Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-01-13
HOUSE.
The Funding Bill Discussed-Wood's
Three Per Cent. Amendment was
Adopted.

The Funding Bill Discussed-wood'
Three Per Cent. Amendment wa
Adopted.
On melton OF Mr.. Buckner the morn
ing hour was dispensed with.
Mr.. +. Wood, of New York, movet
that when the house next went int
Committee of the Whole on the funding
bill, debate on the pending amendment
should be limited to thirty minutes
Agreed to-yeas, l49; nays, 4.
The house then went into a Commit
tee OF the Whole, Mr.. Covert in tn,
chair, on the funding bill.
Mr.. Wood said that for himself he saw
nothing inconsistent In the establish
ment of a per cent rate OF interest fol
bonds, and the shortening Of the option
indicated in the bill. He would go fur
ther. He believed that with the remov
al OF the tax on bank deposits and the
establishment of rate Of 3per cent, the
question OF option was absolutely i'm
material, because the bonds and certiti'
Gates would not be likely to rise
to any great premium, and would be al
any time within the reach OF the Gov
ernment at par or at nominal premium
He belived 3 per cent. note corld be
safely established and was confident OF a
speedy negotiation OF every bond and
and certificate issued.
Mr.. Stephenson opposed the bill on
the ground that it did no more or less
than fix a permanent National debt
upon the country.
Time for debate having expired, the
y cotion recurred on Mr. Woods amend.
.uent fixing the rate Of interest upon
bonds and certificates at per cent.
Mr.. Newberry demand division OF
the question, and vote was first taken
on fixing the rate on bonds at 3 per
cent. Agreed to-l32 to 90. The great
body OF the Democrats voted in the af-
firmative, and the majority of the Re.
publicans in the negative. The Sec
ond branch of Mr.. Woods amend
ment fixing the rate OF interest
OH notes at 8 per cent. was also
agreed to without discussion.
Mr.. Sanford offered an amendment
providing that before any Of the bonds
or notes authorized by this act are is
sued, it shall be the duty OF the Secre-
tary of the Treasury to pay on the bonds
accruing during the year 1881, all silver
dollars of 4l2! grains, and all gold over
and above fifty millions OF dol
lars now held in the treasury
for redemption purposes. He argued
in favor OF his amendment, and Bland
argued in favor of the amendment which
he proposed 30 offer, authorizing the
Secretary of the Treasury TO coin max
imum amount of silver dollars in the
redemption OF the maturing debt.
Mr.. Sanford's amendment was adopt
ed; yeas s3, nays %. The Republicans
refused 10 vote, desiring TO so load down
the bill that substitute offered by
them would be adopted.
Mr.. Randall offered an amendment
making a substantial part of the section
read: "The Secretary OF the Treasury is
hereby authorized to issue bonds in the
amount OF not exceeding $3.50, ,OOO, 600,
which shall bear interest at the rate OF 3
per cent. per annum, redeemable at the
pleasure of the United State after -
years. The bonds shall be, etc"
Mr.. Randall stated his intention to
make the 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 redeemable in two
years. he would also offer an amend
ment providing that the interest on the
six per cent. bonds shall cease at the
expiration OF thirty days after notice
that the same have been designated for
redemption.
Mr.. Calkins wished to amend Mr..
Randall's amendment by fixing the rate
OF interest at 8! per cent, but the Chair
ruled it was not in order.
Mr.. Wood moved the committee rise
in order to enable the members TO care
fully examine Mr.. Randall's apend-
ment, which was agreed to, and the
House adjourned.