The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-01-13
COsGnEgsIONAL
House.

third congressional district Ct Now Hamp-
shire, and that gentleman having appeared
at tho bar Of the house, took the oath of
Office.
The speaker proceeded as the regular
order TO call committees for repoTtl.
Mr.. Money, Of Mississippi, chairman OF
the comMittee on pestofices and post roads.
reported back the bill regulating the rates OF
postage on second class mail matter. Re
ferred TO the house calendar.
Mr.. Poeher, of Minnesota, from the COM
mittee on Indian affairs, reported bsck the
bill authorizing the secretary of the interler
to fulfill certain treaty stipulations with the
Chippewa Indians OF Lake Superior and
Michigan.
Mr.. Wood, of New York, appeared 10 his
| seat this morning.
The house at 1890 went into committee
Of the whole, Mr.. Covert, Of New York, in
the chair, on the funding bill. Tho formal
reading of the bill having been dispensed
| with it was read by sections for amendment
Mr.. Z. Wood offered, under instructors
of the committee on ways aud means I,
an amendment fixing thu rate Of
interest. bonds and notes authorized
to be isaaed by this act at 3 per cent, it be-
ing 81 per cent in the printed BILL.
| Mr.. Buckher, Of Missouri, inquired If 1t
was in order at this time 10 test the sense of
the house rs to whether tho bonds should DO
long bonds or short bonds.
The chair replied it was not.
| Mr.. Oh fin, of Massachusetts,, opposed the
| amendment He was opposed, hs said, to
fixing the interest at 3 per cent.
| Mr.. Tucker. of Virginia-Does the gsn'
tleman want a larger rats?
Mr.. Clstfin---I propose that the rate in the
bill shall stand there il an oppotIng amend
mont,
Mr.. ClsAin had read tho amendment
which he proposed to offer leaving the inter
est at 81 per cont, and providing that bonds
shall be redeemhble after tVe
pears and payable in twenty years.
No business man, he thought, believed 1t
possible to float bond at 8 per cent.
Mr.. Kelley commented on the fact that in
the purchase of over $l08, 100000 OF bonds
in the year ending October last, the
secretary Of the treasury had to pay over
| Sl120 of about 81 per cent. premium.
Mr.. Warren suggested that the rate OF in
terest should be fixed at q per cent. ~
was impossible to sever the rate Of
interest from the time. If this bill
were to Pass he should be
in favor Of the amendment of tho gentleman
| from New York, (Mr. Wool, although he
would oppose the bill. :,
Mr.. Wood suggested that, for the sake Of
convenience, bis amendment, oomisg from
the committee on ways and means, should by
| unanimous consent be considered as agreed
te. If It was seriously intended TO act on this
bill, the hoxrs should not be wasted in
fruitess and unnecessary discussion.
Mr.. Clshin objected.
Mr.. Frye thought that the question might
rs well be met now as between 3 and
81 per cent. bond. A 8 per cent. bond must
necessarily run for twenty or thirty years.
Voting for a per cent. bond would DO vot'
ing FOR long bond.
Sir. 4. Wood thought tho gentleman was
Ia erfer in that assumption. Ho wished to
cal! the gentleman's attention to, tho report
OF the secretary of the treasury, in which he
said that he believed that short time
certifsstes, having less than ten years
to run, could be negotiated at D
per cont. He, (Wood,) thought a
a short tins per cent. bond could be
negotiated, particularly if accompanied by
come attributes which would make it nc
ceptsble and desirable. Ho hoped that the
gentleman from Mains (Frye) would not en-
|
position which was untenAble
Mr.. Frys said that no had voted in favor
of 8 per cent. bonds before tao recess.
During the recess he had seen large number
of business mon in New York. Boston and
New England, and he had come TO the
deliberate conclusion that it would
be certainly impossible 70 float
9 per cent. bonds running less than
thirty yesra. He believed il, and he believed
.hs, an attempt to Aoat per cents. would be
I q disaster 10 the government. No country
Up oar.a hGd over placed q per cent. bond
o. Jle market ~ par, and he was fully con
yipC thar GER cent. bords could not DO
plsctl and ii c1rEress undertook to do i
and i,iloo It would be disaster. Ia believed
in lending .as secretary of the treasury dis
cralion 40 10 "a per cent.
i Nj Ksifer. OF Ohio, offered an amend.
meat so ne Q tx the interest at rate not ex'
ceeding PER cent He believed that per
cent was as lawful a rate ofinterest rs bonds
could be losied At in tbs west, Itwoulc be
impossible to sell bonds at lower ratio and
have then maintained at par.
A vote was taken on the amendment and
Il was defeated By vote Of 100 to 159.
Mr.. Mills, Vt Texas, argued that il would
DO $40, 100000 cheaper 10 let the debt stand
at and per ceRt. and pay il in Two years
than 10 let It run for twenty years 1T 3 per
| cent.
Mr.. Wood denied the proposition.
Mr.. FELTON,, Of Georgia, said the bill was
an illustration Of the benefit Of delay and
cautious legislation on such matter, be-
cause ct the last session a proposition was
offered 10 refund the maturing debt In long
per cent. bonds, while now il was admitted
! q could be refunded in short per cents In
bis opinion Il would be criminal to perpet.
uats the debt. He wanted to keep
il always within the grasp Of the
government. lie paid high tribute 10 tie
dnancial abilities Of Secretary Sherman,
which had contributed 50 much 10 the credit
ftbe government
Mr.. Blount Of Georgia, argued that the
secretary Of the treasury should be allowed
some discretion, and opposed the rate Of
interest being arbitrarily fred Al 3 per cent
After further deta.e the committee arose
for The purpose stated BY NJ. Wood, Of linn
ting tia debste, but a motion to aojourn
was iuierjeoted
Mr.. Wells reported rem the committee Of
Lndisn sfairs the Indian appropriation bill.
Printed and recommitted.
AT 40 D. n. the house adjourned.
Appropriations.