Chicago Daily Tribune Newspaper, January 7, 1881, Page 1

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VOLUME XL. INSURANCK. STATEMENT OF THE CONDITION OF THE NORTHWESTERN NATIONAL) BaRc.arNs SURANCE CO, Of Milwaukee, Wis., Jan. 1, 1881. IN Cash Capital.. Surplus anaes 1.8, Registered Bonds, 8. Nenlaterod Bonds, . 8, Registorod Bonds, ry Donde, Be .. Bioko Peltz, Setslortanaa x ‘Total U. Hilgastes Water Bonds, 79 7 'Prairio du ‘Gntaon Divisio «8 600,000.00 - 407,195.92 $§1,007,1093.92 value, Markot Vatno. att yy ed 1 NE HOO.00 310,000 OaT000 100,000 111,875.00 000 $80,125.00 ane bet tre tly 206,012.00 10,950.00 6 00 2000, th more than ; « Eaglanned to Directors oF 147,000.00 Goan in Bank and on han ier ea ca tok dub. ooo. yor securities, jnlyagcs, ant 8,207.75 canals, 81,007, 103.08 - LIABILITIES. " ae ae Peldacrance : : 187,140.61 Uapnta Lose ego408 ‘other claims againat tl sopaean in fie’ Catmipan SecBurplas over all linbilities, includ! 5 ALER. MITCHELL, * ALFRED JAMES, Vico President. 81,007,103.98 JOHN P. MoGRECOR, Scorotary. BRANCH, 112 LA SALLE STREET. : President. ‘ - CHICAGO Pp. D. ARMOUR, Hs Resident Director. JOHN CAMERON, Manager. LUEVATOL _HALE’S ELEVATORS. Great Saving in Use of Water. WE HAVE DURING THE LAST THREE + YEARS PERFECTED OUR Double and Triple Power Mlcvators, by which we are able to make a anving ofabout ONE-HALE 4 Inthe Water Mille for any Ifydraulte Flevn- i tor. We do thi« by so constructing the mn- chine aeto uc ONLY A PART OF THE y WATER for ightioads. $}_‘Theas machines have been in actual uss iinearly two yenrs, are almple, complete, and Tpertect, and wenow offer them to the public ‘Teeth our gunruntee of their antisfactory ope- ¢vation. ‘They hive been adopted for use tn V the following bulldings tn thts city ¢ { COURT HOUSE (4), } BORDEN BLOCK (2), * + GRANNIS BUILDING, “ONTARIO” (Apartment House). + WIIt te plensed to send descriptive circu: Yars, and show the machine in operation, to * auy parties interested. & OO., 1033 Atnte-nt, TAN, WE OFFER UNTIL JAN. 15, 1881, ;- $100,000 ot Southeasten Raibvay Company ae Py First Mortgage 6° Per Cont Dands ee 103 AND INTEREST. IESE NONDS nro tho balanco of an inuo of Gi & Thy above Falleoad connects nt both Inckxen and }-ltchiiold with tha WAUASH wild ALTON IATL LUN on 45 milos of road, being at the rate of onl Syst por tullo, from Jacksonyiiio, Lite to Laven dotdy Uk Bt i I No Better or Safer Investment in the Market. + FARST NATIONAL HANK, ‘orner Ninte and Washington-ats, i 02 Washington bs Washingt My Washingt 0b Wankingto: BONDS. havo a linn of choleo COUNTY, CITY, BOHOOL, Bonds, which wo eno acl at prices wit! ylold tho investor 6 to Gper cont interest. a line of Raliroad Bonds. MONEY TO LOAN On Improved City Property at Current Rates. MEAD & COE, 149 La Nalte-at. CHOOOLAT MENIEIR. ~+ For Breakfast | _ CHOCOLAT MENIER. t Bold Hverywhere, i GERWAX CHAS. {HOLMEN . EDWARD F} PARIS AND LONDON. New York Depot 28 6Greenwich St. Minadiorrannaen Pes derarececss TO RENT, ‘Third, Fourth, and Fifth Floors of 102 and 104 State-st., Over vad Fate, Apo} it PD-AKERPOOT &CO,'s, ¥O Washlogton-st, Packing House to Rent, With {ce Hous, Smoke Houne, esl ae ae ar eae eae I 10 AS CITA RY An Wark Moneaceae ete WOOD MANTELS, ‘WOOD MANTELS \ WM H, FOULKR & 00.,) wisisy, IRTS WILSON BROS. 113, 115, 117 & 19 State-st, Manufacture from the best muterials the World pro- duces. Their large experi- ence, which doubtless is unc- ualed in this country, justi- fies them in_ saying. their goods are good, and will suit the most fastidious. Made to order and ready-made. French and English Fancy Shirtingsin great variety of elegant designs. 20 PER CT. DISCOUNT On all HEAVY WINTER GOODS during January, and i0 PER_CT. DISCOUNT On ALL OTHER GOODS during sane month, EDWARD ELY & 00., TAILORS. REPORT OF THE CONDITION OF THE First National Bank or CHICAGO, Ab Ohicago, in tha Slate of Iilinata, at the close of business Dee, 31, 1880. 