The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-01-07

went INTO OOmnLteb OF tu6 nnOle-mf,
Covert, ol New York, In the chair-upon
THE FUNDING BILL
The only arrangement ln regard to the
Limitation OF debate was that which was
made before the holidays, which limited
general discussion to one day,
Mr.. Kelly took the floor In opposition
to the bill II had been stated that the
only question presented was whether Con.
gress would have sagaCily aud honesty 10
borrow at three per cent the money re.
qulred 10 pay tho bonds which were carry.
ing Elk and five per cent interest. There
has never been more misleading state.
ment made to Congress and the country.
The question which would come up was
whether tho Government could pay this
debt without borrowing money. Six
million dollars year for ten years would
pay It. For Gllesn years the Government
paid an average OF S3, ,OttO, 900 OF that S80,.
900 900, and within lha year Just closed Il
had paid nearly $74OOOOOO Was the
Government In position in which II was
necessary to borrow money, an operation
In which The land aud labor Of the United
States mnat be Dorgaged either Tor
fifteen, twenty or forty years In oIder to
get the money to pay the S65T 900, ,D00 In
the next ten Or fifteen yeafs2 That was
the question and not the one stated by
the gentleman from New York Chitten.
denl as to whether the Government had
the sagscity or bravery TO borrow the
money at lower rAtD He was not op.
posed to retunding Il tho Government
would retain It's option, and hsnOs be
would iu due time ask for 8 vote on his
bill which authorized temporary loans
llOSpH redeemable in one or two years. to
supply any deficiency, should any be
found in the GuTpnt revenues, q thing of
which he had no apprehOnsions. The gen.
tlslpan from New York tChittendenl would
say, "Wtll you nay six por cent, when YOU
can bor!owit II ct three per cent?" Three
per cent for forty ysAEs, IS the Commit
tees bill proposed, was 100 per cent Of the
sO97 900 900 10 be paid, for the 200 0go, 900
OF SKIES would he paid in q little over
three years. The int6tast on that 1900 OOO,'
900 would be but ninO per cent, not 70 per
cent. In the name VI the Ons nation
which stood % an exgmpiaF 10 the op.
pressed people Of the world, ho appealed
TO OOugfcas to do no wSntOll &C: which
would lead them to believe It considered
tho nationpl debt to be Q uatiHnal blessing,
and was willing to pay for the privi!s.se of
psrpelualing II, the 00st. Wpre he seeking
an opening that would induce him 10 SIR.
render the optional right to pay the debt
out OF the current income, he would find
II only Ia the fact that he might give some
Of bic banking friends the privilege to
become members OF Byndlcates, or share
the profits 10 10 derived from mortgag.
Ing the lands and labor and enterprise
OF the American people Tor q term rang.
ing from 10 or 20 to 40 years.
Mr.. Hatch offered an amendment
granting Btats banks the privilege Of Circu.
lation on deposItlng2 per cent bonds with
the United States Treasury. Ordered
printed.
Nj Chittenden stated that he would At
proper time offer an amendment repeal.
Ing the acts imposing o tax on the capital
and deposits Of Savings banks, National
banka, State banks and private DANGERS
providing that the tax on the CIRCULATING
notes OF National banks Issued on The
bonds authorized by The act shall not ex
Cesd one.haf Of one per cent, and pro
| eIdinV fuBthap that Tho inIai annunI III sI
vS, d5Iis,s NJ ii1i vSains Sn,bntiSsI nJa,
,La aCt ~ Fsb,nssv SS sbSII not IT aScssl @
I'M i'm cISS nm nm ~ ~ ''"" NV SNS''N
'VV'OVV'OV" o,v wv.vvu
.,u-,uI :, -" ,li,.
opposed the Dill IL tnlS measure was OIL
lowed 10 pass In the face of the fact tha
there were 10 the Treasury Atty millior
silver dollarsi Il was tantamount 10 leVisla
live construction that the bonds could noI
ptoperIy be paid III silver. He youlc
vots iot no funding bill that yoild takI
aWav from The Government btst, The fivhI
m nav b1nijs, second, lhe rqbt 10 t9ay
puy e'nui ii siiSa ,tLs .ssLt Is ~ ~