,TflB
M CLEARFIELD IiriBUCA!,,"
muuumiiininui.ii
EtTABLimiD ia last.
The largest Clrealatloa af ear Nawapeasr
In north Central Peaaaylvaauv.
Termi of Subscription.
If paid la tlniMi or withla I moathi....SS OO
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I( paid after tb. aBptratioB of I moathl... OO
Bates ot Advertising1.
Traailent adYerliemeoU,pario,BrBaf ISlinoior
Hi, 1 tiinM or loii $' JJ
Knr eaoh loboaqoeat insertion.. M
Alralniitraten' Bad Eieooteri'ootiooje....... I
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Caatliini oiid Rlray .. 1
: t.l -nil... 1 00
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ProfoMlooal Oordl, t lion or lail.l year.... 1 00
Local ooltoei, per lino.... -
YKARLT ADVERTISEMENTS.
An OA I 1 anlamn ISO 00
" 14 00 1 eolnma- 0
I eqaarw... .I I oolama UO
O. B. 000DLANDER,
NOEL B. LEE,
Publl abort.
Cards.
TrjHTICF.il' COHSTABLES)' HEI
Wo haro printed a lotti oambor af tko aoe
FEE BILL, and will oa tko roooipt of tweBty-
M.I. ..11 md to any oddre ejot
H. W. SMITH,
ATTORNEY-AT-LA W,
tl:l:TS Clani-Sald, Pa.
J. J. LINGLE,
ATTORNEY-AT - LAW,
hi Pblllpiburg;, Centre Ce Pa. y:pd
Q. ft. & W. BARRETT,
Attorn kv and Counselor! At Law,
CLEARFIELD, FA.
Jaaaary 10. 1878.
ISRAEL TEST,
ATTORN KY AT LAW,
ClearSeld, Pa.
ey-Omee (a the Coort Hooee. y,'(T
W. C. ARNOLD,
LAW i, COLLECTION OFFICE,
CURWENSVILLE,
elS Outlaid CouaVf. Pina'a. toy
s.
T. BUOCKBANK,
ATTORNEY. AT LAW,
CLEARFIELD, PA.
OSoo ia Coort Houn.
ap J4,7My
O V. WILSON,
" ATTORNEY AT LAW,
Offluf oao door ooit of WerterB llotol baildiof,
opuite Court Houoo.
.,15.')7. CLEARFIELD, PA.
FRANK FIELDING,
ATTORNEY-AT-LA W,
ClearSeld, Pa.
Will attend to all boilnon entruiled to him
promptly and faithfully. Jaal'T
villus a. WAitara. batib l. aaaaa.
AIIT f. WALLACB- JOBS W. WBIBLBT,
WALLACE & KREBS,
(Sawemro to Wollaoo A F!oldiO,)
ATTORNEY8-AT-LAW,
Joal'TT ClearBaU, Pa.
raoi. MCBBAr. otodi aoaiioa.
MURRAY & GORDON,
ATTORNEYS AT LAW,
CLEARFIELD, PA. '
aT-OBee ia Pia'l Opera tlonoe, loooad too.
:0Td
OHAELES 0. LEIDY,
ATTORN KY-AT-LAW,
Oecrola Milli, Cleareld Co , I'o.
Logo) buiialM of all kindi atteodoi to. Par-
tloulir attention pain to too procuring Ol ooonnoi,
pon.lenl, kt. , : i
No. Jl, IsTf ly. ' ' :
loura a. n'MALL.
BABIBI. V. M OliaDT.
McENALLI & MoCUEDT,
ATTORNEYS-AT-LAW,
ClaarSeld, Pa.
ey-Legal baiiaoii attended to promptly a-ltkj
ddelity. Offloo oa Hooood itroot, aboro tbo Fint
Notional Bank. , )aa:l:7a
WM. M. HeOCLLtlVSK, ft(K. 0 L. HOI
HdlLLOltU 1 BICR.
ATTORNEYS-AT-LAW,
ticarttcld. Pa.
All Irani Builaoimreinpily atteadod to. vm
oa Second llrcot, in tbo Maiooie bulldia(.
A i-'JUl.
A. G.KRAMER,
ATTORNEY-AT-LA W,
' RooJ liUUaad OoUaotloB AgoBt, '
CLBARKIEM), PA.,
Will promptly attond to all lo(al bnllntll oa
trolled to oil earo.
a0ffleo ia Plo'i Opora Hoaw. Jaal'TS.
JOHN L. CUTTLE,
ATTORNEY AT LAW.
tad ttoal Batata AKnt, ClaarSald, Pa.
' OBeo on Third itroot, bet.Cbirrj A Walnat.
aT-Roipoetfolly offori hil lorrlooi la lolllat
aad haylag landi la Cloarflold and adjoining
eoaatlof , and with aa otporioaaooi aoortwonty
y.ara aa a tarroyor, lattora himiolf that ho eaa
roador atlifaotioa. .Fob. IS KJitf,
DR. W. A. MEAN8,
PIIYSICIAN i, STJRGEON,
LUTUERSBl'RO, PA.
Will attend profliiioaal oalli promptly. aaglO'TO
DR. T. J. BOYER,
PIIY8ICIAN AND 30HOWN,
OOoa oa Morhat Straot, Cloartold, Pa.
ar-OHoo hoiri: to II a. m , and I to I p. at
D
R E. M. SCHEURER,
HOMIEOPATHIC PHYSICIAN,
OSo. ia mideaoa OO Flrit ot.
April 14, Wl. CloarteM, Pa
DR. H.B.VAN VALZAH,
CLKAKPIELO, PENN'A.
OFK1CEIN MASONIC BUILDING.
pmr OBeo boon-From It to 1 P. at.
May II, ltTt.
DR. J. P. BURCH FIELD,
Lata Sirgtoi of the i&4 RlnBl. FbbijUuU
VoIbbiow, hBytBf rot toad fro loo Arm?,
offtn Bit profnluBl sorvleti ttatit.MM
of OUorBwU OOBBlj.
BT-Profeiitoaoloolai roapil tUB4 (M.
Ofloo bo) flofi proBi, ferptiIMapioa by
Ur.HMvU. t tli i . (BprVH-tt
WILLIAM M IIENRV, Juktici
IT orB PaAoaBlflairBaa,Ll'MHIH
CITY. ColVaotioBf mado and mnaay promptly
paid ovor. Artwloi of aftroaatoat aad daoaa a I
aoafoyaaoa Boally oiaeutod aad warraBtod oar
root or o eb area. Mlyfl
Rw:n Jt 1IAGEKTY, '
BBALBNI IB
HARDWARE, FARM IMPLEMLNTS,
liawarot Malla, dbc.
Mil, Soeoad Stnot, Claarteld, Pa.
JAMES H. LYTLE,
la Kralior'a Halldlng, 1 Itartold, Pa.
Doolor la Qroeerioo, Prooliloao, Vogoukloa,
Froili, Hiior, Feed, ota., oto.
aprlt'ft.lf
HARRY SNYDER,
: BARJIE AND HAIRDREriSEa.
Skop oa Markot St., appoilta Ooort lloaot.
A oloaa towal far overy aaotoaior.
Alio maBBfMtaror af
Ail khida af Artrrloo la Hamaa Hair.
Cloortoll, Po. may It, '7.
JOHN A. RTAbl.BR, '
SAEJiS, Markot CbarSold, Pa.
Prook Brood, Rut, Mia, Pax aaoV Oak,
oa kaad or mado to ardor, A nooorat o.nrlmoat
of CaalimkoaaaAoiiAVaaJaBamBVltoM da atook.--lea
I'reom aad OytloraoB ail II Br Bodooa aoarly
ooBooua.taB
P prmM mieorala.
