The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1881-01-07

hour expired and the army Appropriated
bill was read vice and referred TO III,
Conmi ttee on appropriations,
Messrs MorriIl, Mcpherson and Wal
lace opposed tho bill.
Mr. Teller supported it. He though
every claim that originated in the Wes
was regarded with suspicion in the Sen.
ate. There Lad always been disposition
not TO do justi3 TO the West. This was
sectionalistn that had mostly escaped
comment.
Pending debate, the Senate went inte
executive session and soon adjourned
HOUSE
WAsHINGToN, Jan. 6.-The House
We ut into com nittee on the iunding bill
the discussion being limited to one day.
Mr.. Kelly opposed the bill. There
never had been more misleading state
ment of the question than that the issue
was whether Congress had the sagacity
and honesty t.. borrow at per cent. the
money it had been paying and for,
Mr.. Hatch offered ed amendment allow.
ing state bauks to circulate notes on
depositing 3 per cent bonds with the
United Staes Treasurer. Ordered
printed.
Mr.. Chittenien said hs would offer an
amendment regulating all legislation tax
ing the capital and deposits OF banks. and
providing that the tax on notes OF national
banks issued % bonds shall not exceed
one half per cent. and that the total
amount OF silver dollars authorized by the
act OF February 8, 1879. shall not exceed
100000, 900.
Mr.. Weaver opposed the bill. If this
measure were allowed to paas IN the face
OF the fact that there were in the treasury
50OO0,O0O silver dollars, it was tant~
amount to legls alive construction that the
bond could not properly be paid in silver.
lie would vote for no funding bill that
would tako from the government, first,
the right to Pay them in silver dollars
The spectacle vas presented of national
bankers having power to regulate the
value Of money instead of congress; of
railroad corporations regulating commerce
instead OF congress. Here was the third
demand Of the money power that congress
value of the metsEic dollar TO syndcates
and bullion brokers, congress retaining
solely the right to be the mouth piece of
that class of men
MIR. White inquired whether there was
payment Of bondsin silver?
Mr.. Weaver replied that there was
nothing in express terms. He gave notice
that he would in due time offer an amend
meDt providing that nothing in this act
should be construed to authorize the Sec
retary to retain 10 the Treasury surplus
silver coin, but that he should exhaust it
in the payment OF bonds
Mr.. Chitteuden said. as he had not ex
pected to speak to-day as he had left his
few notes at home. but he would take
extracts from the financial speeches of
Garfield as the text for h Q
speech. Having read some extracts he
proceeded with bis speech. He was in
favor of the passage of this funding bill
with certain amendments, which were es-
timated to make it practicable. Where
was the money to pay the maturing bonds
without a refunding bill2 The gent
man from Iowa (Wsaver) talked about the
silver dollar. The argument in favor Of a
procrastinstiGg doctrine.in favor of letting
the thing run on. proceeded 10 theory that
the people would be shocked and disguised
that Congress should prefer to pay FIVE or
six per cent to three per cent and would
after time get something that cost moth
iug to pay the villanous bondholders, of
whom he was not one. He was convinced
that unless the banks were relieved Of the
tax the three per cent bonds would utterly
fail, His prayer for his country was that
both parties wonld take the financial oues-
ton from politics and decide it op its
merits; decide it independent of all self
ish IN em bers of Congress, who fancied they
must be 10 favor of plenty of greenbacks in
order to get reelected
Mr.. MoLsne opposed the bill, being
persuaded thst there was no necessity at
all for any further funding bill.
Mr., Springer declared himself opposed
to the bill unless it should be considerably
modified, and proceeded to state his
objections to it, Il would place between
$500, 900, 900 and 500 600, 900, Of United
States bonds beyond the reach of the gov
twenty years. leaving only pay
abls within that tine $500, GOO, 600, and
the 43 per cent bonds falling due in ten
years, III thought the government cou Id
do better than that, and that the public
debt could be reduced to q much larger
extent without any increase Of taxation.
Within ten years the reduction Of the
public debt had averaged ever $5O,OOO,-
0O0 dollars year, aud he thought it was
not extravagent TO calcu ate on the
ability of ;he government to pay within the
next ten years $l00,000,000 If the
bill were SO amended as 10 provide
tor short bonds. he would support it and
he hoped it would be also amended as to
guard against the payment of double
interest and other advantages to syndi-
Gates and capitalists.
Mr.. Lounsberry declared himself op
posed to the genera proposition contained
in the bill and in favor OF paying the
bonds as they fall due, rather than oi
refundiug them.
The Speaker again laid before the
House the reply of the Postmaster Gen
eral to the House resolutions in refer
ence to the abuse of the fraukine
privilege.
MIR. Browne demanded its reading
pending which a motion was made IL
adjourn.
Mr.. Browne asked that the document
be printed in the record.
Mr.. Springer objacted. an1 Il ,use al