St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-20
BONDS AND INTEREST.
Senators Engage in Warm Debate
Thereon.

| senators Engage In w arm OeDdte
| Thereon.
WASHINGTON. Feb. 19.-In the senate
today the vice president presented a
| communication from the secretary of
the treasury, in which MIR. Foster re-
versed the decision given by one of his
predecessors as to the transfer of the
| revenue marine to the navy department.
transfer would be inexpedient and I'M
| wise.
Senator Henderson. from the commit
tee on military affairs, reported ad-
versely bill to establish military
post on the Yukon river, Alaska, and
for survey of the Yukon river, and re-
ported in lieu thereof a bill authorizing
the secretary of war to cause eXplOra-
tions and survey to be made of the in-
terror of the territory of Alaska.
Immediate consideration was asked
for resolution asking the president for
information as to recent Canadian reci-
procity negotiations, but it was referred
to the committee on foreign relations.
The bill extending for ten years exist
ing provisions as TO Chinese immigra-
ton was passed. The senate took up
bills on the calendar and passed thirty
three relief bills and one public build
ing bill Tacoma. WASH. s400.OOO).
a bill was taken up to provide per-
manent system of highways in that part
of the District of Columbia lying out
side of cities. This brought OH a dis
cussion as to national bonds and rates
of interest. The bill provided for the
issue of fifty-year bonds bearing 8 per
cent interest, guaranteed by the United
States. A number of Democratic SEN
atUrs opposed the borrowing of money.
asserting that, if the financial condition
of the country were such as to make
it necessary for the government to Dor
row money to meet its expenses, the re-
sponsibility should be placed where it
belongs.
Mr.. COckrell said that in 1879, when
the distinguished senator from Ohio was
negotiating the United States per cent
bonds. he made rather hasty DISPOSE
ton of them at par. Where were they
now? At 1913, and 2 per cent bond. pay
able atthe pleasure of the United States,
was at par. Every one would know that
of the District of Columbia, would be
the bonds of the United States. He
thought per cent was sufficient.
Mr.. Sherman remarked that the
United States had never been able to
borrow money at 2 per cent. Great
Britain, the greatest monetary powerln
the world. had never been able to get
below III per cent. He thought the
government of the United States ought
not in any case to issue bonds running
longer than the life of full-grown per-
son. This was the theory of Jefferson,
and it ought to be good doctrine on the
other side of the chamber. He there
fore moved that the bonds be redeema-
BILE after twenty years, at the pleasure
of the United States.
Mr.. Berry asked If it had come to
this, that the United States was obliged
to issue more bonds to pay its way?
Mr.. Harris replied that the treasury was
not in condition just now to advance
the people of the District their half of
the probable expenditure which would
result from the passage of the bill.
MIR. Berry was opposed to the govern
ment borrowing more money. He pre-
ferred to have legal tender notes bear
ing no interest and to take the chance