The daily gazette. [volume] (Wilmington, Del.) 1874-1883, 1882-02-03
SECOND EDITION
THE SHERMAN FUNDING BILL.
ANIMATED DISCUSSION ON Mr.. WIN
DoM's RITENsroN OF TEE FIvEs
AND sIxKs--AN AMENDMENT PRO-
NoUNcIEa THE ACT VALID ADOPT
ED.

AND sIxKS-AN AMENDMENT PRO-
NOUNcINa THE ACT VALID ADOPT
ED.
WAsHINeToN, Feb. 2, 1882.
In the Senate to-day the Three Per
Cent Bond bill was taken up, the Ques-
tlon being upon Mr.. Plumb's amend-
meDt TO apply the surplus revenues over
$l00, ,Ov0, 600 to reduction Of the public
debt.
Nh BAYARD, (dem.) of DEL, sug-
gested that the subject Of specie resump-
tion involved In the amendment was one
too important to be disposed of summar-
lily. The debate had shown that the
Treasury reserve fund had not been suf-
ticiently guarded, and II It would have
the effect Of calling public attention to
the fact that there 10 no law to regulate
the amount or control ofthat specie re-
serve or supposed specie reserve in the
Treasury 1t would Prove advantageous.
Our power to convert the whole body OF
paper notes.-the issue to the banks and
the | sue to the people--inte money is at
the basis OF the present system, and he
would mali tain 1t and he would not inn
pair 1t. He went on to show that the
receipt Of greenbacks for customs dues
and other purposes had gradually dimin-
ished the sources Of supply upon which
the Treasury depended for its specie.
he controverted the assumption upon
which the Treasury was treated as a
bank OF issue, and spoke of the poten-
tiallty Of the metal reserve held for the
AnW n ~ ~
BILE financial panic and disturbance by
the very fact of Its existence. He refer
red to the large reserves Of the Bank of
England as the sheet anchor of safety to
the people In their financial relations.
True, there was no law specifically set
ting aside as reserve q certain amount,
but he held 1t would be almost an ex-
press violation of the governments obll-
cation to its creditors to divert one dol
lar Of the gold coin bought by the sale
Of the bonds to any purp 9se other than
that OF remaining In the Treasury as Sc
curity for the notes. He denied the pro-
prlety Of dealing With the reserve upon
the basis OF private banking. Even
upon this basis the $l00, 100000 would
be insufficient. The Secretary of the
Treasury had suggested to set apart for
ty per cent Of the volume of money, but
$100, ,000, 600 was not forty per cent OF
the $70O, ,000, 900, which was the total of
our paper money, independent OF gold
and silver certificates.
Mr.. Davis, (deD.) Of W. Va, suggest
cd an increase of the amount to $780,
100000.
REMARKS OF MR.. SHERMAN.
Mr.. Sherman, (rep.) Of Ohio, hoped
the Senate w0nld agree to turn over the
whole proposition to the careful deliber-
alton OF the COMMITTEE on Finance who
would recommend both maximum and
minimum limits for the reserve OF what
the fund should consist and other nec-
essary provisions concerning gold de-
posits and the issue Of paper based upon
them. He then read figures just re-
csived from the Treasury, giving gem
eral balance account to the present
moment. It showed as the amount of
coin on hand, including the bullion
fund, $I41, ,077 900 and this also inclu-
ded over $4,000, 900 of fractional silver,
and not Q legal tender, and some $780,
600, 900 required for ordinary working
operations. Therefore the proposition
OF Mr.. Davis, If 1t Included gold and sill
yer coin, would exceed the available to-
tai in the Treasury.
Mr.. Davis, of w. Va, said the official
report showed there were $246, 0S0, 900
on hand.
Mr.. Sherman explained that that In
cluded the amount set aside for the sill
yer certificates.
Mr.. Bapard moved to amend SO as 10
require that the 500, 100000 to be re-
tanned in the Treasury shall be of STAN
dard coin value. He wanted the dol
lars to be real, honest dollars, not
paper.
Mr.. Plumb, Vrep) of Kan, signifed
his willingness to accept the amendment
as he had supposed the on'y dollars In
the Treasury were standard coin dol
lars, but upon point made By Mr.. Gar
land 1t was ruled that vote must be
taken.
Mr.. Bayard's motion was then adopt
ed-yeas, 81, nays, IA.
Those voting ano" were Nessrs. Beck,
Cockrell, Coke, Garland, George, Jo-
mas, Maxey, Morgan, Pendleton, Pugh,
Slater, Vest, Voorhees, and Walker.
Mr.. Plumb's amendment was rejected
by the following vo'es-yeas 25, nays
AZ:
Yeas-Messrs. Beck, Gall, Camden.
Cockrell, Coke, Davis of Illinois, Fair,
Garland, George, Harris, Ingalls,, Jack
son, Johnston, Jonas, Marcy, Morgan,
Pendleton. Plumb, Pngh, Ransom,
Slater, Teller, Vest, Voorhees,, and Wal
ker-25.
Nays-Messrs. Aldricb, Anthony,
Bayard, Blair, Cameron, of Wisconsin,
Conger, Dawes, Edmunds, Hale, Har-
rlson, Hawley, Hill of Colorado, Hoar,
Jones Of Florida, Lapham, Logan, Nc
MILAN, Mcpherson, Malone, Mitchell,
Morrill,, Platt, Rollins, Sawyer, Sewell,
Sherman and Windo m-27.
THE WINDOW BONDS,
An amendment by Mr.. Hoar deelar-
ing that the bonds bearing three aud
half per centum interest, to which the
bills refer, are hereby declared legal,
elected continuance of the discussion
upon the ratification of the funding fun
ding of the tives snd skies by ex.Secre-
tary Window.
THE AMENDMENT ADOPTED.
The amendment, as originally prC-
posed by Mr.. Ingalls,, and smoditied at
the suggestion Of Mr.. Hoar, was then
43, nays 10.
It inserts the words, "Whit b are here
by declared valid" In the drst section,
ma kinu the anctinn read