Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1881-03-03
THE FUNDING BILL.
What Three OF It's Advocates Said.

IL the House last night the rules were
suspended, and the deficiency bill, the last
of the general appropriation bills, was
passed. The funding bill was considered
and finally passed, exactly as received from
the Senate. After its passage Mr.. Carlisle
moved tossuspend the rules and pass bill
amending the funding bill just agreed to.
The supplementary bill contains all the
amendments proposed by the committee
on ways and means. but not incorporated
with the original measure. ~ rules were
suspended, and Mr.. CarlisNs bill was
passed, and the House then adjourned.
Among the speeches made on the passage
Of the funding bill we find the following
expressions from the side in it's favor
which we give as furnishing the gist of
the sentiment that pressed the bill to it's
passage. The great body of the Republi-
can members voted against the bill, but
among the few who supported it: Mr.
S!arsh (Rcp.) Of Illinois, having five min
utes allowed him, declared himself in
favor OF the bill, including the fifth sec
ton. He believed that d three per cent.
bond could be negotiated at par. He be-
lieved in requiring national banks (whcn
organizing or when increasing their cir
culation after tho list Of july to de-
posit three per cent. bonds, because he
believed that that provision would aid the
government materially III negotiating that
loan. When the bill was originally before
the House lie had favored the re enact
ment of sections 5,159 and J,1GO of the
revised statutes, because he wanted to de-
privc the banks of the ability to create the
very panic and disturbance in business
which they had created within the last
ten days. (Applausc on the Democratic
side.) If he had any doubt as to the pro
priety of his position on that point all
doubt had been dispallcd by the action OF
few of the New York banks. The ra-
tional bank system had not been created
for tho beniiit Of the banks. bat fora great
public purpose, and they should not he
clothed with power to surrender their cir
culation within ten days time, and thus
paralyzc the business interescts of the
country. (Rencwed applause.)
Mr.. Buckner (Dcm.) Of Mo-, said he
would not discuss the legal aspects of the
question, but would refer to facts which
should be known to the House and the
country, SO as to show the animus of those
who were opposing the fifth section. The
national banks had direct pecuniary in
terest in defeating any funding bill. They
held two hundred million of five and six
per cent bonds, and the rcfunding Of those
bonds into three per cents would entail a
loss of 81 500. 600 on the banks in one year
1t was, therefore, important for them to
delay action on the bill, and all these
movements were mere prcteXts, in
spired by Eyprocritical capidity.
The banks had been "bulIing'
Uhited States bonds On the market. The
county had justly complained Of the COLI
traction of the circulation from 1915 10
1876, by s65, 900. 600. and yet within the
last few weeks the banks had contracted
circulation to tho amount Of $4,000, 900,
creating pecuniary disturbance throu sh out
the country Was the House willing to
leave the country forever at the mercy Of
the banks; the fifth section was intended
to curtail that power.
In closing the debate Mr.. Carlisle. DEM
ocrat of Kentucky. declared that the ma
tiOnal banks by their conduct, by their ac-
tiOn of the past few days, by their abuse
of that power Which the bill took away
from them, and he hoped forever, had done
more to raise spirit of Indignation in the
b"soms of the American people than all
the words Of denuDc;ation ever uttered by
any Democrat. He warncd them that
when they had once satisfied the Ameri-
can people that the value could be disturbed
and all the business dcranged at their sover-
eign will and pleasure. the days Of their
lives were numbered. (Applause Oh the
Democratic side.) He had taken the posi-
ton at the beginning of this contest that
Congress would be faithless to its duties
if it failed to apply the remedy for this
great evil which was constantly threaten
ing the business interests of tie country
and would continue to do so so long as
the banks had the power to contract the
currency rs they had done last week. In
conclusion, he said in reply to all that the
gentleman had said as to what the Demo-
cratic party had accomplished or failed
to accomplish, l have only this to
say. I believe it has had in view
all the time what its members hon.
est!y believed it to be the best interests Of
the country, and I say that I will act with
it SO long, and SO long only, as believe it
to be actuated by that spirit. I have not
made partisan speech on the floor of this
Houce. have given my attention here to
the real public interests SO far as l could.
and it III becomes gentlemen to say, sim
ply because VIC differ from them on a
measure of great public importance, that
our motives are not as pure and patriotic
as their own.
Mr.. F-ye-Thc gentleman is recognized
on this side as the jewel of the Demo
cratic party in this House. [Applause on
the floor and in the galleries..
News comes to-day that Hayes has
vetoed the BILL