The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1881-01-20
FORTY.SIXTH CONGRESS.
REFUNDING.
Result Of Another Days Confederation.
HOUSE.

aNught
Washington, January 15.-The House went into
Committee OF the Whole (Mr. Covert, OF New
York. In the ohair) on the funding bill, all debate
on the first section and amendments thereto being
limited to ten minutes
The pending amendment was that offered
Thursday, by Mr.. Anderson. Mr.. Price inquirer
OF Mr.. Anderson what he expected TO accomplish
by this amendment, which provided for the re.
tlTement OF the National bank notes and for the
issue OF currency notes.
MT. Anderson replied that by Issuing currency
noIes, when National bank notes shonld have
been retired the country would have gained this,
that the United States would be the only power
having anything to do with the money of the
country,
Mr.. Frye gave notice Of a substitute which he
proposed to offer for the first section, providing
for the lssne of bonds and Treasury notes to the
amount Of s620eOO0OO bearing 81 per cent. in
terest, and redeemRble after one year.
Mr., Anderson's amendment was then rejected
46 to 1OS.
The next amendment was that offered by Mr..
Dibrell imposing an income tax the revenue Of
which shall be exclusively used for the payment
OF the bonds and notes herein authorized to be is.
sued. The tax is fixed at 8 per cent. on all net
incomes Of over 81. 500 and under $1,000, and at
per cent. on all net incomes of S5 900 and over.
MeSSrs. F. Wood, Of New York, and Frye, of
Maine, raised the point Of order that the amend.
ment was not germane; and was substantially
similar to bills pending before the house.
The Chair sustained the point Of order and the
amendment was not admitted.
Mr.. Phillips offered an amendment providing
that certificates shall be issued in denominations
Of S1O $40 and $50, either registered or coupon.
Adopted.
Mr.. Carlisle offered an amendment authorizing
the Secretary Of the Treasury to make suitable
rules and regulations to carry this act into effect
providing that the expense Of disposing of bonds
and certificates shall not exceed d Of 1per cent,
Mr.. Clafiin moved to amend by making II a OF
1per cent
Nj. Randall and F. Wood approved the
amendment.
Mr., Frye said the committee had done mar
veloHs thing in providing shorttime per cent.
bond. 1t seemed to him there was determined
purpose on the other side Of the House and on the
part Of the gentleman from Iowa (Weaver) to
break down all possibilities OF any funding opera
tions, and to press through a bill with such
amendments as to prevent all success on the part
of the Secretary of the Treasury.
Mr.. Weaver--Yo hit me right
Mr.. Cox denied that any such move existed on
his side Of the House. as the gentleman from
Maine surmlsed.
Mr.. Frye suggested that he had hit Weaver
right
Mr., Cox replied that he only spoke for the gen.
tleman from New York (himselD and those who
sat around him. he wanted this bill 90 guarded
that 1t would not be subject to the Interpretation
Of the bill providing for four and four and one
half per cents. syndicates at that ime had re.
celved three, three and one half and even four
per cent, though the bill only allowed one halfof
one per cent He did not want any Intervention
between the Government and the people.
Mr.. Haskell intimated that 1t was the purpose
Of the other side to fool the people, and thrust
out q miserable preteDse Of funding bill, when
every banker and business man knew that three
per cent, bond could not be negotiated success.
fully.
ir. Randall said II he thought one half Of one
per cent were essential he would willingly pay 1t
but he did not consider II necessary.
Mr. ClaAin's amendment was rejected and Mr..
Carlisle's adopted.
Mr. Carlisle moved to strike out the fourth sec,
ton ofthe bill, and insert an amendment author.
iEing the Secretary Of the Treasury to use, II he
deems 1t necessary, not exceeding $50, 900 900 Of
the standard gold and silver coin in the Ire asury
in the redemption Of and per cent bonds Of
the United States authorized to be refunded by
this act, and to apply the surplus money in the
Treasury in the purchase or redemption Of United
States bonds provided the bonds so purchased or
redeemed shall constitute no part Of the sinking
fund.- but shall be cancelled. The mendment
waI adopted,
Mr. Hutchins moved to strike out the fiith Sec
ton Of the bill de did not believe the loan
could be negotiated at per cent No man on
this floor would Invest in those bonds at three
per cent, II there was any let him rise. He
[Hutchinsl did not believe the average American
was more patriotic than a member of Congress
and would take those per cent bonds out Of
patriotism, If Congress made the attempt and
failed, and provided, as was proposed In this fifth
section, that from and after May l, 1881 the per
cent. bonds shall be the only bonds receivable as
security for the National Bank circulation, the
Government would find itself in this position,
that within four months there ma st be a oontrac.
ton OF the currency to the extent Of nearly SAOO-
100000 The House was.playing around powder
magazine with matches. 1t was putting Ii In the
power Of banks and mOneyed men to bring about
such calamity and financial commotion as had
never been seen. He did not believe the bonds
could be AOated. He did not believe any man in
the money centers thought they could be, and vet
Congress proposed to try the experiment 1t
should not do so.
Mr.. F. Wood said he differed in his views verv
much from his colleague [Hutchinsl He Wood
for one would never Concede the right of anv
mOneyed corporation to dictate to the Govern
ment what It should or shonld not do on the sub.
ject OF Its own credit and its own money. He did
not believe 1t was absolutely necessary to takes
into consideration the fact whether or not bank
would take those bonds. Congre IS was not TO be
alarmed at threats nor intlmidated BY innaen.
does. No depression in the money market would
or could be made IN consequence Of the passage
OF this bill, but Is would strengthen the public
credit Let Congress do what was right and the
banks would do what was profitable. He cop.
demned the shameful policy Of the Government
In asking and humbly beseeching syndicate 8 and
banks and capitalists in Europe and New York to
be 30 kind as To take the and AZ per cent. bonds
lapplause on the Democratic side.1 The time had
arrived when Uncle Sam was stalwartand stood
upon his imperial power. He Wood would
never consent in the last expiring hours Of pub.
lie life for forty years that this great country
should hawk Its credit IN the money markets OF
the world. GApplauSe
Mr.. Carlisle moved to strike out the fifth section
and InaaIL In lInll thnrnnE ..ua..l.. ~, =. -. -.