Marob 1. 't.
iU TT T71 A
GEO. B. QOODLAITOEB, Proprietor. PRINCIPLES, NOT MEN. . TEBMS-t2 per annon
VOL 52-WHOLE NO. 2.5C3. CLEARFIELD, PA.", WEDNESDAY, MARCH '20, 1878. NEW SERIES-VOL. J 9, NO. II.
i mmmmmmmmmmmmmmmm-im , . . aa.aBa.ai . , .....
Cards.
JOHN D. THOMPSON,
Jtutic of tht PM4. ud Berlvwar.
CrwenavllU, P.
RICHARD HUGHES,
JUSTICE OP Till PEACE
fob
IHtatwr Totcnihlp,
Oowola Willi P. 0.
' ill otlolal baiiaoii onlroltod to klro will bo
promptly attonaod to. BJeblB, '70,
THOM AS H. FORCEE,
- BBAI.BS IB
GENERAL MERCHANDISE,
CRAHAMTON, Pa.
AIM, oltoaiin BuafaotBror and doolor la Bquoro
nil I u 1 I -II k i a.l.
mm Oldoia oolMtad mm all billo prooiotly
mod. . I'Jy"'"
REUBEN HACKMAN,
House and Sign Painter and Paper
Hanger,
Cloardold, Pena'a.
bUvWill oiooato Job. la kil liao promptly and
la a workajaaitKo maaaor. afr,i
G. H. HALL,
PRACTICAL PUMP MAKER,
NEAR CLEARFIELD, PEN'N'A.
.Pnnni ob hood and mado to ordor
on ibort notioo. Pipoo borod on roaoonablo torajo.
All work varronUd to rood.r lallifaotloa, aad
dolirarod if doiind. my6:lypd
E. A. BIGLER & CO.,
ttlALRM III
SQUARE TIMBER,
aad maaolaotBron of
ALL KIND OP HAWED LUMBER.
a I'll CLEARFIELD, PENN'A.
JAS. B. GRAHAM,
doolir la
Seal Estate, Square Timber, Boards,
SHINGLES, LATH, a PICKETS,
ilO'TI Clcorlild, Pa,
WARREN THORN,
BOOT AND 8nOE MAKER,
Market ft., Clearfald, Pa.
Ia Ika lhio lololy ooeoniod by Frank Short,
ono dour wait of Allrghony Hooro;
ASHLEY THORN,
ARCHITECT, CONTRACTOR bJ BUILDER.
Vlana anA flnaMilllMilnfll fnmlakaHi fnf all Ltlfidl
f buihhnjti. All work flnt eln. Stair bvlld-
JAMES MITCHELL,
BBALBB IB
Square Timber & Timber Lands,
JolI'M CLEARFIELD, PA.
J. K. M'MURIIAY
WILL SUITLT YOU WITH ANY ARTICLE
OF MKRCHANIM8K AT THE VERY LOWEST
PRICE. COME AND SEE. tl:t:71y0
NEW WASHINGTON.
WEAVER & BETTS,
BBAUM II .
Real Esta'.e, Square Timber, Saw Legs,
AND LUMBER OF ALL KINDS.
arOfloo oa Soound rlroot, ia roar of itoro
room of (ioorfo Wraror I Co f joo9, '79-tf.
J. BLAKE WALTERS,
REAL ESTATE BROKER,
A MiUI 111
.Haw Lrogs and liumbor,
CLEARFIELD, PA.
Omoo ia Urahaa'i Row.
1:16:71
S. I. SNYDER,
rRAvrtuAii W ATCSmASSS
ABB BBALBB IB
(Vatchea, Clock! and Jewelry,
Orotox'l if ow, JforAol Aroat,
CLEAR PI ELD. PA.
All kiodi of ropalring la my liao promptly at
ndod to. April !, I7.
NEW BOOT AND SHOE SHOP.
Tho Bndraliitd would loform tho pobllo thtt
ho fan removed nil Boot and Bboo Bbop lo iho
nam latrly 006Bi.d b Jon. )eBrifi, Id tibiw'a
Row, Morbot trtet, where ho li proporod to at
toad to tho wanu of all who Boed anjrtbinf IB hU
lis. All work dono by bin will bo of iU boil
notorial, aod (atranted to ho flrit-oloM 1b tvory
rcipoot, Hopairlnf prompt ty attended to. All
kiadi of Lout hr and Hhoa Fltnliii(ft for
JOHN tiCHIKVHR.
Cltarkiold, Pi , Jaly It, IH7T da.
Clearfield Nursery.
ENCOURAGE HOME INDUSTRY.
rpHH BBioriltBd, harlaf BMahlUhod a Nap
1 wry bb tho 'Ptko, aboat balf way botwoca
ClrattWId aad Curwraarillo, If aroiarod to far
Blib all kind! of FRUIT TKKKH, (ataadard aad
dwarf,) KrorgrooBi, Shrabbory, Gra0 Viaoa,
Uooooborry, Law too BlatAhorrjTa fitrawbarry.
ad Raipborry Viaaa. A tan, Kiboriaa Crab Troaa,
QbIbm, and aarly aearlot Rbobarb, Ae. Ordora
pruBipUy attoBdcd to. Addroaa,
J. D. WRIGHT,
ap. 19 CarwoBtrilla, Fa.
ANDREW HARWICK,
Maratt Btrwct, Clrarftolw. Pt
aBBraoroBBB abb bbalbb ib
RARNK88, SADDLE, BRIDLK8, COLLARS,
sad alt kladi of
HOK&M rVkNISHINQ 600D8.
A fall Ptofik of Faddlari' Uardwara, Braaboi,
Coabs, BlBBkata. Robaa, oto.. alwyi oa baad
and for aala at tba lowoat aaab prioa. Alt kiada
af rcpalraBf promptly attobdod to.
An kiada M Udaa takaa la oiebani for bar.
aaaa and ropatririg. AU kladt of barnoH Uatkor
kopt oa Baad, bbb tor tvato at a aaaau proBt.
CVaarflald, Jaa. 19, IBT.
E. WARING'S
LAW BLANKS
For aala at tbo Cktrdald RarviutAB oRoa.
Blmnkt paiof lairer.
Taoaa lliaahi aro gottoa aa 1 oaporlor aaaka,
re af Baifurm riaa, aad farauavd at tory low
Igaroa Bk aaab.
Call at tko- RorrnucAB oAto aad .aamla
thorn. Ordort by moil afaoaptlr Oiled.
AddroK,- . UtKIDliANVEBl A LEE,
Jaly U, lTt U. ClwOold Pa.
JOHN TROUTMAN,
DEALER IN
FURNITURE,
MATTIIKKMKN,
AND
Improved Spring Beds,
' ' MAREET STREET, MIAR P. 0.
(too wadorilgood beg loaf o to laform tho eitl
loai of Vloortald, and lb I pablio geaorally, thai
ho he on hand a tao aeoortmeal af Faraliara,
eaoh aa Walaal, Ckootaal aad fainlod Ckomboi
dtoa, Parlor Sotteo,' Reellnlag and Eitoaiioa
raatr, LodorV 0A OeM boa Okalra, tao Poo.
feroeod bane Bad Paam Sbjadai.Oaaa Somobo)
Wladont OkoArhOtooboa Seoe, fm and Kaooa.
MOULDINo) AMP PICTURE FRAMES,
aohlag OmaaowSlmoaBoo, 4a, walak waaM
JOHN TROfTTMAE.
im&-4IRlJ BLICAN.
