Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-01-10
CONGRESSIONAL.
HOUSE
The Funding Bill Discussed-Indlsn J. p
preparation Bill

The Funding Bill Discussed-Indlsn p
preparation Bill
Mr.. Briggs, member elect from the
Third district OF New Hampshire, took
his seat.
Mr.. Morey, OF Mississippi, from the
Committee on PoStOlHceS and Post
Roads, reported back the bill regulating
the rates of postage on seCOnd-class
mail matter. Placed on calendar.
Mr.. PLChler, from the Committee on
Indian Affairs, reported back the bill
authorizing the Secretary OF the Interior
10 fulfil certain treaty stiDulations with
the Chippewa Indians OF Lake Superior
and Mi ,ss~ippi. Referred To Commit
tee Oftle Whole.
On motion OF Mr.. Fernando Wood,
the House went into Committee OF the
Whole, Mr. Covert in the chair, on the
Funding bill. The bill was read by sec
tiOns for amendments.
Mr.. +. Wood offered, under instruc.
tiOns from the Committee on Ways and
Means, an amendment fixing the rate OF
interest on the bonds and notes author
/ lied TO b. issued by this act at 3 per
cent, it being 3 per cent. in the print
et bill
Mr.. Buckner inquired il it was order
at this time, 10 test the sense OF the
/ House, whether the bonds should be
| long bonds or short bonds. The chair
replied il was not.
Mr.. Cidtljn opposed the amendment.
/ He was opposed to fixing the interest
/ at per cent. Mr. C,ahn: | propose
| that the vote in TIE bill share stand
| there In opposing the amendment
Mr.. Cahlu hal read the amendment
which he proposed 20 offer, leaving the
interest at 81 per cent. and providing
/ the bonds shall be rcdeemable alter five
years, and payable in twenty years No
/ business man he thought believed 1t
| possible TO float at 3 per cent. IL was
/ a unanimous opinion OF tinanCers that
/ 81 per cent. bond might be ti)ated and
! that il would be dangerous 10 put 3
per cent. bond on the market
Mr.. Kelly commented on the fact that
| in the purchase OF over SlOS.0OO,0OO OF
/ bonds IN the wear ending October last, +,
I the Secretary of ;hc Treasury had II pay
over Sll2,Oo} 900, or about 3k per cent
/ premium.
Mr.. Warner suggested that the rate Of
/ interest should bc liked at , per cent. (;
\ that il was impossible To sever the rate
/ OF interest from the time; that ii this
| bill was 70 pass he should be- in favor OF
| the amendment OF the gentleman from
New York, Mr. Wood though he
would oppose the bill.
Mr. W OOd suggested that. ior the sake
OF convenience, his amendment COM
iug from the Committee on Ways and
Means should be, by unanimous con
sent, considered Is agreed 10 Ii il was
| seriously intended 10 act on the bill,
the hours should not be- wasted in
| iruit,eSS and unnecessary discussion.
Mr.. Ciati,n objected.
Mr.. Fry thought that the question
might as well be met now, rs between a
threeand three ania haifpar cent. bonds,
/ and al per cent. the bond must neces-
! sarily run for twenty or thirty years.
/ Voting for three per cent would be
voting for 4 long bond.
! Mr.. +. Wood thought the gentleman
was in error in that assumption. tie
wished to call the gentleman attention
% the report OF the Secretary OF the
. Treasury, in which he said he believed
that short time certificates having less
than ten years 10 run could not be ne
sotiatei at per cent. lie Wool
i thought that short times per cent bonds
\ could be negotiated, particularly ii aC-
\ compIn.et by some attributes which
would make them acceptable and deSir-
able. lie hoped the gentleman from
/ Maine ltryel would not endeavor TO
have the House commit itself to a posi-
/ ton which was untenable.
The amendment by Mr.. Keller, fixing
the interest on bonds at a rate not ex-
ceeding four per cent, was defeated, il