New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-09

| amusing scenes in the course of the day, and
some fiery speeches were made. The Indian
Appropriation bill was reported from the
Committee on Indian Affairs. The Demo-
Gratis Of the House still refuse to allow
the report of the Postmaster.G to be
read concerning the alleged violations of the
franking law
THE REFUNDlNG BILL IN THE HOUSE.
GREAT CONFLICT OF OPINION AND STRONG oPPOsI-
TIoN TO IKE THREE FER CENT Plan DEvEL-
oPLD.
bT TELEGRAPH TO THE TRIBUSEl
WASHINGTON, Jan. S.-Ihe House of RcpresenC-
atives has devoted another day to tho consideration
OF the Refundng bill, and made very little progress.
No question has Teen discussed in Congress for
eral years which has elected such vari-
city of conflicting opinions, or ono upon
which many members nave advanced aud
advocated such startling propositions, as has the
measure now before the House. The drift of the
discussion to-day was evidently toward the adop-
ton of tie committees recommendation for a
three per cent security at shcr5 time, with option
OF redemption at any time. Tho chef argument
against the 3 per cert rate was, that such a bond
could not be hCate1 without the contraction of
National Bank circulation, for TO ono seriously en-
tertains the belief that this House would be dis
posed TO take off even one half of l per cent from
the taxation on circulation.
The most formidable opposition to the 3 per cent
rate was by Mr.. Frye, of Maine. who is himself
Gcmher of the Ways and Means Committee, aud
who early in the session had voted for the per
cent amendment. He SAID that during the holiday
recess he had consulted with many bankers and
financial men, and was convinced that per cent
short bond could not be negotiated and that no
k,n.I ha uDlnsq sbnul1 for
thirty years. n length of time which the
House evidently is not disposed to give
to any bond. Ar. Frye fixed the limit of the
three per cents which could be negotiated at
22CO 600 COO in bonds running from one to three
years He did not think that single dollar could
be sold of three per cent bond running from FIVE to
ten years. and he declared that the four per cent
bond, with its fictitious value. yielded only 3.25
per cent; that no country had ever placed three
per cent boud at par and that any attempt to do so
wonld result in disaster
The Ways and Means Committee thus began to
break down at the start. Mr.. Cannon, Of Illinois,
greatly doubted if it were possible to float 3 per
cent bond at par and believed that it would be bet
give the Secretary of the Treasury discretion
Mr Newberry, of Michigan. known as q business
Congressman, took very radical ground against the
9 per cent bond, and said that lie spoke autborta-
tlyely as bank director. He made
slip of the tongue. or was indiscreet
enough to say that he went to tho directors of his
bank and asked them how he should vote-a slip OF
which Mr. Gillette, the Grcenhacker. quickly took
ad~sntage. Mr. Newberry. said, however that the
bank directors advised him TO vote for
3 per cent rate. but that they had since
decided that if such bond shOuld be adopted
they would retro all their circulation. The
Greenbackers Of corrse opposed tho per
cent or any other rate. They wish no refGnding.
The advocates of interest. Mr. Gillette said, were
sharks Of Wall Street who had ventured even to
invade the halls of Congress. ant one member ire
fcrring to Mr.. Newberry) to his eternal shame had
stated that he went TO q National bank to receive
hIs Instructions
General Hawlcy in opposing the per cent rate,
presented series of new tables which the result
Of the latest official compilation of Professor Elliot,
the Treasury statistical expert. General Hawley
was inclined to draw the line pretty close. however
as he thought il possible to negotiate 3lt per cent
bond The table which he presented shows that
the per cents If 1907. at the present net selling
price ll24,O and excluding accrued interest, yield
1910 per cent annually. The 4l3 per
cents of 1891 Weld 3.21. This is
the lowest ra,c of interest at which
il has been shown the Government can borrow
money. District 3.G54, with Government guarantee.
NICIu sos per c. NJ. tNITtUCN W. duS' HUM '''N
to3.Ii. The present value of 3O.year 3 per cent
it was demonstrated. would range from 9l.3i to
0Gl2.
There were also strong advocates of the 3 per cent
rate. Fornando Wood insisted that there was no
doubt that per cent boLd could be
ncpotiatcd lie said that he had received
numerous letters from bankers declaring that 1t was
certain that such bonds could he sold He pro-
duccd one from Mr.. Hatch. of Fisk x Hatch,
N,w-York, who has hitherto claimed that per
ccnt bond 20 he negotiable wOnld have to run fifty
years, but WHO now expresses the opinion that
a 3 per cent short bond could hc foated.
SNEAKER Randall declared that there was no Doubt
that 3 per cent bend could be sold.
and Judge Kelley took tie same view.
Wr PandaI's theory il that II is possible for the
GcveInment to ncgotiate 3 per cent fifteen
year bond anI 3 per cent ;cr-year Treasury
notes; and lie won'd compel the banks To Keep sho-
scrIpiions open for fifteen days
vote was taken upon amendment which pro-
posed to give the Secretary of the Treasury lscre-
ion To- the limit OF per cent Dut IL retciyCu Hhy
~ Affirmative votes i'll Comnlttee OF the "Fole 10
li0 against il.
The rapid debt payers maintained their usual
position that it S folly to attempt to r.iint' ana
1"s iSs ds5 sI%"dIf from '"f ihs Surplus
az on 'eh1fuf of ha SI peops Ss Sn%Ss money mard
made 4 vigorous speech. IN winch, ne ne
nounced in strong language tho false
fraudulent silver dollars and the grernbacks. Mr.
llurd also declared that sinking innds
a good u deal was said about the sill
V yer "Up question in tho course of the discussion;
Mr.. Beford indulged, in hery, defence OF
,'p to protect pig iron in Pcnnsylvana, copper in
Michigan and sugar in LOnisl"na 1T IS rlght ght
to protect silver Colorado and to reorgan@e Inc
silver dollar which he asserted Ii the money OF the
CopstitUtion % Mr. Belford's remarks elected con
applause from tho tba a9d psety
which nerssted in its efforts to d,shonor the
silver dollar would not receive the support OF the
West No vote was reached which afforded test
on Tho nnesiinn of The rato of interest.