Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-01-10

receiving but twelve votes in lis favor.
Mr. Randall thought 1t was extraordlna-
ry that there were gentlemen present
who were advocating, honestly advocat-
ing, higher rate OF interest than 1t
was conceded on all sides that bonds
could be negotiated at. He differed
from the gentleman from Maine Fryel
and his information on the subject was
different from that gentleman. lie be-
ieved the Government could negotiate
bond and a treasury note at three
per cent. Mr.. BlOunt inquired how
long such a bond and note would
have to run? Mr.. Randall replied
that fifteen years would be sufficient as
lar as the bond was concerned and
2lO principal so far as the Treasury
note was concerned. There was not
member who had not letters from res
pDnslble parties telling him the Govern
ment could negotiate bonds at per
cent. There were 500, 600, 900 and more
OF bonds held by the National Banks.
Why should not the Government say
10 those banks that in placement OF
bonds to secure circulation they should
hereafter, in so far as contract would
permit, take per cent. bonds IL there
would be immediate purchasers TO the
extent of 1925, 100000.
Mr.. Warner asked whether the gentle
man would not prefer 2.lO bond at 50
per cent. to a fifteen bond at per cent
Mr.. Randall replied that he would not
issue 81 per cent. bond II per cent.
bond could be negotiated. The bonds
of the United States today vibrated
somtw ere betwe n 81 and 33 per cent,
and here was proposition to negotiate
bonds at greater rate OF interest thah
the bonds commanded in the market to-
day. The necessity of the people Tor
safe deposit of money would secure the
placement of per cent. bond. lie
would make every national bank an
agent and not run TO the syndicate TO
dispose Of the bonds, and he would give
the small bidder the preference over the
syndicate and large holders.
Mr. +. Wood said that in his position
he had been compelled 10 seek much
practical information OF the funding
question; that when the four per cent.
bond had been proposed the treasury
department and the whole banking IN
tereSt had said it was not possible to
negotiate any bond at SO low rate of
interest; that he had a letter from agen.
tleman who had fought the four per
cent bonds, Mr.. Hatch, OF New York
in which he stated that though at first
he had thought that the long bond was
necessary, he was now OF the opln-
ion il was not and when this authority
was added to the high financial authorl-
" OF the Secretary Ot the Treasury that
even a short certificate could be ttoated
at DER cent, he believed with the gen
tlemen from Pennsylvania MessrS:
Kelly AMI Randall that the time could
be reduced to fifteen years.
Mr.. Mills, OF Texas, argued that 1t
would be hundred million dollars
cheaper to let the debt stand at . and
per cent and pay it in five years, than
to let it run for twenty years at 5 per
cent.
Mr.. Wood denied the proposition.
Mr.. Warner thought the most i'm
portant question presented was the
question OF the length OF time tor which
the bonds were to run. Ii by fixing 1t
AT per cent it was proposed to lengthen
the time, he would vote against per
cent.
Mr. Chalmers would vote Tor the
shortest bond possible aud then vote
against the whole hill. He was opposed
10 reiunding, because it might change
the terms of the contract under which
the bonds were payable in gold and sill
yer.
Mr. Gillette argued against the policy
OF refuuding. a gentleman Lalluding TO
Mr. Newherryl, and to his eternal
shame and disgrace, be it said, had stood
mp and said he had instructions from a
National bank, OF which he was a direc-
tor, how to vote. Shame on the Con.
gress which received instructions from
its creatures, Shame, eternal shame.
Ii was not what the people wanted, but
what the banks wanted that ruled Con-
gresS- The people wanted treasury
note as be circulated as money, and
with which every bond that came due in
1881 could be paid.
The committee then rose for the pur-
pose, as stated by Mr.. +. Wood, OF lin.
ting the debate, but the motion to adj
journ was INTERCEPTED.
Mr.. Wells reported from the Commit.
tee on Indian Affairs an Indian APP
preparation Bill, which appropriates
S4,526, 600; printed and recommitted:
The Speaker laid before the House for
the third time Il report of the Postmas-
ter General in regard TO the tranklng
privilege but it was not received. Adj
JOurned.