New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-16
XLVITH CONGRESS--IIID SESSION.
REGULAR REPORT OF PROCEEDINGS.

NO SESSION OF THE sENATE-PRorRAcrED DEBATE
IN THE HOUSE ON THE REFUNDiNG BILL A
LARGE NUMBER OF AMENDMENTS OFFERED -
THE FINAL VOTE NOT REACHED.
WASHINGTON, Saturday, Jan. Is. 1881.
The Senate was not in session to-day.
In the House, Mr. TOWNSEND (Rep, OhiO) from the
Committee on Commerce, reported back with amend
ments Senate bill relating to the Collection District OF
California. Referred to House calendar.
Mr.. GEDDES (Dem Ohio, Chairman Of the Commit
tec the Library, reported bill authorizing the con-
struction Of building for the accom- mediation Of the
Congressional Library. Referred to the Committee OF
the Whole.
Tue call Of committees having terminated. the
House, at 1910 went into Committee Of the Whole ir.
bill, all debate the first section and the amendments
The pending amendment was that offered Thursday
last by Mr. Anderson, which was finally rejected by
Mr.. FRYE rep, Mel gave notice Of Q substitute
which he proposed to Offer for the first section, provd
ing the OF bonds and Treasury notes to the
amount Of 100000 000 bearing q per cent interest.
and redeemaDlc al ier year.
The next amendment was that offered oy MI ~ ~.
BRELL, Dem Tenn imposing an income Ct tax. the
reyenne Of which shall be used 9r dhe pay S
o. The "a Hsa at osps on ~ ae cent
on all net incomes Of 50. 600 and over
Mr.. WOOD Dem. n. " aud Mr.: FRYE raised the
point of order that the amendment was not germane,
aud substantially similar to bills pending before the
House.
ment was not admitted
MIR. BLAND Deu., MOI offered ar amendment pro-
vidng that nothing herein contained shall be construed
TO REQUIRE the payment of gold silver coin held for the
redemption OF certificates issued thereon to reduce
$50 COO nor 20 require the Of the coin VIII
may necessary redeem the public debt on which
The amendment was rejected-57 to SO.
Mr.. WARNER Dem. Olo) offered an amendments
prov dug that the Secretary OF the Treasury may IN MS
discretion make the interest the certificates payable
every four monthe. Rejected ., .,...
prOyidug that certificates shall be issued III demon
raons Of &c. $50 and $780, either registered or coupon
Mr. PRICE Rep.. Iowal offered an amendment repeal:
ing the on bank checks Ruled QUO on point OF
ME- SINGLETON Dcm., ILL., offered as substitute
Tor Inc mrs. sego an IN s ny the PAYMENT
from the Treasury OF aud by the issue OF
4Oo.O00,O0o in Treasury notes, bearing z per cent
MI ANDERSON tRep, Kan) offered as a substitute
for the first 8, cton an amendment authorizing the
Secretary the Treasury bonds not exceeding
S4OO OO0 hearing interest at rate not exceeding
ga per reedsewabe a;er two and payaoe IN ten
years; aud certificates 10 the amount OF $3OOOOO0OO
bearing interest alta rate not exceeding JIG per cent
redeemabe III one anu payable Ia ten years. hecceou'
Mr. McLANE Dem, Md offered as a substitute for
the whole oil anamenment authorizing the secretary
to issue bonds and Treasury certincates OF denOmla
nns Of not less en aan ooS Sl 900 ana Witch IN ss III
interest at rate not exceeding Jig per cent re-
9 yo anH sa son e or sercates
snail redeemed IN any one fiscal year Ii also autnor
izns the process
iioi dcTt TO exchange at less than par OF the
bonds certificates herein authorized Tor any OF inc
ponds outstanding and uncaled bearing higher rate OF
interest than per cent provides tnat sau d No. S
shall not he SOLD converted at less an paf ana
and ohehalf per cent DOnds receaoe aS secu
rlv Ma Ional bank circulation.
r WOOD raised point of that the question as
the rate OF interest had been nxed' ana eoud HOT p'
Tue Chair sustained the roiut of order, and ruled the
NJ kkiFEi rep, Ohiol appealed from the decision
OF the Guar. -. - \. ,.
