Savannah morning news. [volume] (Savannah) 1868-1887, 1881-01-17
CONGRESSIONAL PROCEEDINGS.
The House In Session-RepOrt of the
Library Building COmmIttee-The
Funding RLl Under Discussion
The InIerOeeanIc Canal Bill.

Mn4kEA& BAAA O00EE
The InterOeeRnIc Canal BIIl.
WASHINGTON, January i5-In the House,
the Speaker proceeded to call committees
for reports.
MIR. Geddes, of Ohio, Chairman of the
Committee on the Library, reported bill
authorizing the construction of building
for the accommodation Of the Congressional
Library. Referred to the committee Of the
whole.
The call Of committees having been COM
pleted, the House at 12:40 went into com
mittee Of the whole, Mr.. Covert, of New
York, in the chair, on the funding bill, all
debate on the first section and amendments
thereto being limited to ten minutes.
The pending amendment was that offered
on Thursday last by Mr.. Anderson, OF Kan
sas.
Mr.. Price, Of Iowa, inquired of Mr.. An
derson what he expected to accomplish by
his amendment, which provided for the re-
tirement Of national banks and for the issue
of currency notes.
Mr.. Anderson replied that by issuing cur
reney notes when national bank notes
should have been retired, the country
would gain this, that the United States
would be the only power having anything
to do with the money of the country.
Mr.. Frye, of Maine, gave notice of a sub
stitute which he proposed to offer for the
frat section, providing for the issue Of
bonds and Treasury notes to the
amount Of 1920 900, 900, bearing 81 per cent.
interest and redeemable after one year.
Mr. Auder5on's amendment was then re-
jected by 46 to 108.
The next amendment was that offered by
Mr.. Dibrell, of Tennessee, imposing an
income tax, the revenue of which shall
be exclusively used for the payment
of bonds and notes herein authorized to be
iseusd. The tax is fixed at 3 per cent. on
all net incomes over So, 500 and under s. 900,
and at 4 per cent. on all net incomes Of
IS, 900 and over.
Mr.. F. Wood, OF New York, and Nr.
Frye, of Maine, raised the point of order
that the amendment was not germane and
was substantially similar 10 bills pending
point of order, and the amendment was not
admitted.
Mr.. Bland offered an amendment provid-
ing that nothing herein contained shall bo
construed to require the payment of gold
and silver coin held for redemption of the
certificates issued thereon, nor to
reduce the amount of coin held for
pbiUu pOSCS OclOA SOO,OOOy-
coo, nor TO require the payment OF
coin which may be necessary to redeem the
public debt on which interest has ceased.
The amendment was reiected-57 to 90.
Mr.. Warner offered an amendment pro-
viding that the Secretary of the Treasury
may, in his discretion, make the interest on
the certificates payable every four months.
Rejected.
Mr. Phillips offered an amendment pro-
w{diner that tho oartIf1rafpa shall 10 iaeg1Ad
in denominations of $40, $50 aud $50, either
registered or coupon. Adopted.
Mr. Price offered an amendment repeal
ing the tax on bank checks. Ruled out on
point of order.
Mr.. Singleton, OF Illinois, offered as a
substitute for the first section an amend
ment providing for diseharging the debt re-
deemable In 1881 by the payment by the
Treasury of Sl65, 600 600, and by the issue
of Si00,000,000 in Treasury notes bearing
two per cent interest. Rejected.
Several other amendments were offered
and rejected.
Mr.. Carlisle, OF Kentucky, offered an
amendment authorizing the Secretary OF
the Treasury to make suitable rules and
regulations to carry this act into effect, pro-
vided the expense Of disposiDg Of the bonds
and certificates shall not exceed one quarter
of one per cent. Adopted. He also moved
to strike out the fourth section of the bill
and insert an amendment authorizing the
Secretary of the Treasury to use, If he deems
It necessary, not exceeding $50, 600, 600 OF
standard gold and silver coiE il the Treasu-
ry in redemption of the five and six per
cent. bonds Of the United States authorized
to be refunded by this act, aud to apply
the surplus money 10 the Treasury In the
purchase or redemption OF United States
bonds; provided that the bonds 50 pur-
chased or redeemed shall constitute no part
of the sinking fund, but shall be cancelled.
The amendment was adopted.
Mr. Hutchins, of New York, moved 70
strike out the fifth section of the bill. He
did not believe that a loan could be nego-
tlated at three per cent, snd argued against
a three per cent. loan. He claimed that e
three per cent. bond could not be hoated,
and that within four months there must be
a contraction of the currency to the extent
Of nearly $400, 900 COO. The House was put
ting it in the power OF the banks and mon
led men to bring about such a calamity and
financial commotlon as had never been
seen.
Mr.. F. Wood said that he differed In his
views very much from his colleague (Mr.
Hutchins) He (Mr. Wood for one would
never cor cede the right of any monied cor
poretion TO dictate TO the government what
# should or should rot do on the subject OF
Its own credit aud its own money. he did
not believe that il was absolutely neees-
saTy to take into consideration the
fact whether or not the banks would
take those bonds. Congress was
not to be alarmed at threats nor intimidated
by innuendo No depression Of the money
market would be or could be made in con-
sequence OF the passage of this bill. But IL
would strengthen the public credit.
Let Congress do what was right,
and the banks would do what
was profitable. He condemned the
shameful policy of the government 10 ask
ing aud humbly beseeehinG the syndicates
and banks and the capitalists in Europe and
New York to be SO kind as to take its aud
AZ per cent. bonds. (ApplsuSe on the
Democratic side.) The time had arrived
when Uncle Sam was stalwart and stood
upon his imperial power. He (Mr. Wood)
would never consent in the last expiring
hours of 8 public life OF forty years that
this great country should hawk its credit 10
the money markets of the world. Gap
plause.)
Mr.. Carlisle, OF Kentucky, moved to strike
out the eighth section, and insert in lieu
thereof a proVso that after the first of May,
1881, the three per cent. bonds authorized
by this act shall be only bonds
receivable IS security for national
bank circulation, or as security
for the safe keeping Of public deposits, but
that when such boEdS deposited snail De
designated for purchase or redemption,
the banking association depositing the
same shall have the right TO substitute
other bonds of the United States; provided
further, that no bond on which interest
has ceased shall be accepted or
continue on deposit for security for circu-
lation, or the cafe keeping Of public money;
and In case the bonds 40 deposited shall
not he withdrawn within thirty days after
interest has ceased, the banking association
shall be subject to the liabilities provided
by section 1924 of the Revised Statutes. 1t
repeals the 4sh section of the act of 1874,
and re- -enacts sections 5159 and 516O of the
Revised Statutes. The committee then rose,
and the House at 4:05 adjourned.
THE INTERoCEANIC CANAL.
The special committee of the House upon
the interoceanic canal held Deeting to-
day to consider the bill which provides for
the Incorporation of the maritime canal OF
Nicaragua. 3. 8. Phelps, representing that
company, appeared before the committee
and made a statement in support OF the
proposition. He questioned the accuracy
OF the report made by Mr.. Nimmo, Chief OF
the Bureau of Statistics Of the Treasury
Department, some months ago as
to the tonnage that would
probably pass through al interoceantc
canal, and showed the errors made by Mr..
/ NimmO In his calculations that the tonnage