New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-05
THE FUNDING BILL.

report which the Committee on Ways and
Means will make to the House.
THE FUNDING BILL.
AMENDMENTS To THE HOUSE BILL ADOPTED ny TIE
SENATE FINANCE COMMIT fEE-THE BILL AS RE-
PORTED TO THE SENATE.
WASHINGTON Feb. 4.-The Senate Finance Com
oittee this morning completed its consideration of
the House Funding bill and authorized their chair
man to report it back to the Senate with recon-.
mcndation for its passage. with amendments which
provide that the bonds shall be redeemable IN five
wears aud payable twenty years that the rate of
interest upon them shall be gig per cent per annum,
that the Onetenth certificates authorized by the bill
shall bear interest at rate not exceeding 3l2 per
cent per annum and that the interest in each case
shall be payable semi-annually. The committee
strike out the fifth section, known as the Carlisle
amendments" which provided for the compulsory
nse of the new bonds security for National Bank
circulation and for change in the law concerning
e retirement of circulating notes. and substitute in
len thereof two new sections the principal feature
of which is provision that hereafter the security
given by National banks for Government de-
posis and the faithful performance OF their duties as
public repositories shall consist wholly OF United
States bonds The committee also recommend that
the allowance for the expenses Of issuingand placing
the new bonds and certificates be Increased to one
half of per cent, instead of One-quarter OF per
rent as limited by the House of Representatives Fol
lowing is the full text of the Funding BILL as amend
ed by the Senate Finance Committee and reported
this afternoon to the Senate.
An Act 10 facilitate the refunding Of the National debt
BE enacted, etc., That all existing provisions OF law
apply to any bonds of the United states bearing higher
:ate of interest than Ala per cent per annun which
lieu bonds authorized TO be issued by the Act OF
Jay a. 1870 entitled an Act to authorize the refund
,f Ihp NafiO
ncreto, and the certificates authorized by the Act or
ssue of cerL ates deposit in aid OF the refundng of
he public debit the secretary of the Treasury hereby
F4OO 600. OF the denominations OF $50 or some
multiple of that sum- which shall bear interest at tne
rtdcemabe the pleasure or the United states after
1s sear and a also rasnfy notes an not exceed
Ing $500 O0O 000 in denominations OF $40 or some null
or coupon bearing interest at rate not exceeding 32
per per NJ ae er op nnS
payable III ten years from the date OF issue ana no
be ' issusd The bonds and Treasury notes shall be
in all other respects Of like character and subject to the
is Az y Of Juy IL 1870 entitled an Act to authorize
the refundng of the National Debt" and the acts
ISorided That nothing in this act shall beso construed
as rner That interest upon the six per cent
bUds hereby authorized TO be refunded sna cease at
tie expiration of thirty days after notice that the same
have designated by The Secretary OF the Treasury
I" The Secretary OF the Treasury hereby
thorz d. the process OF reiundins the National debt
exchange at not less than par any 0 m Ie ponus an OF
ms United states outstanding and uncaeu bearing
a baS 6as 81 so the Secretary OF the
may iuw the holders the difference between the IN
fr on sucj bonds the date OF exchange 10 the
time of their maturity and the interest for ke period
the bonds or Treasury notes issued a1 ~ tne ooo 80
received and exchanged In pursuance OF tne pov,los
Cf TINS shall be Cancelled ana DESTROYED put none
OF the provisions Oi ths act shall Apply 10 tnc reuem
fo or exchange of any OF the bonds Issued to the Pa
ellie Railway companies. -. .,o r.ooa,rr 10 1or.bv
ali, orized ANA directed TO make suitable iues ana reg
uaons carry this act into effect And tae O
advertising ana dlspOslng OF tne
bonds ana Treasury authorized to be issued shall
"S1 That the secretary Treasury here
by autnorzed If In his opinion u shai oecoe
Standard gold and silver coin in the Treasury IA the
redemption OF the and per cent bonds oi tne onttn
TINS act which shall from time time be repaid and re-
OF n S ihs ae and he at
time apply the surplus money 10 tne treasury Ol Otc
s,der ppeP to the purchase or redemption Uucd
States bonds or Treasury notes provided lDat t @ R"a @
ttute no part sinking fund but shall be cancelled
Tea s e Sl os
ye years shall be made in amounts TO be deternncd
his discretion bonds to be paid to be
and described By the dates ana numbers Oegnhg ior
asr dated ana numbered Of the time OF which INTENDED
PAYMENT or redemption the Secretary OF te treasury
iicuaf nonds so selected at time be paid shall
cease ~ expiration OF thirty days from the GATE oi
sucu notice. -. A.. a.,
secon of this act shall be receivable as security Tor the
crcu, ali issued TO the national OanKs ahu hereafter
only bonds and other interest bearing securities Oh hc
United States shall be receivable as security uhder Hec
uoh 81 50 Of the Revised Statues. ,r,.
sEc1IoS7. That this act shall be known "a as ar, lne ne
consistent with Tins act are hereby repeated
The action of the Finance Committee has natur-
ally given rise to more or less speculation as 10
what the House will do in its turn. Mr. Carlisle,
one of the ablest advocates OF the blil whch
passed the House, said tonight that edid not
believe the House would accept the Senate Amend
ments. "The bill, as the Senate Committee has II.
is Objectionable to me In at least two particulars
he said. Iprefer the per cent to the 32, and the
provision contained in the fifth section consider Oh
considerable importance. AS to the change OF time
do not attach much importance to that. Inc hve-
year option is the same and that is the main point
Mr. Carlisle has given the sense of large number OF
the Democratic members of the House to-day, anu
ne thinks there will be practical unanimlty IN the
standing out for the bill it passed the House
some OF tne Democrats care more for the tlme-lmiC
than tor the rate per cent, while others regard the
iae per cent as the only thing worth looking after
lhs diherence will only serve however. to unite
the TWO psities on firm advocacy Of the House bill
which suits both. ~
REPUBLICAN VICTORY.
SUGGESTIVE AMENDMENT IN THE SENATE TO TUE
MORGAN ELECTORAL RESOLUTION.
!BY TELEGRAPH TO THE TRIBUEEI