Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-01-17
CONGRESSIONAL.
HOUSE.
Woods Funding Bill-A Gallant Fight
Being Made.

Woods Funding Bill-A Gallant Fight
Being Made.
WASHINGTON, January lj.-.The House
went into Committee OF the Whole,
Covert, of New York, in the chair, on
the funding bill, all debate on the first
section and amendments thereto being
limited to ten minutes. The pending
amendment was that offered on Thurs
day by Mr.. Anderson. The amendment
was i"Cted by vote OF IS to los.
Mr.. MCl.ane offered as a substitute for
the whole bill, an amendment authOriz-
ing the Secretary TO issue bonds and
treasury certificates OF denominations of
not less than ten dollars in an amount
not exceeding S637, ,00O, ,O00 which shall
bear interest at Il rate Of not exceeding
81 per cent, redeemable after one year
and payable in ten years, but no more
than 800 900, 900 of said bonds or Ccrti.
ficates shall he redeemed in any one
fiSCal year. ItalsO authorizes the Secrc-
tary in process OF the refunding Ma
tiOnal debt to exchange at not less than
par any of the bonds or GER
tiicates herein authorized for
any oi the bonds outstanding and mn-
called, bearing n higher rate OF interest
than t! per cent, provides that sald
certificates shall not be sold or converted
at less than par, and makes 3! per cent.
bonds receivable as security for National
bank circulation.
1t was rejected: yeas, - nays, los
Mr.. Carlisle offered an amendment
authorizing the Secretary OF the Treas
ury to make suitable rules and regu'a
tions TO carry this act into effect, pro-
vided that the expense OF dlsposing OF
the bonds and certificates shall not eX-
ceed one-fourth of one per cent.
Adopted.
Mr.. Carlisle moved to strike out the
fourth section Of the bill and insert the
amendment authorizing the Secretary Of
the Treasury to use, if he deems it nee
cssarv, not exceeding so, 600, 900 Of the
standard gold and silver coin in the
Treasury IN the redemption of , and u
per cent. bonds OF the United States au.
thorzed 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 that
the bonds so purchased or redeemed
shall constitute no part Of the Sinking
Fund, but shall be cancelled.
The amendment was adopted.
Mr.. HutChins moved To strike out
five sections OF the bill He did not be
lieve the loan could be- negotiated at 3
per cent. No man on ia, floor would
invest in those bonds at > per cent, II
there WAS any let him rise. He
,IIutchcnsl did not believe an average
American was more patriotic than
members of Congress, and would take
these , per cent bon IS out Of patriotism.
II Congress made an attempt and failed
and provided M Was proposed in
this section, that after the lst Of May,
1851, the > per cent. bonds shall be the
only bonds receivable rs security
for National Bank circulation. The gov
ernmcnt would find itself in this position
that within four months there must be
a contraction Of the currency TO the ex
tent of nearly $40, ,O0O,COO The House
was playing around powder magazine
with matches. 1t was in the power Of
the banks and momicd men to bring
about such a calamity and COmmOtlOn
as hal never been seen. He did not be.
leye tie bonds could be hoated. He
lid not believe any man in the money
centres thought they could be-, and yet
Congress proposed to try the expert
mont. II shOuld not do so.
+. Wood said he differed in his views
very much from his colleague Hutch
insj. He WOOD ior one would never
Conccdc the right Of any mOnled corpor.
alton TO dictate 10 the Government what
il should or should not DO on the sub.
iecr of it's own credit aud its own money.
lie did not believe it was absolutely
necessary Ia take into consideration the
fact whether or not banks would take
these bonds. Congress was not to be
alarmed at threats nor lutimliat,d 10y
innuendOs. No depr,s ion oi the
money market would or could be made
i'm consequence OF the passage OF tins
hill hut il would strengthen the public
credit. Let Congress DO What was right
and the banks would 10 what was prof.
table. He condemned the shameful
policy OF the Government in asking
and humbiy besecching the syndIcates
and banks and capitalists in Europe
and New York 10 be- so kind as TO take
its and / per cent bonds. Applause
Democratic side The time had
arrived when Uncle Sam Was
s,alTart and stood on his
imperial power. He Wood would
never consent in the last expiring hours
Of public life OF forty years, that this
great country should hawk its credit in
the money markets Of the world. APP
plause.
The committee then rnse and The
House adjourned,
The rules OF the House provide that
on the first and third Mondays ot eacL
month, motions TO suspend the rules
shall be in order Il il therefore be
lieved the funding bill will not be agar
up till Tuesday, when it will probably
reach final vote.