176,750.00 i 085,760.21 deoming esorvo An’ Duo ‘from athe b Banks & 1 ora. 2,301, 888.07 588,747.05 640,0:'2.60-2,205,078.78 Atenl Estate, ‘ine cluding, building & mata dopuait vaults. 208,515.14 Chocks and other Cont tteniy. S,01t.s8 Fxchangoa for ‘Clonru-tloure, 728,206.84 Biles of uthor Nati Danks. 92,000.00 Frnetional | Gat. rune: 1s ing é 1,307.00 * Bpecia 1,0%0/000,00 pawn ‘ten, 235,000.00 Hive pot 4,600.00 0 tr 2,000,00-9,007,080,20 sooo, 801,628.03 acca LAAWULATIER, ‘apital Stock paid in, 8 000,00 trey itt hae HGoo! 000.00. Other unuivided iol BER,0R1.N0 ‘atlonal-itank Notes 47,807.00 Dividonda aupatdeee 80,054.00 Individual Di DOME corres: FS, 8TR CLR, 2D Domand Certiti- eatesof Donut = 108,428,05 Cortiiiod Checks, 268,718.22 Cashter's Chucks outstanding... %9)071.09 Duo ta athor DnB danke... 3007,50.08° . rn and Hankers,,. 2,526,001, 18 12,087,085.73 ‘Total se1eee15,901,018,00 BTATE OF ILtINOIN, COOK COUNTY, ast LYMAN. Jo GAUK, Cantor at the cabnva-nemod eS swear tine Gio above suvement is my knowiodse and hetie Hubsoriied and aworn to mo. ‘ny of Saguney, tes, ih J? STIG E, Rotary Publte, PUTT ATS sod eit NON “RETNOS alam ot Tea WILSALL, EDELWHEIS, Hank, do'sol trav ta the bose ot { Directors, ~ NOTIC FRIDAY, DRESS GOODS. DRESS GOODS! Field, Leiter & Co. STATE & WASHINGTONSTS., Offer their Entire Stock of SUMMER GOODS, Carried over from last year, at prices that will insure their speedy sale, They have a large line of “Fleur-de-The,? “Crepe Yeddos,” Cotelines, French Percales, Organdies, Zephyrs, Linen Lawns, &6., &G,, Which arrived too late last season to sell. Many of them are same styles as those coming out this season, but will sell at about half price in order to make room for the new goods coming. Among other bargains will bea large line of the best quality French Percales, At 12 1-2c per Yard, Will also offer their entire stock of WINTER GOODS at very low prices to close them out. i E... The Equitable Life Assurance Society haying declared its poli- cles, over three years in force, to be incontestable, announces that: ON AND AFTER JANUARY 1ST, 1881, ALL SUCH INCONTESTABLE POLICIES WILT BE PAIP AT MATU- RITY, WITHOUT REBATE OF INTER- EST, IMMEDIATELY AFTER THE RE- CEIPT AT THE SOCIETY’S OFFICE IN NEW YORK OF SATISFACTORY PROOFS OF DEATH, TOGETHER WIT! A VALID AND SATISFACTORY DISCHARGE FROM THE PARTIES IN INTEREST, AND WITHOUT REQUIR- ING ANY DELAY,. EVEN FOR SIXTY OR NINETY DAYS, AS HAS BEEN THE CUSTOM HERETOFORE, AND IS SKILL USUAL WITH OTHER COM- PANIES, H. B. HYDE, President. ASSETS, over - $40,000,000 SURPLUS, over - $8,500,000 0. P. CURRAN,|{08 Desrborn-st.,|\V. N. CRAINE, NIRS. M.A. CONNELLY 7 East Sixteenth-st., NEW YORK, Will continue her Opening of Im- ported Costumes, Wraps, etc., in the Parlors of the Grand Pacific Hotel, for one week longer, up to Jan. 8, 1881. CHOICE FRENCH COSTUMES At Less than Cost of Importation | STO! 8) MEETINGS. Mockhlders Meelng, CUICAAD, Doo. 6, 1840. ‘The Annual Meoting of the Htockholdors of “The Commorcial Natlunal Bank of Chicago,” for the Klec- tlon of Directors for tho onaiting year, will bu hold nt tho ofMfco of sai bank In Chicago on ‘Tuosday, Jan, 11, 1831, between the hours of 2 and o'clock p. mi. GEONG# 1, OTIS, Cashler, Stockholders’ Meeting. Tho annual mecting of the Htockhol - caxo (ins Licht & Coke Ce. Wil be Htoldal the wttcorag pany. on Monday. don, 1 ats ‘at which toction will be v ve bustnoga transe muy come befure thy meating. JAS. K, DURTIX, Becrotary, ~ -EDELWEIS. FOR THE COMPLEXION. THREE SHADES, White, Pink, and Brunette. GALE & BLOCKI, CHEMIATS AND DRUGGINTS, SOLE PROPRIETORB, 81 Clark-at., 48 and $0 Mounroc-st, (Paliner House), and 120 North Clark-st., Chicago, aA Nn RRR ARS ; PROFESSIONAL, WALTER