Show LATEST IMSLEttRAMS lORlYSIZTH CONGRESS LAST SESSION HOUSE Wwhiagtom C Moncj from the com mite OB poitofficci reported back tire bill reguatins second class post ta on se4ond clii mail nutter Calendar kin motion of Wood tire ilouii > ill committee took up the funding bill Wood by initructions of the comraitto f ways and means oflerei in amendment amend-ment firing the rte of iutr t at 3 percent per-cent Claim wanted the rate ia the bill t stand at 25 and ranted the bond rt vdeomabte in tie and parable in twenty year JUo business man believed it po tiblo t float a 3 per ctnt bond I wi a daHceroui xperiraent Kelly cud in lt purchase of era S103UUOOttO bends in the year ending last October tkn ecrotarj of the treasury had to pa fllAGOOOOU or aboat 3 > j per cent prouiium VAl er suggested that tbs rate 8a 2K He would favor Woods ameadmtai but op ole tile Dill Wo od suggested for the nk ofon yenisncB thai the 3 per cent mendmea should > I I uutnimouily accepted ChOirs objected Fry thought it was a fit time U diicus the rte now Shrea par Cut must rua twenty or thirty yean W od thoUbt not ereUryChirmRn hd laid he believed short Una crrtifi cat oi having Un I than tau year to run could be flouted A c pir con Woo4 believed be-lieved to to Ht hoped Fry would not endeavor to commit the Home to t > n untenable un-tenable position Xeifari amen mgnt fixing the rate at not Dove 4 not hayiLg but 12 votes wu loitKindall Randall replied that ie would not issue A Si per cent b nd if a S par cent bond could ba negotiated lh bonds of tba United Sate today vibrated somewhere between 31 and Si per cent and hurt wu s pretouticn to uegoliiU bonds at n jreiter rata of ititeuft than the bond o mnitaded in the market t8u y TD > nelaU of the psople fjr a rae deposit of mouey would secure a placement oi f fcemen 3 per ent bond He woud make every national bank an sjtnt and not run to a ijndicte to di < poie of tboe bonds and ho would givo the small bidder preference over syndicate knd large holder lOernm do Wood said in his position he bad been compelled to sek much praotichl information on the rundi ip question Wb n H 4 per cent bond bad icon prop led tie tTa ury department and tno whole bnnkii c interest had raid it was Bet po iible to negotiate a boud a to low a rat ot interest He hid a letto from a csntlemsn who had 4 per cent bonds Hatch ot New Y k in which be stated that though at tnt be Iud tcougbi a beg bond wa ctanary ne wai nw f th opinion that it ass nut and when to this aathority war aidd the kigb financial autnority of the stcretarjr of the treasury that even a h > tc rtiQ Cal could ba 1 ntd at 3 parcunf h b liyvei with Kelly and Etndal the lime lim-e uld bo reduced to fifis 1 yean ill ot IOIB argued Ulat i would be 1CO000COO cho par to let the debt stand at 5 and C per cent Wood denied the proposition Cannoa dii not wait to eel the rate of interat 10 low that she bond could not be floated He there re would CiTe tbo secretary of the treaiurj discretion up to 5 05 or enn hi hr At any event it would be 2 or 1 j > cr cent lower than at prtiinU JUayna offered an amendment povi4 ag that the rat ibail not uue 4 ptr r ant and making tbe duty of the see e lacy o the tieaiury to ntgoiita the tale or oxehango uC such bord at the lowest rate ut interest tJsct able Uadley adrocatvd a perpetual 3 percent per-cent band a in En UBd Tire lowest rate of inUrttt which government bonds produce at the present market prices of bonds wa 3 1100 and tt tbe rates ruling for 4i and 4t tbs vAlue of 1 3 par sent thirty year road was fro 94 toSS to-SS and ftrgHfid that if i bones were paid A buy skouid be under ezictinj laws in lawful money n large caving could be 3VeUd CoTcrsa argued that R 3 per cent goT ernm nt bond I proposed was equivalent equiva-lent to 0 per cent interest in private loam Fernando Wood asked Cony re wboibcr tbs effect of the establishment cia ci-a 3 percent rate by government would aot be to reducetkt rates on farm mort rayes west Convona replied that it would hara thatcflect and then was a large amouat of saving inrolreJ in that idea Butte worth argued thtt pr cent was too low a ra1 uli iltrest an I nid that no gunrditi would bs juittdtd in ismt i g the funds of hM ward m a X par cnt bond Totrn bend of Illinois referred to th rccedt fcubicnptions to lbs Nothern Pacific 5 per cent b nds and atkd the question whether if aU uncon tu ttd rail oad could float at a pemum > ot 2 > s a 5 per cant bond subject all kind of state and local taxation there could ba ny doubU ef the ability of C3T1 ernmect to bat t S per cant bond exempt frotn taxation Ba believed 6 S per cent cOTernmtct bond would bs regarded in Illinois as I gocd invest ment Tasfer ditlred hk belief that net one 3 par coat bond would be taken in hii or any otbor distriot in i Obi Baynes amendment was rejected Warner thought the DOlt important qustion prose rd was he question of the length of tim fir bch the bond yrere to run If by fixi g S per eeLS it was proposed to engtb the time he weultl Tote a aiiitt S porr cent wbecry oSredu asnsrst nnk jug out so much of tbe bill aj authorize I the ieuo of bonds and notes and inserting the following The tecra lacy of the treasury is hsreby author rzA to issue bonds net to ex eeed C50000 000 redeemable a t the pleasure of the Unitfd Statue aCer en years and payable thirty years after leiue also notes n the account of 5250 000000 cmabln at the pliasarn or the Uni ed Slate after two year und payable able ia ten yra aflar the date ef issue which oout it i shall be lawfal and national banks halt be pernritt to hold as part of their > sgai reieivc and the in terlt on said bjnJs shall ba I per cent and she interest sa saU notes 2K per eato CUflm inquired af Kewiarry how many bond be tuptmed would be taken up in Michigan t per cent Newiurry np t < d that tv Sscsnd National Hank Detroit of which to was a director would retire all the bonds whiih it held on its circulation ud take the 8 per cant bonds A id Ij thought the bana generally wourt taki ihu3 percent bond if Contra would relieve them font taxation on fheir cir euatlon which wai nearly 1 por < ceat i Laughter He bad gone to the bank of which ba was a dlrct > r Jsciuia be I rantd to know how to rut on this question ques-tion UujchUr and it bad said to him Voe far tho funding bill at S per cant houtcond tion IiI to taxes Kurd dijnou cpd lisa specie rewmption in this country as adeluion anda snare Vsifed on a fraudulent MTOT dollar and hral l tnier curroacj lie predicted aiiirarisl dirater in a short time Gillette tout Newberrjr to task for rl rima instructions from the natioaal l b nts instead frurn hi8ron tituant < Ti e iBirnifee > r < s fur the purpue as < atcd by Fernando Wood ot limiting 16 dttbat but a notion to adjourn nlorcidud Th Speaker laid before fit House fcr the third time the report of the postmaster postmas-ter general in regard to tire abut of the frnki 2 privilege Vat it nu not received re-ceived Adjourned |