Savannah morning news. [volume] (Savannah) 1868-1887, 1881-01-10
CONGRESSIONAL PROCEEDINGS.
Saturdays Session OF the House
The Funding Bill Under Discus
siOn-A Tribute TO Secretary Sher.
man by DIR. ReItOn-The Indian
Appropriation Bill.

man by DIR. FeItOn-The Indian
Appropriation BIZ.
WASHINGTON, January SIN the House,
Mr.. Briggs, of New Hampshire, presented
the credentials of Ossian Ray as the mem
Der elect from the Third Congressional die
trict of New Hampshire, and that gentle
man having appeared at the bar Of the
House took the oath of Office.
The Speaker proceeded as the regular or
der to call committees for reports.
Mr.. MoreY, of Mississippi, Chairman OF
the Committee on Post Offices and Post
Roads, reported back the bill regulating the
postage on second class mail matter. Placed
ON the House calendar.
Mr.. Polhill, of Minnesota, from the Com
mittee on Indian Affairs, reported back the
bill authorizing the Secretary of the Interier
to fulfill certain treaty stipulations with the
Chippewa Indians of Lake Superior and
Mississippi. Referred to the committee of
the whole.
The call of committees having been con-
Guided, on motion of Mr. T. Wood, OF New
York, who appeared In his seat this morn
ing, the House. at 1870, went into commit
tee OF the whole, Mr.. Covert, of New York,
In the Chair, on the funding bill. The for
NAL reading of the bill having been dis
pensed with, it was read by sections for
amendments.
Mr.. F. Wood offered, under instruction
of the Committee on Ways and Means, an
amendment fixing the rate of interest on
bonds and notes authorized to be issued
under this act at per cent, it being 315 per
cent. in the printed bill.
Mr.. Buckner, of Missouri, INQUIRED If 1t
was in order at this time to test the sense of
the House as to whether the bonds should
be long or short bonds.
The Chair replied it was not
Mr. Clafiin, of Massachusetts,, opposed
the amendment. He was opposed to fixing
the interest at per cent.
Mr.. Tucker, of Virginia-Does the gen
tleman want larger rate?
Mr.. Claain-I propose that the rate in the
bill shall stand there.
In opposing the amendment Mr.. Clafin
read an amendment, which he proposed to
offer, leaving the interest at 81 per
cent, and providing that the bonds
shall be redeemable after five years
and payable In twenty years. No
business man, he thought, believed
1t possible to float a bond at three per cent.
1t was the unanimous opinion of financiers
that three aAd one-half per cent. bonds
might be Hoated, but that it would be dan
gerous to put a three per cent. bond on the
market
Mr.. Kelley commented on the fact that in
the purchase of over sos, 900 600 bonds in
the year ending October last, the Secretary
OF the Treasury had to pay over $l12, ,000,-
600, or about 81 per cent. premium.
Mr.. Warner suggested that the rate of In
terest should be fixed at ~ per cent. 1t
was impossible to sever the rate of interest
from time. II this bill were to pass he
should be in favor of the amendment of the
gentleman from New York (Mr. Wood,
though be would oppose the bill.
Mr.. Wood suggested that for the sake OF
convenience his amendment, coming from the
Committee on Ways and Means, should be by
unanimous consent considered as agreed to.
If 1t was seriously intended to act on this
bill hours should not be wasted In fruitless
and unnecessary discussion.
Mr.. Clafin objected.
Mr.. Frye thought the question might
well be met now, as between a and 81
per cent. bond 8 per cent. bond must nee
essarily run for 20 or 30 years. Voting for
per cent bond would be voting for a
long bond.
Mr.. +. Wood though the gentleman was
in error in that assumption. He wished to
call the gentleman's attention to the report
of the Secretary of the Treasury, in
which he said that he believed
that short time certificates having
less than ten years to run could be ne.
gotiated at per cent. He Mr. Wood
thought that a short time per cent.
bond could be negotiated, particularly II
accompanied by some attributes which
would make 1t acceptable and desirable.
He hoped that the gentleman from Maine
(Mr Frye would not endeavor to have the
House to commit itself to position which
was untenable.
Mr.. Frye said that he had voted In favor Of
a per cent. bond before recess. During re-
cess he had seen a large number of business
men in New York. Boston and New Eng
land, and he had come to the deliberate
conclusion that 1t would be utterly impossi-
bic to float q 3 per cent. bond running lees
than thirty years. He believed it, and he
believed that an attempt to float a 3
per cent. bond would be disaster. The
government had never sold a per cent.
bond. No country on earth had ever
placed a 3 per cent bond on the market at par,
and he was fully convinced that per
cent bond could not be placed, and If Con-
gress undertook to do it and failed 1t would
be disaster. He believed in leaving to
the Secretary Of the Treasury discretion up
to 81 per cent.
Mr.. Keifer, Of Ohio, offered an amend
ment to Mr. Woods amendment so as to
fix the interest at g rate not exceeding
per cent. He believed that per cent. was
as low rate of interest as bonds could be
foared in the West. 1t would be impossi-
BILE to sell the bonds at a lower rate and
have them maintained at par.
A vote was taken on the amendment, and
1t was defeated by a vote of II to 149.
Mr.. Mills, Of Texas, argued that 1t would
be 800, 100000 cheaper to let the debt stand
at and per cent. and pay it In five years,
than let 1t run for twenty years at3 per cent.
Mr.. Wood deuied the proposition.
Mr.. FELTON,, of Georgia. said the bill was
illustrative of the benefit of delay and eau
tiouS legislation in such matters, because
last session the proposition was to refund
the maturing debt iu long per cent. bonds,
while now it is admitted that it would be
refunded in per cents. In his opinion it
would be criminal to perpetuate the debt.
He wanted to keep 1t always within the
grasp OF the government. He paid a high
tribute to the financial abilities of Secretary
Sherman, which had contributed so much
to the credit of the 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 fixed at 3 per
cent
After further debate the committee arose,
for the purpose, as stated by Mr.. Wood, OF
limiting the debate, but a motion to adjourn
was interjected
Mr.. Wells reported from the Committee
on Indian Affairs the Indian appropriation
bill. Ordered printed and recommitted.
At 4:30 p. IN. the House adjourned.
THE INDIAN APPROPRIATION BILL.
The House Committee on Appropriations
adopted the report of the sub committee
this morning upon the Indian appropriation
bill. and instructed Representative Wells to
report 1t to the House to-day.
The bill appropriates 1886, ,666 8O
Among the principal items are 81. .397, 300
for the several Sioux tribes; $685., 600 for the
removal, settlement and subsistence of the
Indians; $3.50, 600 for the transportation of
Indian supplies.
The navy appropriation bill will be re-
ported from the subcommittee to the full
committee on Tuesday next.
MURDER In KENTUCKY.