Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1881-01-19

md laid on the tables. The house then went into
committee of the whole the funding BILL The
pending amendment was that offered by Randall
theo11zing the Issue Of bonds in amount not ex
ceeding $780, 100000 which shah bear interest at the
rate OF per cent, redeemable after = wears
Townshend, of Illinois, offered an amendment to
Randall's amendment, fixing the amount of bonds
ut S4O0 00O and the amount of notes OF $500 0OO
600 Randall modified his amendment to read "a
follows "The secretary of the treasury is hereby
authorized to issue bonds certificates in amount
not exceeding $780, 900, which shall bear interest
Ut the rate OF per cent per annum redeemable at
the pleasure of the government after two years from
date OF ISSUE" Mills offered an amendment to Ran
dalls amendment, making the bonds and certificates
Tedeemaole in one year, and payable in ten years
Randall accepted the amendment offered to Ills
amendment by Townshend (In.) limiting the amount
OF bonds s,,, and certificates to be issued where
upon Mills offered an amendment, MAX
| ing the bonds and certificates redeemable
n3so one year and payable in ten, which was
by making the bonds redeemable in five years, and
payable in ten. Agreed to without division. Ryan
moved TO amend by making the bonds payable in
| twenty years. Rejected--73 against 102 Gillette
moved to insert in lieu of bonds and certificates the
words 800. 100000 of treasury notes." Rejected.
handals amendment as amended was then adopt
| ed--iZo against 2 (Messrs. Weaver and Gillette)-
| and he then proposed further amendment relative
TO interest on the six per CENTS which was adopted
Inc secaon as amended authorizes the secretary of
the treasury to tissue bonds In amount not exceed
ing $500 OOO 600, which shall bring interest at the
rate OF per cent. per annum redeemable at the
pleasure of the United States after five years and
payable after ten years from date of issue; and also
certificates in amount not exceeding $500 600 OOO
bearing interest at the rate of per cent per annum
redeemabe at the pleasure of the United States after
one year and payable in ten years from date of ISSUE
1t also provides that before any of the bonds
cates authorize are issued it shall be the duty of
the secretary OF the treasury to pay bonds
ing during the year 1881 all the silver dollars of 4121
grains and all the gold and above 00O 900 in
the treasury for redemption purposes and that in
terest the six per cent bonds authorized to be re-
funded shall cease at the expiration of thirty DAYS
after notice that the same have been des;ona}ed b
\ n for X,O,,
| Weaver offered amendment providing that no
portion of the public debt now payable in lawful
money shall be funded under authority of this act.
into obligations payable exclusively in coin. Re-
Jected-66 to SO. Amendments were offered by
Chlttenden, Warner and Anderson, but they were
ruled out on points Of order. Adj ourned.
FRIDAY January 14-The house went into com
mittee OF the whole the private calendar, devotng
considerable time to debate the bill for the relief
| OF VIM. Ridus, for cattle taken from him by the
| Usage Indians. The bill finally laid aside for
favorable report to the house. The committee rose
and reported dozen private bills to the house, but
| upon the first bill acted upon quorum voted .