TO deUate tue appeal. hut finally the Chalr decided that
II waa, aud Mr.. MCLANE argued ttdt his a'ncnimehl
Wa9 IN nr.er. the Committee failed TO MAKE aD inter
gcnt distinction tween long bond ana SNORT cond
II would have 10 right 10 take exception 70 lne s5nd'e
when II sent back higher rate per cent, II IL conceded
ehoi l. me bond The c,Inmlttee had proceeded IN ah
xtrio binary mann,r under The lead oi tne gentleith
from, nnsylvn.a SGr. RlnddD Ii had fixed the rate
never had an opportunity vote whether preferred
thr,e ana nall per cent shOr bond OF three per cent
| long oonI; ION 49,. =. NJ popdalps sucgestton
| uirhirew his point OF order allowed u vote
| TO be- tnKcn upon II. 1t was r. jected-07 TO los
| Messrs MciAnr, Morse, Htnry Dunn Johnston, war
ner MORRISON Buckner Welis ana Hl;ehns Democratsl
iuwa aud Washburn OF Minnesota tR publcans)' Fo1eo
Nj CARLISLE Dem, Ky.l offered an amendment
author H. Secretary OF the treasury 70 make SUIT
e rues and re III ATOMS t. this act into meet
~, ri f"ars shall ot exceed Oneyourtn OF per cent
hr. CLAFLlN Rep hass) moved 10 aniend ny inaAinF
- Ecssrs RANDALL dem. Penn) and WOOD opposed
N Mr. FRYE I'm. Mel said that the committee had
done III rvtiOus hing In prOyiding shOrttlne per
cent bond. Now II wanted TO do another rarye lou;
| thing IL seemed him that there was deternined
purpose te other side Of the H1n;a ana on tue par
down ali possDities Of any funding operations. and 70
| prcss Though bin with sucn amendments as would
prevent al success OH se part OF the secretary VI tne
Mr. WEAVER tG9k., IoTs)-You hit me right, .,,uo
MIR cox dem, y. ~ deuled that any such motive
| existed his side of the House as the gentleman
Sir FRYE suggested that he had hit Mr.. Weaver
Mr COX replied that no only apokc for the gentleman
around him. lie wanted this bill so limited
20 S@rdea mt bG b T0S pT1vdns fUr the gr
aud four ANA half per cents Ine synu H
Gates at that time had rdcued 3, 3i2 ana even per
cent though the had allow only on nan OF per
cent did any Intervention between the peo-
p' Mr. ia KILL tR p Kan minated that it was the
purpose otucr aide to fool the people ana hrnst
binkrr pud business man knew that three per cent
bond could not be negotiated successfully ono bal, .,
per cent were essential he would willingly pay IL; but
| ne did not consider II necessary. ~, cu
Mr.. Chnn'> amrndmtn nj was rejected, ana MI Iar-
H. CXRIiSIE Dem.. XVI moved to strike out the
authorizing tn" Secretary OF tse ireasury t. use, II ne
desm t. ho TX S rpy IN the
ton Of the five AMI six per cent pnhds Oh the OnS:u
states aulhoz ii To b. REFUNDED by this ac. and 10
chase or OF United states bohc- proVueu'
thai the bonds purchased or rdecmed sha consii
ute no part of sinking fund.- but shall De caheeiied'
| The amcnlm ut was adopted. 49,, . 4. .
hnn section the bill He di not believe that iaa "a
he negotiated at per cent II Consres iaIe we
attempt and failed aud provided ~ wnS PropIrSs.a ~
his lth 80 ton, that from d after tue LIST OF nay,
1881 the or cent bOEds all be the only DOuus IT,
rtvanle .s security tor Tire National bank clrcnatlop
The GUyernmeuL would fud t~c IN this position tnat
within four mon rs must be contraction OF Ihe
| currency TO the extent of nearly $4OVOOO,VOo lne
| UOIs, was playing around a powder magazine VIII
| matches It was putting II IN the power 81 tue panhs
| and me moneyrd men bring about sucn caalDlIy
| and financial cunmutOn ~ had never been seen ne
did moi beyo that tic bonds could be Heated lie Glo
not leve that In the money centres thoush'
| that they could be- +,
| MI WOOD said he differed In his views very muei
from ms colleague (Mr. uCniDs) lie (Air WoOd) f0i
| one would never cODcede t.c right Of any money cor
al In Coy