St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-16
House uf Representatives.

of Columbia for an appropriation of $40, 900
to enable them to maintain public order dur
ing the ceremonies attending the dedication
of the Washington monument and the inau
guration Of the next president. Referred.
The house then under special order pro-
ceeded to the consideration of the Mcpherson
funding bill.
Mr.. Henley wished to antagonize with
question of consideration, but the speaker
ruled that such question could not be
raised against special order, and Mr.. Hen
ley gave notice he would Saturday press the
Northern Pacific land grant bill for action.
Mr.. Wilkins said the simple provision of
the bill was to increase the circulation of ma
tional bank notes from 80 per cent. of the
bonds deposited to secure such circulation to
100 per cent.
Mr.. Yaple said he would vote against any
measures which sought to perpetuate the
national bank currency. Every man who
claims to be Democrat should oppose this
bill, and not act as an attorney for private
corporations. The national bank currency
should give way to some other that would be
cheap, convenient and safe. There never
had existed a more dangerous currency, not
even the wildcat currency OF former years.
1t was a political currency. 1t contracted
with Democratic SUCCESS, it expanded after
Republican victory. He advocated greenback
currency and pictured the services which the
greenback had rendered the union during
the war. He euogiZed the greenback deci-
sion of the supreme court. The Tories of
Wall street might rail at it, but the people
looked at it as protection agans
the power Of incorporated wealth
He maintained that as a matter Of good
faith no member who was stakeholder in
any national bank should speak or vote on
this measure. He gave notice of an amend
ment excluding from the provisions of the
bill any nank which refused TO receive
standard silver dollar on deposit, or pay it
over its counter on the same terms as
gold.
Messrs Cook and Brumm opposed the
bill.
Mr.. Henderson, of Iowa, supported the
measure, declaring it in the interest OF the
people, and not in the interest of the banks.
Mr.. Shively said the bill was proposition
to make an appropriation of $32. 900, 900 to
the national banks, without asking any COM
pensation to the movement In return.
Mr. Ermentrout maintained II the Demo-
their guide on this question, they must favor
the pending measures. He favored only
the measures which he believed could become
laws These were the Mcpherson and Ding
ley bills, which in the next two years would
relieve the currency to the extent OF $780,
900, 900.
Mr. Potter opposed the bill. He gave no.
tice of motion to recommit the bill with in
ctr IN no
currency to report back the following
bill:
To refund the bonded debt of the United
States at "a per cent interest. To reduce
taxation upon circulating bank note cur
rency and TO secure such currency against
unnecessary disturbance and 1uctuation by
applying national revenues economically to
the payment of the national debt, etc. Be 1t
enacted, ETC.:
Sec. l. That the secretary Of the treasury
is hereby authorized TO receive at
the treasury any bonds Of the United
States bearing interest at the rate
of per ccntum per annum or ~ per
centum per annum, and issue in exchange
therefor an equal amount OF registered |
bonds Of the United States in denomina-
tons OF $50, 500, $500, $1,000, |
S., 900, $40 900 and $50, COO in such form as
he may prescribe, and bearing interest at the |
rate OF "a per cent. per annum, payable |
semi-an nually at the treasury OF the United |
States, said 20 per cent. bonds to be issued |
in exchange for 4 per cent. bonds, shall be |
payable at the pleasure of the United States
after the 1st OF July, 1907. Said 21S per
cent. bonds to be issued in exchange for 4 X |
per cent. bonds shall be payable at the pleas
ure of the United States after the first Of
1891.
Sec. .. In said exchange of 2j( per cent.
bonds for per cent. bonds, provided always
on hand and applicable are sufficient,
the secretary of the treasury Is hereby author
lied TO pay such a sum in each case as shall
be equal 10 the aggregate Of the
present worth Of quarter yearly payments Of
interest, from which the United States is re-
leased by such exchange; all interest in |
said present worth being com
puted at the rate Of per cent. per an
NUN and re-invested quarter yearly.
Sec. 3. All Of said "a per cent. |
bonds and interest thereon, shall be ex-
empt from payment of all taxes and duties /
Of the United States, and from taxation in
any form by or under state, municipal or local |
authority.
Sec. 3. On and after date Of approval Of |
his act, duty on circulating notes Of the /
Banking association, shall be one |
1uarter Of one per centum each half year,
he same to be ascertained and paid as nov
provided by law.
Sec >. When not otherwise provided BY /
aw, the secretary Of the treasury Is hereby
20 apply any money at his dis
Dosal for the payment Of the bonded debt o
The United States, either 10 the payment Of
bonds redeemable at pleasure of the United
States or to the purchase Of bonds not due,
Is will in his judgment canse the greatest
saving Of interest, aud 10 determining this,
duty or tax received upon the circulating
notes Of the national banking associations
shall be considered deduction from inter
.st paid upon the bonds held BY the United
states treasury TO secure said notes.
Sec. 6. Nothing in this act shall be
con strued 20 authorize any increase Of the
Donded debt Of the United States. and all
,cts or part Of acts inconsistent with the pro-
7isions Of this act are hereby repealed.
Sec. Z. The secretary Of the treasury IS
lereby directed 70 pay out o. any moneys in
he treasury, not otherwise Appropriated, the
expense Of printing and exchanging said
sonds.
Sec. g. This act shall take effect immedi-
.tely.
Mr. Hewitt, OF New York, thought the vote
II Ncw York city would be found cast against
he pending bill. He opposed the bill, and
A7Orrd the bill proposed by bis colleague
POTTERY He advocated It because i; would
axe the surplus money o. the treasury and
lse It for the purpose Of reducing the rate Of
interest on the bonds, and the principal
,onds would still remain as basis for bank
NJ.
Mr.. Hunt briefly advocated the Mcpherson
III.
Mr.. Warner. Of Ohio, offered AZ amend
nens sutboEizIng the secretary Of the treas
-, whenever the circulating notes Of ma
.orzl banks shall fal below S303, 3Is, ga, 70