Centre Democrat. [volume] (Bellefonte, Pa.) 1848-1989, 1882-01-26
The Sherman Funding Dill.
Spicy DEBATE BETWEEN SENATOR HILL
AND Ex SECRETARY WINDOW.

sfiC1 DEBATE
AND Ex'sEcRETARY WINDOW.
When the Sherman Funding bill was
taken up in the Senate on Thursday
last, Mr.. Salisbury spoke in favor OF
the bill.
Mr.. ingalls,, in order TO test the sense
of the Senate, moved TO lay the bill on
the table. He did not believe the
funding measure could pass.
Mr.. Window, persuading Mr.. ingalls,
10 temporarily withdraw his motion, OPP
posed the Sherman bill as unnecessary,
experimental, and likely to involve the
Government in loss. "If the Govern.
ment," he said, continues TO pay of
the debt at the rate at which payments
have been made in the last six months.
the entire 1851 100000, of the contin-
ued tives and skies will be paid Oft in n
little over four years. The public debt
is in better condition with the. entire
$3.50 10000 payable at any time at the
option of the Government at three and
a.half per cent. than il would be with
5000. 100000 payable at the end oil live
years at three per cent.
Mr., Hill, of Georgia, said that there
was no such thing in existence as IA
three and a half per cent. bond OF the
United States. lie condemned the
usurpation of the legislative functions
by an executive officer of the Govern
ment in the continuance OF the fiyes
and skies Mt three aud a half per cent.
The consideration that IL was profitable
TO the Government did not relieve the
continuance OF the odium Of usurpa-
ton.
Mr.. Windom-"There is no such bond
rs three. .and.a half per cent. known to
the law. The bondholders simply took
a piece OF paper with an endorsement
upon it that they would not ask more
than three-and.a.half per cent. interest
and would waive the other two.and n.
half per cent. Does the Senator think
that that was unconstitutional ?"
Mr.. Hill-"Not only unconstitutional
but exceedingly dangerous. No Execu-
tive officer had the power TO dicker
with the creditors of the Government"
Mr.. Misunderstanding was either
added to or subtracted from the bonds
no one obligation or condition had
been changed, but the Government
simply let's it run on and the holder
agrees to relinquish the interest in ex
cess of three.and a half per cent"
Mr.. Hill-"Suppose one OF the hold.
ers of the bonds comes in now and de.
mands his FIVE or six per cent, would
he get IL p
Mr.. Windom-"I think not"
Mr.. Hill-"Why not?"
Mr.. Windom-"He has relinquished
all over three.and.a half for a good and
valuable consideration, namely, permis-
sion to continue his bond at time
when the Government could pay 1t Off"
Mr. lIill-"When did TIA, Govern.
ment have 5000 1000 with which TO
paw off the fives and sixcs?n
Mr.. Window cit did not have
enough 20 pay the sj00,OOO,OOO, but it
did have enough to pay each mans
$1,000 bond "a presented"
NJ. IIilI--"1he real motive OF the
bondholders for the arrangement was
that, by entering into IL. in the ab.
sence Of Congress; they would get three.
and.a.Aalf per cent. and thereby escape
legislation, which would require them
to take three per cent. | will never
vote to recognize tho arrangement. as
II was an act legislative in character
and one by which Congress was not in.
cluded.n
The bill was here laid aside informal.
ly, and the Senate went into executive
lessiOn.