Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-01-19

MIR. Atkins gave notice that he
would call up the bill, which appro-
PIRATES $14,461, 900, for action to-
morrow morning.
On motion of Mr.. Singleton, of
Mississippi, the Senate amendments
to the consular and diplomatic bills
were concurred in, with one excep-
ton.
The House then at 1.30 went into
committee of the whole, Mr.. Covert,
of New York, in the chair, upon the
funding bill, debate on the pending
section. and amendment thereto
being limited to one hour; ten
minutes debate to be allowed there
after upon every substantive amend
ment offered.
Pending the amendment that was
offered on Saturday last by Mr.. Car
Isle, of Kentucky, as a substitute
for the fifth section of the bill, Mr..
Fernando Wood, of New York, said
that he desired to remove an err
roneous impression which prevailed
with reference to the possibility of
negotiations for 3 per cent. bonds at
par. If he had had any doubt on
this subject he now held in his hand
an authority which would have re-
moved that doubt. The Financial
and Commercial Chronicle had for
many years been published in New
York, and was referred to constant
ly to settle disputed financial
questions. In its issue of Satur.
day last there had been
published an article which he would
ask the clerk to read. The article
states that there is very good pros
pect for the successful negotiation of
3per cent. bonds, but criticises the
section of the pending bill which
requires the national banks to take
such a bond as security for their cir-
culation. It further states that Wall
street is disposed to look favorably
on the bill and discount it's passage
Mr.. Wood referred also to the
London Economist as authority fol-
the statement that the 3 per cents
could be foated and gave it as his
opinion that the bonds would COM
mand within three months a small
premium.
After a discussion the Carlisle
amendment, in the nature of a sub
stitute for the fifth section of the
bill, was agreed to by vote of 12e
to 101.
Mr.. Whitthorne, of Tennessee
moved to strike out of the amend
ment just adopted the proviso that
no bond upon which interest has
ceased shall be accepted or shall be
continued as security for circulation
SC. Rejected.
| Mr.. Hawley, of Connecticut,
sections $3.50 and 5,160 of the re.
vised statutes. Rejected.
| Several other amendments wer,
offered and rejected or ruled out OF
points of order, after which th,
reading of the bill was completed.
Mr.. Bland offered substitute fo,
the whole bill, authorizing the sec
retary of the treasury to reserv'
for redemption purposes the coli
in the treasury and 25 pc,
cent. of all legal tendel
notes outstanding and a sufficient
sum of cion to redeem the silver Ger
tifcates and to apply the residue il
the redemption of the public debt.
The Republicans at first showed (
disposition to refrain from voting
but finally other counsels prevailet
and they voted against the substi
tute, which was rejected by vote o
43 to LOG.
| After further debate the committe,
rose and reported the bill to tn
House, when Mr.. F. Wood demanded
the previous question, which wa
seconded, and the main question wa!
ordered on the bill and amendments
Pending further action the House
at $40 adjourned The previous
question having been seconded, th'
bill will come up tomorrow as un.
finished business.