Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-01-08
FORTY-sIITH CONGRESS.
SATURDAY. January S.

THE SENATE was not In session to-day
EOUSE.-Mr. Briggs presented the creden-
dals OF Osstan Ray as member-elect from the
third Congressional district OF New Hampshire:
and that gentleman having appeared at the bar
OF the House took the oath Of ofica.
The Speaker proceeded, as the regular order
to call committees for reports.
MT. Money, chairman Of committee on post
Offices and post roads, reported back bin regu-
laling rates OF postage on second class mail
Mr. Phoeler from committee on Indian af-
fairs, r ported back bill authorizing the SeUre-
tary Of Interior to fulfil certain treaty stipula
tions with the Chippewa Indians of Lake Su-
peIior and Mississippi. Committee Of whole.
Inc call OF committees having been con-
cluded-
on motion OF Mr. F. Wood IN. ". twho ap.
peared In his seat this morn1ngl, the House at
1890 went into committee of the whole (Mr
Covert IN. " In the chair on the funding Oil.
The formal reading OF the bill having been dis
pensed with, it was read by sections for amend.
mentS.
Mr.. F. Wood offered, Under instruction OF the
committee on ways and means, an amendment
liking the rate of interest on the bonds and
notes authorized to be issued by this act at 3
per cent-1t being 81 per cent In the printed
Mr.. Buckner (Mo.) inquired IL it was In order
at this time to test the sense OF the House as to
whether the bonds should be long bonds or
short bonds.
The chair replied that 1T was not.
Mr.. Clatiin opposed the amendment, He was
opposed to fixing the interest at per cent.
Mr.. Tucker-Does the gentleman want a
larger rate?
Mr.. Claf1in.-I propose that the rate In the
Dill shall stand there. In opposing the amend
ment Mr.. Clatiin had read ar amendment
which he proposed to offer, leaving the interest
at 319 per cent and providing that the bonds
shalI be redeemable after five years and pay
aole IN twenty years. No business man he
thought believed 1t possible to float a bond AT
3 per cent. 1t was the unanimous opinion OF
hnancferS that 3h per cent bond might be
1oated. but that IL would be dangerous to put a
3 per cent. bond on The market.
Mr.. Kelley commented on the fact that In the
purchase Of over SlGS, 600, 900 bonds in the year
ending October last the Secretary OF the Treas
ury had to pay over $ll2oOO,0OO or about 81
Per cent premium.
MI Warner suggested that the rate OF inter
est should be fixed at 2h per cent 1t was i'm
possible to sever the rate OF interest from the
time. II this bill were to pass he should be In
favor OF the amendment or the gentleman from
New York (Mr. Wood). though he would oppose
Mr. Wood suggested that for the sake of con-
venlence his amendment, coming from the
committee on ways and means, should be by
unanimous consent considered as agreed to. Ii
1t was seriously intended to act on this bill
hours should not be wasted in fruiJless and un-
necessary discussion.
Mr. Ciafiin objected.
Mr.. Frye thought that the question might as
We'll be met now as between q aud 3 * per
cent bond. per cent bond must necessarily
run for twenty or thirty years. Voting for q 3
Mr.. +. Wood thought the gentleman was In
error In that assumption. BE believed ia leav-
Ing to the Secretary OF the Treasury diScre-
t1On up to 3 4 per cent.