Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-01-07


with and the House went into Commit
tee OF the Whole, Mr. Covert in the
Chair, upon the funding bill.
The only arrangement in regard to
the limitation OF the debate was that
which was made before the holidays,
which limited the general discussion to
one day.
Mr. Kelly took the floor in opposition
TO the bill. 1t had been stat, q that the
only question presented was whether
Congress would have the sagacliy ana
honesty TO borrow at 8 per cent. The
money required to pay the bonds,
which were carrying D aud b per cent.
interest. There hau never been a more
misleauiug statement made TO Congress
and TO the country. The question
which would come up was whether the
could pay this debt with.
out borrowing money. Sixty mlllIon oI
dollars q wear for ten wears would pay
it, For fifteen years the government
had pad IN average Of within three
millions of that sixty millions, and
within the year Just closed it had paid
nearly seven,y.iour millions. Was the
government IN position IN winch 1t
was necessary TO borrow money to put
in operation a project by which me
land aud labor OF the United states must
be mUrtg3ged either Tor 10, ~ or sp
years in order 10 get money 10 pay S65r-
OIO. 900 in the next ten or fifteen years
Tna; was the question and not the one
stated bv the gentleman from New YORK,
TChitttnden as To whether the govern
ment had the sagacity or honesty TO Our-
row money at a lower rate. He was not
opposed to refund,ng if the government
would retain its options; hence he
would i'm due time ask for a vote on his
bill. which authorized temporary loans
IOans rrdeemable in one OF two years
to supply any deficiency should any be
found in the eCurrentrevCnues athlng OF
which he had no apprehension. The
gentleman from New York, lChltten-
dcnl would say: "Nill you pay q per
cent when yGu can borrow it at
3 per cent? Ture2 per cent. for
forty wears, as the committees
bill proposed, was l20 per CEN.
oi he SG37 100000 TO be paid for the
S2CO,UJ0, 600 oi skies, would he paid IN
a little over three years The interest
on tnat 500, COO 900 would be but per
cent, not 40 per cent. In the name ol
ia. one nation hiCh stood IS an eXem-
plar 10 the oppr, ,>sed people OF the
world, he appealed 60 Congress 10 DO no
wanton act which would lead them t.
aIiyve that it considered ihe national
debt 20 be a nation&, blessing, and was
willing 10 paw for the privilege Ot per
patuating it. The cost, were he seek
Iug an opening that would induce hlm
tasurrendc the optional right to pay the
q bt ont Of the current income, he could
find only i'm the fact that ne might give
some oi his banking friends privileges
to become members OF the syndIcates
and sh are the profits to be derived from
mortgaging land and the labor and en-
terprise OF the American people Tor a
rn ranging from fifteen or twenty TO
forty years.
Mr.. Hatch offered an amendment
granting the State bank, the privilege
of circulation or depOsiting three per
cent bonds with the United States
Treasury. Ordered printed.
Mr.. Weaver opposed the bill If this
measure were allowed to pass in the
face of the fact that there were IN the
Treasury fiiy millions OF silver dollars,
IL was tantamNunt to legislative con-
structiou that bonds could not properly
be paid in silver.
Mr.. Chitt-nden said that as he had
not expected to speak to-day nc
had lett his few notes at home,
buf he would take extracts
from the financial speeches OF PreSl-
dent. elect Garfield rs Il text Tor his
speech. Having read some extracts, he
proceeded w:th ms speech. He was
in favor OF the passage OF this
Funding bli, with certain amendments.
which were essential to make 1T praC-
ticablr. Where was the money TO pay
the maturing bonds without the reiund-
ing bill? The gentleman from Iowa
T Weaver talked about silver dollars.
The argument in favor OF prOcrastlnat-
iug. the doctrine in favor Of letting the
thing run on proceeded from the the
ory that the people would
be shocked and dIsgusted that
Congress should prefer to pay or
6 per cent 10 3 per cent, and would after
awhile get something that cost nothing,
10 pav the villainous hOndholders, OF
whom he was not one. tie WAS
convinced that unless
banks were relieved OF tax to some eX-
cent. the 3 per cent bonds would liter
alIy fail. His prayer for his country
was that both parties would take the
financial question from the political
arena. and decide it on ITS merits, and
decide it absolutely independent OF all
selfish motives.
Mr.. McLane opposed the bill, being
persuaded there was no necessity at all
for any further funding bill.
Mr.. Springer declared himself op.
posed to the bill! unless it should be
modified, and proceeded to
state his objections. 1t would place
between $500, ,OU0, ,00G and S70O,OO0,OOO OF
United States bonds beyond the reach
of the Government for twenty wears.
leaving only payable within that time
500 OOO, 900 and the 44 per cent. bonds
falling due IN ten years. He thought
the Government cuuld do better than
that, and that the public debt could be
reduced to a much larger extent with
out any increased taxation. Within the
last ten years the reduction OF the pub
lie debt averaged over $4,000, ,OU0a year
and he thought it was not extravagant
to calculate on the ability OF tie
Government to pay within the next
ten years one billion dollars. ii the bill
were so amended as to provide for short
bonds, he would support it, and he
hoped it would be also so amended as to
guard against the payment ol double
interest and other advantages to syndi-
Gates and capitalists.
Mr.. Phillis, of Missouri, spoke briefly
in favor of the bill which he proposed to
offer as a substitute for the refunding
bill 1t authorizes tne Secretary of the
Treasury to issue treasury notes TO the
amount of not more than five hundred
million dollars in denomination Of not
less than ten dollars. aud bearing inter
est at rate not exceeding 8 per cent
redeemable at the pleasure OF theSGov.
ernment ar any time after July LIST,
lSS2. provided no more than 500 OOO, 900
of said notes shall SO mature in each
wear from the date of issue.