" ,Jar.a"laWloa)aaJypi-, . m ..,t1,M1tMMMMl- w . ., 1MJ-
THE LITTLE BOMS,
OR
LONO BOND! FOR (AVIHU INVIiST.
MENTM.
In the United States Senate on the
Ttb day of March, that body, during
the morninir hour, had undur consid
eration the "Worthinirton and Sioux
.Falls Railroad" bill, and at the elose
of Mr. Maxey s romarks, several Sena
tors acdressed tne tbair.
Mr. Wallace. I shall have to ask
that this bill go over.
Mr. McMillan. May I appeal to the
nenaior to uoiay a iuw minutes r i
tbHik we shall come to a vote soon
Mr. Wallace. No; I think it in like
ly to occupy all the afternoon.
Mr. Windom. I am sure the good
nature of the Senator from Pennsylva
nia cannot be appealed to in vain.
Mr. Wallace. That is proverbial.
Hr. CuuRee. I only want to re
mind the Senator from Texas of the
law which now authorizes the legisla
tive power ot the Territories.
Air. llaxey. I win state to me sen
ator from Colorado that I think the
statute to which he refera is not so
broad as ho supposes.
Dir. i'Bwes air.! t rrwiovut, tne
cbalrnmn of the Committee on Fi
nance Mr. Morrill avo notice that ho
would call up lor action to day tne Din
reported from that committee to ap
point a commission to consider the
qnestion of the sale of intoxicating
liquors. 1 have a noto Ircni. bim say-
nil that be is too ill to be in the Don
ate today, but hopes to be hero to
morrow and do to-morrow what he
gave notice he would do to-day.
LONO BOND FOR SAVINOS INVESTMENTS.
Mr. Wallace. I call tor tho ruirular
order. ,
Tho Vice President. The unfinish
ed business is tho kill (8. No. 106) to
authorize a long bond for the invest
ment of savings, which is before) the
Senate as in I ommitlxe of the Whnlv,
Mr, Wallace. Perhaps It would be
well that uio bill should be read airaio.
Mr. Coekrrtl. I desire to havu the
bill read at length.
I he Vice President. The bill will
be read at lenirth as it has keen amend-
cd.
Tho Secretary read the amendment
reported by tho Comrailtco on Finance
as a substitute for the bill as amonded.
Tho bill was reported to tho Semite,
as amended, and tbo amendment was
concurred in.
Mr. Bayard. I suggest that in sec
tion 2, line 8, aftor the word "State"
the insertion ot the words "court of
record." The object of this bill is the
protection of a helpless clusa ot per
sons. Tho bill provides very liberally
for the record of the registration of
the bond and its assignments. It seems
to mo that if we permit these assign
ments to take placo and be certified
under tho seal of the Stato court, il is
better that it should be a court of rec
ent in order that some memorandum
shall be there made that they may
make as it were a double record of the
asaignmont for the protection of the
real owner. 1 believe the amendment
is acceptable to the Senator wbo has
the bill in charge.
Mr. Wallace. Joe amendment Is
merely to require the State court of
record. 1 think it is proper.
The umendment was agreed to.
Mr. Hear. I desiro to ask tho au
thor of this bill, what perhaps greater
familiarity with financial legislation
would enable me to answer for myself,
what the phrase "redeemuble in coin
alter fifty years" means? Docs that
phraso create any obligation on the
pari of the United Slates ever to pay
these bonds at any time?
Mr. Wallace. I can only say that
the words hero used are the words used
in the statute authorising the issue ot
our present bonds.
Mr. 11 oar. So 1 understand a ap
plicable to the payment of a bond at a
particular day. 1 suppose an authori
ty to issue a bond payable on a certain
day imports the obligation to pay as
will as the obligation to receive pay
ment. But does the phrase "redeema
ble after" a certain duy import any ob
ligation ever to pay? Dues il not
simply reserve the right, alter that
time has expired, on ibe part of the
United hiatus to redeem the bond?
Mr, Wallace. The criticism of the
Senator Irom Massachusetts may be
correct, but it seems lo me the phrase
ology is very direct. Of course it
means redeemable at tlio pleasure ot
tno L niton Mates in coin alter Otty
years. 1 he government or the United
States will have the right to redeem
these honds at the end ot filly years,
but will not have the right to redeem
them bulore the expiration of that
time
Mr. Hoar. That does not answer
the question. The question is whether
the government assumes any obliga
tion to pay thoso bonds at tho expira
tion of fifty years unless it chooses, or
wbother it has tho right to keep them
like tho English funds as a perpetual
loan, paying the interest ?
Mr, Wallace. It the word "paya
ble" wnnld suit the Senator better, 1
am entirely satisfied to change it.
Air. J I oar. 1 he criticism would ap
ply if the word "payable" wore substi
tuted for "redeemable." The question
arises irom the use of the term "altar
fifty years," instead of "in filly years
from the date of their issue."
M r. Wallace. Does the Senator sug
gest an amendment "in coin at the end
of fifty years?"
Mr, Hoar. Vos, nr.
Mr. Wallace. 1 have no objection
to that form of amendment.
Mr. Cockrell. I object to it, because
1 shall move to strike out "in coin
entirely.
Mr. Hoar. I suggest to the Sena
tor from Pennsylvania thai the best
way wouia ne simply to strtko oat the
word "alter : so aa to road s "redowra
able in coin fift years Irom tho date
ot their Issue. 1 make that ruolian
Mr. Wallace. 1 make no objoctlon.
I be amendment was agreed to,
Mr Cockrell. Now, I move to strike
out, in line 10 ot section 1, the words
"In coin j" so as lo read : "redeemable
fifty years irom the date ot their
issue,"
The Vice President, The question
is on the amendment of the Senator
from Missouri.
Mr. CoL-krell. I desire to sav that
the government of the United Slates,
prior to lHbZ, never Isauod an obliga
tion of any kind specify ing that il was
payable in coin or in anything else
than money, and I am opposed to this
government to-day issuing any obiigi
tion payable in any other than money,
dollars and rents, l want tbo govern
raenl to deal wilb all just as private
citizens deal among themselves. Lei
it promise to pay no many dollars and
cents, and let those dollars and cent
be the dollars and .cents of the rial)
and poor in lb country of all claaatm,
and whatever kind af. sswney will pay
debts and hi eMIaraanti eenta HI then
be tba fqairalNit,t.f tba arjtmatA
pressed lit lbs bonds.
The Vico President. The question
is on the amondment ot the Senator
from Missouri.
The amendment was rejected.
Mr. Sanlsbury. I desiro to call the
attention of the Senator from Penn
sylvania to the provision commencing
in line 7 of section 1 :
Nnt flxoeedlna ftlOO.OOA.OOS of oonpon boadi
of tko Uaitod Slalea, af tba deaomiaalioai of
twenty. Sr., fifty, nod ono hundred dollari, and
01 iqnal rami of eaob of raid denomination!.
It seems to me that there is no nec
essity lor issuing 125,000,000 of twen-ty-five-dollar
bonds. It would make
a vast number of bonds. A less
amount of those smaller bonds, it strikes
me, than ono-fourtb of the whole sum
issued might be sufficient. A vast
number of coupons will be attached,
as they run for fifty years. I think it
will be iound embarrassing to have
that number of twenty-five-dollar
bonds, 125,000,000 of twonty-five-dol-lar
bonds with interest-coupons at
tached. Mr. Wallace. The purpose of the
bill of course is to provide as many of
the smaller denomination as tho coun
try may reed to take, and a great
many Senators think thai the denom
inations should bo less than 125. It
seems to me that under tho power
given to the Secretary of the Treasury
he can test this queslion. Ho need
not issue the whole twenty-five mill
ions at once. Ho can issue one-half
that amount of twenty-five dollar
bonds, and if they are absorbed by the
people wbo will take this issue ol
bonds, be can issue more. If, on the
contrary, they are not absorbed, Con
gress can take that lact into consider
ation and act in the future.
