Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-01-14
WHEELING, w. VA. FRIDAY MORNING, JANUARY a. 1881.

wilson vs.. Carpenter, from the Ninth
Congressional district OF Iowa. Both
reports were ordered printed and laid
on the table.
BY Mr.. Johnson, OF Virginia, from
the Committee on Military Afairs-For
the relief OF Brigader General and
Brevet Major General Z. o. G. Ord.
Referred to the private calendar. ut
authorizes his retirement with the rank,
pay and emoluments OF O Major Gen.
eral.)
The House then went into a Commit
tee OF the Whole Covert of New York
in the chair on the Funding bill pend
ing the amendment was that offered by
Mr. Randall, authorizing the issue Of
the bonds to the amount not exceeding
$3.50, 900, which shall bear interest
at the rate of 3 per cent, redeemable
after blank years.
Mr.. +. Wood hoped the gentleman
from Pennsylvania (Mr. Randall,)
would explain his proposition, which
was rather nOval.
Mr.. Randall said he had never
thoroughly understood the difference
between bond and certificate, bear
Ing the same rate OF interest he desired
merely TO simplify the bill by making
the debt OF one description.
Mr.. Wood could not see the necessity
for a change from the historical practice
of the country.
Mr.. Townshcnd, OF Illinois, offered an
amendment to Randal's amendment,
fixing the amount of the bonds at Si00,-
600 900 and the amount OF notes at $780,
OOO, ZOO.
Mr.. Randall accepted the amendment
offered to his amendment by Mr.. Town
shend, Of Illinois, limiting the amount
OF the bonds and certificates TO be is
sued, whereupon Mr.. Mills offered an
amendment making the bonds and GER
tificates rcdeemable in one year and pay
able in ten, which was also accepted by
Mr.. Randall.
Mr.. Claflin moved to amend by max
ing the bonds redeemable in five years
and payable in ten. Agreed TO without
division.
Mr.. Ryan moved to amend by making
the bonds payable in twenty years. Re
jected-73 against lO2.
Mr.. Gillette moved to insert in lieu OF
bonds and certificates the words seven
hundred millions of treasury notes. Re
jeCted.
Mr.. Randall's amendment as amend
cd was then adopted-l2S against .
iMessrs. Weaver AMI Gillette), and he
then proposed further the amendment
relative TO the interest on the q per
cents, which was adopted.
The section now reads as follows:
"That the existing provisions OF law
authorizing the rGfunding OF the debt
shall apply to any bonds of the United
States, bearing a higher rate of interest
than 4 per cent. perannum, which may
hereafter be redeenable, provided that
in lieu of the bonds authorized to be
issued by the act OF July IA, 1870, enti.
tied, An Act to authorize the refunding
of the National debt, and acts amenda.
tory thereto, and certificates authorized
by an act OF July 26, 1879, entitled: An
act TO authorize the issue OF certi6-
Gates of deposit in aid of the re-
funding of the public debt The
Secretary OF the Treasury is
hereby authorized to issue bonds in
amount not exceeding SiOO,OOO, 900,
which shall bear interest at the rate Of
per cent. per annum, redeemable at the
pleasure of the United States treasury
in five years, and payable in ten years
from the date of issue; and also certiti-
Gates in amount not exceeding $500, ,UOO,-
900, bearing interest ut the rate of 3 per
cent. per annum, redeemable at the
pleasure of the United States after one
year, and payable in ten years from date
of issue. The bonds and certificates
shall be in all other respects OF like
character and subject to the same pro.
visions as the bonds authorized to be is
sued by act Of July II, 1870, entitled
"An act to authorize the relunding OF
the National debt, and an act amenda-
tory thereto, provided that nothing in
this act shall he so construed as TO au-
thOrize an increase of the public debt;
and provided further, that before any OF
these bonds or certificates authorized by
this act are issued it shall be the duty OF
the Secretary of the Treasury to pay
on the bonds according during the year
1881 all the silver dollars OF 4l2i grains
and ali the gold over and above fifty
million dollars in the Treasury for
redemption purposes, and provided
further that the interest on the q per
cent bonds hereby authorized to be Ie-
funded, shall cease at the expiration OF
30 days after the notice; that the same
have been designated by the Secretary
Of the Treasury Tor redemption.
Mr.. Anderson offered an amendment
prohibiting the incorporation OF the
National banks after June 80, 1881. A
point ol order was raised against the
amendment pending, to which Mr.
Diberell offered an amendment impos-
ing the income tax, when the committee
4. L L -,