Mexico weekly ledger., 1881-02-24
CONGRESSIONAL.
Special Correspondence Of the Ledger.
WARRINGTON Cry. February 81.


Special Correspondence Of the Ledger.
WASHINGTON CRY, February 21.-
After attaching q lew amendments
to the House funding bill, the Senate
has passed that measure. The real
argument in regard to it related to
the rate of interest to be allowed on
the bonds and certificates to be is
sued under it, but that was finally
allowed to remain as fixed by the
House at 5 per cent. During the
debate the following passage at arms
between Senators Cockreit and Ferry
took place: After some talk upon the
fruitful theme of the impossibility
Of negotiating a 8 per cent. bond,
Nj. Ferry reminded Mr.. Cockrell
that in 1879 the Secretary OF the
Treasury had at one time found it
impossible to place ever 4 per cent.
bonds. MIR. Cockrell replied with
surprise that he had never heard OF
that before, and called for dates.
Mr.. Ferry raked his memory, and
concluded that it must have been in
1878, wher the difficulty was expe-
rienced. "Ah, yes" said Mr.. Cock
rell, '.that is likely /; but when the
democracy came into power, there
was q business boom over the coun-
try that put all the government Sc
curities at par" Mr.. Plumb sug-
gested that it was surprising to know
now that the democratic party was
going put of power, that Mr.. Cockrell
should risk the advocacy of q lower
bond than had ever been issued be.
fore. MIR. Cockrell denied with
spirit that that party was going out
of:power,a and said that even lift were
he should advocate such a bond in
the expectation of its return to
power, for he assumed that that par.
ty was destined to a prosperous and
amending future. This sentiment
created a stir in the galleries, anG
MI. Cockrell.sat down quite satisfied
but Mr.. Ferry turned red in the fac"
and remarked that faith covered {
multitude of SINS" "Faith!" ex
claimed Mr.. Cockrell, 81 woul(
suggest that the gentlemen reat
the scriptures more carefully be
fore attempting further quota
tions from them in open Senate
Mr.. Ferry now turned all coiors
and after manifesting uneasiness
took refuge in turning over
pile OF kapers OH his desk, and dis
not again attempt to champion Mr.
Sherman's views.
The section making it obligator,
upon the national banks to use 3 pc
cent. bonds in securn e their note
and governmental obligations re
mains in the bill, greatly to thei
discomfort. They had better be eau
tious, for they can do more than an,
party-even the greenbackers, or al
parties combined-to array the PEG
pie against them, and il would b
foolish in the extreme in them to at
tempt to dictate either how mucI
interest government should allow
or what taxation it should impose
Few outsid of bank pariOrs will
think there is any harm in restrict
Ing banks to 3 per cent. interest OIL
securities for notes from which from
6 to 8sper cent. per annum is de
rived, anu still fewer will be able t,
discover any coercion attached I,
such procedure. When the gov
ernment taxed the State banks GU
of existence to create q market fnl
its securities, did any II cry on
"coercion ?" The national bank
profited by that act, an
now, like the state banks, the,
must abide by and be content witt
the rate of interest that satisfies tn
community. The government is nn
dependent or them there is abund
ance of money in the hands of exc
cutors and trustees seeking invest
ment to furnish ABSORPTION for al
the new bonds and certificates con
templated in the funding bill. If
per cent. is less than they can affor,
to take, let them withdraw lhei
circulation and make room for tn
treasury certificates.