Mr. Dorsuy, I move to amend in
section 4, line 5, af tho words "legal-
lender notes," by sinking out "at the
rate at which they may then stand in
the market;" so that thoso bonds iray
be purchased either with coin or legal
tender notes. 1 think that thoso
words requiring that thero shall be a
omputalion ol what legal-lenders are
worth compared wild gold ought to
be stricken out.
Mr. Wallace. The objection to the
amendment is thai it changes the pol
icy of tbo Government, which this bill
does not propose to change. The po.
icy or the act ol 1H7U is to sell tlio
bonds ot which theso one hundred
millions are proposed to be a part for
coin, and lo apply the proceeds to the
redemption ol the nigher loans ot tne
f government outstanding; and the al
owanccs of paymont in lcgal-tendor
notes are In be reissued.
Now, if the Senator's proposition be
adopted, tho effect of it is that it
changes to tho extent of this f 100,
000,000 tho provisions of the funding
act of 1870, and provides that we shall
redeem our outstanding obligations
bearing a higher ruto of interest in
legal-tender notes practically. 1 trust
the Sonator will not insist on his
amendment, but, on the contrary, will
permit the bill to remain as it is, the
reason being the convenience that the
bill gives to those wbo we think will
purchase these bonds. The difference
is slight; yet it changes the policy.
The policy ought not to bo changed
by this bill.
Mr. Dorsey. . I do not see how it
interferes with any policy laid down.
It is well known now that the relation
between gold and lcgal-tendor notos
and silver baa jihauged so that each
can almost purchase the other. Gold
varies only about 1 per cent from the
price of greenbacks, stands at a premi
um ot abont 1 per cent., and silver
about the same. It seems to me that
we ought not to provide for a differ
ence between gold and greenbacks,
and 1 think the wisest thing is, if the
proposition is to have loose bonds talc
en by the people throughout the coun
try, to let tbo peonlo go to the banks
ami nny mem who wnai money iney
hare to psy.
The Vice President. The quoslion
is on the amendment of the Senator
from Arkansas.
The amendment was rejected.
Mr. Cockrell. By section 4, lines 9
and 10, the proceeds of theso bonds
sre to bo applied "lo the redemption
of outstanding bonds of the United
States bearing a higher rate of inter
est." New 1 proiiose to amend, by
inserting in line 9, alter the words
United nlatos, the words "which
are redeemable and," and then strik
ing out a part ot the word "bearing,"
so that it will be "bear," and striking
out "a higher" and inserting "the high
est," and after "Interest" inserting "to
outstanding redeemable bonds," so as
to read, "tbo highest rale of interest ol
the oulstauding reduemablo bonds."
In other words, I want it obligatory
on the Secretary of the Treasury to
use the proceeds of these bonds In re
deeming those bonds of the United
States which now are redoemanle and
and which boar the bighosl rale of in
terest. We have bonds now redeema
ble boaring 5 per cdtit.. and we have
bonds redeemable bearing G per cent,
interest, and 1 want the proceeds of
these bonds applied to the extinguish
ment of the bonds bearing 6 per cent,
interest.
Mr. Wallace. I see no objection
whatever to the amendment of the
Senator. It is entirely satisfactory.
, Tho Vice President. Tba quoslion
is on the amendment of the Sonator
from Missouri, which will bo read.
The Cbiof Clerk. Tho amendment
ft. to mako tho latter part ol the fourth
section read:
Aad tbo sola roooiood ar nek bead efcall bo
applied ta tba radomptloa af oatitaadtag boadl
of Ibe Uaitod Slater, a-hiok ere rodoomabla, aad
Mar too Big neat rata af tatoreot of oalalaadlag
redeemable bond.
Mr. Eaton. Mr. President, I am In
favor of the general principle of this
bill, but I am not in lirvor of its de
tails. The professed object of the bill
is to enable a olass of our population,
not the wealthier obms, but the work
ing class, lo invoet in United States se
curities their money. It ia nronosed
gratslyio IhS floei el tie (Sofia is of
the United States W fray to the work
ing man and working woman of the
United States a less amount of Inter
est tbaa ar ro willing to pay to the
capitalists or r.urope. -.mat principle
ia the bill Is vicious and false. I would
suggest to my friend from Pennsylva
nia that instead Of readint as the bill
now does, "thai in lieu of that amount
of 4 per cent, bonds of the United
States authorized to be issued by tho
act of July 14. 1870." those words be
stricken Out, and further amendments
I made so as to make the bill read :
Tbo Roe rotary of tbo Traaiary 11 hereby aa
taerlnd aad diraotad ta biao a roe. aal oioood.
tag a-ri- -. . o .
1 would say two hundred millions
rather than one hundred millions of
dollars
f Iho deaomiBotloaa af tfay, a
loo baadroe) dnIUra, aad of eojael lami a( eaek
of eeid deaomiaaiioae, redoooaobio la aaia aftor
fony yearo from tbo dot. of tboir Uiae.
In the first place. I would give to
the working man and working woman
of Ake aUirlVfrt Hsaeea tew aatse in low
vX-'sat l .wWkl.av.tohj capitalists erf
iBurope. 1 Would raaka these, bond
OMV V 1 Ni il 0
of a less amount than such bonds as
would ordinarily be carried abroad for
purposes ol sale or negotiation, 1
think f 50 better than 125 as the mini
mum. '
Then there is another object that I
have in view, and that is this : Very
many of the savings-banks in tho Uni
ted Statos, if this interest is put at 4
percent, would invest in theso bonds.
Thoy can invest in these bonds and
vet pay ft por cent to thoir depositors,
because taking a irvings institution of
10,0110,000, it would navo i,uuu,uuu
of those bonds at 4 per cent, while it
would have assets of real estate pay
ing 6 per cent, and therefore it would
be enabled to pay its depositors ft per
oent You will find, it this bill Is al
tered in the manner in which I sug
gest that the savings-banks of the
United Slates will be glad to take up
limited amounts o ,Las bonds. . 1
know that just before the session of
Congress one of the savings societies
in my city purchased two hundred and
fifty thousand dollars worth of the 4
per cent, bonds.
I cannot consonl, as one of the Rep
resentatives of tho Suite of Connecti
cut, to undertake to force bonds upon
the people of my Stale at a less inter
est than wo are glad to negotiate
bonds with capitaliats abroad. It ia
not right; it is not just Thai thero
is a large amount of money in the Uni
ted States that could (low into the
Treasury of the United Slates for the
porpese of rcdeoming that class of se
curities alluded to in the amendment
nl my honorable friend from Missouri,
I have no doubt 1 did not liavo any
doubt of it the other day, in the silver
discussion ; 1 have no doubt ot it now.
My honorable friend from Pennsyl
vania informs the Senate and I am
very glad to bear it that there are
120.000,000 that will seek investments
in this security in the State of Penn
sylvania alono. If thero be 120,000,-
000 In the aiato ot Pennsylvania that
will seek investment in Government
securities, I say let us pay the people
of Pennsylvania what wa now pay the
capitalists of Europe. 1 cannot voto
lor this bill as it is now.
