Idaho semi-weekly world. [volume] (Idaho City, Idaho Territory) 1875-1908, 1881-02-08
WASHINGTON LETTER.
WASHINGTON, Jan. 25th, -

aud the debate, already more protrart-
ed than was ever anticipated, is trans
ferred TO the Senate. But there is not
much hope that it can pass the latter
body without important amendments,
sending it back to The House; anu in
that case, the prevailing opinion Is
that final nun-concurrence aud the
failure Of the measure will result.
The bill, as II passed the House, pro-
vides for three per cent. bond 70 tile
amount Of not exceeding $500, U00, 900,
to run five years and be made payable
il ten years. with 100000, 900 certi-
ficaies, bearing three per cent. inter-
lest likewise, and redeeii able at tile
pleasure Of the United States in one
Hor ten years. IL provides also that
none of these certificates are to be is
sued until after the Treasury shall
have paid ont all its standard silver
dollars aud all its gold, saving re-
serve Of $50, 900, 900, ID redemption
Of bonds the maturity Of which is now
accrning, and that the interest on the
bonds to mature shalt cease after forty
days notice by the Treasury Depart
ment. The new three per cent. bonds
authorized by this net are to be tile
only securities, after May I, 1881, re-
ceiyable as security for national bank
circulation, but provision is made for
the Substitution Of other issues Of
United States bonds BY the banks
when the bonds of this series have
been called in for redemption. The
banking interest is against this meas
ure and AS nearly as can be ascer-
tanned, the Senate will either extend
the time on these bonds to twenty
years or increase the rate Of interest.
a curious example Of our reluctance
70 copy after European models in
financial and other matters ii the fact
that no proposition has been made to
adopt tho form Of the English consuls.
They are, technically, interminable
land may be held by their owners from
generation ID generation, bnt practi-
cally they are far more within the
co:trol Of the Government than any
bonded debt redeemable or payable
within certain periods, can be- Their
price IN the market is governed by the
aspect of national and business affairs,
and any surplus revenue the Governs
ment may have on hand from time to
time can be used ii their redemption
and cancellation, while on thc other
hand, the principle d continuity
which they embrace makes them a
desirable Investment ior those who
hook for pcrnanehcy rather than for q
high rase Of interest. Mr., Hawley,
Of Connecticut, in tue course Of the
discussion, signiIi 4 his preference for
such u form Of tile public debt, but
minated that the popular. feeling was
against the idea Of permanent
national debt in any form. aud hence
he did not offer any amendment ii
that sense.
Strangers from all parts Of the
country who have Wis ited Washington
within o number Of years past viii
remember the old gentleman who kept
a picture-stand in the dune of the
capitol. His venerable appearance
and kindly manner, as wen as his
chatty talk about the Interesting fea-
lures of the bailding. often detained
visitors to that lofty height and repaid
them for the wear,some.clisab. Samuel
ID Wyeth was his name. But his
pleasant face and quiet greeting will
lie missed from The great dome, for the
tired Oh man has gone up higher,
Mr. Wyeth was an educated and pol-