The daily gazette., 1881-02-18
SECOND EDITION
washington.
THF FUNDING BILL IN THE SEN
ATE COMMITTEE OF THE
WHOLE.
THREE PER CENT RATE AGREED UPON

THREE PER CENT RATE AGREED UPON
WASHINGTON, Feb. IT.
The Senate did not, after all, finish
the Funding bill to-day, but adjourned
at half-past eleven tonight with the
agreemen: to finish it tomorrow.
The action to-day, though only in
Committee of the Whole, was important
and significant of the shape in which
the bill will pass the Senate. By a vote
OF 70 to "a the Senate determined to
make the rate of interest three per cent.
OF those who voted for three per cent
Messrs- Ingalls,, Kellogg, Saunders and
Teller were republicans. OF those who
preferred three and half per cent
MessIs. Bayard, Groome, Hampton and
Herman were democrats. Otherwise il
was party vote, the republicans sup
porting the higher and the democrats
the lower rate.
The amendment fixing the rate of In
terest OH the certificates or Treasury
notes at not exceeding the rate of three
and half per cent was rejected by the
same vote as that on the bonds, except
that Mr.. Logan did not vote--21 to 81.
The provision making the interest on
the bonds payable semi-annuaIly was
agreed to without objection.
The term of the bond was made fiye-
twenty, and was agreed 20 also.
The committees amendments styling
the certificates Treasury notes and insert
ing the words "not exceeding" before the
amount of 300, ,000,0 900 of such notes. ana
providing for their issue In denomiEa-
tions of $40, or some multiple OF that
sum not exceeding 1000 were agreed to
without formal vote.
The rate of interest on the Treasury
notes was made three per cent,
The provision that the Treasury notes
shall be payable seml-annually and that
those of a less denominations than 500
shall be registered, was agreed to with
out debate. The amendment increasing
the allowance for disposing of tie bonds
from one-quarter to one-half per cent
was adopted-yeas 40, navs 20.
There was protracted debate over the
committees amendment making the
use of S50,000,0OO from the Treasury
temporary and to be replaced by the sale
of bonds authorized by this act. The
was finally agreed to-yeas
20, nays 10.
Section 5, in relation to the deposits |
as security by national banks, which was
struck out by the Finance Committee,
was restored by vote of 10 to 81. OF
those who voted to restore the House
section Ingalls, was the only republican
OF those " ho voted TO strike it out; the
democrats were Messn. Bayard, Call,
Groome, Hampton, Herman, Mcpherson
and Wallace. Many republicans did not
vote.
A vote was then taken on the amend
meDt of the Committee fixing the inter
est rate at 81 instead of per cent. as
fixed by lhe House. The amendment
was rejecied-ayeas %, nays 33. The
vote was as follows:
sas-Messrs. Allison, Anthony,
Bayard, Blair, Burnside, Came
ron of Wisconsin, Davis of Illinois, Ferry |
Groom, Hampton, Hill OF Colorado, |
aoar, Herman, kifkwood, Logan, Nc
MILAN, Morrell, Paddock, Plat, Rollins
md Windom-22.
Nays-Messrs. Beck, Booth, Brown,
Call, Cockrell, Davis of West Virginia, |
saton, Farley, Garland, Grover Harris,
Hereford, Hill of Georgia Ingalls,, John.
ton, Jonas, Kellogg, Lamar, McDonald
Jefferson, Maxey, Morgan, Pendleton,
Pugh, Salisbury, Saunders. Slater, Tel
er, Vance, Vest, Voorhees,, Walker and
The additional amendments recon-
nended by the Finance Committee
the call of outstanding
'onds aud making these bonds re-
eiyable as security for national bank
and providing that here
fter only bonds and other Interests
caring securities of the United States
hall be received as security under sec
ons 81 and So, Revised Statutes, were
dopted.
Mr.. Mcdonald offered an amend
tent, inserting the words "no. ex-
eeding tho rate Of az applied to the
'reasury notes, which was adopted
cas- %, nays II. This means not ex<
eeding three per cent.