New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-16
THE PARTY OF REPUTATION.

THE COUHSE OF DEMOCRATIC LEADERS IN HEOAHD
TO REgUNDINe MEASURES APPARENTLY DELHI
ERATELY DESIGNED To BREAK DOWN REsUMP-
TION-THEIR ACTION IN THE HOUSE YESTERDAY.
| lBY TELEGRAPH TO THE TRIBUNE
| WASHINGTON. Jan. 15.-The week ends leaving
| the Refunding bill still in the Committee of the
Whole. 1t has become apparent that the leaders of
| the Democratic party in the House Of Representa-
tives determined that If they prevent it, the
| five and six per cent bonds which become redeem
| able this year shall not be refunded. Both Mr..
Fernando Wood and Speaker Randall act exactly as
men would act who should have an interest in ad-
vancng the prices of the Government bonds now
outstanding. 1t is difficult to believe that either OF
them IL honestly convinced that the measure he is
advocating will, if it be adopted. end in anything
| but failure; and. of course, everybody admits that
the failure of rcfundng act, the passaseof such
law would delay refundng even for single
year. would greatly enhance the price of four, four
aud . half, five and SIX per cent bonds now out
standing.
| Both Mr. Wood and Mr.. Randall have repeatedly
asserted in the course Of the recent discussions
the Refundng bill that they are in possession OF in
| formation from bankers and other capitalists which
assures them that three per cent loan will he
easily sold at par; but they have not delgned to
mention the particular of their information,
or 10 describe in detail the assurances which they
profess to have received Moreover, their assertions
| have been met with counter assertions, quite as
much entitled TO credit, from Mr. Frye Mr.. Waldo
IIutchins and other members Of the House. whose
Judgment is quite rs good, and whose opportunities
| for gaining trustworthy information are at least
| coual to those enjoyed by Mr.. Wood and Mr.. Ran
DALI Those gentlemen and other Democrats have
also continued to assert the face of positive proof
| TO the contrary, that European Governments have,
at narent tmes been able to place loans on quite
as favorable terms as are demanded in the pending
bill, Some OF the DemOcrats-especally Mr. Kan
! dali and Mr. Wood-have IN addition, for the sake
| of partlsan effect made purely demagogc speeches
against the money power" as if % national loan
| could be tuated OH the tide of rhetoric and stump
oratury.
The proceedings in the House Of Representatives,
| to-day, however, have clearly demonstrated inc III
sncer,ty of the assertions and professions in which
| the Democratic leaders have indulged, and shown
tint they do not really expect If they desire,
that n three per cent loan on the terms prescribed
| will voluntarily be taken by the people Throughout
40 discnssons too it has been painfully apparent
that the Democratic party IS party OF repndiatlOn
Every proposition for partial Reputation which has
been offered whether disguised or not, has received
| the votes of majority Uf the Democrats who voted
The clause which now stands in the bill TO break
down resumption and to leave the Government des-
tifutc OF funds To redeem tnb RDiu anu sllFtI
| tificates or to pay bonds which interest has
ceased By forcing the Secretary of the Treasury TO
pay out Mt once all tine coin the Treasury except
800, 900 600 vas placed there by Democratic votes;
| and about seventy Democrats voted to allow Coy
| erument bonds to BE- taxed IN defiance OF the public
| pledge that no such tax shall be imposed. III the
| matter were left TO the Democratic members
| of the House of Representatives, to-day,
and they dared to do what they desire,
| majority of them would undoubtedly vote to re-
pndlate part or tie whole of the debt Their talk
aud their votes tue pending bill show this to he
| the case.
In the opening proceedings. to-day. Mr.. Frye read
proposItion Which he sald, he would Uher later IN
tie form Of a substitute for the inst section Of the
| bill subs, Quently, hoNcyer, the House haVhS
voted down Mr.. McLanes substitute. Mr. Frye With
drew his proposition In brief, 1t auth0rz' d the
is, uo of $500 900 600 III bonds or notes, bearing
2 per cent interest and redeemable at the pleasure
of the Government after one year provided tha not
more than S75 900 900 should be redeemed IN one
year. Ths plan. Mr.. Frye said, was deemed prac-
| ucable one by the Secretary of the Treasury.
Mr. McLancs substitute for the bill was offered at
later stage OF the proceedings. Ii provided Tor the
| issue of not exceeding TG370OO, 600 OF bonds OF
certificates bearing rate of interest not exceeding
3Ia per cent redecmablc after one year and payable
| in fen v,ars provided that not more than
300 600 600 shall be redeemed in any one year.
vigorous attempt was mldo by Mr Kandail anu
| Mr. Wood to prevent any vote upon Mr.. Mcl'ane5
propositon. such storm was raised, however,
thai Mr. Covert who was III the ehalr, rnIed tue
proposition IN order, but not until MI McLaho
| had bluntlv informed Mr. Randall that the latter
| gentleman knew even better than he dlu that tue
substltute was ia order. There was no discussion
| G ,ho ,,ha
by a vote of OF yeas to 109 nays Mr.. kanua'i,
while the vote was In progress, loDDed
| octivev to secure votes against the
substitue but notwithstanding his Jealous efforts 10
hiring the Democrats up sodly against 1T, u number
| of them nclndipg General Johnston Ia Drother-ln-
| law of Mr. McLlne), General Warner Colonel MOT
rison. and Messrs Buckner and Wells, 0i MISSOURI
voted with the Republicans. who. with TWO OF 'nico
| oxeant,ona sunported the substitute Mr. Randall
| and Mr. Wood voted no. as did Mr. s. ). Cox, who,
whenever he has been present during the cohsuera-
tion of the Refundng bIll has uniformly acted anu
| voted with the reputation element Oh the Deino-
| cratic party.
An amendment TO the first section offered by Mr..
! Philips. of Missouri was adopted. IL pro'iues tua'
the certificates shall be in DENOMINATIONS Vi Pio'
$40 and $50, and be either reglstefeu Vi coupon w
| ti6cat.s os purchasers may elect. Otherwise the
] first section STANDS as auoP'eu i"'' l..
was brief discussion Of the question as 10 now
mncb shonld be allowed for the expense OF pre-
nar,pv. issuna. advertising and disposing" Oh the
| honda and certificates. Mr.. Carlisle proposed
Que fourth OF l per cent. Governor Claim moved
10 make IL onebalf of per cent In behalf Ut the
amendment il was asserted, and the statement was
not dsproyed that the cost Of preparing and issuing
the new securities would alone amount to the smaller
snm But this made no difference TO Mr. Randall
VINO evidently intends to cripple resumption In
every way practicable; nor to MIR. B. 81 Cox VINO