BUTLER. WM. ARMSTEONG, BUTLER & ARMSTRONG, QTTORNEYS AND COUNSELORS, . Boom a7, Portland Block, ‘Chicage, IL Stockholders’ Meeting. ‘The Annual Moutl: 17 MoNnity aU mill vould’ Htockholders of Hand, the ones of the Com: ‘hicazu, Monday, Jan, 17, . W. HL MAND, Presidont, Nevrotary. EE. NOTICE TO THE CREDITORS OF THE CHICAGO PUBLIC PRODUCE EXCHANGE, You aru hereby notified to present your clajms for Juatment und settlement wt the Company's office tanta MeXLO PUNLIG PRODUC EXCHANGE, Chicago, Jai, 6, teil. - KEN CA! ing, College, J gars, Alasls, Drie f e, Jockey, an con shay ‘atte Tron chotce Shetland and Alaska Seal. Lowest Prices at BAQNES Hat and Hur Bers, 86 Madison-sh (Tribune Bulidingh JANUARY 7%, Bye Tribune. FRIDAY, JANUARY 7% 18st. ‘Tre: Queen’s speech, or rather the speech delivered tn her naine by Lord-Chancellor Selborno In the House of Lords yesterday, refers to the Enstern difleuity and hopes for the best; deals with tho ‘Transvaal ond Bae sutoland ina paragraph In wich the pres ent state of affairs In both Is deplored; touches on the evacuation of Afghanistan, which it 13 hoped will be accomplished soon; and comes to, tho principal issne when It «is- cusses the {rish question. ‘Cho condition of Ireland Is described as one of Jawiesness and. terrortam, where “her Mnjesty’s writ’ “runs not,” and where the Ife and property of loyal subjects ara endangored. ‘The speech adinits that the reports of murdera have been exaggerated, and recommends tho usual panacea tor Irish Ils,—coercion; but promises aineilntory legislation on the land question in tho shape of a bill oxtending the principles of Gladstone's worthless act of. 1870, and Jeg- isIntion fur facilitating the operation of thee Bright or purelinso clauses of that meas- ure, A bill ts also promised for the establishinent of County Boards In‘ tho Irish countics to transact the finan celal business now carried on by an irresponsible body of “{obbers” who com- poso the County Grand Jury, which ta the creation of an Irrespons}bie official called aliigh Sheriff, Bills are also promised for the regnactment of the Ballot act, to prevent. bribery at English elections, to abolish corpo- ral punishment in the arms, for the preven- tlon of river floods, and for amending the Bankruptey Jaw. [tissignificant that Mr. Par- nell recommended the abolishinent of corpos, ral punishment in thearmy, the IrishCounty Boards bill, and the legisintion facilitating the opération of the Brighttlanse of the Irish Land act of 1870, two years: ago, and he was thoh denounced as a vistonary, Tue House went into Committes on the Wood Refunding bill yesterday. Mr, Kelley mnadea longspecch in opposition to the bill, on the grotnd that the timeof the bonds was too Jong, and that the silver now In the Treasury should be used to redeem some of the bonds whose timo expires, Mr. Weaver took tho saine grounds, and made a verbose speech in supportthereof. Mr. Chittenden, of Brooklyn (Goldite), favored tha bill, but hoped that an amendinent allowing the Secretary of the Treasury to fix’ tho Interest rate would be adopted, ond that Na- tlonal, private, and Stato banks should be relieved of all tax whatsoever. Ho then entered into a sorio-comic account of the events which led to his defeat by the Kov. J. Hyatt Smyth, Mr. Springer was also op- posed to the bill, and. believed that tue Na- tlonat debt should be paid as fast as possible. Mr, Lounsborry tovk the same yiew, nnd Mr. Phillips, of Missouri, offered n substitute by which the Secretary of the Treasury should be permitted to Issue Treasury notes not exceeding $500,000,000, In denominations of not less than 810, and bearing Intorest at not exceeding 8° per; cent, and re- deemable at pledsure’} by the Govern- ment at ony time after July,’ 1682, the notes to be disposed of at nolygsss than par, and with