Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1881-01-19
FORTY-SfxrH CONGRESSIONAL
SESSION.
WASHINGTON, January Is.

tee on commerce the same reference be
made.
Mr. Vest stated that the bill on the calen-
dar was Ead's ship railway project, upon
which i, was desirable to have action at the
present session. The commerce committee
were now crowded with business. Mr.. Vests
motion was agreed to-
The bill Of last year to provide for ascer-
tanning and settling private land claims IN
certain States and territories occupied the
remainder of the morning hour without &C
ton.
The Ben Halliday bill then came up in
regular order.
At the expiration of the mording hour the
Halliday claim was taken up, and after an
amendment, to the original bill making $780,
600 the full payment of the claim, the bill
passed. The claim was for $500, 900.
The conference committee was ordered
upon consular and diplomatic. and after in
efftctual efforts to get up bill to provide
for allotment of lands in severaltv TO Indians
on several reservations. adjourned
House.
Mr.. Sparks, chairman of the committee on
military affairs. reported back adversely the
bill 10 place L. :. Grant on the retired list of
the army.
Mr.. McCook submitted minority report.
which. with the bill. was referred 10 the COM
mittee of tue whole On the private calendar.
Mr.. Mcpherson. from the committee on
naval affairs, reported fivorably on the
Senate bill 10 establish and equalize grades
and regulate appointments and promotions IN
the marine corps.
Mr.. Wood claimed that there was posi-
bility of negotiating the per cent. bonds at
par.
The House went into committee of the
whole upon the funding bill. debate on the
pending section and the amendment thereto
being limited to one hour and ten minutes;
debate To be allowed thereafter on every
substantive. Amendment offered was that
pending the amendment offered by Mr.. Car
Isle as substitute for the Fifty section.
The naval appropriation bill was reported
ard will be called up for action tomorrow.
The bill appropriates Sl4.500,000.
The funding bill was then resumed An
amendment giving State banks the right to
issue circulating notes on deposit of 3 per
cent. bonds in the same manner As national
banks was rejected.
Mr. Randall of Pa obtained leave to have
printed in the Record some remarks upon
the amendment offered some days ago in re-
ation to the payment of double interest. 1t
had been asserted that it would result in IA
contcnded that it would result in a saving.
General leave to print was granted all the
members.
After further consideration the reading OF
the bill was completed, the date in the last
section. 1880, being changed to 1851
Mr.. Bland of Missouri offered a substitute
for the whole bill, authorizing the Secretary
of the Treasury to receive for resumption
purposes coin in the treasury equal to % per
cent. of all legal tender notes outstanding
and n sufficient sum of coin to redeem silver
certificates, and to apply all residue to the
redemption OF the public debt.
The Republicans ut first showed dis
position to refrain from voting, but finally
other counsel prevailed. and they voted
against the amendment, which was rejected,
u 10 log.
Mr.. Gillette (of Iowa.. offered substitute
for the bill which will Come up tomorrow as
unfinished business.
The following is the text of the funding
bill as agreed to in the committee of the
whole and reported to the House. A bill to
facilitate refunding the National debt Be ii
enacted. etc. that all existing provisions of
law authorizing the refunding Of the National
debt shall apply to any bonds of the United
States bearing a higher rate of interest than
4 per cent. per annum, which may hereafter
become rcdeemable, provided that in lieu of
the bonds authorized by act of July IA, 1870,
and acts amendatory thereto. and the certifi
Gates authorized by act of February PC, the
Secretary of the Treasury is hereby author
lied to issue bonds to the amount of not ex
ceeding 800 600, 900, which shall bear in
terest at the rate of } per cent. per annum.
redeemable at the pleasure of the United
States after . years. and payable in 10 years
tr 1,t., nj ,fras tI,n
amount of $500. 900. 900 in denominations of
$40, $50 and $50, either registered or coupon,
bearing interest at the rate of per cent. per
annum. rcdeemable at the pleasure of the
United States after year, and payable in 10
wears form date of issue. The bonds and
certificates shall be in all other respects of
like character and subject to the same pro-
visions as the bonds authorized by act of
July II. 1870, providing that nothing in this
act shall be so constructed as to authorize
the increase of the public debt: provides
further that before any of the bonds or GER
tificates authorized by this act are issued it
shall he the duty of the Secretary of the
the Treasury to pay on bonds accruing
during the year 1881 all the silver dollars of
1921 grains and all gold over and above $50
00o, 900 now held in the treasury for redemp-
ton purposes. and provides further that in
authorized to be refunded shall cease at the
expiration of thirty days after notice that the
same has been designated by the Secretary Of
the Treasury for redemption.
Section authorizes the Secretary of the
Treasury in the process Of refunding to ex
change at not less than for any of the bonds
or certificates herein authorized for
any bonds Of the United States outstand-
ing and uncalled, bearing a higher rate Of
interest than ~ per cent. per annum. and on
bonds so redeemed the Secretary may allow
to holders the difference between the interest
on such bonds from the date of exchange to
the time of maturity, and interest for like
period on the bonds or certificates issued, but
none of the provisions of this act shall apply
to the redemption or exchange of any of the
bonds issued to the Paiiic Railway compan-
les. and the bonds so received and exchanged
in pursuance of the provisions Of this act,
shall be cancelled and destroyed.
Section 3. Grants authority to issue bonds
and certificates TO the amount necessary to
carry ont the provisions of this act, and the
Secretary is authorized and directed to make
suitable rules and regulations to carry this
act this effect.
Section 4. Authorizes the secretary. if in
his opinion it becomes necessary to use not
exceeding $50, 900. 900 of the standard gold
I'll H. -.