Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-02-18
CONGRESSIONAL.
ESPECIAL BY TELEGRAPH TO THE REcoRD-US1oNl
Senate.

WASHINGTON, February 1Ith.-The Senate re-
sumed consideration OF the funding bill.
Platt favored the 81 rate and Pugh per cent.
Cockrell recalled the fact that Secretary Sherman
had objected to the silver bill, as it would cripple
his efforts to float the per cents vet the latter
said last year that the 81 or 3 65 bond could not
float if it ran less than fifty years, yet now he
thought it could. He believed the per cents would
float easily, and soon be at premium.
At 4:45. vote being called for, Terry moved an
amendment Of the committee fixing 81 as the rate
for the long bond by inserting the words not ex-
ceeding," thus applying the sliding scale provided
for Treasury notes to the long loan.
Bayard intimated his willingness to accept the
amendment, on conditions. 1t would strengthen the
81 rate.
At this point Intellectual effort was made to ad-
journ, Davis OF Illinois, insisting that it duty
the Senate owed the country to pass a funding bill
OF some kind before adjourning. He thought the
subject had been talked to DEATH and that every
member had made up his mind on it, they should
come to q vote.
Ferry advocated his amendment, and Allison op-
posed it.
1t was rejected-ayes IL, noes 45
A vote was then taken on the amendment of the
committee, xing the interest rate at 81 instead of
3 per cent, as fixed by the House. Rejected-ayes
p, noes 49,
The next amendment OF the committee making
the bonds payable semi-annually, was agreed to
without objection.
The next amendment was to create a $50 instead
of $40 loan.
Mcpherson moved to amend so as to make 1t a
$50 loan.
The amendments providing that Treasury notes
shall be payable semi-apnuslly, and those of less
denomination than 500 shall be registered, was
agreed to.
tary OF the Treasury to purchase and pay off matur-
ing bonds from the treasury fund.- but not so as to
permanently impair the resumption fund. Ayes 90,
noes 10.
nd bar
House, and temporarily tabled the objection of
Morrill, to its present consideration
The funding bill debate resumed.
The provisions OF the House bill were suhstan-
TALLY retained so far related to the provisions
regarding the deposit of bonds as security by ma
tional banks. Ayes 81, noes 10.
The next amendment of the committee being two
sections relating to the payment of the loan in
amounts to be determined by the Secretary Of the
Treasury, ETC. making the bonds receivable for
circulation and providing that only interest bearing
securities OF the United States shall be receivable
collateral for Government deposits, was agreed to
without debate.
This disposed OF the committee amendments
Kirkwood submitted amendment as follows {:
1t shall be the duty of the Secretary of the Treasury
under such rules and regulations he may pre-
scribe, to authorize public subscription at not less
than par to be received at all repositories of the
United States and at all national banks for bonds
and for the Treasury notes herein provided for,
for thirty days before he shall contract for
or award any portion Of said bonds or Treasury
notes any syndicate OF individuals or bankers or
otherwise than under such public subscription, and
if it shall happen that more than the entire amount
of said bonds and Treasury notes, or of either of
them, has been subscribed within thirty DAYS, he
shall award the full amount subscribed to all per.
sons who shall have made bona fide subscriptions
for the of - thousand dollars or less at rates
most advantageous to the United States, and the
residue iatably among subscribers in proportion to
the amount by them respectively subscribed at rates
most advantageous to the United States. Agre d to-
Allison moved an amendment, which was agreed
to without debate, fixing the tine at which the new
bonds shall be receivable security for circulation
the 1st OF July instead of Nav 1st.
At 1120 Bayard asked that the bill be reported
from the committee, and be taken up Immediately
after the morning hour vote to be had at o'clock
Agreed to, and the Senate adjourned