Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1881-01-19

IN one year, and payable In ten, which was
by making the bonds redeenable in five years, and
payable in ten. Agreed to without division. Ryan
moved moved to amend by making the bonds payable in
twenty years. Rejected-73 against 1O2. Gillette
moved to insert in lieu Of bonds and certificates the
words :" 100000 Of treasury notes." Rejected.
handaas 1a amendment as amended was then adopt
ed-12s against [Messrs. Weaver and Gillette j.
and he then proposed further amendment relative
to interest on the six per CENTS which adopted.
The section amended authorizes the secretary of
the treasury to tissue bonds in amount not exceed
ing $4O0, 900, which shall bring interest at the
rate OF per cent. per annum, redeemabe at the
payable after ten years from date of issue and also
certificates in amount not exceeding $500, ,0G0 00o,
bearing interest at the rate of per cent per annu,
redeemable at the pleasure of the United States after
year and payable In ten years from date of issue
It also provides that before any OF the bonds
fcates authorize are issued it shall be the duty of
ing during the year 1881 oil the silver dollars of 412
grains and all the gold over and above 900 in
the treasury for redemption purposes, and that in
terest on the six per cent bonds authorized to be
funded shall cease at tho expiration of thirty days
after notice that the have been designated by
the the. secretary Of the treasury for REDEMPTION.
Weaver offered an amendment providing that no
portion Of the public debt now payable in lawful
money shall be funded under authority Of this act
into obligations payable exclusively in con Re-
jected-66 to 96. Amendments were offered by
Chlttenden, Warner and Anderson, but they we're
ruled out on points of order. Adjourned.
FRIDAY, January 14.-The house went into COM
considerable time to debate the bill for the relief
Of VIM. Ridus for cattle taken from him by the
Usage Indians. The bill was finally laid aside for
favorable report to the house. The committee
and reported dozen private bills to the house. but
upon the first bill acted upon no quorum voted....
Anderson asked and obtained leave to have printed
in the record modification Of the amendment offered
by him yesterday to the funding bill. AS modified it
authorizes the secretary Of the treasury is issue
rency notes not bearing interest, but which shall be
payable at par on demand in legal tender notes. 1t
makes it unlawful for the comptroller of the cur
rency after June 80, 1881, to authorize any to
carry on the business of banking to issue circuat
ing notes to an association after that day; provides
that whenever after that day circulating notes shall
be redeemed by the treasury department the secre-
tary shall issue notes herein provided OF the
! same denomination and to the same amount the
circulating notes so redeemed, which currency
noes are to be received at par in payment of ali
dues except duties imports; directs the sec
rery currency notes issued to set apart of the
amount OF all coin in the treasury for the redemp-
ton Of bonds redeemable during or subsequent to
the year 1881, the amount of bonds so redeemed
prior to the sale Of the last of the bonds and certi
Gates herein authorized to be deducted from the ag-
gregate amount of such bonds and certificates, and
authorizes an appropriation to the sinking fund Of
80 much coin as s set apart and not used in the
demption of bonds. .Townshend Qn) obtained
leave to have printed amendment which he pro-
after July l. 1884, duty shall be levied, assessed
collected upon merchandise imported into the United
States In excess of 60 per cent. dd raoyen, any
article embraced in section 2,504 revised statutes,
and not subject to tax under the internal revenue
laws, except perfumery Of which alcohol forms
component part, rum, essence and OIL bay rum, e.
sence and oil, opium and all preparations Of opium,
and playing cards. Adjourned.
SATURDAY, January 15-The house went into
committee Of the whole on the funding bill, the
pending amendment being that offered Thursday by
Anderson. Frye gave notice of a substitute which
he proposed to offer for the first section, providing
for the issue Of bonds and treasury notes to the
amount Of $62O.000,0 ,00o bearing 81 per cent, in
terest, and redeemable after year. Bland Offer
| ed an amendment providing that nothing herein
contained shall be construed to require the payment
Of gold silver coin held for the redemption Of Ger
tfcates issued thereon to reduce the amount f
coin held for redemption purposes below 500,
nor to require the payment of coin which may be
necessary to reduce the public debt, on which in
terest has ceased. Rejected-57 to SO. Phillips
! offered an amendment providing that certificates
shall be issued in denominations of $40, s2O and $50,
either registered or coupon. Adopted. Anderson
offered substitute for the first section an amend
ment authorizing the secretary of the treasury to
issue bonds not exceeding $400 0o0.000 bearing in
terest at rate not exceeding 3k per cent
bic after two and payable in ten years. Rejected
| SO to ga party VOTE McLane offered as SUBJ
sttute for the whole bill amend ment authorz ing
the secretary issue bonds and treasurv certificates
exceeding S637 900 GOO, which shall bear interest at
the rate of not exceeding 81 per cent, redeemabe
after one year and payable in ten years; no more
than 500 900 Of SAID bonds and certificates sha
be issued in any ono fiscal year. 1t also authorizes
the secretary in the process Of refunding the na-
onal debt to exchange at not less than par any GER
thcates herein authorized for any of the bonds out
standing and uncalled bearing higher ate OF tn
terest than ~ per cent? provides that said cerl-
lcates shall not be gold converted at less than
par, and makes 81 per cent. bonds receivable az
security for national bank circulation. Rejected
81 to l08. Carlisle offered amendment authorizing
the secretary Of the treasury to make suitable
rules and regulations to carry this act into effect,
provided that the expense of dsposng of the bonds
and certificates shall not exceed onequarter of one
per cent. Cladn moved to amend by making It one
half of one per cent After discussion, Clahin's
amendment was rejected and Carlisle's adopted.
Carlisle moved to strike out the fourth section Of the
bin and insert an amendment authorizing the secre
tary Of the treasury to se if he deems il necessary,
not exceeding $50 600 of standard gold and silver
coin in the treasury in tho redemption of and
cent bonds of the United States authorized to be
funded by this act and to apply the surplus money
in the treasury in the purchase of United States
bonds; provided the bonds purchased Or redeemed
shall conetitue part Of the sinking fund.- but shsl
be cancelled. Agreed to. Hutchins moved to strike
out the fifth section Of the b he did not believe
q loan could be negotiated at per cent. Carlisle
moved to strike out the fifth section and insert in
lieu thereof provso that after May, 1881, the per
cent. bonds authorized by this act shall be the only
bonds received security for national bank crcna-
ton safe-keeping of public deposits, but that
when such bonds deposited shall be designated for
purchase redemption, the banking association de-
posting the shall have the right to substitute
other bonds Of the United States. It repeals the
fourth section of the act Of 1874 and reenact sections
5, ,15O and 516O Of the revised statutes The CON-
nittee then rose and the house adjourned.