The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-09
, Forty sixth Congress- Third Session
WASHINGTON, January 8, 1881.
The Senate was not IN session to-day.
UousE OF REPRESENTATIVES,.

ber-clect from the Tblfd c1DsFPsslohii us
irct OF New Hampshire, and that gentle
man, having appeared a, the bar OF the
House, took the oath Of office.
The Speaker proceeded. ~ the regular
order, 10 call the committees for reports.
Mr.. Money, Of Mississippi. cbalrman OF
The Committee on Possibilities ana POST
Roads, reported back the bill regulating The
rate. Of portage on second-class mail mat
ter. Placed on the House calendar.
Mr.. Poehler, OF MinDesots, from the C0m-
mittee on Indian Afnr,, reported back the
bill authorizing the Secretary OF the lnte-
rior u fulfill certain treaty slipniatioDs WIN
the Chippewa Indians OF Lake Superior ana
Mississippi. Referred TO the COMMITTEE OF
the Whole.
The call Of committees having Deen con-
cuded, on motion of Mr.. +. Wood, OF New
York (who appeared In his seat tins morn
inu). The House at 1870 went into Com
mittee OF the Whole (Mr. Covert, OF New
York. i'm the chain on the funding bill.
The formal reading OF the bill having
been dispensed with, IT was read by sec
tons for amendment.
Mr.. +. Wood offered. under instructions
OF the Committee on Ways and Means, an
amendment fixing The rate OF interest on
tbi, act at } per cent, it being 34 per cent.
IN the printed bill.
Mr.. Buckncr, Of Missouri, inquired II it
was i'm order at this time TO test the sense Of
the H0use as 10 whether the bonds should
be long bonds or short bonds. The Chair
replied that it was not.
Mr.. Clafin. Of Massachusetts,, opposed
the amendment. He was opposed TO liking
the interest at per cent.
Mr.. Tucker, OF Virginia: Does the gen.
tleman want larger raey
Mr.. Claarn: | propose that the rate IN
the bill shall stand there.
In opposing the amendment Mr.. Claflin
had read the amendment when he pro-
posed 10 offer, leaving the interest at - per
cent. and prov idiDg that the bonds shall be
redecmable after five years and payable IN
twenty wears, No businP>s-man, he thought,
| believed It possible TO float Il bond at per
cent. IT. was the unanimous opinion OF
hnancierS that a % per cent. bond might be
foatpd, but that 1t would be dangerous to
nut a 3 per cent. bond on the market.
Mr.. Kelley commented on the fact that IN
the purchase OF over Sl0S.O00'OOO II bonds
in the wear ending October last The Secreta'
~ OF the Treasury had TO pay over Sll2,-
600. 900. or about 50 per cent. premium.
Mr., Warner suggested that the tate OF IN
| tCre>t Should be fixed 1T . per cent. IL
was impossible 10 sever the rate OF interest
from the time. II this bill were TO pas he
should be in favor OF the amendment OF the
gentleman from New York (Mr. WOOD,
though be would oppose the bill.
| Mr.. Wood suggested that for the sake OF
convenience his amendment, coming from
the Committee on Ways and Means. should
be bv unanimous consent considered a
agreed TO. II it was seriously intended TO
act on this bill hours should not be wasted
i'm fruitlcSG aud unnecessary DISCUSSION.
Mr.. Clafiln ohiec ed
Mr.. FRYE thought that the question might
well be met now rs between and -
per cent. bond. a 3 per cent. bond must
geces>qrilv run for twenty or thirty yeas.
Voting for 3 per cent. would be voting
for long bond.
Mr.. +. Wood thought The gen. leman was
in error IN that assumption. He wished TO
clll the gentlemau'S attention 10 the report
OF the Secretary OF The Treasury, in which
ne slid that he believed that shOrl.tlmc GER
ufcates, having less than ten wears 10 run.
could be negotiated at per cent. lie
(WoOdl thought That >hort-ilme = per
cent. pond could be negotiated, partlcu-
larlv if accompanied by some attributes
which would make it acceptable and de>lra'
bic. He hoped that the gentleman from
Maine (Mr. Frye would not endeayor tC
have the House commit itself 10 position
which was antenable.
, Mr.. FRYE said that he had voted in favor
OF 3 per cent. bond before the recess
During the recess he had seen large mum
Ter Of business men in New York, Boston
and New EnglaL d. and he had come to TIT
; deliberate conclusion that it would b.
utterly impossible to float a per cent
bond running less than thirty years. III
believed il. and he believed that the at
tempt 10 float a 3 per cent. bond would ID
a disaster. The Government had neve
sold "A 3 per cent. bond. No country OF
. earth had ever placed 3 per cent. bond oil
= the market at par, and he was fully con
I WINGED that "A 3 per cent. bond could not b
placed. and If Congress undertook 10 do
and failed it would he a disaster. He be
lieyed i'm leaving to the Secretary OF tn
Treasury discretion up TO % per cent.
e Mr.. Keller. OF OHIO, offered an amend
: ment TO Mr. Woods amendment 30 as 10 Il.
the interest at rate not exceeding pc
cent. He believed that per cent. was rs 10y
- rate If interest a. b ,nds could he flOate
in the West. II would lie inn Ossible TO So
. honds at a lower rate ana have them main
= tanned at par.
vote was taken on the amendment, an
il WIS defeated by a vote OF II 10 li9.
= Mr.. Mills, II Texas, argued that 1t wOnl
be 500 900. coo cheaper 10 lei the debt stan
/ al ! and & per cent and pay it IN five year
than let II run for twenty years at 3 per cen
Mr.. Wood denied the proposition.
MIR. FELTON,, OF Georgia. said the bill wa
Illustrative OF the benefit OF delay ana eat
. tious legislation in such matters; Decau-
|, last session the proposition was TO retuh
the maturing debt in lOrg per cen
bonds, while now II i admitted II cOuld u
refunded in short per crnIs. In his opr
: ion il would be criminal 10 perpeiulle VI
; debt. He wanted to keep il always With
the grasp OF the Government. He PAID
hIob tribute TO the financial abilities OF SCI
, retarv Sherman. which had contributed :
u much 10 the credit OF the Government.
e MIR. BlOunt, Of Georgia, are ucd that Il
e Secretary OF the Treasury should be- ALLOW
4 ed some discretion. and opposed ihe rate
interest being arbitrarily fixed at 3 Pr
;, cent.
After further debate, the committee rO
for tie purpose, rs stated by Mr.. Wood,
limiting the debate: but motion to a
l. journ was inteTiected.
Mr.. Wells reported from the CommittC
. o! Indian Affairs the Indian appropriate
= bill. Ordered to be printed and recomml
i ted.
AT 1870 =. NJ. the House adjourned.
lee Moving i'm The Ohio.
Z GREAT DESTRUCTION OF STEAMBOATS, AND Goa
BARGES.
CINCINNATI, January S.-The icei> moylI
@ in the Ohio river from POmeroy 10 Nor
4 ,,n 4 L. ~ A.