The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-12-29
Let There Ne No Eore
FUNDING THE PUBLIC DEPT.

Immediately after tho converting
OF she present session OF congress
John Sherman IT Ohio introduced j.
bill Of which the following Is the full
text for refun'l!ng the public debt:
Section l. The secretary OF the
treasury Is hereby authorized to re-
ceive ut the treasury OF the United
States lawful money Of the United
States to the amount of 900, or any
multiple, and to issue In exchange
therefor IN equal amount OF register
ed coupon bonds OF the denomination
Of $50, $1O0, $500, 81, 900 and SIC. 900,
Of such form rs he may prescribe,
bearing interest II. the rite OF three
per cent. payable at tho pleasure OF
the United States utter the first day
Of January, 1887, order of their pay
ment to DO determined by law, OF, in
the absence OF such legislation, BY
rules and regulations to be prescrib-
ed by the secretary OF the treasury.
The money deposited nndor this act
shall be promptly applied solely to
the redemption Of the bonds or the
Unitod States bearing three and one
half per cent. interest. and the ag-
gr~2atc amount OF deposits under
this Act shall not exceed the sum OF
1900 900 900"
At the last session OF congress the
republican party undertook to refund
these maturod bond into 4O-year
bonds, tho democrats into 5O.year
bonds each endeavoring to place
their payment beyond the control Of
the government. That scheme was
successfully opposed hy the Nation
ais under the lead OF its trusted men,
beers Of Congress. 1t IS not necessa-
ny that We refer hero to the specious
pretexts they urged In support Of
their scheme.
Within three months after the AL.
journment OF Congress the leading
republican papers which had de-
nonnccd the grccnbackers without
stint, endorsed what they nad &C.
complished, and were eager to flnd
some way to appl, our
"SURPLUs RRvENrE-How 70
UsE IT."
the New York Tribune devosinc an
editorial under this heading on the
18th OF September to this subject. In
that article the Tribune based its ar.
gumcnts in favor Of the purchase Of
bonds not yet due. md against the
payment OF the "Windom's," npor
the fact that the latter would soon be
al paid of, when the government &c
get rid OF its surplus revenues would
be compelled to go into the open
market and pay higher price fol
bonds. In taking this position the
Tribune antagonizos the policy O,
Its party and the policy OF the bill
recently introduced by Mr.. Sherman
and copied in full above. The polio,
OF the republican party In the las,
congress vas to put the paym"n. o.
tho debt out OF reach OF til. govern
nent no matter how much Its SUR.
plus revenues might be. And tina,
measure then had the support Of tho
Tribune. John Sherman's bill pro
poses to do the same now until ate,
the first day OF January 1857. II
and out OF congress the bondhold
ers and all their allies were going /,
hold the Nationals responsible fol
the defeat ofrefunding. On tho Ais
of December 1880, ono year ago, 1
colloquy occurred in congress be
tween Fernando Wood, author Of tn,
bill. and Gen. Weaver ns follows:
Mr.. Wood had notice serset
on me by the leader or very small
party In this House, that every Par
Hamentary strategy and right the,
could possibly command they woul.
make use OF to prevent the passng,
VI Any 1oAISuS Uut.
Mr.. Weayer-And / now Yeney
that declaration IN the presence o
the whole House.
Mr.. Wood-Vcry well; II the gen
heman from Iowa will assume tina
position openly in the presence O
the House for himself and those vii,
act with him. upon their heads rest
the responsibility.
Mr.. WeAvcr.-Lct ii CONNECTION
gressioEal Record Dee, al 1880.
Leading members VI both old par
tics aided Mr.. Wood In getting thi
Dill before tho House and In .ecurin,
Its passage. but the Nationals ha,
limited the time by amendments. an
had reduced the rate of interest fror
per cent. rs proposed to :, per cen,
and when the bill wen, To Mr.. Haye
II was vetoed on tho ground anon
others that u 3pes. cent bond VIZ
impracticable. From the congress
ional Record Of the date above quo
ted VT copy tho cogent reasons q
Gen Weaver:
Mr.. Weaser--What / am oppose
10 il this; the funding Of any por
tinn OF the public debt beyond ia
power or the government to pay
when II plrases. That l. my posi-
ton.
Mr. Atherton. is not this Il Q gen
tleman's proposition, not 10 fund tn
debt ut all under any eircumsi ances
Mr.. Weaver. This is the position
81 ny colleague aud myself: The on
~ bonds the government now In
the right - pay. o. will have afte
the first Of July next. amount 4
about S.D0pO.Oo0. Now, the par