Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-01-14
compelling the national banks to receive 8

compelling Inc naGlOnai pauhS W io|0A'o
per cent. bonds. 49,
Mr.. Haskell opposed the bill and criticised
the speaker for, as he said, making the ques.
tion political one, to which MIR. Kandail
replied defending his cause.
Mr.. Wood said that the House had yester-
day fixed the rate of interest at per cent.
The next question of Importance was as to
how long the bonds should run, and argued
against the short time proposed in the amend
ment offered
Mr.. Randall accepted the amendment offered
to his amendment by Mr.. Townshend, of Hi
nois, limiting the amount of bonds and GER
tifcates to be issued, whereOn Mr.. Mills Of
fered an amendment making the bonds and
certificates redeemable in one year and payable
in ten, which was also accepted by Randall
Mr.. Claflin moved to amend by making the
bonds redeemeble in five years and payable In
ten. Agreed to without division.
Mr.. Ryan moved to amend by making the
bonds payable in twenty: years. Rejected, 70
against 1O3.
Mr.. Gillette moved to insert in lieu of bonds
and certificates the words, "S700, ,00O, 900 of
treasury notes." Rejected.
Mr.. Randall's amendment as amended was
then adopted, 1913 against 2, (Weaver and Gill
lete) and he then proposed a further amend
ment relative to interest on 6-per-cents., which
was adopted The section now reads as fol-
lows:
That all existing provisions of law authoriz-
ing the refunding of the national debt shall
apply to the United States bearing higher
rate of interest than 3H per cent. per annum,
which may hereafter become redeemable; pro-
vided, that in lieu of bonds authorized to be
issued by act of July II, 1870, entitled an act
to authorize the refunding of the national
debt, and acts amendatory thereto, and certif-
Gates authorized by act of Feb rs, 1879, en-
titled an act to authorize the issue of certifi-
Gates of deposit in aid of refunding OF the pub
lie debt, the secretary of the treasury is hereby
authorized to issue bonds in an amount not ex-
ceeding $4OO, 1000, 900, which shall bear interest
at the rate of per cent. per annum, redeem
able at pleasure of the United States after five
years, and payable ten years from date OF is
sue; and also certificates in an amount of not
exceeding $500, 900, bearing interest at the
rate of per cent. per annum, redeemable at
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 provisions as bonds authorized to be is
sued by the act of July IA, 1870, entitled an
act to authorize the refunding of the national
debt, and the act amendatory thereto, provided
that nothing in this act shall be SO construed
as to authorize an increase of the public
debt; and provided further that
before any of the. bonds
or certificates authorized by this act are issued,
it shall be the duty of the secretary of the
treasury to pay on bonds accruing during the
year of 1851, all silver dollars of 412H grains,
and all gold over and above 50,000,O 900 in the
treasury for redemption purposes; and prOvid
ed further that interest on the 9 per cent
bonds, hereby authorized to be refunded, shall
cease at the expiration of thirty days after
notice that the same have been designated by
the secretary of the treasury for redemp-
tiOn.
Mr. Kelly stated he would not now press
his substitute, inasmuch as its provisions had
been substantially incorporated in the bill.
Mr.. Weaver offered an amendment provid-
ing that no portion of the public debt now
payable in lawful money, shall be funded I'M
der authority of the act into obligations pay
able exclusively in coin. Rejected, 66 to &c.
Mr.. Chittenden offered an amendment re-
pealing the tax on bank capital and deposits,
and providing that the tax on circulating
notes of national banks issued upon the bonds
authorized by this act, shall not exceed one
half of one per cent Mr. Wells made the
point of order that the amendment was uot
genuine, and gave warning that if it should
be admitted he would bring forward amend
ments imposing an income tax, and revising
the tariff.
The point of order was sustained and the
amendment excluded,
Mr. Warner offered an amendment fixing the
rate of interest on certificates at three and a
half per cent. and providing that they should
not be issued in smaller denominations than
$50 Ruled out on point of order.
Mr.. Anderson offered an amendment pro-
hiblting the incorporation of national banks
after June so, 1881. A point of order was
raised against the amendment, pending which
Debrill offered an amendment imposing an in
come tax, when the committee rose and the
House adjourned.