Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1881-01-13
HORTY.SlxTH CONGRES8-SECOND
SESSION.
SENATE.

WAsnINoroS. January II.
Mr.. Davis of West Virginia. submitted .
resolution instructing the finance committee
to inquire into the advisability of . change in
the organization of the Treasury so As to de-
eide accounts, etc, for collecting, receipt
and safe keeping of revenues from disburse-
ment accounts: to transfer from the Treasury
10 the war or navy department, the steamboat
inspection, life saving and other services,
and to place under the state department mat
tiers connected with domestic and foreign
commerce; ordered printed.
Mr.. Logan called up joint resolution ex-
tending the franking 10 all official business
/ sent through the mails BY Senators, repre-
sentatives and delegates in Congress, and in
all other respects to be under limitations Of
existing laws.
After further discussion the morning hour
expired. and the army appropriation bill
was taken up. In committee of the whole
the amendments of the Senate committee
was agreed TO.
The clause appropriating sl25, 900 TO paw
the land grant of railroads 80 per cent OF
what the quartermaster's department finds
Justly due them for transportation, to which
Senate committee had added proviso-thst
such a payment be accepted rs in fall of all
demands for such services-was discussed at
length, pending which
Adjourned.
The morning hour was dispensed with.
Mr.. Wood moved that when the House go in
TO committee of the whole on the funding
bill, debate ON pending amendment be linn
tied to thirty minutes.
The House then went into committee OF
the whole en- the funding bill
The time limited for debate having expired
the committee rose and the House extended
the time one hour
Mr.. Wood said that for himself, he saw
nothing inconsistent in the establishment OF
the per cent. rate of interest for bonds, and
shortening of option indicated in the bill.
Mr.. Stevenson opposed the bill on the
ground that il did no more or less than fix a
permanent national debt upon the country
Mr.. Weaver protested against refunding 3
and 6 per cent into any obligations that
would take from the government the right of
redemption for a single day ~ hour.
Mr. McMullen argued in favor.
Mr.. Dunnell. member of the Ways and
Means committee. had no doubt that 3 per
cent bonds would find a ready sale, and he
advocated that rate of interest. He would
vote. however, a reduction of time from to
Is years.
The per cent. amendment to the funding
bill was passed.
After debate, in which Mr.. Frye vigorously
defended the present banking system, Mr.
Woods amendment, fixing the rate of interest
on bonds and certificates at per cent. was
agreed to.
Mr. Sanford offered an amendment pro-
vidng that before any of the bonds or notes
authorized by this act are issued 1t shall he
the duty of the secretary of the treasury to
pay on the bonds accruing during 1881, all
the silver dollars Of 4l23 grains, and all gold
over and above fifty millions now luod in the
treasury for redemption purposes.
The amendment was adopted, SO to %,
the republicans refusing to vote, desiring to
load the bill that the substitute offered by
them be adopted.
Mr. Randall (of Penn. offered an amend
ment making a substantial part of the section
read as follows: The secretary Of the treas
nry is hereby authorized to issue bonds in an
amour, of not exceeding $3.50 ooo. 900, which
shall bear an interest of not exceeding 3 per
cent. per annum. redecnablc at the pleasure
of the United States after years
Mr. Randall stated that his intention was
to make il the bond loan exclusively. He
would at the proper time move to fill up the
blank in the amendment by insertion Of the
word 1.-TWO" to make the bonds redcemable in
two wears. He would also offer an amend
ment providing that interest on the 6 per
cent. bonds shall cease at the expiration of
80 DAYS after the notice that the same has
been designated for redemption.
In order to enable members to examine
this amendment committee rose and house
Adjourned.