The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1881-01-20

was presented OI uDu6C6lVlDg Vuo Poo'
ple, who said that in his campaigns in
Northern Ohio, he pursued one course
and on this floor another. He had al
ways maintained that demonetiz ition OF
silver had worked injustice to the coun-
try, and therefore he had urged it's re
mo letization. He had urged that silver
and gold should stand on the same basis.
He had voted to put 460 grains in the
silver dollar, so ss to make it a dollar
worth 100 cents He repeated what he
had said few days ago, that specie re-
sumption based on silver dollar OF 4l23
grains was delusion and snare.
Mr., Carlisle, referring to some remarks
of Mr.. Young of Tenn, said the gentle
man was 10 favor OF leaving outstanding
in the hands of the National banks, bonds
of the Government bearing 5 and 6 per
cent interest, while he, Carlisle, favored
compelling National banks to receive
bonds bearing 8 per cent interest. As to
the economy of refunding or not refund
ing, the gentleman from Pennsylvania
Kelly, had submitted some figures, in
which it appeared that, in order to ex-
tinguish the $637 900 900 of the b. and IS
by the annual payment of $60,0O0.0 600 it
would require from the public Treasury
the sum of 1926 0000 900. He, Carlisle,
held in his hand calculation by which
it was shown that if those bonds were
refunded at the rate of per cent, and
paid in precisely the same way, the debt
would be extinguished in exactly the
same time at a cost of $748,00O00O The
question was whether Congress would
save to the people these $78,0O0,0O0 in a
period of ten years, or give it to the Ma
tiopal banks as interest on their bonds.
Even should the 3 per cent bonds rise in
the market to premium Of per cent,
(which was hardly possible) still the
whole premium paid by the Govern.
ment would only be about $4,000 900,
which, deducted from $4,000 20, would
still lrave saving to the people of $59-
100000.
Mr.. Haskell expressed the opinion
that not country National bank in the
West could stand on its feet if this bill
passed, fixing the interest at 3 per cent.
Mr. Reed criticised the action of the
Speaker in making this party ques.
ton. The Speaker had declared that
the Democratic party had always favored
paying the National debt. He would not
charge the Speaker with having believed
that, except for the moment, because he
and his party had gone dowl in three
pitched battles on that very question.
He had merely desired to sound the
party tocsin, and bring the party solidly
to the question Of the 3 per cent option
bond.
Mr.. Randall stated he had been some.
what amused at the lecture of the gent.e.
man from Maine, (Reed) but he wished
to remind that gentleman that the rules
required the Speaker to be ON the floor
whi % the House was in committee. The
gentleman's lecture might better have
come from any other member, for that
gentlemen had never gone very far be.
yond the lines of the narrowest parti
sanship. He therefore recommended
the gentleman to cast the beam from his
own eye before he troubled himself
about the mote In his neighbor's eye.
Mr.. Reed was sorry the Speaker had
taken his observations in the light of
personal lecture. The object he had was
to call attention to partisanship, which
had been adopted in a matter ia which
there had not been the least element of
party, until dragged in by the Speaker.
AS to his partisanship, he was glad to-
day the wisdom of good party like the
Republican party was better than all the
non.partisanship that had ever fooled
the people.
F. Wood stated that the House had
yesterday fixed the rate of interest at
per cent. The next important question
was as to how long the bond should run.
He regretted that very intelligent gen.
tlemen were running into what he con-
sidered very radical error, in limiting
to very short time the option of the
Government to redeem the bonds. The
proposition that in issuing a great obli-
CATION of the Government, Congress
should predicate its power to redeem it
at maturity, on revenues not yet reCeiv-
ed, was in itself very dangerous one.
The gentlemen referred to an existing
surplus, and to the great prosperity OF
the country, to show that the surplus
was likely to continue. They were en-
tirely in error, not only as to the real
surplus revenue, but also as to the con-
tinuance of the large surplus. In 1872
the revenue from customs had been $2l6
900 900 in 1879 it had fallen to $l30 900
900. 1t was evident to him that for Con-
gress 10 form out these supposed reve
nues in advance, was not the policy for
a great Government to adopt. But, ad-
mitting this large surplus would Contin
ue, we're the gentlemen willing to tie
their hands in advance, to be RESPONSE
BILE by their votes for the continuance of
the enormous burden imposed by taxa.
tion2 He would not consent to that. He
was willing to reduce the time as low as
was consistent with the successful sale
of the bonds.
Mr.. Randall accepted the amendment
offered to his amendment by Townshend
(Ill) limiting the amount Of bonds and
certificates to be issued, Whereupon Mills
offered an amendment making the bonds
and certificates redeemable In one year
and payable in ten, which was also &C.
Cepted by Mr. Randall.
Mr.. Clafin moved to amend by max
ing the bonds redeemable in five years
and payable in ten. Agreed to without
division. ,
Mr.. Ryon moved 10 amend by making
the bonds payable in twenty years. Re.
jeCted-73 against l02,
Mr.. Gillette moved to insert instead Of
the bonds and Certif ates the words
$500 900, 600 of Treasury notes. Lost.
Mr.. Randall's amendment as amended
was then adopted-128 against 2, (Mess.
Weaver and Gillette); he then proposed
a further amendment relative to the in
terest on the 6 per cents, which was ad.
opted. The section now reads as follows:
That all existing provisions Of the law
authorizing the refunding of the Ma.
tionsl debt shall apply to any bonds of
the United States bearing a higher rate
than AZ per cent per annum, which may
hereafter become redeemable; provided
that instead of the bonds authorized to
be issued by the act of July IA, 1870 en-
titled IAN act to authorize the refunding
of the National debt" and acts amenda.
L i n