Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-01-08

place in the custom house he testi~
fed in his favor. He was now re-
peating the plan. This was fine
example Of the character Of members
of the Packard legislature. He
(HilD had never seen one of them he
would believe under oath.
WASHINGTON, Jan. 6.
On motion of Mr. Tucker, of Vir-
ginia, the morning hour was dis
pensed with, and at 1920 the house
went into committee of the whole,
Mr.. Covert, of New York, in the
chair, upon the funding bill. The
only arrangement in regard to the
limitation of debate was that which
was made before the holidays, (which
limited general discussion to one
day.
Mr.. Kelly, of Pennsylvania, took
the floor in opposition to the bill. It
had been stated that the only ques
ton presented was whether congress
would have the sagacity and honesty
to borro " at three per cent. money
required to pay bonds which were
carrying six and five per cent. inter
est. There had never been more
misleading statement made to con-
gress and the country.
The real question which would
come at it was whether the govern
ment could not pay this debt with
out borrowing money. Sixty mil
lions year for ten years would pay
it. For fifteen years the govern
ment had paid an average of within
three millions of that amount and
in the year just closed it had paid
nearly seventy four millions, was it
then necessary for the government
to borrow money to pay $637,O00,-
900 in the next ten or eleven years I?
He was in favor of temporary loans !;
loans redeemable in one or two years
to supply any deficiency should any
be found in the current revenues, a
thing of which he had no apprehen
sion, and he would shortly ask for a
vote on his bill to authorize such
loans.
Mr.. Weaver opposed the bill,
arguing that there were fifty million
silver dollars in the treasury, which
should be used in the payment of
bonds, and he gave notice of an
amendment authorizing the secre-
tary of the treasury to devote all the
silver in the treasuary vaults to this
purpose.
Mr.. Chittenden, of New York,
stated that he would, at the proper
time, offer an amendment repeating
the avs imposing tax on the capi-
tai and deposits of saving banks,
national banks, state banks and pri-
vate bankers, providing that the tax
on the circulating notes of national
banks, issued on bonds authorized
by this act, shall not exceed ] of /
per cent. and providing further that
the total amount of silver dollars OF
4121 grains authorized under the act
OF February 2S, 1878, shall not ex-
ceed $1OO,OOO,OOO.
MIR. Chittenden then spoke at
some length in support of his
amendment, the main point of which
he said was that it reduced the tax
on the circulation issued upon the 8
per cent. bond to one-half of the
present rate. This he believed to be
the indispensable condition of the
success of the 3 per cent. funding
bill, unless the banks could be en-
couraged to buy these bonds, but the
prospect of disposing of them would
be poor.
Mr.. McLane, of Maryland, op.
posed the bill in it's present shape,
being persuaded that there was nc
necessity for it. He thought il
should be so modified as to carry
out the views of the secretary of the
treasury as set forth in his last an
nual report.
Mr.. Springer, of Illinois, declared
himself opposed to the bill unless
it should be considerably modified
) He thought the public debt could be
paid off without any increase Of tax
alton much more rapidly than this
bill proposed. He favored the bonds
, to run shorter time
+ Mr.. Lounsbery, of New York, op
:. posed the general features of the
bill. He was in favor rather of pay
ing the bonds as they fall due thar
of refunding them.
; Mr.. Mills, of Texas, argued agains
the bill, declaring himself opposed
to the issue of long term bonds.
; Mr.. Phillips, of Mississippi, spoke
briefly in favor of the bill, which ht
. proposed to offer as a substitute fol
3 the funding bill.
The committee then rose, Mr.
Tucker, of Virginia, stating that h
| would on Saturday move to go int
I the committee to consider the fund
ing bill by sections.
t Adjourned.
WASHINGTON, Jan. 7.
, Immediately after the reading o
the journal, the speaker, as in reg
ular order, proceeded to call tn
| committees for raports of O. rrivat,