The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-01-20

tHe MONEY Oh tne COunbry.
Mr. Frye, Of Maine, gave notice of sub.
stitute which he proposed to offer for the
first section, providing for the issue of bonds
and treasury notes to tho amount Of $780,
100000, bearing 81 per cent. interest, and
redeemable after year.
MIR. Anderson's amendment was then re.
iected --46 to 49,
The next amendment was that offered BY
Mr.. Dibrell, OF Tennessee, imposing an in
co ne tax, the revenue OF which shall be ex-
clusively USED for the payment of bonds and
notes herein authorized to be issued. The
tax is fixed at per cent. on all net income
Of over $500 and under $4,000, and at
per cent. of all net incomes of SIS 900 aud
oYar.
Messr. F. Wood, of New York, and Fry,
of Maine, raised point Of order that the
amendment was not genuine, and WIS sub
stantiallg similar to the bills pending before
the house.
The chair sustained the point of order and
the amendment was not admitted.
Mr.. Bland offered an amendment, pro-
viding that nothing contained shall BIZ con-
srued 70 require the payment of gold and
silver coin held for the redemption Of certia-
Gates Issued thereon, nor 10 reduce the
amount of coin held for resumption pur-
poses below $4,000, 900; nor TO require the
payment Of coin which may be necessary to
redeem tho public debt on which interest has
ceased.
The Amendments was rejectsd-57 TO So.
Mr.. Warren offered an amendment pro-
viding that the secretary of the treasury may
in his discretion make the interest of the
CERTIFICATES payable every four months. Re-
jected.
Mr.. Phillips offered an amendment pro-
viding that certificates shall b. issued in
denominations of $40, 500 and $780, either
registered or coupon. Adopted.
Mr.. Price offered an amendment repeating
the tax on bsnk checks. Rulol out on 4
point OF order.
Mr.. Singleton, of Illinois then OF
fersd as substitute for the 6rst section, On
amendment providing for discharging the
debt, redeemable in 1881 by payment from
the treasury of Sl85 100000, and b. the Issue
of 100000, 900 in treasury notes bearing 2
per cent. interest Rejected
Several other amendment vera offered
ard rejected. Mr.. Carlisle, of Kentucky, Of
fered an amendment authorizing the secre-
tary Of tho treasury 10 make suitable rules
and regulations TO carry this act into effect,
provided the expense Of disposihg of bonds
and certificates shall not exceed one-fourth
10 strike out tho fourth ..section Of the bill
and insert an amendment authorizing the
secretary of the treasury to use, il he deems
it necessary, not exceeding $50,000,000 Of
standard gold and silver coin in the treasury,
in redemption of the Eve and six per cent
bonds of the United States, authorized to be
refunded by this acs and to apply the sur
plus Money in the treasury in purchase or
redemption of United States bonds, provided
that the bonds purchased or redeamed
shall constitute no part of the sinking fund,
but shall be cancelled. The amendment was
adopted.
Mr.. Hutchings, of New York, moved TO
strike out the 9th section Of the bill lie did
not consider that loan could ba negotiated
at three per cent. and argued against
three per cent loan. He claimel that three
per cent. bonds could not
DO foated and that within four months
there must DO a contraction of currency
70 the extest Of nearly $400,000,0OO The
house was putting Il in the power Of banks
and moneyed men e. bring about such a
calamity and financial commoton as had
never been seen.
Mr.. +. Wood said that be differed in his
view very much from HE colleague. He
fWcodl for enc would rnvnr corcedc fhc
right of any moneyed corporation 10 dictate
to the goyernmen what i. should or should
not do on the subject of it, own credit and its
own mon;,-. He did not bell Va thst it was
absolutely Necessary 10 take into consdeTs-
ton the fact whether or not banks would
take these bonds. Congress WIS not 10 be
aiag med a. threats nor intimidstsd by
inuonders, or whether depression of
the money market would be or
could DO made In Consequence Of the
passage ofthis bill, Drt IL would strengthen
the public credit. Lit congress do what was
right, and banks would 90 What was profla-
bic. lie condemned the shameful policy Of
the goverpmsft IN asking R1d humbly be-
seeching syndicates and backs and capitalists
10 Europe and New York 10 be so
kind 80 70 take is foEr AID fJur-snj-a-half
per cert bonds. [Applausc on the democratic
lde,l tn tune bad arrived when Uncle
Sam was stslwsrt AID stood upon his inpe-
raj power. BE (Noos) would never con-
sent in the last expiring horrs sf public
life Of iorty yearf that this great country
should hawk IL credit 10 the money markets
OF ths world [App!ausol.
Mr.. Carlsa, OF kentucky, moved 20 strike
ont the ffh section s1d In
sert thereof provise that after
the frst Of MAJ, 1881, tie three per cent
bonds authorized BY this ACT shall be The
OILY bonds receivable a. security Tor national
bank circulation, OF ~ security FOR he safe
kecY.zg Of The public dspOsiis, AID hat
when such bends deposited shah b. designs
/ ted for purchase or redemption, ths banking
associations dePositing the sans shall have
riRht TO substitute other bonds Of
tho United States provided, further
that no bond on which interest
hiss ceased shall continue on deposit
for security for the circulation OF safs-kecp'
ing of public mOncy. snd in ease bonds %
deposiisd shall not be wiihdfEwr within
thirty dsys tfisr the in,crtsi has csas9d, ths
barking sssociaiions sbail BE- subject 70 La
bilities prorides b. section so Of Che revised
statates. I. repeats The fourth section 81 the
act Of 1874, and Ts-6nncis sessions 5lfB and
/ $50 Of the revised statutes