amount of bonds
at $4O0. 900. 900 and the amount of notes
at $500. .00O, 900. He denied the state
ment which has been made on the Repub.
lican side, that to compel national bank.
10 take the three per cent bonds would be
TO destroy the national bank system. Ii
the bonds now held by the national banks
were three per cent bonds, their annual
e. Aa 4& AnA IT, al
banks to day held monopoly upon the
ment authorized the Secretary TO issue
o., 900, 900 in treasury notes so that if the
national banks should refuse three per
cent bonds and retire their circulation, the
currency would not be contracted.
Mir, Randall modified his amendment to
read az follows: The Secretary OF tho
Treasury is hereby authorized 90
issue bonds or certificates in amount
not exceeding $500, 100000. which shall
bear interest at the rate of thres per cent
per annum. redesmab at the pleasure ot
the government after two years from tbs
date of issue.
Mr.. Myers answered the speech % ade
some days ago by Mr.. Hurd on the silver
question, and intimated that that gentle.
man had been guilty OF Inconsistency upon
that question.
Mr.. Mills offered an amendments to
Mr. Randall's amendment making bends
and certificates redeemable in one year
and payabls in ten years.
Mr., Randall accepted the amsndueut
offered to bis amendment by Mr.. Town
ssnd. of Illinois, limiting the amount of
bonds and certificates to be issued, where
upon Mr.. Mills offered an amendment
making the bonds and certificates redeem
able ia one year and payable IN ten. which
was also accepted by MIR Randall. His
amendment as amended was then adopt
ed: l2O against 2 Messrs. Weaver and
Gillette. and he then proposed further
amendment relative to the interest Oh six
per cents, which was adopted. The Sec
ton now reads as follows:
That all existing provisions of the law
authorizing the rsfunding OF the national
debt shall apply TO any bonds of the Unit
ed States hearing higher rate Of ioterest
than four per cent, per aDnum. ahieh Is
hereafter redeemable; provided. that in
lieu of the bonds authorized to be issued
byzthe act of July IA, 1870, entitled
AN act to authorize the refunding of the
national debt and the acts anendatory
thereto" aud the certificates authorized
By the act Of July &c. 1879, entitled. can
act to authorize the issue Of certificates of
deposit in aid Of the public debt, the
secretary of the treasury is hereby author
lied to issue bonds in an amount Of not
exceeding $400. 900, which shall bear
interest at the rats of three per cent
redeemab at the pleasure Of the United
States after five years, and payable ten
years from che date of issue. and also GER
tifcates In an amount not exceeding $500,
600, 900, bearing interest at the rate OF three
per cent per annum redeemabls 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 char
actor and subject TO the same provisions
as the bonds authorised to be issued by
the act of July IA. 1870. entitled An act
to authorize the refundiBg of the national
debt, and an act smepdatory thereto,
provided that nothing in the act shall ba
90 construed as to authorize an increase OF
the public debt. and provided, further
that before any bonds or certificates au
thorized by this act are issued II shall bt
the duty Of tie secretary nj the treasury
to pay on the bonds accruipg during thu
year 1881 all silver dollars OF 4l24 grains
and all gold over and above $50.000.00C
in the treasury for REDEEM ption purposes,
and provided further, that the interest on
the six per cent bonds hereby authorized
to be refunded shall cease at the expira-
ton of thirty days after notice that the
same have bsen designated by the secre
sary of the treasury for redemption.
Mr. Kelly stated that he would not
now press his substitute, inasmuch as its
provisions had been substantially incorpo
rated in the bill
MIR. Weaver offered sn amendmeRt
providing that no portion of the public
debt now payable in lawful money sEal
be funded under the authority of this acI
into obligations payable exclusively in coin
Rejected, &c to GO
MIR. Anderson offered an amendment
prohibiting the incorporation of nationa
banks after June 80. 1881.
A point of order was raised against tht
amendment, pending which MIR. Dibbrel
offered an amendment imposing an income
tax, when the committee rose and The
House adjourned.
SENATE.
WASHINGTON, Jan Ex-senator Me
MILAN reported. .favorably from the Com
mistes of Commerce his bill for damagt
to the Minnesota Indians By the c1nstruc
ton OF reservoirs. Passed.
Senator Logan's resolution to restore