The Portland daily press., 1881-01-13
XLVIth CONGRESS-2d Session.
SENATE.

WASHINGTON, Jan. u.
Mr. Davis of West Virginia, submitted a
resolution, instructing the committee on
finance to inquire into the ACCESSIBILITY of a
other departments, so as to divide accounts,
ETC.. for the collecting receipt and safe keep
ing OF revenues; to transfer from the Treasury
to the War and Navy Departments the steam
boat inspection, life saving and other services,
and to place under the State Department mat
ters connected with our domestic and foreign
commerce. 1t was ordered printed
Mr.. Logan called up joint resolution eX-
tending the Thanking privilege to all official
business sent through the mails by Senators,
Representatives and Delegates in Congress,
and in all other respects to be under the limi-
tations Of existing laws.
The morning hour having expired the army
appropriation bill was taken up.
The clause appropriating $125,000 to paw
land grant of railroads so per cent of what the
quartermaster' department. finds Justly due
them for transportation, to which Senate added
a proviSo that such payment be accepted as in
full of all demands for said services was dis
cussed at length, pending which the Senate
adjourned.
HOUSE.
The morning hour was dispensed with.
Mr.. Wood moved that when the House 20
into committee of the whole it be on the fund
ing bill, the debate on pending amendments to
be limited to thirty minutes. 1t was agreed to.
The House then went into committee of the
whole on the funding bill.
Mr.. Wood said that for himself he saw moth
ing inconsistent in the establishment of a 3 per
cent rate of interest for bonds and the short
ening of option indicated in the bill
Mr.. Stevenson opposed the bill Oh the ground
that it did no more or less than fix q permanent
national debt upon the country.
Mr.. Weaver protested against the refunding
wnul6 ia mr. ba
right of redemption for single day or hour.
Mr.. Dunnell, member of the Ways and
Means Committee, had no doubt that per
cent bond would find reaoy sale, and he advo-
Gated that rate of interest. He would vote,
however, for reduction of the time from
thirty to fifteen years.
Mr.. 0. Turner opposed the refunding theory
The time for debate having expired, the
committee rose and the House extended the
time one hour.
After debate, in which Mr.. Frye vigorously
defended the present banking system, Mr..
Woods amendment, fixing the rate of interest
on bonds and certificates at 3 per cent was
agreed to.
Mr.. Sanford offered an amendment provid-
ing that before anyof the bonds or notes au-
thorzed by the act are issued it shall be the
duty of the Secretary of the Treasury to pay
on the bonds accruing during 1881 all the sill
yer dollars of 4121 grains and all gold over and
above $4,000, 600 now held in the treasury for
redemption purposes.
The amendment was adopted, So to %, the
Republicans refusing to vote, desiring to load
the bill so that the substitute offered by them
shall be adopted.
Mr.. Randall, of Pennsylvania offered an
amendment making substantial part of the
section read as follows:
The Secretary of the Treasury is hereby author
lied to issue bonds in an amount of not exceeding
$50 000, 900, which shall bear interest of not ex-
ceeding 3 per cent per annum, redeemable at the
pleasure of the United States after years.
Mr.. Randall stated his intention was to make
the bonds loan exclusively. He would at the
proper time move to fill up the blank in the
amendment by the insertion of the word
two" to make the bonds redeemable in two
years. He would also offer an amendment
providing that interest ON the per cent bonds
Shall cease at the expiration of thirty days
after notice that the same have been designat-
ed for redemption.
In order to enable the members to examine
this amendment the committee rose and the
House adjourned.