New-York tribune., 1881-12-16
THE COMMITTEES REFUNDING BILL.

Icy TELEGRAPH 70 THE TRIBUNE.l
wAsu1SGToN, Dec. 15.-It is understood that in
his hearing before the Finance Committee OF the
Senate to-day, Secretary F4ger repeated his argu-
ments in favor of leaving the present status OF the
npblic debt undsturbed so far as any project OF
funding is concerned aud therefore objected strong
lv TO the bill proposed by Mr.. sherman. member
of the committee said this evening that in agreeing
TO report the bill favorably, the committee was
mainly governed by the consideration of saving
q considerable amount of interest, and the general
helief that the bonds themselves would be eX-
changed so that no large deposits OF money would
be reauIre1 The amendment TO the bill to reduce
the issue of new bonds from S3OO,0OO,OO0 to
5000 600 600 was carried in committee by a vote
Of ito 8: those voting the negative were Sena-
tors sherman. Ferry and Mcpherson.
The full text of the sherman Funding bill as
amended by the Senate Finance Committee aud re-
ported from that committee TO the Senate this al
ternoon By Mr. Morrill,, is as follows;
A bill to provide for the issue of three per centum
Re enacted etc., That the Secretary Of the Treasury
e Office OF any Assistant Treasurer OF the oniea
lawful money OF the United states 10 tne aoSnt @ 90 oI
atS hearing three Oneaf per cent interest, and
20 ssGs IN lands Of the United States of The
Nominations )f $50 $l00 $500 SloOo anu 9iV,VoV ol
such form % may prescribe bearing az rae
nj three ner centu per payable either quarterly
or aantunualy at the Treasury OF the United States
Snch bonds shall payable at the pleasure OF INC
limited States after the LIST day of January Ammo DOlI
eghteen hundred and eighty the order OF thelr
payment TO be determined by law, or IN the absence o
sch eslaOnby rules and regulations TO be prescribed
by the Secretary OF the Treasury The money deposited
nder this act shall be promptly applied solely to the re-
dempon OF the bonds of the United States bearing three
and one-haN per centum interest and the aggregate
aount of deposits made and bonds Issued under this act
sha not exceed the sum of two hundred million dollars
The amount OF lawful money received ON deposit 40
foresaId shall exceed at any time the sum oftwenty
i've million dollars
In conversation this afternoon, relative to his
Statements made before the Senate Committee on
Finance to-day on the subject of refundng, secre-
tary Folger said that he had advanced substan-
tally the same views as were embodied in his an
pual report In response to inquiries of members
of the committee he said that in his opinion, the
poriod of five years mentioned in the Sherman bill
for the pa ment of the bonds was rather snort 1e
also questioned the practicability OF hoatlng the
new bonds, and referred 10 the probability OF the
entire amount Of three and a half per cents being
redeemed, leaving no advantageous opening Tor
placing the surplus revenues. When asked II ne was
opposed 10 the ball III question the Secretary said tbat
the Treasury Department of course would use every
endeavor TO carry out successfully any enactment
which Congress should fit TO make regarding
the disposition Of the surplus The greater
part of the session OF the committee was devoted to
Questioning the Secretary on various points relating
10 refundlng.
j. BANCROFT DAVIS NOMINATED.