Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-02-18
cent. and Mr.. Voorhees, eulo9ifed the
greenback and advocated provision Tor
their destruction in the operations OF the

cent. and Mr.. Voorhees, euloaiEed the
greenback and advocated provision fol
their destruction in the operations OF the
bill.
At this point the debate was tempora'
rily suspended and the conference re-
ports on the Consular and Diplomatic
and Naval Appropriation bills were pre-
sented and adopted.
Mr.. Wallace, from the conference on
the Indian Appropriation bill. reported
an agreement upon all the items except
that relating to the Indian commission.
The Funding bill Was again taken up.
Mr.. Logan favored fixed rate OF 81
per cent, believing this to be as low as
the bonds could be floated.
Mr.. Ferry said that when discretion.
ary power had been given heretofore,
the present Secretary and Secretary
Chase had placed the bonds at less than
the rate named.
Mr.. Cockrell said as the Finance Com
mittee had been largely guided in reach.
ing conclusion in favor OF the 81 rate
by the opinions OF the Secretary Of the
Treasury he proposed to inquire into
the reliability OF the financial accumula
ton OF that official. In rs soon after
the passage OF the silver bill the Secre.
tary predicted that legislation would
cripple him in his efforts TO negotiat,
the 4 per cent. yet he subsequently sold
them very readily and they were now
at premium OF l3; then he asserted
last year 1,hst the 3! oi 365.lO0 bond
that did not run fifty years could not be
possibly negotiated at par, yet this year
in reply to an inquiry when before the
the Finance Committee he said he
thought it could. 1t would be observed
however, that in recent interview
the Secretary was not as positive thai
the 3 per cent. could not be nsgotiai-"
as he was "a year that the 81 could
not. A vote was then taken IN H.,
amendment OF the committee fixing th,
rate at 81 instead OF 3 per cent. as fixed
by the House. The amendment wa
rejected; ayes 90, nayes 80.
In the course OF the discussion lngsll's
wanted to know whether any good rea
son could be shown for the outlay oi
SO, 500, 900 which woull be required il
this instance. The arrangement appear
ed to be merely to divide" for the pur
pose Of enabling bonds to be sold at less
than par.
MIR. Bayard quoted items from th'
funding expense furnished the Finance
Committee by Secretary Sherman,
which used s., ,645, 900 for funding $40
OO0. 900, white in 70 the cost was 81,
500, 900 for funding $500, 600 900, show
ing reduction OF % percent.
The amendment committee fixing !
per cent. was retained; ayes 80, rsys 20.
The next amendment was on The
fourth section, allowing the Secretar,
from time TO time to assist in the process
of refunding by the purchase OF or by
paying off maturing bonds fran the
funds in the Treasury. The amend
ment provides that this shall be done
and that the resumption
fund OF gold and silver coin shall not be
permanently reduced. Adopted; yeas
26, nays 10.
The river and harbor appropriation
bill was received from the House and
read for the first time. Mr.. Morrill, ob.
Iected to the second reading, and the
bill was temporarily tabled.
On motion OF Mr.. Voorhees,, q House
joint resolution authorizing the placing
OF books and mementoes in possession
OF the Government relating to the assas-
sination OF President Lincoln, in the
memorial national Lincoln monument
at Springfield, illinois. was passed.
The Funding bill debate was resumed.
The next amendment was one to strike
out section five, which makes the new
bonds the only ones receivable as &c.
curity for Nstional bank circulation or
deposits, and compels
the banks to exchange 5 and q
per cents. for those now issued.
The Committees amendment also
as a substitute for these two sections %
and g. first relating 20 the payment OF
the new bonds and that interest thereon
shall cease at the expiration OF thirty
days from publication OF such notice;
while the other section provides Tor the
deposit ot none but United States inter.
est bearing securities as collateral for the
government deposits.
After discussion the Senate voted 10
disagree on the amendment committee
striking out the first half OF section in
the bill as il came from the House the I'll.
feet being to retain the substantial Tea
lures OF the House section; ayes ~,
nays u. The remainder OF the com.
mittee's amendment relating to section
5 was then rejected and the section re-
stored as agreed to by the House.
The next amendments OF the commit
tee, being two new sections relating TO
the payment of the loan in amounts TO
he determined by the Secretary OF the
Treasury, etc, making the bonds re-
ceivable for circulation and providing
that only interest bearing securities OF
the United States shall be receivable a.
collateral for Government deposits, were
,reed to without debate.
This disposed OF the committee .
amendments.
An amendment wss then offered by
Mr.. Kirkwood, and adopted without de-
bate, prescribing the manner OF receiv'
ing subscriptions.
Mr.. Bayard at 20 r. N, called At.
tention 10 the fact that the vote Just
taken disclosed a bare quorum, and
stated that he reserved on behalf oil the
Finance Committee separate votes In
the Senate on all amendments OF the
committee. He asked that the bill be
now reported from the Committee ol
Whole with the understanding II
would be taken up at one
After the routine OF business IN
morning and that 4 vots on the amen j.
men,s he taken at 2 O'Clock. The re-
quest was promptly acceeded to, those
Of the Senators remaining in the cham
Der being apparently quite weary. The
Com mmittee of the Whole accordingly
rose and reported the bill 10 the Senate
II was ordered printed, and the Senate
then. at ll:3) O'Clock, adjourned.