Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-02-16
The Senate.

WASHINGTON, Feb. 15.-Senator Hereford
presented joint resolution of the West Vir-
ginia legislature, asking for law regulating
railroad committee.
Bills and joint resolutions were reported
back from the committees as follows, and
placed on the calendar.
By Senator Bayard, from the finance COM
mittee-Favorably for the relief of the Phila-
delphia & Reading railroad company.
BY Senator Logan, from the military COM
mittee-Favorably with an amendment for
placing Thomas Crittenden on the retired list
with the rank and pay of brigadier general.
On motion of Senator Bayard the pending
order was postponed and the Senate took up
the House funding bill.
Senator Bayard spoke to an attentive audi.
ence on the floor and in the galleries in expla-
nation of the amendments of the Senate inan-
cial committee upon the features Of the bill
He advocated the 33 per cent. rate and a $50
bond as a modification of the two PROPOSE
tions of the secretary of the treasury and the
House, and opposed the compulsory feature
of the provision of the House in the fifth sec
ton, compelling banks to exchange bonds of
higher rare for those of lower rate.
At the conclusion of Senator Bayard's re-
marks a vote was taken on the amendment re-
ported by the finance committee to make the
clause read: The secretary of the treasury is
hereby authorized to issue bonds to an amount
not exceeding 3400,0O0.O00. Agreed to. The
next amendment of the finance committee was
to insert the words "Indemnifcation of $50 or
some multiple of that sum-"
Senator Kirkwood asked Bayard whether
the language would permit the secretary to
issue all as 81 900 bonds.
Senator Bayard replied in the affirmative,
and stated in response to further questions in
that direction, that the denomination of the
bonds would be subject to the desire of SUBJ
scribers. The language of the funding act of
1910 had been followed in this matter
Kirkwood expressed himself strongly in
favor of popularizing the debt and giving
opportunity to the people throughout the
country to subscribe for it direct in small
sums.
Senator Bayard admitted the advisability
of such a resort, thinking it wonld be fortf-
cation of the public debt, but he had doubts
as to its practicabilitv The committee
amendment was adopted.
The next amendment of the finance COM
mittee was to make the rate of interest 81
instead of per cent.
Senator VOORHEES,, member of the finance
committee, said while in committee he had
agreed to the amendments, reported he had
still reserved the right of opposing them in
the Senate, and he now opposed this amend |
ment because he believed the bonds could be
foated at per cent.
Senator Eaton moved the rate of interest be
fixed at 34 per cent.
Senator Williams declared himself perfectly
satisfied the whole debt conld be easily toated |
at 3 per cent. He believed within a week after !
the issue of such bonds there wouldn't be one |
of them on the market.
Senator Bryard said they knew nearly as
well as they knew anything in the future
that the loan proposed by
the committee on finance was |
practicable, and they knew it was for the bene-
fit and advantage of the country to have re-
duction of interest to 311 per cent
After further discussion by Senators Wal
lace, Beck and others, without action on the
amendment, adjourned, leaving the bill to come
up as unfinished business tomorrow.