Anderson asked and obtained leave to have printed
in the record modification of the amendment offered
by him yesterday to the funding bill. AS modified it
rency notes not bearing interest, but which shall be
payable at par demand in legal tender notes. 1t
| makes it unlawful for the comptroller of the
rency after June 30, 1884, to authorize any one to
carry on the business of bankng to issue circulat
Ing notes to association after that day. provides
that whenever after that day circulating notes shall
be redeemed by the treasury department the secre-
tary shall issue currency notes herein provided of the
| same denomination and to the amount as the
! circulating notes redeemed, which currency
notes are to be received at par in payment of all
! dues except duties on imports; directs the sec
rotary as currency notes issued TO set apart of the
amount OF all coin in the treasury for the redemp-
ton Of bonds redeemable during or subsequent to
| the year 1881, the amount of bonds 80 redeemed
prior to the sale of the last of the bonds and cer
Gates herein authorized to be deducted from the ag
| gregate amount Of such bonds and certificates and
authorizes an appropriation to the sinking fund of
80 much coin is set apart and not used in the
demphon OF bonds. .Townshend Qn.) obtained
| leave to have printed an amendment which he pro-
posed to offer to the funding bill. 1t provides that
after July l. 1884, duty shall be levied assessed
collected upon merchandise imported into the United
States in of go per cent ad UGlorena or any
article embraced in section 2,5O4, revised statutes,
and not subject to tax under the internal revenue
| laws, except perfumery of which alcohol forms
component part, rum, essence and oil, bay rum,
sence and oil, opium and all preparations of opium,
and playing cards. Adjourned. t
SATURDAY, January 15.-The house went into
| committee of the whole the funding bill, the
| pending amendment being that offered Thursday by
| Anderson. Frye gave notice of a substitute which
he proposed to offer for the first section providing
for the issue of bonds and treasury notes to the
amount Of S62o'0O0,00 bearing 81 per cent, in
terest and redeemable after year. Bland offer
| ed al amendment providing that nothing herein
contained shall be construed TO require the payment
of gold silver coin held for the redemption of GER
dfcates issued thereon, to reduce the amount of
coin held for redemption purposes below $50 600 600;
nor to require the payment of coin which may be
necessary TO reduce the pubic QeDC, on winch
| terest has ceased. Rejected-57 to SO. Phillips
| offered amendment providing that certificates
shall be issued in denominations of $40, $40, and $780,
! either registered or coupon. Adopted. Anderson
offered as substitute for the first section amend
ment authorizing the secretary of the treasury to
issue bonds not exceeding $500, 100000 bearing in
terest at rate not exceeding 81 per cent redeema
| BILE after two and payable in ten years. Rejected
| So to ga party vote. McLane offered as sub
sttute for the whole bill an amend ment authoriz ing
the secretary issue bonds and treasury certificates
of denominations not less than $40 in amount not
exceeding S637 900 900, which shall bear interest at
the rate of not exceeding 81 per cent redeemabe
after year and payable in ten years; no more
than $100, 100000 of said bonds and certificates shall
be issued in any fiscal year. 1t also authorizes
the secretary in the process of refunding the ma
tonal debt to exchange at not less than par any
tcates herein authorized for any of the bonds out
| standing and uncalled bearing higher ate of in
terest than ~ per cent; provides that said cerd
fcates shall not be gold converted at less than
par, and makes 80 per cent. bonds receivable as
security for national bank circulation. Rejected
81 to 108. Carlisle offered amendment authorizing
| the secretary of the treasury to make suitable
rules and regulations to carry this act into effect,
provided that the expense of disposng of the bonds
and certificates shall not exceed one-quarter of one
per cent. Clahn moved to amend by making 1t one
| half of per cent After discussion, Clafins
amendment was rejected and Carhsles adopted.
Carlisle moved to strike out the fourth section of the
bill and insert amendment authorizing the secre
ary of the treasury to use if he deems necessary
not exceeding $50 900 of standard gold and silver
coin in the treasury in the redemption of and per
cent bonds of the United States authorized to be
funded by this act, and to apply the surplus money
in the treasury in the purchase of United States
bonds; provided the bonds purchased or redeemed
shall constitute part of the sinking fund.- but shall
be cancelled. Agreed to. Hutchins moved to strike
out the fifth section of the BILL he did not believe
q loan could be negotiated at per cent. Carlisle
moved to strike cut the fifth section and insert in
lieu thereof proviso that after May, 1881, the per
cent bonds authorized by this act shall be the only
bonds received security for national bank crcula
| ton safe-keeping of public deposits, but that
when such bonds deposited shall be designated for
purchase redemption, the banking association de-
posting the same shall have the right to substitute
other bonds of the United States. It repeats the
fourth section of the of 1874 sections
$3.50 and 5,160 of the revised statutes. The COM
| mittee then rose and the house adjourned.
How Harvard College Lost 500, 900.