New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-01-10
MIR. SuEE,IAN'S REFUNpING BILL
..-...... .- r,rr DEBATE N TIE sENATf-AN OBJ
>,Nioys MEASURE E,NfRopucfp'
my TELEGRAPH TO THE rRlBCNEI

TELEGRAPH TO TIN IhibCNh"l
..,,,.-o> ian. 9-Thcre was n quiet hut
,orv interesting financial debate in the Senate TO-
sr senator sherman called up his three PEI cent
pcripiipe ullr after the expiration Of the morning
~ Ua said All the questions TO which the
,oe,sre could give rise had been recently and so
o,b.nstiyoly discussed that every Senator must
lore fn,,c ND his mind how he would VOTE an"
Iono sre,ch i'm support Of the measure, OF long
discnssion of It. would be unnecessary.
Tb. measure provided for the Teiunding OF two
- ,nil,ioos Of the extended three and half
nor cent bonds payable five years hence leaving
obont three hundred aud fifty millions To oe pau
ot tho opiion of the Government IA tho meah''nle'
rbi. auonut was IN the opinion OF lhe committee
o,,I, sufjcient to absorb AL tine surplus revenues
nj tbe Government for the next 1--we years Al
tbough the surplus revenues were very large curing
,Io last vcar II was 10 be remembered that the
arrears of pensions would require one hundred MIL
IONS next year anl she year after; moreover there
,,crc measures pending looking to a reduction OF
,b. t,x and 10 a revision of the taTid. In his
on,n,ou not more than $3.50, 900 600 could be paid
oo IN the next five years. The argumcut in favor
of this measure was that. to the extent tnat the
1opds were sold one half Of one per cent could be
saved annually.
In comparison with the great transactions Of re-
cent wears this was q small matter; still II was
well worthy the attention of Congress II The eniHe
amount provided for in the bill could be disposed
Of M once. about five millions would be saved IN
interest Mr. Sherman did not expect the sale
would be rapid. but thought the SZoO'OOUooo
,,;.ht no disprsod of within one or two years. He
faid that when the three per cent bill OF the last
session was passed the condition of affairs was
such that no careful observer would expect them to
float at par Moreover, the measure contained
1rovision compelling the National banks TO invest
In the new securities-a provision 30 unjust that the
President decided 10 veto It,
Senator Mcpherson, who offered an amendment
Yesterday fixing the maximum amount OF the new
bonds TO be sold at S4OO.UO0,OO0, redeemable in
ten years and payable in forty years followed
Senator Sherman with Il short written speech. lie
claimed the credit of the measure for the Democrats
iu8,much as "a Democratic Congress LAST winter Had
perfected and passed three per cent TeiundlnS
iiu which Republican President had vetoed. In
support OF his amendments MI Mel 'Rerson GuIotNeu
the National banks as the best unahclal system
ever devised to supply nation Win circulating
medium. and III order that the banks might nave
the bonds 10 deposit 80 u basis OF circulation he
proposed those of a nature more nearly approaching
senator Bayard opposed the measure in very
clear and we'll considered, though short, speech.
lie said that the nation mad experienced season
Of uueAaml led prosperity which had brought It's
securities up i'm the markets OF the world, SO thdt
capitalists were now willing to hold them Tor
percentage of profit little more than three per cent
The country could not however, COUNT upon a
continuance of the smiles of Providence mdch-
nitely. and with harder times there would be
depression of the pic, of National securities. II
was therefore uuwise TO name rate SO 10" that
any huctuatiOn would place them below pai. such
nm event would he "a stain upon the National credit.
Senator Vest introduced rs an amendment lhe
obnoxious fifth section oi the vetoed heiunuIIS o!I
of last session. compelling National banks 10
take the threcper cents the basis OF their crcua-
ton and fixing penalty Tor failure To MAKE the
conversions within given time. Senator vest Sc
cured the floor for tomorrow.