The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-13
FOrfy-sixtb CODgrcsS-Thtrd Session.
WASHINGTON, January II, 1881.
St\A1E-


WASHINGTON. January II, 1881.
SENATE.
Mr. HOar called attention TO the fact that
al the last session motion TO reconsider the
indefinite p0sponcment Of the Geneva.
award bill had been laid on the table by "a
very small majority. and that it was under
stood that many ScDa ors thea opposed TO
the bill were prepared to support one pro
viding relief 10 limited extent. and that Il
bill TO that fleet had been introduced at The
present session by Mr.. Edmunds. Tie now
desired TO ask that senator, no was a mem
Der of the judiciary Committee. TO which
the bull was referred, Whe her hat bill Of
bis would he likely TO be reported for action
at the pre-, ent session.
Mr.. Edmunds replied that he bad no au-
tborily 10 speak for the Judicilry Commit
tee. and as the chairman was uOt present he
could not say nj what time the subject
would be reported upon. but his individual
belief was that the committee would en-
dpaVOr with diligence TO bring The matter
before the Senate.
Mr.. DaHs, OF West Virginia, submitted
a resolution requesting the Finance Com
mttee to report upon The ACCESSIBILITY Of
certain changes in the organization 81 the
Treasury Department aud the transfer III
several Of lts subdivisions, Such a. Life
Saving Service. Coast Survey, &c, TO the
War Department. Ordered to he printed
House bill for The relief Of james ID.
Grant, Of Texas, was considered and
passed
The remainder OF the morning hour was
devoted to Mr.. Logan's joint resolution for
the extension Of the ranking privilege !;
which finally went over without action.
Tho army ppinpriafIou hill UaS thpn
taken up, AID con, adorable time was spent
in discussing the clause apprOpriating
Sl2J 900 to pay land grant railroads 30 per
cent. OF what the uartermIster DE- part
ment finds justly due them for transpOrta-
ton.
Pending the conclusion OF the debate on
this clause the Senate adjourned.
HOUSE OF REPRESENTATIVES
On motion Of Mr.. Buckner, OF Missouri,
the morning hour was dispensed with-123
TO a.
Mr.. r. Wood, Of New York, moved that
when the House next went inlO Committee
of the Whole Oh The funding bill debate on
the pending amendment should be limited
to thirty minutes. Agreed to-149 TO 4
(CotfrOIh, stevenson, Humphreys. and Wea-
Yer).
The House then, at 1875 o'clock, went
into Committee OF The Whole Covert, OF
New York, in the chair on the funding
bill.
Mr.. +. Wood said that for himself he saw
nothing inconsistent IN the establishment Of
"A 3 per cent. rate Of interest for bonds and
the shortening Of The option indicated IN
the bill. lie would 20 further. He believed
that with the removal Of The tax 90 bank
deposits and the establishment Of the rate
Of per cent. the question Of option was
absolutely immateraI, because bonds and
certificates would not be likely to rise 10
any great premium, and would at any lime
be within reach OF the Government at par
or at Il nominal premium. He believed that
a per cent. rate could be safely established,
and was confident Of the speedy negotiation
of every bond and cerIlic te issued.
Mr.. Stevenson, Of Illinois, opposed the
bill on the ground thai It did no more nor
less than TO fix permanently the national
debt upon the country.
Mr. Weaver, or Iowa, prOto sted against
the refunding Of ) and per cents into any
obligation thar would take from the Gov
ernmCnt The right OF redemption for single
! day or hour
! Mr.. Mcmillan, OF Tennessee, argued In
/ favor OF an amendment which he proposed
10 offer making the bonds subject to taxa
ten.
! Mr.. Dunnell, Of Minnesota member Of
the Committee Of WAYS and Means), said
that he had 10 doubt that 3 per cent. bonds
would find ready sale, and he advocated
! that rate OF interest. He would vote, how
ever, for q reduction OF time from twenty
! to ten years.
/ Mr.. Turner, OF Kentucky, opposed the
/ refunding theory. lie was in favor OF
placing an income tax on capitalists and
! bondhoders. and letting the revenue re-
ceiyed from that tax 90 TO the eXtinguish-
ment of bonds.
/ Mr. Randall. of PENNSYLVANIA, advocated
( a 3 ver cent. bond and me amendment OF
/ the bill 80 a. to give the Government the
/ option or redeemlug at any time after one
| or two wears.
| Mr.. Buckner, OF Missouri. opposed the
bill. which. he s1id, would have the effect
OF making the naiionai-bank system OF the
country permanent.
Mr.. Frye, OF Maine. defended the ma
! tiona.bank system, but expressed the belief
! that 3 per cent. bond could not be f1oaed,
anu the failure TO float it would he Il disaster
which should DC avoided.
! Mr.. Tucker. of Virginia, argued ia favor
/ OF 3 per cent. bond, which he believed
could be placed and made successful.
In further debate the 3 per cent. bond
was advocated by Messrs. Randall, II Penn
svlvania, and O'Conner, OF South Carolina,
I and opposed by Mes>rs. Aldrich, Haskell,
/ Harris OF Virginia. and Warner. The
I time fixed for the debate having expired,
vote was taken on Mr.. Woods amendment
I fixing the rate Of interest on the refundng
bonds at 3 per cent. The amendment was
agreed to--ycas, 1872; nays, 80.
| The second branch Of the amendment, TX
| ing the rate at 3 per cent. on notes, was
agreed 10 without division.
| Mr.. Sanford. OF Alabama, offered an
amendment providing that before any OF
the bonds or notes authorized by THIS ACT
are issued IL shall be the duty OF the Sec
reiary of the Treasury to pay OH bonds ac-
cruing during the year 1881 all silver dol
lars OF 412t grains, and all gold over and
above $50, 100000 now held in The Tre1su-
ry for redemption purposes.
| Mr.. Saniords amendment was adopted
yeas, 49,; nays, 25-;he Republicans re-
fusing 10 vote, desiring to so load down
The bill that substitute offered by them
would be adopted.
| MIR. Randall, OF Pennsylvania. offered an
amendment making the substantial part OF
the section read as follows:
"The Secretary OF the Treasury Is hereby
authorized to issue bonds In an amount 0i