The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-16
Forty-sixtb COpgress-Third Session.
WASHINGTON, January ID, 1881.
SENATE.
The Senate was not In session to-day.

WASHINGTON, January Id, 1851.
SENATE.
The Senate was not IN session to- day.
HOUSE OF REPRESENTATIVES,
The Speaker proceeded to call the COM
mittees for reports.
Mr.. Geddes, OF Ohio, chairman OF The
Committee on Library. reported bill au-
thoriZing the construction OF II building
for the accommodation OF the Congressional
Library. Referred TO the Committee Of the
Whole.
The call OF the committees having been
concluded, the House, at 12:4O O'Clock,
went iuto Committee OF the Whole Covert
Of New York, in the chain on the funding
bill. ali debate on the FIRST section ard
amendments thereto being limited 10 ten
minutes.
| Pending an amendment that was offered
on Thursday last by Mr.. Anderson, OF
Kansas, Mr.. Price, OF Iowa, inquired oil
Mr.. Anderson what he eXpecedto accom-
plish by his amendment, which provided for
the retirement OF rational banks and Tor
| the issue OF currency notes.
Mr.. Anderson replied that by issuing cur
rency notes when national-bank notes
should have been retired the country would
gain this: that the United States would be
the only power having anything TO do with
the money OF the country.
Mr.. Frye, Of Maine, gave notice OF a SUBJ
stltute which he proposed t. offer for the
first section providing for the issue Of bonds
and Treasury notes to the amount OF $780,
900. 900, bearing g per cent. interest and
redeemabe after one wear.
Mr.. AndersOn's amendment was lost by
IS TO los.
The next amendment was that offered by
Mr.. Dlbrel, Of Tennessee, imposing an in
come.taX, the revenue OF which shall be en-
elusivey used for The payment OF bonds
and notes herein authorized to be issued.
The tax is fixed at per cent. on all net in
comes OF over $500 and under $4,000. and
at per cent. on all net incomes of $4,000
aud over.
Mr.. f. Wood, OF New York, and Mr.
FRYE, OF Maine, raised the point Of order
that the amendment was not germane and
was substantially similar to bills pending
before the House. The Chair sustained the
point OF order and the amendment was not
admitted.
Mr.. Bland offered an amendment pro-
yidipo that nothing herein contained shall
be construed to require the payment OF gold
and silver coin held for the redemption OF
certificates issued thereon, nor to reduce the
amount of coin held for resumption pur
poses below $50, 1000, 900, nor to require tue
payment OF coin which may be necessary 10
redeem the public debt OIL which interest
has ceased. The amendment was rejected
ayes, 81: noes, 90.
Mr. Warner offered an amendment pro-
viding that the Secretary Of the Treasury
NAV, in his discretion, make interest on GER
tifcates payable every four months. Re.
jected.
Mr.. Phillips offered an amendment pro-
yiding that certificates shall be issued in
denominations Of so, $50. and $50, either
registered or coupon. Adopted.
Mr.. Pryor offered an amendment repeal
Ing the tax on bank.checks. Ruled out on
point OF order.
Mr.. Singleton. OF Illinois, offered a SUBJ
stitute for the first seclion-an amendment
providing for dschargin2 The debt redeem
able in 1881 bv the payment from the Treas.
ury OF S4sj,000,000, and by the issue OF
5000, 100000 in Treasury notes bearing
per canr. interest. Rejected.
Several other amendments were offered
and reieced.
Mr.. Carlisle, OF Kentucky, offered an
Treasury to make suitable rules and regu-
lations to carry this act into effect, provided
the expense Of disposing Of the bonds and
certificates shall not exceed OF per cent.
Adopted.
lie also moved to strike out the 4th sec
ton OF the bill and insert an amendment
authorizing The Secretary Of the Treasury
to use, II he deem, it necessary, not exceed
ing $50. 000, 900 OF standard gold and silver
coin In the Treasury in the redemption OF
the ) and per cent. bonds OF the United
States authorized TO he refunded by this act
and 10 apply the surplus money in the Urea
sury in the purchase and redemption OF
United States bonds, provided that the
bonds so purchased or redeemed shall con-
stitute no part 81 the sinking fund, but
shall be cancelled. The amendment was
adopted.
Mr.. Hutchins, OF New York, moved to
strike out the 5th section OF the bill. He
did not believe that the loan could be ne
gotiated at 3 per cent, and argued against a
3 Der cent. loan. He claimed that per
cent. bond could not be flOated, and that
within four months there must be a conirac-
ton OF the currency to the extent OF nearly
slOo, 900, 900. The House was putting 1t IN
the power OF the banks and moneyed men to
bring about such calamity and financial
commotion as had never been seen.
Mr.. f. Wood said that he differed In
bis views very much from bis colleague Mr..
Hutehinsj He (Mr. Wood for one
wouid never concede the right OF
any moneyed corporation to dictate
TO the Government what 1t should or
sh0nld not do on the subject OF It's own
credit and Its own money. lie did not be-
lieve that 1t was absolutely necessary to
take Iato consideration the fact whether or
not the banks would take these bonds.
Congress was not TO be alarmed at threats
or intiuidated by lnuuendO. No depression
OF the money market would be or could be
made In consequence Of the passage Of this
bill, but 1t would strengthen the public
credit. Let Congress do what was right,
and the banks would do Whist was profita-
bic. He condemned as shameful tne policy
of the Government IN asking and humbly
beseechiug syndicates and banks and capt
talists 10 Europe and New York to ne so
kind rs 10 take q and A per cent. bond
Applause on the Democratic slde.] The