The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-01-14

OF Inb treasury Coulu eSIluHulbn SSiu,UOuI'
600 OF the debt in three years, aud the re,
manning $500 900 could be extinguishtd In
leSs than twice that time. He had reached
the conclusion that in less than seven
years the Ave and Elk per cent debt would
be extinguished by the ACcruing revenues
Of the Government.
Mr., Price opposed very short time for
the three per cent bonds, fearing there
would be no market for it,aud that the Gre.
dit OF the country would be impaired.
Mr.. HuTd, In reply 10 Mr., Myers, denied
that he had ever uttered a word on this
floor which had been inconsistent with
any speeches which he had made during
hia various political campaigns, He was
glad OF the opportunity which was pre-.
aented OF undeC0iving the people who
said that in his campaign In Northern
Ohio he pursued one course and on this
4 nor another. He had always maintained
that the demonstration oil silver bad
worked injustice to tho people OF the
country, and therefore he had urged It's
reconciliation. He had urged that silver
and gold should stand on the same basis
He had voted to put 400 grains In the oil.
YER dollar, 30 as to make 1t dollar worth
100 cents, He repeated what he said o
lew days ago that o specie resumption,
based on the silver dollar OF 4l2A grains,
was a delusion and snare,
Mr., Carlisle, referring to some remarks
made by Mr.. Young, Of Tennessee, said
that that gentleman was In favor Of leAv.
ing out standing In hands oi national
banks bonds OF Government bearing In.
lerest at the rate Of 8 and 8 per cent, while
he CARLISLE was In favor OF compelling
national banks to receive bonds bearing
5 per cent interest. As to the economy
Of reiunding or not raiunding, the gentle.
man from Pennsylvania Mr.. Kelley had
submitted some figures IN which 1t an.
peared that in order to extinguish the 6S7
millions OF 6's and g's, by the annual pay.
meht OF 90 millions, 1t would require
from the public tire Bury S2G millinhs Of
dollars. He Carlisle held In his hand a
calculation by which II was shown that
II those bonds were refunded at the rate
OF three per GeRt and paid In precisely
the same way that the debt would be ex'
tingulshed In exSCtlv the same time al
the cost OF S7jS Q00 00O The question
was whether Congress would save 10 the
people these $78 900 900 in q period oi ten
years, or give 1t to the natioual banks AZ
Interest on their bonds. Even should the
three per cent bopds rice 10 the market TO
q premium OF three per cent, which was
hardly possible, still the whole premium
paid bv the Government would only be
about $40 600 600, which deducted from
$7S 900 600 would atil leave u saving to
the people Of $50 900 900.
Mr., Haskell expressed on opinion that
not country National bank IN the West
could sand on its feet II this bill passed,
fixing the Interest at 8 pr cent.
Mr.. Reed criticised the action Of the
Speaker In making this question a party
question. THE Speaker had declared that
the Democratic party had always been In
favor Of paying the National debt) He
would not charge the Speaker with hay
ing believed that, except for a moment,
because he and his party had gone down
In three pitched battles on that very
question. He had merely desired 10
aounl the party tocsin and bring the
party solidly to the question oi the three.
percent option bond.
Mr.. Randall stated that he had been
somewhat amused at the lecture Of the
gentleman from Maine Mr., Reed, but he
wished to remind that gentleman that the
rules required that the Speaker should be
on the door while the House was In com
mttee. The gen,leman's lecture might
better have come from any other member,
Tor that gentlsipan had never gone very
far beyond the lines Of the narrowest par.
tisanship. He therefore recommended
the gentleman 10 cast the beam from his
own eye before he troubled himself about
the mote In the eye OF bis neighbOr
Mr.. Reed was sorry that the Speaker
had taken his observations n the light of
q personal lecture. The object Of what he
said had been to call attention 10 the par.
tisanship which had been adopted In a
matter In which there had not been tho
remotest element Of party until 1t had
been dragged in by tue Speaker. As TO
the GhSrge thAt he was a partisan, lie was
glad TO say tho wisdom OF good party
like the Republican party was bettor than
all the non. .partisanShip that had ever
fooled the people.
Mr.. F. Wood said the House had yester.
day fixed the rate Of lnterest at per cent,
end the next question of importance wRs
as 10 hog long tho bond should run, lie
regretted 10 tind that very intelligent gen.
tlemen were running into what be CON
Ceded TO be q very radical error In limiting
IN very short period OF time The option Of
the government to redeem the bonds. The
proposition that 10 issuing q grave and
great obligation ot the Government Con.
press should predicate ita power to meet It
AZ maturity on revenues not yet received,
was ia iteeli a very dangerous one. The
gentlemen referred 10 ah existing surplus
and 10 the great prosperity Of tho country
10 Shov that the surplus was likely to con.
tinue, but they were In error, not only as
10 the real surplus oil the revenue, but also
AZ 10 the continuance Of o large Rurplus.
In 1879 the revenue from customs had
been $2lG OO0, 900, and In 1879 II bad fallen
10 $4,000 900. II was evident to him
that for Congress 10 farm out these sup.
posed revenues In GdYauCe was not the
policy WHICH great government should
adopt but even admitting that this large
surplus would continue, were the gentle.
men wlllipg to lie their hands In advance,
To 10 responsible by their woes for the
OF the enormous burden i'm.
posed by taxalion7 He would not con.
sent 10 that. lie was willing 10 reduce the
time as low as was Consistant With the sue.
CesSiul aale Of lands.
Nj, Randall accepted the amendment
Offered To his amendment by MIR. Towns.
bend, Of Illinois, limiting the amount ol
bands and certificates 10 be issued.
Whereupon Mr.. Mills Offered an amend.
ment making the bonds and certificates re.
depmable In one year aud payable In ten,
wfiGh wsa also accepted by Mr.. Randall
Mf. ClAAih moEed TO amend by making
the bonds fedeemable In Eve years and
payable in ten yeats. Agreed to without
q division.
Nj. Ryan moved 10 amend by making
The bonds PAYABLE In twenty years. Re.
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