Savannah morning news. [volume] (Savannah) 1868-1887, 1881-01-13
HOUSE PROCEEDINGS.

In the House, on motion of Mr.. Buckner,
of Missouri, the morning hour was dispensed
with by vote of 123 to "a.
Mr. F. Wood, OF New York, moved that
when the House next went into committee
of the whole on the funding bill. the de-
bate on the pending amendment should be
limited to thirty minutes. Agreed to by a
vote of 149 to 4-Colfroth, Stevenson, Hum
phreYs and Weaver.
The House then, at 1886, went into COM
mite OF the whole (Mr. Covert, of New
York, in the ehair) on the funding bill.
Mr.. F. Wood said that for himself he saw
nothing Inconsistent IN the establishment of
q per cent. rate of interest for bonds aud
the shortening OF option indieated in the
BILL He would go farther. he believed
that with the removal of the
tax on bank deposits the establish
meIt of a rate OF 3 per cent.
and the question of option was absolutely
immateriai, because bonds and certificates
would not be likely to rise to any great pre-
MUM, and would be at any time within the
reach of the government at par or at a
nominal premium. He believed that q 3
per cent. rate could be safely established,
and was confident of the speedy negotiation
of every bond and certificate issued.
Mr.. Stevenson, of Illinois, opposed the
bill on the ground that 1t did no more or
less than fix permanent national debtupon
the country.
Mr.. Weaver, of Iowa, protested against
the refunding Of the and 6 per cents. into
any obligation that would take from the
government the right of redemption for a
single day or hour.
Mr.. Mcmillan, of Tennessee, argued in
favor of the amendment which he proposed
to offer, making bonds subject to taxation.
Mr.. DunneIl, of Minnesota, member of
the Committee of Ways and Means, said
that he had no doubt that a per cent. bond
would find ready sale, and he advocated
that rate of interest. He would vote, how
ever. for reduction Of the time from
twenty to ten years.
Mr. O'Turner, of Kentucky, opposed the
refundIng theory. He was in favor Of
placing an income tax on capitalists and
bondholders, and letting the revenue re-
ceived from that tax 90 to the eX'inguish-
ment Of the bonds.
Mr. Randall, of Pennsylvania, advocated
a 3 per cent. bond and an amendment to
the bill so as to give the government the
option of redeeming them at any time after
one or two years.
Mr.. Buekner, of Missouri, opposed the
bill, which, he said, would have the effect
OF making the national bank system OF the
country permanent.
Mr. Frye, OF Maine, defended the national
bank sy stem, but expressed the belief that
a 8 per cent. bond coald not be hOated, and
a failure to float it would be a disaster
which should be avoided.
Mr. Tucker, of Virginia, argued in favor
of a ) per cent. bond, which he believed
could be placed and made successful.
In further debate a 3 per cent. bond was
advocated by Mr.. Randall, of Pennsylvania,
ard Mr.. O'Connor. of South Carolina, and
opposed by Messrs. Aldrieh, Haskell, Harris
OF Virgins, and Warner.
The time fixed for debate having expired,
a vote was taken on Mr.. Woods amend
ment fixing the rate of interest on the re-
funding bonds at per cent. The amend
ment was agreed to-Yeas 1872, nays 92. The
second branch of the amendment, fixing the
rate at per cent. on notes, was agreed to
without division.
Mr.. Sanford, Of Ala. Offered an amend
ment providing that before any of the
bonds or notes authorized by this act are is
sued, it shall be the duty of the Secretary
of the Treasury to pay on bonds accruing
during the year 1881 all the silver dollars OF
4l216 grains and all the gold over and above
$50 600 900 now held in the Treasury for re-
demption purposes.
Mr.. Sanford's amendment was adopted by
a vote of SO to %, the Republicans refusing
to vote, desiring to so load down the bill
that substitute offered by them would be
adopted.
Mr. Randall offered an amendment max
ing the substantial part OF the section read
as follows:
"The Secretary of the Treasury Is hereby
authorized to issue bonds In an amount OF
not exceeding $65O, 600 600, which shall bear
Interest at the rate of three per cent. per
annum, redeemable at the pleasure OF the
United States after -- years. The bonds
shall be-" etc.
He stated that his intention was to make
il a bond loan exclusively. He would. at
the proper time, move to fill up the blank In
the amendment by the insertion OF
the word "two," so as to make the
bonds redeemabie in two years. He would
also offer an amendment providing that
Il terest on the per cent. bonds shall cease
At the expiration OF thirty days after notice
that the same have been designated Tor re-
demption.
Mr.. Calkins OF Indiana, wish to oamend Mr..
Randal's amendment by fixing the rate OF
interest ct 31< per cent, but the Cnair Fuleo
that it was not in order.
Mr.. r. Wood then moved that the com
mIttee rise In order to enable the members
10 carefully examine Mr.. Randall's amend
ment, which motion was agreed to, and the
House adjourned.