The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-01-07
House.


Tucker, of Virginia, the morning hour was
dispensed with, and at p. m. the house
went into the committee of the whole, Mr..
Covert, of New York, in the chair, upon
the funding bill. The only arrangement in
regard 10 limitation to the debate was that
which was made before the holidays, which
limited general discussion 10 one day.
Mr.. Kelly, Of Pennsy lvania, took the floor
in opposition to the bill. 1t had been stated
that the only question presented was whether
congress would have tho ssgscity and honesty
to borrow at three per cent. the money re-
quired to pay the bonds which were carrying
Elk and five per cent. interest. There hac
never been more misleading statement
made to congress and the country. The real
question which would come up was whether
the government could not pay this debt
without borrowing money. Sixty millions
ayear forten years would pay it. For Afteen
years the government had paid an average
within three millions of that amount, and in
tho year just closed it had paid nearly sew
enty-four millions. Was it then necessary for
the government to borrow money to pay
the $637 100000 in the next ten
or eleven yesrs. He was in favor of tempo
rsry loans redee nable in one or two years,
to supply any deficiency, should any be
found in the current revenues, thing of
which he had no apprehension, and he would
shortly ask for vote on his bill to authorize
such loans.
Mr.. Weaver, of Iowa, opposed the bill, ar
guipg that there wero fifty millions Of silver
dollars in the treasury, which should be
used in the payment OF bonds,
and he gave notice of an
amendment authorizing the secretary
of the treasury to devote all the silver in tn
treasury vaults to this purpose.
Mr.. Chittsnden, Of New York, stated tina;
no would at tn. proper time Offer an amend.
mont repeating all the acts imposing tex or
the capital snd deposits OF savings banks
national banks, state banks and private
bankers, providing that tax on circulating
notes of national banks Issued on bonds
authorized by this act, shall not exceed one
half of one per cent, and pro
viding further, that the tots
amount of silver dollars oil
Aha grains, authorized under an Rct Of Feb
ruary 28lb, 1878, shall not exceed 100000, 900
| Mr.. Chit!endea then spoke at some length
in support Of his amendment, the main point
ofwhich, ho said, YVES that i reduced the tax OF
circulation issued on the three per cent. bonds
to one-hslf of the present, THIS he belieyet
to DO IN indispensable condition of the sue
cess of tho present funding bill, unless the
banks could bs encouraged TO buy these
bonds. The prospect Of disposing Of them
would be poor.
Mr.. McLane, Of Maryland, opposed the bill
in its present shape. Being persuaded tina,
there WAS no necessity for it, he thought il
should be so modified IS to carry out the
views of the secretary of the treasury, US sol
forth in his last annual report
Mr., Springer, of Illinois, declared himself
opposed to the bill, unless it should be con
sdersbly modified. He thought the public
debt could be pail off without any increase
of taxation much more rapidly than this bill
proposed. He favored the bonds 10 run &
shorter time.
Mr.. Lounsbery, Of New York, opposed tht
general features Of the bill. He was in favor
rather of paying the bonds IS they fell due
than ef retunding them.
Mr.. Mills, of Texas, argued sgainst thu
bill, declaring himself opposed to the ssuC
Of lorg term bonds.
Mr.. Phillips, Of Missouri, spoke briefly in
favor of the bill, TO which he proposed tC
offer substitute for the funding bill.
The committee then arose, Mr.. Tucker, oI
Virginia, stating that he would on Saturday
move to 60 into committee TO consider thu
funding bill by sections.
The house then adjourned.