Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-01-16
House OF Representatives.

WAsHINGToH, Jan. 15.-The House was in
committee of the whole to-day on the funding
bill, with debate limited to ten-minute
speeches.
Mr. Frye gave notice of substitute which
he proposed to offer for the first section, pro-
viding for an issue of bonds and treasury notes
to the amount of $500, 0O0, 900, bearing 31H per
cent. interest and redeemable after one year.
Il An amendment proposing tax on net in
comes, the proceeds to be applied solely for
payment ofthe proposed bonds and notes, was
rejected 81 to 90.
E Mr.. Philips offered an amendment providing
that the certificates shall be issued in denomi-
nations of $40, $40 and $50, either registered
or coupon. Adopted.
A similar proposition, but in the form of a
substitute for the whole bill, offered by Mr..
McLane, was rejected, 81 to 10S. McLane,
Morse, Henry, Dunn, Johnston, Warner, Nor
rison, Buckner, Wells and Hutchins, Demo-
Gratis; voted in the affirmative. Updegraff, of
Iowa, and Washburn, of Minnesota, Republi-
cans, voted in the negative.
Mr.. Carlisle offered an amendment authoriz-
ing the secretary of the treasury to make suit
able rules and regulations to carry this act
into effect, provided that the expense of dis
posing of the bonds and certificates shall not
exceed one-fourth of per cent. A PROPOSE
ton by Mr.. Claffiin to make the limit one half
of 1 per cent. was rejected and Carlisle's amend
ment was adopted.
In the course of the discussion on these last
propositions Mr.. Frye accused the other side
of purposing to prevent the secretary from be-
ing able to refund the debt. Mr.. Weaver
(Greenbacker) acknowledged that was his pur-
pose, but the charge was denied for the Dem
ocrats by Mr.. Cox, of New York.
Mr.. Corlish moved to strike out the fourth
section of the bill and insert an amendment
authorizing the secretary of the treasury to
use, if he deems it necessary, not exceeding
100000 of the standard gold and silver
coin in the treasury in redemption of five and
six per cent. bonds of the United States au-
thorized to be refunded by this act, and to
apply the surplus money in the treasury in
purchase or redemption of United States
bonds, provided the bonds so purchased or re-
deemed shall constitute no part of the sinking
fund, but shall be cancelled. The amendment
was adopted.
motion to strike out the fourth section
was rejected, after speeches in favor by Mr.
Hutchns and in opposition to the motion by
Mr.. F. Wood.
Mr.. Carlisle moved to strike out the fifth
section and insert in lieu thereof a proviso that
after May, 1881, the 3 per cent. bonds au-
thorized by this act shall be the only bonds re-
ceivable as security for national bank circula-
ton or as security for the safe keeping of
pubic deposlts; but tnat when such bonds de-
posted shall be designated for purchase or re-
demption, the banking association deposting
the same shall have the right to substitute
other bonds of the United States. Provided,
further, that no bond ON which interest has
ceased shall be accepted or continue on deposit
for security for circulation or the safe keeping
of public money, and in case the bonds
SO deposited shall not be withdrawn within
thirty days after interest has ceased the bank
ing association shall be subject to the liabili-
ties provided by section 1924 of the revised
statutes.
The committee then rose and the house ad-
journed.
The rules of the House provide that on the
first and third Mondays of each month motion
to suspend the rules shall be in order It is
therefore believed the funding bill will not be
again considered until Tuesday, when it will
probably reach final vote.