National Republican. (Washington City (D.C.)) 1872-1888, 1881-01-14
HOUSE OF REPRESENTATIVES,.

Under the call of committees several bills, &C.,
were reported:
By Mr.. COLERICK, from the Committee on Elec-
tions: Minority report declaring that neither ]. c.
Holmes nor W. F. Sapp has been legally elected
from the eighth congressional district of Iowa.
Also, similar minority report in the case of
Wilson VS.. Carpenter, from the ninth congressional
district of Iowa.
Both reports were ordered printed and laid on
the table.
BY Mr. FERNANDO WOOD, from the Committee
on Ways and Means: Resolution for the distribu-
ton of the Presidents message Referred to the
Committee of the Whole.
By Mr.. STEELE, from the Committee on Agri-
culture adversely: To incorporate the American
AeTu0 RI Mr Sy TSSsE om ad tSe tRs 5a9f on Milf
tary Affairs: For the relief of Brigadier-General
and Brevet MajOrGeneral Z. o. c. Ord. Referred
to the private calendar.
1t authorizes his retirement with the rank, pay
and emolumentS of maior-general.l
The call of committees having been concluded
the House. at 1910, on motion of Mr.. FERNANDO
WOOD went into Committee SOf Whole (NIr. COVERT
in the chair on the funding bill
The pending amendment was that offered yester-
day by Mr. RANDALL, authorizing the issue of bonds
in an amount not exceeding S65O,OOO,OOO, which
shall bear interest at the rate of three per cent
deemable after years.
man from Pennsylvania Mr.. RANDALL would ex-
plain his proposition. which was rather novel.
Mr.. RANDALL said he had never thoroughly
understood the difference between bond and q
certificate bearing the same rate of interest. He
desired merely to simplify the bill by making the
debt of one description.
Mr.. FERNANDO WOOD could not see the neces
sity for change in the historical practice of the
country
Mr.. TOWNSHEND, of Illinois, offered an amend
ment to the original bill, fixing the amount of
bonds at SlOO 100000 and the amount of notes at
30OO00OO0.
Mr.. RANDALL, modified his amendment so as
tn aS Of no Traa
is hereby authorized to issue bonds or certificates
in the amount of not exceeding S650, 100000 which
shall bear interest at the rate of three per cent per
annum, redeemable at the pleasure of the Govern
ment after two years from the date of issue"
Mr. MILLS offered an amendment to Mr.. RAN
DALLs amendment, making the bonds and certiii-
Gates redeemable IN one year and payable in ten
years.
with the gentlemen who, after determining upon
refundng eontended that the present generation
should bear all the duty of paying the debt.
Twenty years hence the people of the country
would be better able to pay the debt than they
would ten years hence. "What had posterity done
for uS?" Gentlemen talked about large surplus
revenue. Let Congress get rid of the surplus reye-
nue. by repeating taxation. The citizen could do
more with it in his pocket than could be accom-
plished with it by Congress.
Mr.. HASKELL expressed his opinion that not
country national bank in the West could stand on
its feet if this bill was passed fixing the interest at
three per cent.
that could be done would be to agree to q thirty
year three per cent. bond and take the tax off the
banks. But the only thing that could be done was
to agree to an option bond, bearing three and half
Mr.. FERNANDO WOOD said that the House
had yesterday fixed the rate of interest at three per
cent. The next question of importance was as to
how long the bonds should run. He regretted to
find that very intelligent gentlemen were running
into what he conceived to be a very radical error
in limiting to avery short period of time the option
of the Government to redeem the bonds. The
proposition that in issuing grave and great obli-
cation of the Government Congress should predi-
cate its power to meet it at maturity on revenues
not yet received was in itself very
dangerous one. Gentlemen referred to an
existing large surplus, and to the great
prosperity of the country to show that the surplus
was likely to continue. They were entirely in
error, not only to the real surplus revenue, but
also as to the continuance OF large surplus. In
1872 the revenue from customs had been S216.OOO,
000 and in 1879 ii had fallen to Sl50600000 1t was
very evident to him that for Congress to farm out
those supposed revenues in advance was not the
policy which q great government should adopt.
But even admitting that this large surplus should
continue, were gentlemen willing to tic their
hands in advance-to be responsible by their votes
for the continuance of the enormous burden inn
posed upon the Government by taxation? He
would not consent to that. He was willing to re-
duce the time as low as was consistent with the
successful sale of the bonds.
Mr. RANDALL accepted the amendment offered
to his amendment by Mr. TowNSHEND, of Illinois,
limiting the amount of bonds and certificates to be
issued whereupon Mr. MILLS offered an amend
ment fixing the time for the bonds and certificates
at 1-10; which was also accepted by Mr.. RANDALL.
Mr.. CLAFLIN moved to amend by making the
bond $40; which was agreed to without division.
Mr. RYAN movedto amend by making the bonds
payable in twenty years. Reiected-73 to 103
Mr.. GILLETTE moved to insert in lieu of the
bonds and certificates the words '-s7OO,O0OOOO of
Treasury notes.
Mr RANDALLs amendment as amended, was
then adopted-120 to 2, (leSSrS. WEAVER and Gill
LETTE) and then proposed a further amendment
relative to the interest on the six per cents:
which was adopted.
The section now read as follows:
'That all existing provisions of law authorizing
the refunding of the national debt shall apply
to any bonds of the United States bearing higher
rate of interest than four and One-half per cent
per annum, which may hereafter become redeem
able Proyided, That in lieu of the bonds being au
thorzed to be issued by the act of July H. 1870 en-
tited An act to authorize the refunding of the ma
tional debt" and the acts amendatory thereto
and the certificates authorized by the act ofFebru-
ary g. 1879, entitled "An act to authorize the is
sue of certificates of deposit in aid of the refund
ing of the public debt, the Secretary of the Treas
t1ry iS Nrhn Inv avfh0 In hOn09