The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1881-02-16
Last Nights Dispatches.
xLvI CONGRESS.
SENATE.

WARRINGTON, Feb. l5-Mr. Bayard
said the committee amendment made the
bonds receivable, bat not oompu isoTy SO
by banks, Then, in the first section,
$500 900 900 of Treasury notes payable 10
ten wears with government option to buy
in one wear. were provided for. the rate
not to exceed 81. 1t the market proved
favorable there would be nothing to pre-
vent their sale at or q per cent. These
Treasury notes are snalagous IN their use
to what are termed exchequer bills in the
English system. The substitution Of the
words. Treasury notes for certificates"
has no special significance. the former
being used as the more correct term. Ihus
two classes OF the loan were presented,
one not permanent, securing short date,
while the other had features OF long, un-
disturbed investment, Each for Its own
purpose would be specially sougns Tor.
The bonds would be issued In muitipies OF
$50 and notes in multiples OF $40, and to
avoid the details and expense OF registra-
tien Of such minute amounts the commit
tee had limited the registration Of Treasury
notes to not less than 500. The fourth
section, ALLOWING the Secretary from time
to time to assist the press of reFunding by
purchase himself CT by paying II matur
ing bonds from the funds 10 the Treasury,
has been amended to provide that tbs
should be done temporarily, and that the
resump ption fund Of gold and silver coin
shall not be permanently reduced, and the
Secretary would be enabled to avail him
self of the per cent rate it opportunity
offerad,
A discussion followed upon the question
whether the bond be long or short one.
in the course of which Mr. Williams said
the objection TO long bond is, that SO long
as it is out we will never get lid OF the
national banks, and | am in favor OF under
sapping them by all means in my power.
The question was taken on the amend
meEt reported by the finance committee to
make the clause read: The secretary of
the treasury is hereby authorized to issue
bonds TO an amount not exceeding $4OO,>
100000. Agreed to.
The next amendment of the finance COM
mIttee was to insert the words In demon
nations of $500 or some multiple Of that
sum-"
Mr.. Kirkwood asked Mr. Bayari wheth-
er the language would permit the secre>
tary to issue all as 81 900 bonds?
Mr.. Bayard replied in the affirmative,
and stated, io response to further Ques-
tions in that direction, that the denomina
items of the bonds would be subject TO the
desire of subscribers The language of
the funding act Of 1870 had been followed
in this matter.
Mr.. kirkwood expressed himself strong
ly in favor Of populsrizing the debt and
giving an opportunity to the people
throughout the country to subscribe for it
direct in small sums.
MIR Bayard admitted the des:rsbility of
such a result. thinking that would be a
fortifcation OF the public debt. but he had
doubts as to it's practicability.
The committee's amendment was
adopted.
The next amendment was to make the
rate of interest 81 instead of per cent.
Mr. Eaton moved that the rate Of inter
est be fixed at 3t per cen:,
MIR, Kirkwood offered an amendment
making ir the duty of the Secretary OF the
Treasury to authorizs public subscriptions
TO be received at all government deposl-
tories and national banks for bonds and
treasury potea authorized in the bill for
thirty days before giving any award to or
making any contract 9Th any syndicate
or individuals or bankers. and to award
the full amount of such subscriptions.
Without action on the amendments Of
the finance committee or either of the
amendments offered thersto, the Senate
adjourned, leaving the funding bill to
come up to morrow as. unfinished business.