Again, the twenty five-dollar bond
is obnoxions to me. I undertake to
say, I believe I know it to be so, thai
thero will be nebody in tho United
States who desires a government se
curity that will not desire as much as
too. l see my friend Irom siissouri
smilos. 1 do not mean that he or I
would not be glad to have somebody
give us a twenty-fivo dollar bond. I
nopo 1 made myself understood, that
thero is nobody in the United States
wbo desires to purchaxe tho public se
curities of the United Slates that
would desire a less bond than a fifty
dollar bond. That is what I moan to
say.
Mr. Conkling. Will my honorable
friend allow me a moment?
Mr. Eaton. Wilb a groat deal of
pleasure.
Mr. Conkling. How does it occur,
in France for example, that great num
bers ot people like a bond which costs
and promises only fifty francs, which
is about 110; and how docs it occur,
as it does sometimes and did on a re
cent occasion ol which I was a wit
ness, that men and women sit on the
curbstone hours, a large part of the
night, in order that each may have his
or tier turn in getting a bond ot only
110, and bearing a very cheap in
terest? Mr. Cockrell. How much interest?
What was tbo rate of interest?
. Mr. Conkling. Sometimes 3 and a
fraction, and sometimes 4 per cent
Mr. Kalon. I will answer my hon
orable friend from New York. In tbo
first place, if be is advised of the fact
tbat the good people ot r ranee sal all
night on curbstones for the purpose of
getting one bond ot torly francs be
Lis !&!'jrsl.!? that I do not possess.
Mr. Conkling. The honorable Son
ator's statement is that all the peoplo
ol France sat on the curhstono all the
night to got one bond of forty Irenes.
Mr. Katon. Kach.
Mr Conkling. I commend his ex
actness.
Mr. Eaton. It was doubtless as ex-
act us the statoment ol the Senator
from Now York was correct; lot the
iwo go together. There may have
heen some ten-dollar bonds sold In
Franco; but where there was a per-
son who puraliaaad on bond of that
character doubtless thero wero one
hundred who purchased bonds of
larger amount. Now I have another
answor to my friend, and that is this :
il tho workingmen and wnrkingwomen
of Franco who get ono or two francs a
(lay desiro a bond ol V10, so be it; but
the working men and women of the
United States, whose wages range
from fifty cents to 12 50 and 15.00 a
day, do not require to deal in any se
curities of that character; and that is
an answor to my honorable friond Irom
New York, which be will doubtless
well digest and understand. I say
again what I said before, tako a thou
sand bonds for sale, five hundred at
125 and five hundred at $30, and in
my judgment tho five hundred at .i0
will be sold when there will be four
hundred of tho twenty-five dollar bonds
on band, unless two bonds at a time
are taken. I know 1 am correct so
far as the people of my own section
aro concerned ; I believe I am correct
so far as the people ol the United
States are concerned.
I should bo glad to seo this bill pass
when put into proper condition. 1
novor will vote tor a bill that gives to
the people of my Stale, if thoy desiro
to invest their bard earnings in tho
securities of the United States, a less
interest than I am willing to pay the
capitalists of Europe; 1 will not mako
the distinction that way ; if 1 mako it
any way it any way il will be in favor
ot my own peoplo.
Mr. Uavard. Ijoi me mako a sug
gestion to the RenaUir. Do auggests
two amendments: first, that we shall
increase the rate of interest to 4 per
cent
Mr.' Eaton. 1 mado suggestions, not
amendments. 1 have moved no amend
ment
Mr. flayard. Ho proposes that tho
interest shall be at least 4 per cent.,
and that the minimum bond shall be
made filly instead ot twenty-five dol
lar. In the first place let it be noted
that this is a fifty-year bond, and il
the same rate of interest is offered on
a fifty-year long bond that we now of
fer on our bonds at thirty years, I ask
wbo will take the thirty-year bonds
when be can get tho fifty-year bonds
at the same rale ? Is it not plain that
the lung bond will be the more favor
ed of tbo two? And it is impossible
for ns to dispose ol a bond payable in
thirty years at ibe same rate of inter
est, at tke aame price, as a fifty-year
bond bearing 4 per cent, interest
All tbuae mailers were subjects of
discussion and consideration in tbo
onmmittee; and it waa there believed
u)iet the advantage to be derived to
lb a natlar investors, for whose pro
tection and advantage the bill mainly
was designed, was so much greater
when they wore allowed to invost not
only in small sums, but to have regis
tration mado with facility for tbo orig
inal investment as well as for every
assignment of it, that under the rule
which applies as woll to tho savings of
tho poor as to the capital of the rich,
the long and steady bond would be a
preferred security ; and therefore tho
bond at 8.C5 per cunt interest paya
ble in fifty years was deemed equiva
lent in markot valuo to a bond paying
4 por cent, pa) ablo In thirty years.
Then with the additional advantage
ol the subdivision of tho bonds enahlo
ing thorn to be sold easily, and easily
registered and easily transferred, great
facility and great protection at the
samo time wero givon to the vory
class ot peoplo in whose interest the
bill is proposed.
It will also be observed that these
bonds are intended to bo issued in lieu
and stead of part ot tho l an authoriz
ed by tho law of 1870. It is therefore
for tbo purpose of provonting any now
confusion, any new discrimination in
tbo construction ol the language of this
law and the othor, that we hare kopt
them in all respects as to what they
are to bo paid in and how they aro to
bo paid, subject to tho language which
authorized tho refunding ot tho debt
in 1870. 1 therefore submit with all
respect to my friond Irom Connecticut
that it would bo not in tbo line of la
vor to those whom bo desires to help,
if bo were to make this loan so much
more prforublo to the thirty-year
loan as it would bo if we raised the in
terest to the same rale, 4 per cent.
Mr. Blaine. Hay 1 ask the honora
ble Senator from Delaware at what
Eoint bis proposition has its limit?
lo says that il you enlarge tho period
that tbo bond is to run through, you
may decrease the rate of interest
Where and when does this principle
stop T Tho Senator, I understand,
says that a 4 per cent, for thirty ycarB
is no more desirable that a 3.G5 bond
for fitly years. Where doos that prin
ciple stop?
Mr. Bayard. I do not think it can
bo called a principle at all.
Mr. Blaine. Where does that im
pression in the financial market which
governs tbo salo of bonds stop? What
is its limit?
Mr. Bayard. I bellcvo it will be
found in tho practical result of experi
ence and that persons engaged in the
investment ot money would prefer tne
stability which a long loan would give
them at a low rato rather than a high
er rato of iterest and a short loan.
Whnro the line of timo runs, what
number of years is the limit, I do not
suppose can bo accurately slated ; but
the bonorabfo nenaior t luinx wonia
either apply his own experience or
take the general opinion ol men con
netted with loans and tho investment
of money, and he would find that they
would give moro lor a long bona man
thoy would for a short one; and that
has constantly beon bcioro us as
ouestion of economy in the arrange
moot of the funding ol our national
debt. In Great Britain I believe there
is no dato of redemption and it is on
derslood they aro able to negoliato
their bonds better because ot tneir sta
bility. which is a largo elcmont of
value.
Mr. Blaine. Tbcy tostcd it to its
extremo. whon thoy found tbat tne
lowest point whicb can be reached is
about i per cent. 1 tuink, u me son
ator will allow me to anawer my own
question, that the limit is tbat of about
a generation. 1 think the experience
of the financial market has been tbat,
unless you mako a consolidated bond
which is interminable, when you roac h
a generation you have reached the full
period ot timo which tbo elongation
will produce in tho reduction of inter
est; and, therefore, I must differ with
the honorable Senator in his belief
that Increasing tho time from thirty
lo fllty years wrjlild enable the gov
ernment to reduce the rate of tntorest.
