The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-01-13


posits should not be secured beyond per-
adventure. When the gentleman from
Pennsylvania Randall proposed TO fad a
customer for three per cents only in this,
that the United States had power to break
down the national banking system, he
was making pn appeal not TO the good
sense and justice OF the House, but to Its
prejudice and passion.
MIR, Einstein was surprised that any
gentlmau should contend that it was pos.
sible TO float the loan to such great mag.
nitude as was now propOsed,' 81 three per
cent. There was but Que way that the
debt could be refunded In the three per
cents; that was to take the tax of OF the
National Banks, and he did not believe
that the temper olthe House would agree
to that.
Mr., Haskell opposed the three per cent
bond, II had been stated thst a market
for $400 900 900 ol bonds could be found
among the National Banks; the only ques,
ton at issue was whether or not Congress
would drive out Of existence every NatioR-
al Bank In the United States. There was
no Western man who dared stand on this
floor and say that = solitary National Bank
could continue business on the basis OF the
three per cent bond,
Mr., +, Wood stated that he could fur.
nish the gentleman with letters from the
Presidents OF National banks in the West
In which they declared they would gladly
receive the 8 per cent bond.
Mr., Haskell replied that the statement
had always been coupled with the pro.
viaion that 1t should be bond running
some length OF timo, aud that 1t should be
accompanied with the repeal oil National
bank taxation.
Mr.. Ward argued In favor OF some oft the
amendments he proposed to offer at the
end OF the bill. They repeal oil acts i'm
posing tax on the capital and deposits OF
savings banks, National banks, State banks
and private banks; all laws imp sing tax
on circulating notes Of National banks and
all laws imposing O tax on bank checks.
Mr.. Randall denied that he had made
any assault on the national banking sys
TEN; he had advocated the three per cent
bond, knowing II could be negotiated TO
the honor OF the country.
Mr.. FOrt-The Democratic party never
borrowed dollar az less than ten per
cent.
Mr., Rsndall-When the Democratic
party came into power here II was stated
that We meant to repudiate the public
debt. Thank God, there Ia not one syla.
BILE oil truth in that allegation. [Applause
on the Democratic side.
Mr.. Fort-You always had 10 pay ten
per cent,
Mr.. Rsndall-When we entered here
we found money at seven aud three.lenths
per cent on the ground that only one party
meant to pay the public debt, but we have
demonstrated the fact that we mean 10 pay
the public debt as honestly as 1t does, and
what is the consequence We can Dor.
row money at three per cent on the
credit VI the nation, instead OF on the
credit Of au alleged party purpose.
MIR. Stevenson opposed the bill, on the
ground that II did no more or less than
fix permanent national debt upon the
country.
Mr.. Weaver protested aglinst the re.
funding Of five and six per cents into
any obligation that would take from the
Government tue right Of resumption for
single day or hour.
Mr.. Mcmillan argued in favor Of an
amendment which he proposed offering.
making bonds subject to taxation.
Mr.. Dunnell (mBmber Of the Committee
on Ways and Means) said he had no doubt
that three per cent bond would find
ready sales, and he advocated that rale OF
interest. He would vote, however, for q
reduction OF time from twenty 10 ten years
Mr.. Turner opposed the feiuudlng the.
ory. He was In favor OF placing an in.
ontra law m m ntIalisIa n nj hnp Ihnl,lnsa
and Of letting the revenue received from
that tax go 10 the exlinguishment Of the
bonds.
Mr.. Sanford offered an amendment
providing that before any Of tho bonds or
notes authorized by this act are issued, 1t
shall be the duty Of the Secretary OF the
Treasury 10 pay on the bonds RCCruing
duting the year 1881, all the silver dollars
OF 4l2A grains and all the gold over and
above $50 900 900 now held In tho Treas.
ury for redemption purposes. He argued
In favor ol his amendment, and Mr..
Bland argued In favor Of the amendment
which he proposed 10 offer, authorizing
the Secretary Of the Treasury to coin the
maximum amount Of silver dollars In the
redemption OF the maturing debt.
Mr.. Sam!ord's amendment WAS adopted
yeas SO, nays % the Republicans re.
fusing to vote, desiring TO 80 load down
the bill that q substitute offered by them
would be adopted.
Mr.. Mcmillan offered an amendment
making the bonds herein authorized sub.
eCt to taxation.
At first the Republicans shovel dis.
position TO refrain from voting, and some
few voted In favor OF the amendment In
order to attach It to the bill, but finally
they In body voted sgainst It, aud 1t " as
rejected. Yeas 66; nays 90.
Mr.. Randall offered an amendment max.
Ing the substantial part OF the section
read, 1.-THE Secretary Of the Treasury iS
hereby authorized to Issue bonds In the
amount OF not exceeding $3.50, 600 900,
which Bhall'bear interest at the rate Of
per cent per annnm, redeemable at the
pleasure OF the United stases after -
years. The bonds shall be" elC.
Mr.. Randall stated his intention was TO
make the bond loan exCluBively; he
wonld at the proper time move to I'LL up
The blank In the amendment by the insOf.
tlon Of the word "two," 30 az TO make the
bonds redeemable in two yea,si he would
also .oifer an amendment providing that
the interest on the six per cent bonds
shall cease at the expiration Of thirty days
after the NOTICE that tho same have been
designated for redemption.
Mr.. Calkins wished 10 amend Mr.. Ran.
dall's amendment by fixing the rate Of In.
terest at three and half per cent, but the
Chairman ruled that II was not In order.
Mr.. Wood moved that tue Committee
rise Ia order 10 enable the members to
carefully examine Mr.. Randalls amend.
nsnt, which motion was agteet 10, aud
the House adjourned.
4 Liberal Lady.
BosroN, January l9 1T has been under.
stood that there would be no more distrl.
l..,t-.. e.. A.. u.-a. --.-.- -. TIT