several other provisos. ‘Lhe Committeo then rose. Mr. ‘Tuoker gave notice that ho would moye to-morrow to discuss tho mess- uro by sections, Lord BraconsrixLp in the- Houso of Lords, and Sir Stafford Northcote in the House of Commons, attacked Mr. Gladstone's homo and foreign policy yesterday, Beacons- field said that Mr. Gladstone had succeeded in unsettling everything he touched In Europe, Asia, Africa, and Ireland, He held: that tho weakness and want -of vigor of the Government was responsible for the unhappy condition. of Ireland. Sir Stafford Northcote's speech’ was a feeble echo of his chief's, as Lord Granyllle’s reply was of Mr. Gladstone's re- ply to the ‘Tory criticisms in the Commons, ‘Tho Premier held that the Government wero justitied in resorting to the existing law boforo they advisod coercion, He said that tho state of Inwiesness In Ireland was exaggerated, and taunted the Torles with having brought nbout the state of affairs existing in tha Island, Ie admitted that the Land act of 1870 was a fallure, but thought that 2 few now provisions defining the rights of tenants inight inake ita useful and effective measure, but he has ovitently the greatest. hopes from. & measure which will enable tenants to gratually become owners of thelr farins. le thought there would not be timo for an Irish Borough-Franchise bi this session. T. P, O'Connor and some of the Home- Rulers criticised the speach from the throne, and the debate was adjourned on the motion of Mr. Parnell. Cmer-Srcretany Forster gavo notieain the House of Commons yesterday that he would introduce to-day 8 DIM for tha better preservation of life and property in Ireland; alson bill respecting the carrying of arins, The announcements of Mr. Forster woro greeted with cheors, Mr. Parnell inmedi- ately orose and gave notice that’he would oppose theso bills, whereupon Mr, Gladstone announced, evidently to tho satisfaction of ®& inojority of tho Mouse of Commons, for ho was cheered, thot hea would Move on Monday that all business. be | suspended until tho yssage of these mens- ures, Mr, Parnoll then gave notice that he would soon call attention to the relations be- tween England and Ireland, Mr, Gladstone was gtected with'cheers when he entered the House, and Mt, Parnell, who followed, -was greeted by louder cheers on tho part of his colleagues, ‘The music will probably be- gin Monday, and there will be'a Hvyely dance allround, Mr. Gladstono evidently intends to oppose Parnell in porson, The Irish ngl- tator has proved himself more than a match for Mr. Gladstone's Houtenants,. It romains tobe sean whether he s°a match for Mr, Gladstone himself, ” ‘Tuy Lower House of the Indiana Legis Inture organized yesterday by the eluction of Ttopresentative Redpath, of Cluy County, as Speaker, The othor nowlnees of ‘the Kepub- lican caucus were chusen. ‘Tho Sonate tried to organize, but there was deadiock, BSen- ator Majors und Davis, Greenbackers, acted with the Demoernts, and Senator Poindexter, Ureonbacker, with the Republicans, ‘Tho yote on Secretary stood 25 to 25, and the Ben- ate adjourned without orgunizing, Leonanp Courtenay, who recently ao cepted a Parllamentary Secretaryship, had some qualms of conscience about eccepting the position on account of his former atti- tude fn reference to the’ South African ques-, tlon, He thought that the Doers ought to be allowed to manage thelr own affalrs. Mr. Gladstone, Ln reply to & letter of Mr, Courte- 1881—TWELVE PAGES. nay, stated that he could not consider the re- lation of tho Boers to the Cape Government until the Boers ind avandoned rebellion, stbmitted to British authority, etc. Afr, Courtenay took tho hint, submitted to tho supertor wisdom of Mr, Gladstone, and took the office offered him. Tnoy, N. ¥., is blessed, or rather cursed, with a queer gang of municipal