The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-07
Foriy-sixrb Congress Third Session
WASHINGTON, January 6, 1891.
SENATE.

SENATE.
Mr.. Eaton, from the Committee on APP.
preparations, reported with amendments the
consular ana diplomatic appropriation bill.
Placed on the calendar.
The Senate proceeded to consider the
calendar, the first bill being one to punish
traDpS in the District of Columbia.
Pending the debate thereon the morning
hour expired.
The army appropriation bin was read
twice and referred TO the Appropriations
Committee. The Senate then res umed the
consideration OF the bill for the relief Of
Benjamin Holiday, winch was supported
by MeSsrs. Garland and Teller and opposed
by Messrs. Morrill,, Mcpherson, and Wal
lace.
Pending the conclusion OF the debate the
Senate, a. =. NJ, went Into executive ses-
sion, and when the doors were re0pened
adjourned.
HOUSE OF REPRESENTATIVES,
On motion of Mr.. Tucker, OF Virginia,
the morning hour was dispensed With, ana
at 1920 the House went into Committee OF
the Whole (Mr. Covert, Of New York, in :he
chair upon the funding bill.
The only arrangement in regard 10 the
limitation OF debate was that which was
made before the holidays, which limited the
general discussion to one day.
Mr.. Kelley, OF Pennsylvania, took The floor
| i'm opposition to the bill. lie said that II
had been stated that the only question pre-
senled was whether Congress would have
the sagacIty and honesty TO borrow at 3 pen
cent. money required y pay bonds which
were carving and per cent. interest.
There had never been more misleading
statement made to Congress and the cOun.
Try.
The real question which would come up
was whether the Government could not pay
this debt without borrowing money. Sixty
millions year for ten years would pay IT..
For niteen years the Government had paid
an average of within three millions of that
amount. and IN the year lust closed it bad
paid nearly seventy-fOur millions. Was it,
then, necessary for the Government to bor-
row money to pay $685., 1000, 600 IN the next
ten or eleven years? He was in favor Of
temporary lOans-loans redeemabe IN one
or two vears-to supply any deficiency
should any be found IN The current reve-
nues-a thing Of which he had 10 apprehen-
siuu-and he would shortly ask fora vote on
his bill TO authorize such loans.
Mr.. Weaver, of Iowa, opposed the bill,
arguing that there were tittv million silver
dollars IN the Treasury when should be
used IN The payment OF bonds, and he gave
notice OF an amendment authorizing the
Sec etary of the Treasury to devote all the
silver in the Treasury vaults to tins pur-
pose.
Mr.. Chittenden, of New York, stated that
he would at he proper time off, an amend.
ment repeating all acts imposing tax on the
capital and deposits OF saving banks. ma
tiOnal banks, State banks. and private
bsukcrS, providing that the tax on clrcula-
ting notes OF natio al banks issued on bonds
authorized by this act shall not exceed one
half OF l per cent, and providing further
that the total amount OF Silyor dollars Of
4l24 grains. auih0nZrd under the act OF
February 2S, 1878. shall hot exceed $780,
000, 600. Mr.. Cbiltenden then spoke at
some length in suppOr: OF his amendment,
the main point OF which. he said, was that
IL reduced the tax on circulation issued
upon the per cent. bond 10 one bali Of the
present rate. This be believed TO be The
Indispensable condition OF success Of the 3
per cent. funding bul. Unless the banks
could be encouraged 10 buy these bonds
the prospect Of dispJsing OF them would
be poor.
Mr.. McLane, OF Maryland. opposed the
bill in its present shape, being persuaded
that there was no necessity for u. He
thought it should be so modified as TO
carry out the views OF the Secretary OF
the Treasury as set forth in his last annual
report.
Mr.. Springer, OF illinois, declared himself
opposed to the bill unless IL should be con-
modified. He thought the pubic
debt could be paid of without any increase
OF taxation much more rapidly than this
bill proposed. lie favored bonds to run q
shorter time.
MIR. Lounsbery, Of New York, opposed
the general features OF the bill lie was In
favor rather OF paying the bonds as they
tall due than OF refunding them.
Mr.. Mis-, Of Texas, argued against the
bill, declaring himself opposed TO the issue
OF lOng.term bonds.
Mr.. Phillips, Of Missouri, spoke briefly In
favor Of the bill, which he proposed to offer
as a substitute for the funding bill.
The committee then rose. Mr.. Tucker. OF
Virginia. stating that he would on S,tur'
day move TO 20 into committee to consider
The funding bill by sections.
Adjourned.
Obituary.