Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-01-16
XLVI. CONGRESS.
HOUSE,


MIR. Geddes, OF Ohio, chairman Of
committee on the library, reported
the bill authorizing the construc-
ton of a building for the accommo.
dation of the Congressional library
Referred to committee of the whole
The call of committees having beer
concluded, the House at 1910 wen
into committee of the whole, Mr.
Covert, of New York, in the chair, OF
the funding bill, all debate on The
first section and amendments thereto
being limited to ten minutes.
The pending amendment was tina
offered on Thursday last by Mr.
Anderson, of Kansas.
Mr.. Price, of Iowa, inquired O
Mr.. Anderson what he expected tt
accomplish by his amendment, which
provided for the retirement O.
national banks and for the issue O.
currency notes. a
Mr.. Anderson replied that by
issuing currency notes, when ma
tional bank notes should have beer
retired, the country would gain this
that the United States would be The
only power having anything to dc
with the money of the country.
Mr.. Frye, of Maine, gave notice o.
substitute which he proposed te
offer for the first section, providing
for the issue of bonds and treasury
notes to the amount of $620,OOO, 900
bearing 81 per cent. interest and re-
deemable after one year. Es
MIR. Anderson's amendment was
then rejected by 46 to los.
The next amendment was that of.
fered by Mr.. Dibrell, of Tenn, i'm
posing an income tax, the revenue O.
which shall be exclusively used fol
the payment of bonds and notes
herein authorized to be issued. Tht
tax is fixed at 3 per cent. on all ne
incomes of over $4,000 and under
$4,000, and at 4 per cent. on all ne
incomes of $4,000 and over.
Mr.. F. Wood, of New York, ant
Mr.. Frye, of Maine, raised point
of order that the amendment was
not germane, and was substantial,
similar to the bills pending before
the house.
The chair sustained the point O.
order and the amendment was no
admitted.
Mr.. Bland offered an amendment
providing that nothing herein con-
tanned shall be construed to r. Iuir,
the payment of gold and silver coli
held for the redemption of the Ger
tifcates issued thereon, nor to re-
.duce the amount of coin held for re-
demption purposes below $50,0O0,.
600, nor to require the payment Of
coin which may be necessary to re.
deem the public debt on which in
terest has ceased. The amendmen
was rejected, 81 to SO.
Mr.. Warner offered an amendmen
providing that the secretary of tn.
treasury may, in his discretion, make
the interest on certificates payabl,
every four months. Rejected.
Mr.. Philips offered an amendment
providing that certificates shall b.
issued in denominations of SO, $2(
and $50, registered or coupon
Adopted.
Mr.. Price offered an amendment
repeating the tax on bank checks.
Ruled out on point of order.
Mr.. Singleton, of Illinois, Offered
a substitute for the first section, al
amendment browning for discharg'
ing the debt, redeemable in 1881, b,
the payment from the treasury O
81, ,585, 100000, and by the issue o
$4O0, 100000 in treasury notes bear
ing 2 per cent. interest Rejected
Several other amendments were
offered and rejected. /
Mr.. Carlisle. of Kentucky, Offered
an amendment authorizing the secre
tary of the treasury to make suitable
rules and regulations to carry this
act into effect, provided the expense
of dispesing of bonds and certificates
shall not exceed I of 1 per cent
Adopted.
He also moved to strike out the
fourth section of the bill and insert
an amendment authorizing the secre
tary of the treasury to use, if he
deems it necessary, not exceeding
$50,0O0,00O of the standard golc
and silver coin in the treasury, in re
demption of the 5 and 6 per cent
bonds of the United States authoriz
ed to be refunded by this act, and te
apply the surplus money in the
treasury on purchases or redemp-
ton of United States bonds, provid
ed that the bonds so purchased OF
redeemed shall constitute no part o1
the sinking fund, but shall be cam
celled The amendment was adopt
ed.
Mr.. Hutchins, of New York
moved to strike out the fifth section
of the bill. He did not believe thai
q loan could be negotiated at 8 pei
cent, and argued against a 8 pei
cent. loan. He claimed that the