, 1881-01-16

| WASHINGTON, D. c., Jan. 1d.-The House wen
into Committee Of tho Whole Covert, Of New
York, in the chair> on the Funding bill, all dc
bate on the first section and amendment
thereto being lIsnltdd to ten minutes.
| The pending amendment vas that Offered
! Thursday By Mr.. Anderson
Mr. Price inquired Of Mr.. Anderson what he
expected to accomplish by bis amendment, whict
provided for the retirement OF National baut
notes and for the issue OF currency notes.
Mr.. Anderson replied that By issuing curre-y
notes when Nattonal-bank notes should I'VE
been retired the country would gain tbfs tnat
the United States would be the only powt haV-
ing anything to do with the currenc or the
country.
Mr. Frye gave notice Of Il substitute which he
proposed to offer for the first secuo~ Pfosione
for the issue of bonds and Treasur7uotes eo Iaa
amount of $620,000,0O0, and beariS Ss Per eent
interest, and redecmablc after or year.
5r. Anderson's amendment wF rnen re]ecteo'
-48 to 1US.-
THE NEXT AafEN'AESi
was that offered by 11r. DibrAl, imposing an m
come tax, tho revenue of winch snah oe TX,
clusiyely used for the p.ymcnt or bonds ana
notes herein authorized = oe lssueo" 1ne tax
is fixed at per cent on all net incomes OF over
So 500 and under S5.000 and at+ per cent on HI
net incomes Of 81, ,000and over
The amendment vas re1ected,-51 10 w.
1fr. phc,ns ofrertd an amendment providing
TINT certificates shall be issued in denomina-
tions of s10. so, and $50, either registered or
coupon. Adopted.
Mr- r. Wood IN. VI and Mr.. FRYE D1e.} raised
a mint of order that the amendment WIS not
oermaue. and was substantially similar to the
blils pending before the House.
The Chair sustained ths point Of order, and
thu amendment was not admitted.
Mr.. Bland offered an amendment providing
TINT nothing herein contained shall be construed
~ rconirc .navmcnt in gold or silver coin for the
REDEMPTION Of certificates issued thereon, nor to
reduce the coin held for resumption purposes
heiow s5o o.MD. .;o00 uor to require the payment Of
cofn which may be necessary to redeem the pub
nc debt on which interest has ceased.
b1r. Anderson offered as SUBSTITUTE LOT tne
first section an amendment authorizing the Sec
retary Of the Treasury to Issue oonds note e1-
cecdtur 500; ;oo0, GOO, bearing interest at rnte
not exceeding 81 per. ccnt' redeemaole a1'ee
two and payable in ten years, and certificates to
the amount OF $500, ,0o00 ono, boar4ng interest at
rate not exceeding 3H per cent, redeemable IN
one and nayabte in ten years. Rejected,-a3~ to
a.. party vote, -.
Mr, McLune offered a.
4 s1-nSrrr1,rE FOR THE WHOLE BILL
n, amendment .authoriziug tho Secretary to
,ezro honds md Treasury certificates ct denom-
fnot{ons of mt less thnu $40, In amount not
n-ccct,Ino sf,7 nm co., which shall bear in terest
s+ = rotc ri not oxceediue az pcr cent, redeem
oh,a after onf vear and parable in ten years, but
m noro thnn 500 .000 of said bonds or certih
oates shall be redeemed in any ono fiscal year.
Il also authorizes the Secretary, In the process
of refundtua the National debt. to exchange at
mt less than par, any certificates herein author
fxc,1 for nny of the bonds outstanding and I'M
called, bearing higher rate Of interest than ~