officers, Ono Egolf, the Mayor's accretary, mado an at- tack on Police-Commlssioner Ilydorn yester- day, in the public atreet, and broke his nose. The row grew out of Ilydorn’s efforts to prove a brother Commissioner ablackmalier. wre ProFownp sorrow will be created through- outs wide clrele of friends and acquatnt- ances by the aunouncement this morning of the death of Mr. George LB. Carpenter, tho well-known and much-esteemed manager of Centra Muste-Iall, who breathed his Inst just atter midnight this morning, Tim English steamer ifnrrelda, from |. Palermo for London, came into collision ‘with the Spanish steamer Leon. from Liver- pool for Manilin, off the Portuguese const recently, and both vessels were sunk, Nine Englishmen and fourteen Spaniards were saved, but many were lost. Turne was little interest taken in tho wearlsome farce being acted ot the Court of Queen's: Bench, Dublin, yesterday. The prinelpal characters were absent, A tedious exmnination of a couple of policemen oecu- pied the attention of the fow auditors and the attorneys. Tue Nebrnska Farmers’ Alliance met at Lincoln yesterday and passed resolutions re- questing the Legislature to pass Inws pro- hibiting the railroads from exacting oxtor- tlonnte passenger and freight rates, also to reduce tho tolls on the Plattsmouth and Omaha bridges, s Gey, NATIANIEL GorF, of West Virginia, was nominated for Secretary of the Navy by the President yesterday, and was confirmed, The now Secretary served In the Union army in the brigade commanded by Presi- dent Hayes, and was for a time confined fn Libby Prison. * two PASSENGER trains on the raflroad bee tween Wilmington and Philadelphia ran into each other yesterday at Chester, Pa., through the misplacing of 9 switch, John Flynn, 2 railrond carpenter, was kitled, aud a baggagomaster named Morris was seriously injured. Goy, JAnvis, of North Carolina, in his messf¥o to the Legislature refors “ with pride” tothe happy retations existing be- tween the white and colored people in his baitiwick. Ie favors s taxof 25 cents per 51) for school purposes, ond a prohibitory aw. Mn, Crrannes Il. Reep appeared in the Probate Court yesterday and presented his accounts as guardian of tho Irvin heirs, It was deemed satisfactory by tho heirs, their attorney, and the Court, and Mr. Reed was accordingly purged of contempt. Tue Rev. Mr. Cody and twelye members of a Kilkenny, County Land League have been committed to trinl for *Boycotting* a farmer. named Walsh. Jeremiah Leahy, President of « Kerry Land League, has been jailed for tho same reason, i _—-— Representatives Troms, of the Sixth District, was elected Speaker of the Ilnols Jlouse of Hepresentatives yesterday by a vose of 80 to 60, the Intter figure represent- ing tho vote cast for Representative Durfee, - the Democratic nomince. Lanovcimne on the very first day of the Parliamentary session brought himself into prominence by giving notice that he will move at an early day that the House of Lords should not continuo to. exist a3 at present constituted, a Lunn Stnausssax has been elected Pres!- dentof the Municipal Council of Berlin, probably as arebuke to tho lenders of the anti-Jewish agitation. Prof. Virchow, the colobrated scientist, was elected Vice-Presl- dent, Mns. Presipent Hayes gave o banquct yesterday in honor of Miss Herron, Miss Mills, and other young Jatlies, her guests at | the White Honse, Sixty Invitations wore is- sued, ‘The Marino Band furnished tho music. ‘Tur British ship Indian Chtef, from Mid- esborough for’ Yokohama, has beon wreeked near the mouth of tho River Thames, Elghteon of tho passengers and crow wore drowned; cleyen were saved, ————— ‘Tur report that graln-laden vessels have been detained’ jn Baltimoro harbor by ice Is authoritatively denied. Notwithstanding the recent cold wenther, thero has been no Ico