The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-02-18
Forty-sixth COngress-Third Session
WASHINGTON, February l., 1881.
SENATE.

Mr.. Maxey, bv direction OF the Commit
| ice on POSt-Oflces, gave notice that the
House post.route. bill would be reported
Monday.
Mr.. Morgan presented a memorial from
the Alabama Legislature for grant of
lands 10 aid in the construction OF the Ten
ne,se and WarriOr-rivers railroad. Read.
On motion Of Mr. b yard. all prior orders
were postponed, and the Senate resumed
the consideration OF the pending bill, the
appropriation bills being deferred in eXpec-
tatlOn Of final vote on the funding bill to-
day.
Mr.. Platt advocated The bll as amended
by the senate committee.
Mr.. Pugh said ne thought the present
time and conditions favorable fOr the cstab-
lishment bv Government OF per cent.
a. its uOrm4l rate. He was Indifferent about
the time OF maturity, II the option Of re-
dPmpliOn was secured 10 Government.
Mir. VOORHEES, urged the necessity OF an
amendment providing that nothing in the
act shall be- construed 10 authorize the re-.
tirement or cancellation OF any part OF the
outstanding currency.
Mr.. Logan favored liked rate OF % per
cent, believing this 10 be aS low as the bond,
could be Heated.
Mr.. Brown reviewed the resources OF the
country and its present prosperity. conclud
ing with an expression his full cOnvic-
ton that 3 per cent. POS could without
difficulty be disposed II at par.
Mr. Call favored per cent. with five
years option, as safe AID prac icable.
Mr.. Salisbury said that rs between and
81 per cent. he would favor the lower rate.
Mr. Cockrill sad that IN his opinion 3
per cent. could be easily floaied, and would
in short time be at a premium.
AZ 4:4J L. NJ, a vote being called for, Mr.
Ferry moved 10 amend the amendment o:
the committee fixing a % rate for a long
bond by inserting The words "nOt exceed
ing" thus applying the slidin: scale pro-
vided for Treasury notes 70 the long loan.
Mr. Blyard minated his willingness to
accept the amendment.
Al this point an Intellectual effort was
made 10 adjourn. Nj. DAVIS. OF Illinois, in
si>tng that il was the duly OF the S-nate to
the country 10 pass a funding bill OF some
kind before adjOurnEg.
Mr.. Mcpherson said he was not disposed
to vote on the question Tonight, nor until
ii was thoroughly understood.
Mr. EIlOn: Then we might Is well adj.
iouru." laughter
Mr.. Mcpherson then said he did not un-
derstand some OF the propositions OF the
committee, and be wanted them explained
before voting on them.
After further remarks the amendment was
rejecled-ayes, u; noes, 45.
A vote was then taken on the amendment
OF the committee fixing the interest rate al
80 instead Of 3 per cent, as Dxed by the
House. The amendment wss rejected
ayes, %; noes, 49,
The next amendment Of the committee,
making the bonds payable semi-annually,
was agreed to without objection.
The next amendment was to create 12O
instead OF $40 loan.
Mr.. Mcpherson moved TO amend 80 as TO
make 1t 80 loan. Not agreed to-ayes,
IA; noe., 43.
The pending amendment then prevailed
without objection.
Amendments substituting the term
"Treasury notes" for certificates" as ap'
piled to the short loan, inserting the words
"not exceeding" before the amount oil
| 1900, ZOO, 00G OF such notes, and providing
for their issue In denominations OF $40, OF
some multiple OF that SUN not exceeding
s100, were agreed TO without formal vote
TIE next amendment was TO fix the Interest
+, rate Of the loan Mt not exceeding Q 81 10