1 do not think the two bonds placed
sido by side in tho London market
would have an appreciable difference.
You will have to make them an inter
minable consol to get anything of ad
vantage when you go beyond the life
of ono generation.
Mr. Bayard. I will only submit
tbie to the Senator from Maine,
that 1 havo beard this matter discussed
by man whom 1 call practical invest
ors, dealers in money and in socuritics,
and I never heard a doubt that a bond
that had fifty years to run was worth
more ;mt te than a bond thut bad but
thirty years to run, and that, there
fore, it would bear a lower rale of in
terest and yet sell for as tnnch.
Mr. Blaine. Of courso that argu
ment very rapidly becomes reiludio ad
ubturJum, becauso if a 3.G5 bond at
thirty years brings par, a thrco per
cent ought to be for one hundred
years, and vory soon ll you 'give a
thousand your bond, you may gel mo
money for nothing in Iho way of inter
est I
Mr. Bayard, Thore aro vory few
things thai cannot be reduced to an
absurdity it pushed to a great extreme.
1 have hoard it applied to the it-redeem-ablo
ourrency of tbo United States,
tbat if you shall isvie irredeemable
paper and give it lull valuo by a declur
alien of value, you will find that thoro
ia not much ot a diflorcnce in value be
tween aoountoiieitand the true money,
because neitbor having any valuo per
M or in te, noilher having a dato of re
demption, it matters not whether it is
falsely issued or issued under the form
ot law. But there is this admitted
fact, that stability is an element of val
ue in investment. Thoro is also an
other fact lo bo considered the con
venience of computation. Threo and
sixty five one hundredth dollars por
annum upon a hundred-dollar bond
gives a penny a day interest ; and it
waa considered that the class of peo
ple for whose advantage mainly this
bill was designed would be benefited
by that Taking all those things tq
gelber wo agreed in commiltoo that
mow was a favorable opportunity to
allow the poor people ot this country
to put their savings in a safe nlaoe ;
that tho convenience tboy would have
from the small amounts ol those bonds,
ibe power ol registration, tbo power of
assignment, would be so advantageous
to tbum thai they would souk this in
vestment. It was not designed for tho
savings banks ; it was for the people
wbo put their money usually in eav
ings banks, and who might be protect
ed against the tender mercies of some
of theso institutions which wo lately
have seen the bad conduct of.
Mr. Blaino, My advices from
sources similar to those of the Senator
from Delaware, ha referred to financial
men. have been that with the gcnorali
ty of investors the desiro is to have
something of long time, but still with
in a time which in Its terms will hap
pen within tho life of the Investor or
his immediate heir. Something 'that
goes far beyond thai has not been con
sidered very salable on account of the
extreme time. That ia my judgment I
and 1 quite agree with the Sonator
from Connecticut lhat It this bona oe
mado salable and popular, tho Interest
should be bigherlban the bin proposes.
1 am very anxious that the measure
which the Senator from Pennsylvania
hai advocated with much zeal and abil
ity shall be laid before the people. I
think it is a very desirable measure, and
I think it is due to our people, and 1
think it is due also to tbo success ol
the expenmont that we Bball offer them
the very roasonablo interest and a
vory low one it Is of 4 per cent.
Mr. Uavard. lid mo put luis ques
tion to the practical senso of the Sena
tor from Maine: To-morrow would he
having 110,000 to invost prefer to sub
scribe to a fifty-year bond at 4 per
cent, or a thirty-yoar bond at 4 per
cent?
Mr. Blaino. I should prefer the thirty
year bond for the reason tbat thoro is
a possibility tnat 1 iuiciii live ininy
years to realize the principal, but there
is no probability according to ine ex
pectations of life-tables of the insur
ance companies that I should live fifty
years. 1 would exactly apply to my
self what is the rulo in the financial
markets. I say to the Senator Irom
Pennsylvania, il thoro bo a difficulty
such as tbo Senator from Delaware
suggests of giving a longer bond and
therelore a too great competition do-
twoen this loan and tho one already
out, 1 would tako this at thirty years,
and 1 venture this prediction lhat if
thiity years bo inserted instead of
fifty thero will not be one dollar less
aubscribed to the loan between the two
oceans.
Mr. Eaton. I bclievo my friend
from Delaware rose some ball' hour ago
to auk mo a certuin question, but 1
really havo almost forgotten what it
was. However, in the courso of his
argument bo called Ibis a filly-year
bond. My Incnd Irom Pennsylvania
will remember that my suggestion was
that it should bo a torly -year bond and
not a filly-ycar bond, whilo I agree en
tirely with my honorablo friend from
Maiiie and so fur as I have been able
in conversation with men in whose
judgment I have tho utmost confi
dence. 1 still lurthcr agree wun mm
that a thirty-year bond will in tho
United Statos bring as much as a fifty-
year bond, and in many respects it is
moro preferable, ibe timo is long
enough. But 1 propose that this bond
should bo forty years becauso tho
other 4 per cent, boud is thirty years.
1 confess if we had no issue of bonds
at thirty years, I would rather this
bond should ho a thirty-year bond
thun a forty-year bond, and it will
bring just as much money in Georgia,
or Mississippi, or North' Carolina, or
Connecticut at thirty years as it would
at forty yeurs.
I am very desirous lhat this meas
ure should pass in proper shape 1 am
so desirous for two reasons, first, I
would be glad to see some ol tho 6 per
cent bonus brought home that are
abroad and let our own peoplo Invest
in our securities in a small way. I
would be glad to do that but in doing
it I am not willing, to do injustice to
tho laboring man and the laboring
woman of the United States.
My friend from Delaware thinks
this is not lor the savings-banks, but
for the people., It is not for anybody
in particular as against savings insti
tutions. Thero aro now on deposit in
the savings-banks of tho Unites Slates
f 1.200,000,000; and hero is a little
matter of 1160,000,000 that is going to
take the place of tho savings-banks!
There aro nearly a hundred millions
deposited In my own litllo State of
Connecticut alone. To-day the de
posits in that State aro 180.000,000 ;
in Massachusetts, over 1200,000,000;
in Now York, if my memory serves
mo, over 1300,000,000 ; in Now Jersey
a very largo amount. This issuo of
government securities will not take
the place and drive savings-banks out.
1 sincerely hope lhat my iriona irom
Pennsylvania will make this change.
I shall be compelled to move tbo amend
ment. 1 bad much rather that the
Senator who has tho bill in charge
would look at it with the same eyes
that 1 do than to offer an ameudment
Mr. Wallace. Mr. President, tho bill
in its present form is the result of the
Finance Committee. For myself I
havo very little feeling on Iho subject.
My judgment docs not coincido wun
that of the Senator from Connecticut
in regard to iho length of tho bond. I
think a filly-rear bond indeed it was
originally a sixty-year bond will stand
highorin the markot than alhiny year
bond bi aring the samo interest. The
debate on tho funding act of which
this is to bo a part, demonstrated plain
ly thut at that time Senators on this
floor took this subject into considera
tion, and very serious efforts wore made
to mako tho bonds run, in place of
thirty years, fifty or sixty years, and
the arguments then adduced ana mo
quotations then cited, demonstrated
very plainly to my mimd thai a fifty
year bond will stand higher in tho
market than at hirty-year bond, my
judgment accords with the bill as it
stands.
As to the rato of interest, I confess
that tbo ease of calculating the interest
on tho amounts named in this bill in
clined my mind lo 4 per cent rather
than 3.(15 por cent, or any fractional
ato, ana nence i urow tne uui origin
ally in tbat form; but tho finance
Committoo acted differently, and direct
ed me to report tor a 3 05 bond. As I
said when I originally spoke to tho bill,
I havo no apocisl preference as lo theso
details. Whatever tho Senate may
prefer to do, I shall be content with.