blockale In that port. Frank N, Brown, a young man of 21, was shot dend by his father yesterday at Will- jamabyrg, N. ¥. The young man tried to provent his father, a police oflicer, from beat- log his mother, cme Au. tho arrangements for the scull race between Hanlan and Laycock were com- pleted yesterday, ‘Lhe raco will be rowed over the Thames championship course on the 17th Inst, ArConltvale, near Fort Sco tt, Kas,, Wednes- day, Miss Davis’ clothes tock fire, Her mother’s clothes took fire In trying to extin- gulsh the flames, and both were fatally burned, Ronerr G. Noun, once 2 Captain im the United States navy, and afterwards In the Confederate services, Wed yesterday at Fred: erleksburg, Va., in his 77th year. | By the withdrawal of Mr, Fryo, the con- testover the Maine Senatorship is ended, ani the prize now goes to Eugeno Hale with- out opposition, . Many of our rendors will doubtless be glad to learn that the Porte will consider the Arbitration plan. ‘The cable fend says it will, J. 11, Supp was clected Speaker of the Nebraska Legislature yesterday, ‘Ho isan antl-monopolist, and owes his eloctlon to the fuct, : Buowy, Bayiey ‘& Dixon, fron manus facturors of Shefield, England, havo failed; Mabilitics, $1,810,000; asyets, $601,225, Iris rumored that DJOrnstjerne Bjsrnson is to be married to the widaw of the late Ole Bull, now @ resident of, Mulwaukee, “Mn. BeaDtavon docs not. belleve In dueling. He has declined a challenge sent | by a Pagisinn fire-catere . i : } NATIONAL DEBT. The Railroad Problem Sue-: eeedcd by Another Great Question. Discussion of the Pending Bill in House Committes of tho Whole. Great Speech of Judge Kelley, Against a Long 3 Per Cent Bond. Forty Years at 3 120 Per Cent, Which Is Too Dear. His Arguments Based Entirely on Our Present Unex. ampled Prosperity. A Roaring Funny Act by Chit- tenden, a Radical Gold Euuignist De La Matyr Cruelly Asks How It Is that a Greenbacker Succeeds Him. Mr. Chittenden Then Amuses the Houso hy a Relation of the Wiles of the Brooklyn Philistines. The Chances of the Funding Bill Not 80 Good as They Were Several ‘ "Weeks Ago. FUN AND FUNDING. MR, KELLEY'S ANGUMENT AND MR. CHIT- T N's “BUBAK? Special Dispateh to The Chicago Tribune, Wasunctox, D. C., Jon.6.—The House ngnin considered tho Funding bill, Fer- nando Wood still continues ill, but the Ways and Means Committee decided, this morn- ing, not to longer delay the consideration of this measure, and Instructed Randolph ‘Tucker to move to take itup, There was no objection to this on the part of the support- ers of the Inter-State Commerce blll, as it had been definilly understood that Reagan should not attempt to bring up his bill agalnst the Appropriation bills or the Fund- ing bill, It 1s stated by members of the Committes that Wood will be able to be present next Saturday, until which time the. further consideration of tho mensure will probably. be postponed. But many doubt whether Wood will then be able to appear, as they say his illness ts of a seri- ous character. By the order made on the day of the adjournment before tho hpliday Teeess, there was to be ONE DAY DEVOTED TO GENERAL DENATE upon this bill, General debate, therefore, is closed with the adjournment to-day. The further: consiteration of the DIN will be in the Committee of the Whole, by sections, whero It . will bo open to amendment. Nearly all classes of opposition to refunding, . elther absolutely or In tho. form proposed by the Committee's bill, were represented In the de- bate to-day. Tha Greenbackers — Weaver and Gillette—wanted no bonds, no certifl- cates, no sinking fund. ‘They would use nll the resources of the Government to pay the bonds as far as they would go, and would print flat money to pay the remainder. They opposed refunding in any form thatdld not provide for the substitution of the