The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1881-02-25
THE NEWS.
Forensic financiers.-A Warm Debate in
the Senate on the Funding Bill.
Congressional summary

lows, and placed on the calendar: Mr..
Logan, from the military committee, ia
vorabIy, with amendment for placing
| Thomas c. Chittenden upon the retired
list. with rank and pay of q Brigadier
/ General. On motion of Mr.. Bayard. the
| pending order was postponed, aad the
| senate took up the house funding bill.
Mr.. Bayard spoke to an attentive audi
ence on the fioOr and In the galleries. 10
| explanation of the amendments of the
senate finance committee upon the feat
| ures of the bill. He advocated the 81
per cent rate and $50 bond as g Hlodi-
| flcaiion of the two of the secretary of the
treasury and house, and opposed the
| compulsory feature of the provision of
the house in the fifth section, compell-
ing banks to exchange bonds of higher
rate for those OF a lesser rate.
A discussion followed upon the ques-
lion whether the bond be long or short,
in the course of which Mr. Williams
said the objection to q long bond is as it
| is out we will never get rid of national
! banks, and / am in favor of undersap-
| ping them by all means in my power.
The question was taken on the amend
ment reported by the finance committee
10 make the clause read, "the secretary
of the treasury is hereby authorized 10
| issue bonds to an amount not exceeding
| $OOO,uOO,OOO; agreed TO.
Tho next amendment oil the finance
committee was to insert the words in
the denominations of $50 or some null
tiple of that sum-"
Mr KIrkwood asked Mr. Bayard
whether the language would permit the
secretary TO issue all 81 600 bonds.
MIR. Bayard replied in the affirmative,
and stated in response to other questions
in that direction that the denominations
of the bonds would be subject to the de-
| sire of subscribers. The language of the
| funding act Of 1870 had been followed
| in this matter
| strongly In favor of populariZing the
| pie throughout the country to subscribe
| 10 it direct, in small sums.
| Mr.. Bayard admitted the desirability
| of such result, thinking that would be
a forti6cation of the public debt, but he
had doubts as to its procurability. The
| committees amendment was adopted
| The next amendment of the finance COM
mittee was to make the rate of interest
| 312 instead of 8 per cent.
MIR. Voorhees,, member of finance CON-
mittee, said while in the committee he
had agreed to the amendments reported,
he had still reserved the right of oppos-
ing them in the senate, and now opposed
| this amendment because he believed the
bonds could be fioated at per cent
Mr.. Eaton moved the rate of interest
be fixed al 3 4 per cent.
Mr. Williams declared himself per-
| fectly satisfied that the whole debt could
be easily fioaied at 8 per cent.
Mr.. Bayard said they knew as nearly
as they knew anything in the future that
the loan, as proposed by the committee
On finance, was practicable, and they
knew it was for the benefit and advan-
| tage of the country to have the reduc-
| ton Of interest to 81 per cent.
Mr.. Vest gave it as his opinion that
the report of the finance committee was
simply subsidy of half of per cent
to the national banks, because the bonds
would surely go to them.
Mr. Wallace, member of the finance
commit had fixed upon 81 as the best
rate at which government bonds could
be fiOated; still, that was not a unani-
nous report. Some members of the
committee, including himself, held diff
erent opinions. He favored per cent.
bond, redeemable IN ten years and pay
able in forty years.
Mr.. KirkwOod offered an amendment
making it the duty of the secretary of
the treasury to authorize that public sub
| scriptions be received at all government
| repositories or national banks for bonds
and treasury notes authorized in the bill
for thirty days before giving any award
| TO, or making any contract with any
| syndicate or individuals or bankers, and
to award the full amount of such sub
scriptions.
Without action on the amendment of
the finance committee, or on either of
the amendments thereto, the senate adj
journed, leaving the funding bill to come
up tomorrow as unfinished business.
HoU6E-When the house met this
morning Mr.. Blackburn occupied the
chair, owing to the necessary absence of
| the speaker. The desk recently Occu-
pied by Fernando Wood was draped in
black and decorated with handsome
basket of flowers.
Mr.. Calkins, from the committee on
elections, submitted the unanimous re
port of that committee upon the contest.
ed election case of McCabe VS.. Orth
from the ninth congressional district of
| Indiana. confirming the right of Ortiz to
the seat which he now occupies The
report was agreed to.
The committee on ways and means
elected MIR. Tucker of West Virginia
chairman, 10 succeed Fernando Wood,
deceased. The committee agreed to a
| favorable report upon the bill to admit
free of duty, any copies of revised
transactions of the Holy Scriptures,
which may be transmitted from the uni
versIty presses of England to the Ameri.
can committee.
After few brief addresses had been
presented 10 the house for the accept
ance by congress of the statue of Jacob
Collamer of Vermont, the house went
into a committee of the whole upon the
river and harbor bill.
All the amendments offered were re
jected, and after much noisy discussion
and flllibustering, the house took re-
cess till 10 o'clock tomorrow.
WASHINGTON, Feb. 16.-SENATE Mir
Eaton, from the committee on foreign
relations, reported the following: Re
solved by the senate and house of repre-
sentatives. that the interests of the PEG
pie of the United States and welfare anC
security of their government are to be in
volved in the subject of the constructor
of seagoing vessels across the Isthumus
that the government of the United
States, with the frankness which is due
all other peoples and governments, here
| by asserts that it will insist that its con
| sent is the necessary condition and pre-
cedent to the execution of any such pro
ject, and also as to rules and regulation.
under which other nations shall partici
pate in the use of such canals or othe
ways, either in peace or war. Table,
temporarily and ordered printed.
/ Mr.. Allison reported with amend
ments the tortlhcatlon appropriation bill
: calendar.
7 a resolution for night sessions begin
{ ming Thursday to consider cases on lii
3 calendar, unless otherwise ordered, ant
: limiting debate thereon, was passed.
' After briefly considering the calen
!. dar the senate took up the funding bill
I Mr.. Morrell advocated the measure a
1 | reported.
1 Mr.. Mcdonald thought the leadin
: idea in the refunding and per cent:
s should be the payment of the principa
' as the bonds fell due, and as it was til
5 expectation that $3.50. Doc, 900 of AZ
: falling due in 1891 and outstanding f
4 coming in 1907 would be paid, he hope
b the present standing of the bill woul
: be its finality and that congress woul
c not be called upon to pass another. Fl
s favored the 8 per cent rate of the housI
r. but concurred with the senate commi
s tee as to the length of the bond.
e Mr.. Hereford doubted the necessity {
d refunding at all. But if necessary b
h wanted the lowest rate, the shortest tim
and the payment of the whole debt 8
rapidly as it could be paid without it b
;. ing too heavy a tax.
q After further debate. participated
6 By Messrs. Allison. Booth. Blair. Pendl
3 ton and voorhees,, upon the possible al
vantage to the government in allowin
e the secretary of the treasury discretio
n as to fixing the rate Of the short loan
rs Mr.. Bayard said he would press the bi
IS to a conclusion tomorrow.
2 The senate then went into executi,
T. session, and when the doors were reopel
r ed adjourned.
e HoUsE-The house met at 10 o'cloc
e in continuance of Tuesdays sessio
d The post Office appropriation bill wit
OF senate amendments, was referred to q
.e e0rnFDlffea IN snnr0nrias inns AMI thu