Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-01-10

also submit an estimate of the cost of the
same.
Senator Teller offered a resolution-whch,
at the suggestion of Senator Mcmillan was laid
over for one day--directing the secretary of
the interior to communicate the decision of
the commissioner of the general land office,
declaring the land grant made for the North
ern Pacific railway lapsed under the op-
Grafton OF the law granting the same; also,
the full text of the decision, and instructions
of his-prcdecessor, Carl Schurz, overruling
the decision OF the commissioner of the gener-
al land office and restoring the grant Of lands
to the Northern Pacific railroad, without ref
erence of the subject for consideration Of con.
gress; and farther, all papers, correspond
ence or memoranda in his department
touching the decision of the commissioner
overrating the same and the decision on the
subject; also the number of acres for which
patents have been issued to said company
since 1876.
Senator Pendleton presented the memorial
of General Sherman and Others for action re-
lative to the character and meritorious SER
vices of Captain Patterson, late superin tend
emit of the coast survey. Ordered printed and
tabled.
The house resolution of thanks to the
Khedive of Egypt for the Cleopatra needle,
was adopted.
The morning hour was extended to dispose
OF Senator Hoar's pending refoluton for select
committed on the rights of women, to whom
are to be referred all petitions and resolutions
relating to woman suffrage.
Senator Bayard's motion to refer to the Judi
ciary committee was voted down.-Ayes 81;
Noes 81.
On motion of Senator Sherman his bill to
provide for the issue of 3 per cent. bonds was
taken up without formal vote.
Senator Vest offered an amendment, which
was ordered printed, adding to the bll a Sec
ton Identical with the fifth or compulsory
section, vetoed in the 8 per cent bill last SEES
sion. but modified to cover provision for
| $2OO,OOO,O00. 1t makes the bonds the sole
basis for the bank circulation
Senator Sherman said In view of the very
| full discussion of the general proposition of
| the bill in the debates on the vetoed measure
! last session, and as he believed every senator
had made up his mind on it, he would conine
himself to brief statement of few facts and
| hoped before the day ended decisive vote
or defeated. The bill presented
| except as to detail, the specific business ques-
| ton whether it was advisable or not to extend
| at lower rate and longer time for payment,
any portion of the debt that now stands re
| deemable at the pleasure of the government
There were now $557 1856, $40 of bonds redeem
| able and unT aid, and the bill would offer 3
per cent. bond, redeemable after five years at
| pleasure of the government, at par with coin,
| in order, with the money thereby received, to
| pay off two hundred million dollars of 80 per
cent. extended bonds The only expense In
| volved would be in the printing of the bonds,
and these would cost no more than did the
| printing of the 3k per cents. The sinking
| fund ordinarily would probably absorb in five
years about two hundred and fifty million dol
| lars, leaving about three hundred million ur-
L. - h. a..
period. 1t was true the surplus rev.
| enues were large, and that in year that
| fund would more than meet The requirements
of the sinking fund, but in view OF the pend
| ing questions of reduction of taxation, tar
| if revision and arrearages of pensions outlay,
| it would seem that not more than 5000, 10000
could be safely counted on as being paid off
| within the next five years, as, providing an
ample margin of gold we had left three hun
d-ed and fifty million dollars unprovided for
The saving of one-half of one per cent. would
amount to one million dollars per year, or
total of five millions. While the bill would
establish q rate of interest as low as any ever
known in any country of the world. II we
sell our per cents at par, we do better than
any country has yet done, because England
when she sold her 3 per cents at par
always gave an additional guarantee in re,
turn of discount in bounty. He had no doubt
the bonds would be readily taken up. His otjec-
ton to Vests amendment was the government
ought to require for bank notes outstanding
the highest form of security, and to deny to
banks the right to purchase per cents, and
to compel them to buy 8 per cents. did not
seem to be wise thing for the security of the
note holder An additional consideration was
this, that the credit of the government being
now established, it was under no obligation to
compel anybody to buyits bonds. There was
time when he, Sherman, advocated in the
senate a compulsory provision such as tina
now proposed, but it was at the close of the
war, in time of difficulty and when the pub
lie credit was disturbed. The reason which
then existed for compelling banks to aid the
government did not now exist Another OBJ
lection was the one given by President Hayes,
who did not object to a per cent bond, but
vetoed the bill entirely, because of the com 1
pulsory feature, which seemed to him to be
a hostile movement against the banks, and
to restrain them in the operation of organic
ing. Further, it had been manifest from the
state of the market, since the defeat of the bill
of last session, that at no time could a per
cent: bond have been sold at par. 1t seemed
to him (Sherman) fortunate for the govern
ment that the 8 per cent. bill, in any form,
had been defeated, in view of the admirable
manner in which the interest had been reduced
from and to OK per cent. The government
at the same time had saved the difference in
interest, while retaining its option as to the
time of payment. His objection to McPher-
sons amendment for a 1890 bond, was that it
would make the date of maturity the same as
that of the AZ per cents.
In reply to Mcpherson, Sherman added:
The difference between the five hundred and
fifty millions now outstanding and the six hun
bred and fifty millions we owed year ago, had
been paid out of the surplus revenues and of
that amount the zoe, 0O0, 900 named in the bill |
had not been made larger, because of the obi |
cation to provide $4,000 900 per year for the |
sinking fund.
Senator Mcpherson said at no time was the |
condition for refunding at low rates more ia |
vorable than at the time of the veto of the |
per cent. bill of last session, which veto had |
followed the statement by Senatar Sherman,
then secretary of the treasury, that he re-
garded the measure as experimental and dan
gerous. The change of heart to which the
Senator now confessed had been SO rapid that
in comparison with it the conversion of st.
Paul seemed slow and tedious. He (McPher-
son) was glad to see the senator's batteries
now turned in favor of the Demo-
cratic measure. The demand for cur
rency will always keep step with
the increase of population and development,
and as this increase can only be obtained
fhro,, ri, nofiona1 honds nrOvisiOn shOu1d ha