The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1881-02-23
NEWS FROM THE CAPITAL.

THE VOTE WILL UNDOUBTEDLY BE THREE PER
CENT.
WAsUISGToN Feb. 1S.-There were only four
Senators absent and not paired upon the vote
in the Senate last night fixing the rate OF interest
in the funding bill at per cent; These i9ur are
senators Blaine. Carpenter, COnkling and Sharon.
Bayard is determined TO make an effort in the
senate 10 fix the interest at 81 per cent, but he
will certainly fail. Thirty-iour Senators vo,ed lor
8 per cent, and there were eight pairs, making
total of fortytwo supporting the per cent rate
against thirty who favor the SO per cent. rate.
Neither of the four absenees Will be here TO vote
to-day as Blaine and Carpenter are sick and
COnkling and Sharon are absent from the city:
There has been no change in the sentiment, ana
therefore 8 per cent. will be maintained by ma
jOrity of at least twelve. The discussion OF the
bill promises TO run on until late this afternoon.
THE RIVER AND HARBoR BILL
The Senate Commerce Committee will take up
the river and harbor bill tomorrow morning, ana
continue IFS session day and night unill they
complete it. The last session il TOOK the Commit
tee two weeks to get through with the bill but no
such time be consumed upon il now.
large number of amendments increasing the az
gregate of the bill considerably VIII be offered by
the Senate. most determined opposition OF the
same character as existed in the House VIII DE
made against the bill in the senate, LOT the Ruf-
pose of preventing its passage II possible. lns
opposition will come largely from the Republic
ans. but some Democrats will JOIN IN II. me
short time of the session now remaining renders
the final passage OF the bill somewhat dOubtiul,
If the Senators who intended TO fight ii resort 10
dilatOry tactics To beat IL
THE ACTION on THE FUNDING BILL
The leading members of the Ways and Means,
Appropriation and other influential committees
of the House say the funding bill as IL passed the
Senate will 90 through the House without any
difficulty or delay whatever. Undoubtedly some
DrpSsure will be brought TO bear upon the Presi-
dent to veto il and call an extra session OF Con
gress for the passage OF another funulng Dill
Those Members OF Congress who favor "a veto, 90
SO on the ground that 1t is risky experiment TO
try to float the per cent. bonds and on the al
ditiOnal ground that the section compelhng me
National Banks TO make only the new bonds
security for their circulation i oppressive To these
banks and therefore injurious To the financial
| stability of the country.
THE PONCA INDIANS.
The House Committee OH Indian Affairs has
to report bill for the relief of the Poncas. They,
| however instructed the subcommittee to re-
quest the Appropriation Committee TO make an
the agreement with the PoncaS.
THE FULL TEXT OY THE FUNDING BILL THAT
| PASSED THE SENATE
! The following is the text of the funding bill
which passed the Senate to-day:
! An act TO facilitate the refunding OF the Ma
Be it enacted, etc, That all the existing provi-
siOns of the law authorizing the refunding OF the
National debt shall apply TO any bonds OF the
! than AZ per centum per annum which may here
after become redeemable; provided that in lieu
! Vi lut OonnS W ~ at Va
July Il, 1880. entitled AN act authorizing the
refundfng of the National debt" and acts amend
atOry thereto and the certificates authorized by
the act of February 26, 1879. entitled "An act TO
autnorize the issue OF eertiheates Of deposits in
Secretary of the Treasury is hereby authorized 10
issue bonds TO an amount not exceeding 500,
| ooO; 600 in the denomination Of $50 or some mul-
| interest at the rate Of 3 per
centum per annum, payable Semiannually,
redeemable at the pleasure of the United states @
after fve years, and payable twenty years from
! the date of issue; and also Treasury notes to an
/ amount not exceeding 500. 900. in denOmina-
lions OF $40 @ or some mnltiPle OF tina; sum not ex
/ ing interest at rate not exceeding per centum,
payable semiannually, redeemable at the pleas
ilrs of the United States after one year and pay
| Treasury note Of less denomination than 500
shall be registered. The bonds and Treasury
! acter and subject to the same provisions as the
bonds authorized 10 be issued by
the. act of July Il, 1SSl, enti-
of the National debt. and act amendatory
therefor; provided nothing in this act shall be so
construed as To authorize an increase of the pub
lie debt Provided further, that the interest
upon the per cent bonds hereby authorized. to
be refunded, shall cease at the expiration of
thirty days after the publication OF a notice that
the same has been designated by the Secretary of
the Treasury for redemption. IL shall be the duty
of the Secretary of the Treasury under such
rules and regulations as he may DreScrible to au-
thorize public subscriptions. at nOtless than par,
| to be received at all repositories of the United
States and at all National Banks and such other
banks as ne may designate for the bonds and
for the Treasury notes herein provided for,
for thirty days before he shall contract for
or award any portion of said bonds or Treasury
notes TO any syndicate of individuals, bankers,
or otherwise than under such public subscriptions.
And If it shall happen that more than the entire
amount of said bonds and Treasury notes, or
either of them, have been subscribed within said
thirty days he shall award the full amount sub
scribed to all persons who shall have made bona
I fa rhcQ nj n
the rates most advantageous TO the United States,
and the residue rateably among subscribers in
proportion to the amount by them respectively
subscribed. at the rates most advantageous TO the
United States.
Section , The Secretary of the Treasury is here
by authorized, in the process Of refunding the
National debt, To exchange, at not less than par,
any bonds or Treasury notes herein authorized
for any OF the bonds of the United States out
Standing and uncalled, bearing a higher rate of
interest than 4h per centum per annum, and on
the bonds redeemed the Secretary of the
Treasury may allow To the holders the difference
between the interest on such bonds from the
date of exchange to the time of their maturity,
and the interest for like period on the bonds or
the Treasury notes issued; and the bonds so re-
ceived and exchanged. in pursuance of the pro-
visions of this act, shall be cancelled and de-
|. strOyed But none OF the provisions of this act
shall apply TO the redemption or exchange of any
of the bonds issued TO the Pacific Railway Com
panies.
hereby authorized and directed to make suitable
rules and regulations to carry this act into effect
and the expense Ot preparing Issuing, advertising
: and dispOsing of the bonds and Treasury notes
authorized to be iSsued shall not exceed Onehali
: of per centum.
Sec l. The Secretary of the Treasury is hereby
authorized, il in his opinion II shall become nee
essary to use temporarily, not exceeding s50,0O0
600 OF the standard gold and silver coin in the
r Treasury, in the redemption of and per cent
: bonds of the United States authorized 10 be re
: funded by the provisions of this act
which shall, from time to time, be
E repaid and replaced. out of the proceed.
of the sale of the bonds Treasury notes author
4 lied by this act, and he may at any time apply
< the surplus money in the Treasury not otheTwis'
s appropriated, so much thereof as he may con
sfder proper. TO the purchase or redemption o
the United States bonds or Treasury notes author
lied by this act, provided the bonds and TTeasur,
: notes so purchased redeemed shall cJnstitutl
i no part Of the sinking fund, but shall he can
celed. EE,xEkE
Sec ). From and after the 1st day Of July, 1881
the percentum bonds authorized by the frs
section of this act shall be the only bonds re
ceivable as security for the National Bank circu
lation, or as security for the safe keeping anC
% prompt payment of public money deposited witt
L such bonds; but when any sTch bonds deposited
% for the purpose aforesaid shall be designated TO
r, the purchase o. redemption by the Secretary o
Ie the Treasury, the Banking Association deposit
-I.ol1 kow.