New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-25
cr,rI. FIJRTHER AMENDMENTs.

.r,,ox on THE HOUSE COMMITTEE ON WAYS AND
,,eANs-AN AMENDMENT TO REDUCE THE TAX
ON CIRCULATION REJECTED-PRoPosED RELIEF.
lBY TELEGRAPH TO THE TRIBUNE
WASHINGTON, Feb. 24.--The Committee of Ways
and Means this morning considered the Senate
amendments to the Funding bill, and agreed 10
recommend concurrence in them with some addi'
tional amendments
,he first section of the bill was changed. The Sem
ate amendment provides that the Secretary of the
Treasury shall authorize public subscriptions for
thirty DAYS until the expiration of which he shall
not enter into any contracts for the sale
NJ the bonds or Treasury notes. and requires that
4he amount of subscriptions shall exceed the total
of bonds and notes to be issued subscribers
for suus of So 900, or less shall first be supplied,
and the residue of the bonds aud notes shall be dl-
vided pro rata among the other subscribers. Mr.
Fryas amendment strikes out the pro rata ana pref
erence features of the section, and provides that
bons and notes shall be issued to subscribers in the
order and to the full amount of their subscriptions
On motion Of Mr. Carlisle the second section was
amended SO as to provide: First that the Secretary
of the Treasury may at his discretion use from me
10 time not exceeding 500, 900 at any one tlme
of the standard gold and silver coin IN the treasury
III the redemption of five and six per cent bonds
and second 80 as to authorize the Secretary OF Tue
Treasury to use the suplus money in the Treasury
at any time IN the purchase of any United
States bonds or Of the Treasury notes authorized by
this act. These amendments remove the objections
mentioned by Mr. Carlisle last evening in the course
of a conversation with TRIBUNE correspondent.
The fifth section was amended by extending to
September the time at the expiration of which 1t
shall be obligatory on any National bank which
desires to deposit bonds to secure circulation TO use
three per cents for that purpose The only real sub
stantial amendment offered in the committee this
morning was one to provide that one-half the tax
shall be remitted upon all circulation of banks
issued upon three per cent bonds deposited as
security therefor This was proposed by Mr.. Frye
and was rejected by party vote.
The real friends of refunding in the House OF Rep
resentatyes are not encouraged at the result OF the
proceedings of the Ways and Means Committee to-
day. They declare that none of the obnoxious and
mischievousfeatures of the bill, especially OF the
8fth section. have been mitigated by the action of
this morning, and they are inclined to infer from
the rejection of Mr.. Frye's amendment relating to
the reduction of the tax circulation, that there is
no prospect of the passage at this session OF Dill 10
remove the tax upon bank deposits. .,
The friends of the pending Funding oilI sT were re
the Secretary of the Treasury to redeem at once,
with interest date, any Of the bonds embraced IN
the call made Tuesday Ihey 1elt certain tnab tnS
would tend to ease the money market and to pre-
vent a panic, of which they felt many and grave
apprehensions Other gentlemen, who are perhaps
equally we'll versed IN financial matters, hold that
the relief to be afforded by this order will be only
partial One Treasury officer. who has been con-
hected with Government loans for many years. ex-
pressed the opinion this afternoon that not more
than two or three million dollars Of the bonds will
be presented before the expiration of the call, be-
cause the holders will prefer to draw per cent
their money Opinions in Washington on both sides
of this question are very strong but probably not
40 clear a Judgment can be formed amidst the con-
troyersies in and about Congress can be reached
elsewhere A gentleman who has talked with Sec
retary Sherman on the subject within few hours
expresses the belief that the Secretary will treat the
gold coin and legal tenders deposited by National
banks to retire their circulation as surplus money
In the Treasury" a1d use it in the purchase, OF
bonds, Another prominent gentleman, interested in
fipancial SUBJECTS said to-day, after interview
with Secretary Sherman, that he had no doubt the
Secretary would carry out the purpose above indi
nfad