The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-01-13

Washington, Jan. 12.--On motion Of Mr..
Buckner. Of Missouri, the morning hour was
dispensed with, from 1908 to l:l4.
Mr.. Wood, of New York, moved that when
the house next went into committee of tho
whole, on rssdirg bill, debate on pending
amendment should DO limited to thirty min
utes. Agreed to; l49 10 4, Messrs. Cot1roth
Stevenson, Humphrey and Weaver voting in
the negative.
The house then, at 1885, went into COM
mitteo Of tho whole, Mr.. Covert, of Now
York, in the chair, on the funding bill.
Mr.. &. Wood said that for himself he saw
nothing inconsistent In the establishment OF
per cent. as tho rate Of interest for bonds
and the shortening of option indicated in the
bill. he would 90 further He believed
that with the removal Of the tax on bank de-
posts and the establishment. the rate Of 8
per cent, the question Of option
was absolutely immatsrial, because the bond.
and certificates would not be likely to rise
to any great premium ssd would be at any
time within the roach of the government al
par or at q nominal premium. He believed
that per cent. rato could be safely es,Ab-
lishsd, and was confident of speedy nsgo.
tiatisn Of every bond and certiasate issued.
Mr.. StOvensoa, Of Illinois, opposed the
bill on the ground that IL doss no more OF
less than fix q permanent national dobt upon
the country.
Mr.. Weaver, of Iowa, protested Against
the refundiDg of and per cents int any
obligations that would take from She Eoy.
erhment the right of redemption for single
day or hour
i Mr.. Mcmillan, OF Tennessee, argued in
favor Of az amendment which he propoAe ed
to offer, making tho bonds subject to taxa.
ton.
Dir. Dunnsll, of Mnnesots, q member Of
tho committee on ways and means, said h,
had not thought Of thss. A 8 pei
cent bond would nud ready sale
and he advocated that rate of interest. HI
wsuld vote, however, TOR reduction of th,
time of twenty to ten years.
Mr.. Oscar Turrer, of Kcntucky opposed th,
rofunding theory. He WAS in favor of plsc
ing an income tax on capitalists sad bond
holders, and letting tho revenue received from
tho tax go to the sItingui,hmsnt of ponds
Mr.. Randall advocated a 3 per cent. bono
and an amennment TO the bill, 30 as to civ,
the government the right of redeemine a
any, time after one or two years.
Mr.. Buckner opposed the bill, which h,
said would have tho effect Of making thu
national banking system of the country per.
nanent.
Mr.. Frye defended the national bank sys
tenn, but expressed the belief that n 8 pe
cent. bond could not be floated.
Mr.. Bskor argued in favor of 3 per cent
bond, which he believed could be made sue
ces.ful.
In further debate the per cent. bond wa
advocated by Messrs. Randall and o. Connol
and opposed by Messrs. Aldrish, Haskell
Harris and Warner.
The tine fixed for debate having expired,
vote was taken on Mr.. Wood.
amendment, fixing the rate
interest on refunding bonds OF 8 por cen,
The amendment was sgreed to--ayes y.
nays 92. The second branch Of the amend
ment fixing the rate at per cent, was agree
to with division.
Mr.. Sanford, of Alabama, offered a
amendment providing that before any of th
bonds or note, authorized by this act ar
issued it shall be the duty of the iecrstar
Of tho treasury to pay on bonds accruin
, during 1881 all the silver dollars of 4l2
, grains and all gold over and above $50,OO0
600 now held in the treasury for rsdsmptio
purposes.
Mr.. Samford's amendment was adopted b
vote of SS to %, the republicans refusin
+, to vote, desiring to SO load down the bill tina
substitute offered by them would
, adopted.
Mr.. Randall, of Pennsylvania, offered al
amendment making the substantial part q
the section read as follows: "The secretar
Of the treasury is hereby authorized to issu
bends in an amount not exceeding $3.50, 900
: 600, which shall bsar interest at the rate of
4 per cent per annum, reedeemable at th
pleasure of the United States, and after -
D years bends SHALL etc." He stated that h
: intention was to make this bond loan Q,
clusively. He would, at the proper tim
move to fill up the blank in the amendmel
: by the insertion of tho word "two," so as
i make the bonds redeemable in two years. L
r would also offer an amendment providin
that the interest on 6 per cent honda sh,