1 shall be glad, therefore, if the Sena
tor from Connecticut will tost the sense
of tho Senato on his proposition by nn
amendment on which we can divide.
Mr. Blaine. I should like to ask tho
honorable Sonator il is rather a ques
lion that 1 ought not to ai. :, lor I
ought lo havo road it more carefully
does bo provide for quarterly or semi
annual coupons 7
Mr. Wallace. Semi annual coupons.
Mr. Blaino. It willdivido itsell into
impracticable fractions. .
Mr. Wallace. It doos, and there
fore, as I said, I preferred a 4 pel cent,
bond.
- Mr. Blaino. I hope the Sonator will
give us the advantage of his leadership
in favor of 4 per cent
Mr. Wallnoov- 1 ay the question is
one that Ibe r inanco Committee Pass.
ed on, and the bill is before tho Senate,
and it can be settled on a division by
tho Senato on a motion to strike out
and Insert.
Mr. Blaine. Will the Senator from
Connecticut permit mo to msks
motion as an amundmont to ktrike out
"3 C5,"and insert "4 7" JIo occupies
the floor. I lielieve.
Mr. Eaton. Cortainly, I shall be.
glad ; but lot mo say to my Inend that
in Iho first, place in ordor to make ibe bill
nerlcct. thoro should be stricken out
tho third, fourth, and fifth lines, bo that
it shall commonco to read :
Tb floe rotary af Ox Treaoery i hereby anther
toad.
that, and then my idea is that thore
should be a sum not exceeding l-UU,-
000,000.
Mr. Blaine. That Is a matter of do-
tail. 1 think we should first settle
whether the interest shall be 4 per
ront. Up to this time we have never
been utile to negotiate a bond Deiow 4
per cent, interest Wo have thought
tbat we did a great deal in securing a
a considerable loan, placed this year, at
i per cent. ; but 1 believe it Las beep
continued with vory great success.
Now tbo feeling of tbo publio mind,
which the Senator Irom Pennsylvania
has wisely taken advantage ol, is that
of distrust of savings-banks and othor
institutions which have proved some
what unsound and unreliable, and pop
ular prejudice at present is against
them. Now, should we take advantage
of that to coerce tbe people of this
country, (lor it is that, they are look
ing now lor tho Government to offer a
loan into which they can placo their
savings,) is it the fail thing toward tho
American peoplo, that wo should co
erce them to tako a lower rato of inter
est than we have evor been ablo to get
from any person else ? It will operate
in lust that way. II you put this bond
at 3 per cent, some savings would go
into it, and some at even a lower rato
of interest than that But is it not
tbo fair thing that we shall give to our
own people at least the lowest rato of
intorest we have evor been ablo to get
in the markets of the world ? I move
that "3.05" be stricken out as the rate
of interest, and "4" per cent, inserted.
Mr. f.uton. uetore that motion is
put, I desire to say one word which 1
forgot to say to my inena irom Dela
ware. He spoke of 3.05 per cent be
ing a cent a day and thorefore
very easy to calculate. Thore is hardly
anybody in the United States that
holds a bond of (100, tbo interest of
whicb is payable once in six months,
at 4 per cent, thai will not very easily
multiply his ono hundred by two. My
own impression is tbat if you allow 4
fcr cent., which is 1 percent quartor
y, 2 per cent semi-annually, and 3
per cent, for nine months, and 4 percent,
in the year, all people who have been
to "tho litllo brick school bousoundor
tbo hill" will bo vory apt to count the
interest without any troublo whatever.
Mr. Blaino. And the Sonator will
seo in furtherance of wbat he is say
ing, that it is impossiblo to pay the
coupons of this loan at 3.C5 per oent
without either overpaying or under
paying. Tho coins of the United
Stales cannot pay such a coupon. They
cannot pay a majority of the coupons
that will bo upon these bonds. I ou
aro absolutely issuing a loan thut you
have not the coin to pay the coupons
with, and there are vulgar fractions to
be calculated every stop.
Mr. Saulsbury. I agree with tboH
amendment ol tbe Senator Irom Maino,
becauso in my opinion it will be im
nossible to sell any large amount ot
those bonds, even one-quarter of what
is provided in the bill, (25,000,000, at
3.05 per cent We have now some 3 05
honds on tbe markot witu coupons,ana
I believe they are quoted at less than
eighty cents on the dollar. While I
favor a low rate of intorest and believe
the rales of interest in this country are
entirely too high, and that it would be
much belter if tho rates in all tbe States
in the Union were lower, I do not be
lieve that whilo we are offoring bonds
at 5 and 41 and 4 per cent, we shall be
able to dispose of any largo amount of
these bonds at i.ba.
This ieanother objection: If a person
invests bis (25 or (50 or (100 in a bond
bearing but 3.65 per cent, interest, it is
not probable be win want to retain
that personally or in bis family until
it falls due. He may want to dispose
of it Now, when he comes upon the
market to sell a 3 OS bond, it will Do
come tbo property of some man who
has money, and wbo knowing that he
can buy a bond bearing 4 or 41 or 5
pet cent, intorest will not give the face
of this bond bearing only tho rate ot
3.65. So the party who in rosts in tho
3. oft bonds will have to submit to a
shave upon the bond for which he has
paid the par value.
I think tho true intorest ol the class
of nersons who are to be benefited bv
thoso bonds, Is that tbo rale ol lniorosi
. .
should be equal at any rate to that of
tbo lowest bond now quoted on iho
market, 4 pur cent, and I shall there
fore voto lor the amendment of tho
Senator from Maino.
Mr. Cockrell. 1 hope the amend
ment will not prevail. I would much
rather have the rate of intorest 3 than
have it 4 percent If I had the money,
as the Sonator from Delaware has ask
ed the question, 1 would invost il jn
such a bond rather than invest it in
many olher securities. There are some
peculiarities connected wilh theso bonds
which make them moro valuable than
the rate of interest they bear. They
are exempt from taxation in like man
ner as thoso in place of which they are
issued, and thoso in place of which
tboy are issued are exempt from all
taxes and dues on the part of the United I suit to anybody. The Senator's con
Status, on the part of every Slate, and I stituoncy in Connecticut will not be in-
of every county and every town and
municipality. They are beyond the
roach of the tax galhorer ; tbey bear
none of the burdens of this Govern
ment; and wbero property is taxed
from 1 to 2 per cent, these bonds are
then worth from 1 to 2 por conl. inter
est above the amount specified upon
their lace because they gel lhat ex
emption, if tbe taxaiton is 2 per
cent in the hundred dollars, afH if the
bond ia paying 4 por cent and is ex
empt Irom taxation, it is equivalent to
b per cent ; and a 0 per cent bona
would be equivalent to 7 per cent, and
a 3 percent bond would bo equivalent
to 5 percent, and there are many
places in this country whoro tbe tax
ation is equivalent to that
1 lie senator Irom Delaware I Mr
Saulsbury and tbe Sonator Irom Con
necticut Mr. Eaton are protesting
thai the people will not take tne bonds,
nd the senator Irom Delaware has
quoted here before tho Sonale tho price
t)( the District of Columbia, 3.65 bonds
as bonds of the Lnitod States, bonds
which ought to have been wiped out
of existence because of tbo frauds in
thoir conception and in their issue, and
whicb have beon lain tod wilh il all the
way through, and bear that upon their
face to-day, and be has compared them
with tbe bonds of, the United States,
when your 4 por cent bonds are above
par selling lor ft and 0 per cent moro
in the London markot than the En
glish consols bearing 3 por cent, inter
est. We are paying lo day an intorest up
on our National debt which no other
nation pays, and the United Stales
securities to day are commanding in
the English markot Irom 4 to 7 per
cent premium, when tbe finglish peo
plo will not invest In their own seruri
lif at over 96 to 97 per cent
i Mr. Saulsbury. 1 ask the Senator
wbat ia the rale of interest in hut own
State?
