New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-13
House OF REPRESENTATIVES,.

|
mtIee OF the whole lMr. Covert OF NewIork, in the
| chair. the Funding bill.
Mr.. WOOD said that for himself, he nothing In
consistent IN tho establishment Of per cent rate Of
| interest for the bonds aud tho shortening OF the
option indicated in tho bill H. believed thar with the
removal OF the bank deposits and the establish
OF n OF per cent. the question OF option was
absolutely inaterA because the bonds and certificates
would DOT be hhey TO tise 10 any great premium and
wouldbe at any mc within the reach OF the Government
| Mr.. STEVENSON Dem, MI opposed the bill on the
ground 1t did nor less ihan tx permanent
| National debt upon the country.
Mr. WEAVER (Gbk. laJ protested against the refund
ing o the five and cents into obligation that
would Iase the Government the right Of redem ~
ton Tor - single day or hOIr.
Mr. McMIILiE tDem., Tent argued in favor OF An
amendment Inch he prOposedto crer making the bends
Gr. DUNXELL rep. Mimi said that he bsd no doubr
that thrre per cent bond would rnd ready sale lie
MI 0. Turner tDcm.. KyJ opposed tho rebuilding
cap aIiss and DOndholers ana letting the revenme "a
ceved from that tax 10 TO the eKtngrshaent % tho
bonds
MIR. RANDALL dem, Penny advocated with con.
trmcd Judgment three per cent bond II the House
the option 10 the Government any after
years. lie had received = communications from
sed the fact even with open market per
bond could re steds Tue amount of indebt
would compel the National banks TO take the per
oonis as security Tor their lrcu.tion Re believed that
the United stairs alongside Of and with equal rates OF
countries Of Europe. He believed that tins opportunity
thrown away. would never rurn during this session.
be would BE- crnin%Iy wong II he al!ed 20 take take
adyan mage OF so placing the pubic bonds OF ir United
France and Germany. II would be an event which
~Snd msrs s nSry OF a1 ana,e tSs bill ,ers
was Trojan uorss hidden behind Ito make permanent
M FRYE rep, Me) said that the question presented
was not whether or not the Goyernment had power TO
bonds lie admitted that Congress had power
National banks. Ho admitted that the dragooning pro
gentleman from Pennsylvsnis (sr Ranu proposed 10
lind customer fo the thrre per cents only In tlis tln
banking system no was nahn 1 an appeal not to the
SSa Tne Ia lnS S Ss % M
that he wanted 10 tins country side by sie with
England and France and olhr European countries IN
regard TO credit There WI not On the face OF the earth
q country winch had ever unated three por cen. bond
run dnrIne last ten years hal stood at 93.IS.
Mr.. WOOD inquired whether the gentleman from Maine
mr. Frye hat the British conso at three
tJer c. nj had sold at lO2 within thirty days.
Mr.. RANDALL inquired the gentleman dld not know
tine fact that England but Tor the Irish troubles would
BE- able ~ enter INTO Sccmo to put the loan al "a per
MI FRYE replied that it was stated In favor OF three
per that once III my years tue British consol had
had been British consul SOLD by the Government ITSELF
order place IT, at q d. 'c"unt better than 1910.
Mr.. EINSTEIN rep. N " and ALDRICH Rep. H.
~ opposed three per cent bondani Mr.DE LA MAIYR
(tiDk., IndD favored II.
bond. No weSttn Natoual Bank could continue bust.
moss Uhr basis Of u three r cent bond
Mr. WOOD stated that lie could furnish the gentleman
with letters IRON presidents OT National banks
WEST, III which they declared that they would gladly re-
ceive % threr per cent bond.
Mr. HASKELL replied that that statement had always
been coupled with the provision that should be bond
running some length OF time and that t should be
Compnned with the repoals Of National bank taxation
Mr.. HARHl5 (Dom., Va) and Mr.. WARNER Dem, |
Ohio) argued opposition 10 longtime boud and Mr.
OCONAOR Deu b. CO. advocated u three per cent bond
Mo ACLANE tDcID. Mi warned tho Democratic side |
OF the House that II would make mistake II Il aDso-
lucy limited lie Secretary OF tho Treasury three per
cent bond.
Mr. WRIGHT Dem, Penn) thought that legislation |
on this sui Jet WAS premature.
Mr.. WAkD (!ep, PENN argued in favor VI some |
amendments when he proposed u Offer at tho end ~
thu bill They repeal all acts Imposing "A tax the
capital and deposits Of savings banks National Tanks
STATE banks nn private BANKERS, all laws posing tax
the circulating notes Of National banks and all laws
Imposing u tax ou hank checks.
Mr.. RANDALL drLtd that he had made any assault
Un the National banking system. lie had advocated a
three per cent bond, kuO@ing that three per cont
buh ~ the honor oi the country, could DO negotiated
lie wished 10 ask tho gentleman from Maryland iMr.
Mcfhne whether II was Democratic TO force the Govern
Drn la Oorrow mOhey ut ola per cent, when he lMr.
Randa hal hgufcs ~ That the present loans 20
In vestTs only ruled 3l2 and 327 for the four aud
Tour and " hall per cent bonds respec lively.
Mr.. FORT rep, IL)-Ihe Democratic party never
borrowed a dollar at lees than 10 per cent,
Mt. RANDAI.L-hhrn tue DrInVci alto party came
into IL stated that We meant To repudiae
lhc public dent. Think Col. there Is not syllable of
rut! IL thst allegation. lAppa:se On the DmOcru ic
side.
Mr.. FORTYou alwaya had to pa, 10 per eent. /
Mr.. EAkiAI l.. " Sc herr, nubi