The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1881-01-09
LATEST KILOGRAMS.
FORTY-SIXrH CONGRESS.
LAST SESSION.
HOEsE,

Washington, Money, from the com.
mites eA PoItoffices, reported back the
bill regu ating second class post-Ee or
second class mail MISTER. Calendar.
On motion Of Wood the House, II
| com mittee, took up the funding bill
Wood, By instructions Of the committe,
ways and means, oferet an amend.
menL fixing the rate Of interest at 5 pei
cent.
Clahin wanted the rate in the bill tc
stand st 81, and wanted the bonds r.
tdeemsble il Eve and payable in twenty
years NO business man believed it pos
sible to Scat 3 per cent bond. 1t va,
3 dangerous experiment.
Kelly said IN the purchase Of ever
sloS, 900, eco bsnds in the year ending
last October, the secretary OF the treasury
had to pa S1l2,000,0 900, or about 81 PEI
cent. premium.
War sr suggested that the rate be AZ
He would favor Woods amendment,
but op oIe the bill.
No suggested for the ssks Of on
Venisnce that the per ent amendment
should hS uuanimou5ly accepted.
Cl8fIR objected.
Frye thought 1t vas 8 1T tine to discus,
the rate now. 1hres pc. cent. uAust rua
twenty or thirty years.
Wood thought not. Secretary Shsrman
had said he believed short line certiG-
Gates, having less than tea years TO run,
could be foHted n per cent. Wood be-
lieved so to. He hoped Frye would not
endeaVor to commit the House TO en- IN
tenable position.
Keifer's amendment fixing the rate at
not above 4, not having but II Votss, was
Loaf.
Randall replied that he would not issue
q 8! per cent. nd if per cent. bond
could be negotiated. The bonds Of the
United States to-day Vibr&ted somewhere
between 81 and 50 per cent. and here was
prefoIltisn TO negoIiaIs bonds at n
greater rate OF Interest than tbs bonds
0 mm, Rded in tbs market ts-uAy Tn
necessity Of the people Tor sac deposit
Of money would EseuTs placement Of
per cent. bonds. He would make
every national bank an sEsat aud not
run TO = syndicate 10 dispose of tho,e
bonds, snd he would give the small
bidder preference ever syndicates and
large holders
Fernando Wood said, in his positioB,
he had been compelled to seek much
practical Information on the funding
question. When 4 per cent. bond had
been prop sed, the treasury department.
and the whole bsnkli interest had rxid
1t was Aet possible to negotiate a bond
40 low rate OF interest. lie had iette
from a gentleman who had 4 per cent.
bonds Hatch OF New Ys X, in which he
stated that though a. frat he had thought
a long bond was Necessary, ne was now
Il the opinion that it Nas not, and
when to this authority WAS aided the
high financial authority Of the Secretary
Of the treasury, that even . shitt riff
cate could be- q 'st-d at 3 per cent, h. b.
lisvs9, with Kelly and Randall, the time
evuld be reduced to fife years
hillI, OF Tex IS, srgued snst it would
be Sl00, GOO, COO cheaper 10 let the debt
stand st and per cent.
Wood denied the proposition.
Cannon did not Waat to get the rate OF |
intersst so low that the bond could not
be aoated. He, Therefore, Woald give the |
secretary Of the treasury discretion UP to |
; 65, or even higher. At any event, it |
would be or Bor csnt. lower than al
present.
Boyne offered an amendment p-ovi1-
uE that the rate shall not exceed 4 per |
rent. and making the duty Of the Gec4s
ary ID the 81 e2sury to Dego. late the sale |
,r exchange Of such Dor 1 at the lowest
ale Of interest practicable.
badley advocated = perpetual per
,ent. bend ~ in England. The lowest
ate of interest which government bonds
)rodVccd q. the present market prices Of
bonds was 8 zI-l00, and ct the rates
'ulIng for IL and Az, the value Of a
ser cent thirty year Dond was from 81 to
Rana srsHed that il bonds we're paid
Is they should be, under existing laws,
n lawful money, large saving could be
'fretsd.
CovsrIs argued that s 5 per eens. gov
,rnm- Mt eOna, IS proposed, was squlTR
ent to Per cent. interest in private
cans
Fernando Wood asked Conv r-e
rheLhe1 the effect o. the establishment of
3 per ceat. rate. by government would
lot be 10 reducetEs rates on farm mort
RACES weat.
Converse replied tha. it would have
hat.effecs and there was large amount
# saving involved in that idea.
Butte worth srgued that per cent. was
90 low = ra.o uf-ilisrest Al 4 said thst
10 EuSEOiAt NOulu % IattluFo III i1F0st-
the funt, Of his ward N per cent
Jond.
ToWnshend OF Illinois, referred 70 the
eceut subscriptions 10 the Noihern
2acifc 5 per cent bonds, and Ask-d the
question whether. if al unconstitRted
ail-aAd could host, A. a p;emium OF
-, per cent. bond, subject 70 AL
lind ofItate and local taxation! these
,ould be shy doubts Of the ability Of goV-l
rnmeEt 10 1ost : per cent, bond 1
Ienpt from ALIENATION! he believed
3 per cent. government bond would bl
egsrded in Illinois a. E coed invest
nent.
Tasfer declared his belief that net one
per ceat, bond would be taken in his
II any other district in Ohis.
Baynes amendment WAS rejected.
Warner thought the most Important
u.stion prese I'D was he question Of =
he length of time for Shich the bonds
yere TO run. II By hxiag s per cent. il ,
Tas proposed 10 engthsn the time he +;
Teuld vote against 5 per cent. g
Rswssrrs eksred On amendment gsr4k-