Mr. Cockrell. Tbe rale ot Intorest
in Missouri depends upon ll condition
the borrowor Is in entirely, aad reWjtm "
iron, 4 per cent to tiO, if the oettUes
of the Individual force him to pay that.
The logal rate of interest is 6 per oeet;
10 per cent can be oontradod tor fee
writing.
Now, Mr. President, I am opposed to
issuing additional obligations ot this
Government, bearing a higher rate ot
interest tbaa olher governments are
' ""r bends. 1 say that
in intlt.tcly better .u v eaimeuSftS?
the jocoriuos of England or any olher
nation on earth, and I say when we
place our bonds upon the markot at
the rates of interest w hich olher nations
are paylr they will be taken not only
by our own citizens, but the citizens of
olher countries. We have to-day IG78,
227,150 of bonds, securities of the
United States, redeemable by law,
Thoy consist of six items of Indebted
ness, four of which bear 6 per cent in
terest, and the other two bear ft per
cent, interest All these bonds oan be
redeemed to-day. They are redeema
ble at tbo pleasure of the Government,
and I believe that In a vory short time
it will be the duty of this Government
to redeem them, and redeem them in
bonds not bearing over 3 or 8i per
cent intorest
England has been held up to the
Amorican people by tbe Senator from
Connecticut, and other Senators, as the
great head contre of National honor.
England commenced with her indebt
edness at 6 per cent, and the reduction
baa been almost exclusively or to a
vory largo extont in the bands of tbe
party who originally held tho bonds,
and has continued through.
Mr. Eaton. Will my friend allow
me to ask him a question ?
Mr. Cockrell. Certainly.
Mr. Eaton. When did I ever say
anything abont tbe National honor ot
England? When?
Mr. Cockrell. I stated that England
bad boen held up as an example to us,
the English government as an exam
ple to us. 1 think the Senator hold it
up in his speeches.
Mr. Eaton. 1 said it was the great
est commercial nation on oartb.
Mr. Cockrell. Ob, yoa ; and its hon
or was so great as a commercial nation,
and it was held up by the aide of the
United States to cast opprobrium and
disgrace on the attempt of Senators on
this floor to get tbe issue or tbe silver
dollar.
Mr. Eaton. To debase tbe ourrency.
Mr, Cockrell. To debase tbe cur
rency, tbo Senator says.
Mr. Eaton. That is true ; it was.
Mr. Cockroll. To appreciate tbe
currency, to honor the law and tbe
peoplo, and to enforco tbe rights of the
people.
Mr. President, in 1881 wo shall have
(772,701,700 in obligations which will
be redeemable at the pleasure of the
Government Two classes of these
obligations, one amounting to 1189,
000,000 and odd, the other to 175,000,
000, are bearing 6 per cent interest;
We have 1200,000,000 of obligations
maturing in 1891 bearing 4) per cent
interest, and then something like $75,
000,000 maturing in 1907 bearing 4 per
cent interest. 1 say tbat this Govern
ment and tho tax-payers of this coun
try cannot bear this enormous burden
of taxation at tbe rates of interest we
are now paying. Gentlemen speak of
tbe leg tl rate of interest in tbe differ
ent Statos being higher than this
amount Yes, and the property is
subject to taxation, and is subjoct lo
loss and to destruction. These inci
dents do not attach to the bonds ol the
United States, and I am opposed to
striking out ol this bill the 3.65 rate
and inserting 4 per cent I would
much rather see it 3 per oent. Now
give the people of this country an op
portunity of subscribing for a3i or 3.65
per cent. bond. Gentlemen here assert
tbcy will not do it I do not believe
them ; with due respect to them, I do
not believe a word of wbat they assert
in that matter. It is only a matter of
prophecy, it is only a matter of predic
tion, as to what tho people will do.
Mr. Saulsbury. I ask the Senator if
it is not a matter of prophecy on his
part whjn he says he believes they
will do so.
Mr. Cockroll. Just the same as the
Senator's prophecy exaotly. Now,
what barm is thore in giving them an
opportunity ? 1 ask tbe Senator Irom
Delaware, have the people of this coun
try no rights ? Aro tbe people ol thia
country entitled to the privilege of sub
scribing tor tbe National debt at 3.05
interest ? The Senator from DelswSre
and the Senator from Connecticut say,
"No; wo will not permit them to do
that ; they, tbo poor people of the coun
try, who want to place thoir savings
beyond tbe reach of danger, shall not
hsve tbe privilege of subscribing to a
3.C5 per cent bond, but we will raise
tho intorest to 4 per cent, and then
the hundred or tho hundred and fifty
millions invested in the savings-banks
in Connecticut and the Eastern Statos
will come in and tako it np, and the
i i ; I I -i " i . .1
mooring peopio npreau loruuguuu. tuu
length and breadth of this country will
have an opportunity of subscribing for
this loan.'1
Thoy never have been given an op
portunity of subscribing for Govern
ment bonds throughout tbe length and
breadth of the country, and now when
thoy ask the privilege of having small
bonds, bonds within the reach ol their
property and thoir incomo, in whicb
they may invest with security, we are
met by the same power we have gen
erally been mot with, aaying, "No;
tbo people shall not have that privilege;
wo will not give them the privilege of
taking a 3.65 per cent bond, but we
will, make it a 4 per cent bond." I
say give the people an opportunity;
give them a chance. No harm will be
done ; not a particlo of injury will re-
jurod by it; the constituency ol the
Senator from Delaware will aot be in
jured by it ; no harm can be done ; and
why, 1 say, shall the people be denied
this opportunity ? The Senators say
tho people will not invest in such bonds.
Give tbem an opportunity and we will
see whether they will or not; And then
we shall aoe who are the prophets
Mr.' President, 1 shall oppose this
proposition, and I am opposed te the
other provision in the hill which makes
this bond redeemable in ooin. I want
to see the time come when the word
"coin" will not be recognized In the
statutes of thia country, when there
will bo one money and only one money,
and that shall be for all alike. I shall
voto for no law making a discrimina
tion. From the adoption of oar Con
stitution till 1862 I defy any Senator
to point to a law upon our statute
which used the word "com" in describ
ing dollars and oonts. It ia not to be
found there. Tbe Senator from Con
necticut, a stickler for State rights aid
the old haloyon days of the past, is
now willing to trample under his feet
the legislation and toe history of sev
enty five or more years, and 16 Inaug
urate and carry on a new era in wun:!
a distinction shall he made between
tbe moneys for the rich and the moneys
for the poor. Coin I 1 say strike that '
word out and let these bonds be re
deemable in that money which tho
Congress of the United States, in the
exercise of Its sovereign power, shall
declare to be the lawful money of Abe
United States. Trust to the honor of
the nation ; trust to the honor of the
Representatives ol tbe Slates abd the
Representatives of tba people -in Us
Congressional districts, and let as has e
money, lawful money, and asaxa Loeaa
bends payable in that alone.
I hope, Mr, President, lhat the
motion to strike out "3 68" and insert
"4" will not prevail. ."..-.
(CWfavM not lotnLJ