The Portland daily press., 1881-01-14
XLVIth CONGRESS-2d Session
SENATE.

WASHINGTON JAN IL.
Mr.. Eaton, from the committee on foreign
affairs, reported adversely on sundry bills re-
lative to the Japanese indemnity fund and fav-
oraby as substitute therefor two new bills.
Bill providing for damages to Indians on the
Minnesota reservation was passed.
On motion of Mr.. Logan resolution ex-
tending the franking privilege to Senators and
members was taken up, the question being to
refer it to the committee on lostotfices.
Mr.. Wallace referred to the allusion to him
self in connection with the recent complaint
of the abuse of the ranking privilege, and
denied the charge.
The bill was referred to the committee Oh
postotfices
Senate resumed the army bill
The bill was discussed at some length but
the Senate adjourned without action.
HOUSE.
The following bills were reported from the
committee on elections:
A minority report declaring neither j. c.
Holmes nor w. E. Sapp legally elected from
the eighth district of Iowa, and similar mi
nority report in the case of Wilson VS.. Carpen-
ter from the ninth district of Iowa. Laid on
the cable.
By Mr.. Steele from the agricultural commit
tee, adverse TO incorporating the American
Agricultural Society. Tabled
By Mr.. Johnston from the military commit
tee, for the relief of Gen. Ord. Referred to
private calendar. Git authorizes his retirement
with rank, pay and emoluments of Major
Generally
The House went into committee of the whole
on the funding bill, the pending amendment
authorizing the issue of bonds to an amount
not exceeding $650,0O0,O00 which shall bear
interest at per cent. redeemable after
years.
Mr.. Reed thought the most sensible thing
that could be done would be III agree to a thir-
ty year 3 per cent. bond and take the tax off
the banks, but the only thing that could be
done was to agree to an option bond bearing
81 per cent. The figures, facts and arguments
urged by the gentleman from Pennsylvania
QRandalQ were in his opinion fallacious. He
criticised the action of the Speaker in making
this party question. The Speaker had de-
clared that the Democratic party had ALWAYS
been in favor of paying the national debt. He
would not charge the Speaker with having be-
lieved that except for moment because he
and his party had gone down in three pitched
battles on that very question. He had merely
desir to sound the party tocsin and bring the
party solldly to tie question OF as per cent.
option bond. ~
Mr.. Randall stated that he had been some
what amused at the lecture of the gentleman
from Maine. which might better have come
from any other member, for that gentleman
had never gone very far beyond the lines of
| the narroweSt partiSanShip.
Mr.. Randall accepted an amendment offered
| toihis amendment by Mr.. Townshend of Him
DIS. limiting the amount of bonds to four hum
| dred millions andscertifcates to be issued at
| 800 millions, whereupon Mr.. Mills offered an
amendment fixing the time for the bonds aud
| certificates at one and ten years, which was
also accepted by Mr.. Randall
MIR. Clatiin of Massachusetts, moved to
amend by making the bonds five and ten years
Agreed to.
Mr.. Randal.'s amendment as amended was
then adopted 12S to 2-Weayer and Gillet-
| The section of the bill now provides hat all
laws authorizing the refunding of the national
debt shall apply to any bonds bearing higher
rate OF interest than A per cent per annum
BILE, provided that in lieu of bonds
authorized to be issued by the act
of July 18th, 1870, and the certificates
authorized by the act of February g. 1879,
the Secretary of the Treasury is authorized to
! issue bonds in amount not exceeding 400
m lions which shall bear interest at rate of
| 3 per icent. per annum redeemable at the
pleasure of the United States after five years
and payable ten years from date OF issue; and
also certificates in amount not exceeding 800
millions bearing interest at 8 per cent, redeem
able at the pleasure of the United States after
one year and payable in ten years from date of
| issue. The bonds and certificates shall be in
all other respects of like character and subject
to same provisions as the bonds authorized by
the act of July IA, 1870, refunding the debt,
and acts amondatory thereto. Nothing in this
act shall be so construed as to authorize an in
| crease of the public debt and before any of the
bonds or certificates authorized are issued it
shall be the duty of the Secretary of the
Treasury to pay on the bonds accrued durin Z
1881 all silver dollars of 4124 grains and ali
gold over and above fifty millions in the
Treasury for redemption purposes. 1t pro.
vides further that interest on per cent bonds
also authorized to be refunded shall cease at
the expiration of 30 days after notice that the
same have been designated by the Secretary OF
the Treasury for redemption.
| Several amendments were offered and re-
lected and pending one imposing an income
tax House adjourned.