New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-09
XLVIrH CONGRESS--IIID SESSION.

VIEW OF THE FUTChb We i"N
SESSION OF THE SENATE.
HOUSE OF REPRESENTATIVES.
WAsnISGToS, Jan. 6, 1881.
The Senate held no session to-day. In the
Hou.e Mr. BRIGGs (Rep., N. H. presented the creoeh
fias of Ossian Ray member elect from the iiu "o
ryessouai District New-Hampshire and that gen'c
man. having appeared at the bar OF the HOUSE, o0~ NV
OATH , 4. oou
committees for reports. ,..
Mr. MONEY Dem. Miss.l chairman OF the Comh''''eu
on Post Offices and Post Roads, reported back 'he o'
regulating the rates of postage on secondciass "" ma"
ter. House calendar. ~
Mr. POEHLER (Dem., Mimi. from the &C m"i''ee w
Indian Affairs reported back the bill authorizing Tue
secretary Of tho Interior fulfil certain treaty oDga
tions with the Chippewa Indians Of Lake superior anu
the Mississippi Committee OF the WHOLE
The call Of committees having been concluded on mo-
t,ou Of FERNANDO WOOD Dem. n ", who appeared
in hin seat tins morning. the House al 1880 D. m Went
into Committee Of the Whole INF Covert, OF NewfofA
In the chair on the Funding bill The formal reading Oh
the hin having been dispensed wth 1t was read Dy Sec
lions for amendments.
z WOOL U)em NJ W offered, under the instructions
OF the Committee of Ways aud Means an amendment
6xn the interest the bonds and notes antnozca 10
be issued this Act at per cenit being SO per cent
Mr ' BuCKSER tDem MOI inquired If it was IN order
this time to test the sense Of The House as 10
Mr.. CLAFLIN Giep, Mass opposed the amendment
Mr. E TUckER Dem vajDCes the gentleman want
Mr. CIXFLIN-I propose that the rate in the biz shall
stand there In opposing the amendment MI Cdnn hau
read an amendment he proposed to oer ied'ng n1 ~,
ferest 40 3l per cent and providing tht Inc uonus s
he redeemabie after five years. ana payable IN twenty
years No business man. he Thought peheVeuit poss'oie
IN Joat a hond at 3 per 1t the unanimous
opinion of Inancers that 3l2 per cent bond might he
oated, but that 1t would be dangerous 70 put per
' Mr. KELLY tRep. Penn) commented on the fact
the wear ending uOer last the Secretary Of the Treas
ury mad to pay $112 100000 or about 39 yer cent
Mr. WARNER Dem, Ohio suggested that the rate of
interest should he fixed at 2ls per cent
his amendment, coming from tue Committee ON ways
ana Means, should be- by unanlmOus cenSeGt' cousid
er n sn as S souss should not
Mr.. CLAFLIN objected.
Mr.. FRYE rep. Me) thought that the question might
as well be met now rs between IA 3 and 3l2 per c.nt
nond 3 per cent bond mus; necessarily rnn for
twenty thirty yeare. Voting for . per cent Dohd
MIR WOOD thought the gentleman in error in that
assumption He wished 70 call the gentenan's alter u,
which he that lie believed that short TING ce:tf
Gates . than ten Sy wool ." TP a SUGn De a
short time three per bond could be negotiated par
WouI make 1t acceptable and desirable he hoped that
the gentleman frOiu Maiue Clr, tFECI wOh1 hJt el-
deavor 10 have the House commit i'oet |" position
Mr. FIR SAID that he had voted in favor of the three
per cent bond before tie During the he
had seen large number CT business men IL New-IOrk,
Boston ana New Yland and ~ aa1 come 10 tns bt
TO float three cent bond running less than thlry
yers tsrs Hs cent bond Would be disaster RE
Government had sold three per cent hOHd NO
bonn I e Sar fsi' Sa and he fully
thai three per bond could not De PLACED. ana
d;sastsr He beey in leaving the Secretary of the
Treasury discretion up to & psT &C. 20 Mr
W0Ods amendment, SO as to hx tue interest," az rae not
as low raio Of interest The bonds could be Heated ar
Mr.. KELLEY called MI Frye's attention to Tie fact
was considering a measure TO refund in per cents,
many OF respectable bankers OF the country ali
pearel before that committee aud assured that per
cent could not be Oated and yet 1t was l0und out
aJterward hat these ve:y bankers were at the sane
bonds For himself. be indifferent as 10 TIE rate Of
interest whether g. 0. per provided tie policy
Of constant pay ment oat of the surplus revenue we've
Mr.. ANDERSON tI2ep. Kan.). offered amend
pent providing mat the interest shall not exceed $40
pey cent at tie discretion OF TIE Secretary q the
Mr. T0wNsEEND DEM, n's.). said that in The ci-
c,sson point seemed to be lost sight Of thar by an
scGco taxes TIE OF three u really eqUV
aleu-; 10 rate Of i've pei cent lie let connarnt tn
Three per cent bond could be f"dted. III was thc Ut
ti1ual banks that wanted bonds at hsIei rae u ~
tCres tie House !eG:slatiIg, no; Ia tue interest
OF the National banks, but % the people
NJ. MCLANE uDel,.. Md offered all amendment to
r,.a mai EXCEEDING per cent" lie thnnght that tie
entire debt 1881 Ought to be paid by snort bonds or
Ei:tec on that question, and lie had prepared amctd-
E.e1.s which would authorize tIc SECRETARY OF me
Treasury 10 either Treasury notes OF denominations
- nor than So rtdeeiab!e at the pleasure q the
Government or bobds at rate OF interest not
i2 per cent rodeema lie after Que year at "c ieisHc
OF tie Government; Iu five years the Whole OF the cCI'
tic vote was tfen taken on Mr. Refers amendment,
an IL WAS defeated by vote OF 143 TO H.
MT. RANDAILs VIEWS.
Mr. RANDALL Dem.. Penu) thought that it
tIaordinary that there were gentlemen present WHO
a6v nfiu biQhp TO 0f
interest 1t conceded gu all sides that the bonds
eonld be negotiated at He differed rem the gentleman
from Maine r. Frye, and his Information on the sub
feet was different from that gentlenans. He beiieved
that the Government could negotiate a bond and
Treasury note at per cent
Nj. BLOuNT (Dep., GaJ inquired how long snch
bond and note would have to
Mr. RANDALL replied that Is years would I've sufficient
DE 50 far as tie Treasury concerned. There
was not member who bad not letters from
could negotiate bonds at 3 rer cent. There were
S2OO.OOJ,OOO and more of bonds held by National
banks that in the placement Of bonds secure crcua
tion taey should hereafter IN 80 far ss the contract
paFonate1 e. Ine extent mt, OF
bond e. per egpt tina, no wona not ,s,n, 81.
per ceut bond Il per bond could be negotiated.
ne bOuas Of the UnSd States today ybrated some
tA.e bonds at greater rate OF interest
imam the bonds commanded In the market to-day. The
necessity of The people for safe deposit OF money
would secure a placement OF a per cent bond He
TOnid make every National bank agent and not
to syndicate dispose OF those bonds and he would
ei snail bidder the preieiennc over the syndicate
anu large holders.
Mr. WOOD said that in his position he had been com.
pced to seek much practical Information on the fund
ing question. When the per cent bond had been pro
posed the Treasury Department and the whole banking
interest said that II not possible 10 negotiate
any bond at low rate Of interest. Re had letter
from gentleman who bac fought the per
h,n.- Mr. EatP nf New. XII
stated that though at FRS: lie had thought
that long bond necessary he was now OF opinion
of md ,harlfn ~ n