legul- tender notes for National-bank currency, and for the ultimate substitution of flat money for bank-notes, THK RADICAT, ANTI-NATIONAL DANK MEN (such as Mills, of ‘Texns) opposed refunding without, however, proposing any practical substitute. Tho curlous fact may be de veloped, before this discussion closes in bath Jlouses, that the Natlonal bunks themselves, and tho.most aggressive Communistic op- ponents of the Nuttonal banking system, may unite fn. thelr opposition to o.3 per cont Funding bill, untess provision is made to re- duco bank taxution as one of the conditions of rofunding, Possibly the antl-bank men may change front if they shall discover that the banks agree with thom. These antl- bank men belong to the opposition per se, and would bo uncomfortable If they should find that thoy had become allies of thelr own eneimles, TUR NAPID. DENTPAYENS algo opposed any refunding. They matin- tained that there should be no permanent debt; that the surplus revenuca should be used to pay the debt as fast as possible; that the War taxes suottld continue, and that the Government ‘should Incur no new obliga- tions. Thore were still others wlio seemed disposed to bring polltica Into the discussion, who insisted that there shall be no refund- tng unless the act authorizing It shalt forbid syndientes, the payment of doublo: Inter- est ‘and of commissions, and shall provide that the acerctions of premlum between tho time of purchase and the delivory of the bonds shall inure to the Government, and not to the purchnsor or syndicate, ‘Those who oppose all refunding bills, from any of these varlous rengons, are, however, a minor {ty, Fernando Wood has clalmed that thoy will not number more than forty In the House. Among those who favor refunding there were great dliferences of opinion as to the rate of futereat, ‘Tho majority of those who advo- cated refunding divided botween the 3 and 33¢ por cent rate, ‘ _BOME THINK (MoLane, of Muryland, was ono) that {t ts safer to give the Secrotury of tho Treasury discretion, if the market shall make it neces- ey te churga the rate. The arguinents of thofe who advocated the 8 por cent rate were these: ‘Ing condition of the money market hy the United States and fy Europe Is such as to warrant the oplnion that the United States can gell 8 8 percent Lond at par, Many bankers bellove this, It ls proper to reduce the War tax by decreasing the amount of an- nual interest, The people should be re- Ueved of the burden of u constantly-increas- Ing sinking fund, the payments into which are far in excess of the orlginal contract, It ia folly to tax the people te pay high rates of interest when money ty worth to them in their business from 6 to 12per cent, and when they can refund the debt at 8 percent, ‘Lhe tendency to a lower rate of’ Interest in Huropo should be recognized by our Goyern- ment. British’ per cent consols are at par, and havo recently. malutalned ouc-elahth to Per Cent Means’ one-quarter of 1 British Government CONTEMPLATES HEDUCING THE RATE OF INTEREST ear to [4 per. cent. ‘The National banks now y hold Jarge amounts of the redeomable 5 per, . cent rnd 6 per cent bends, deposited os, so curlty for clreulation, and if the Funding law should compel the banks to exchange tho: bonds they now hold for the 3 per centa, the : Government would Immediately find s:pnr- | chaser for $350,823,550 of the new-loan,—thas . being the amount of bonds held as accurlty ‘for circulation Jan, 1, 1881, tas THK ANGUMENTS OF TIOSE WHO OProse tho 8 per cent rate wore, in‘substance, that a’ 3 per cent bond could not he flonteds that the attempt to flont it would result in material contraction of the National bank currency, and thats fallure to sell such 1 bond, when authorized, would greatly injure the Nation- Ateredit. More In detall, they argue that the present market {s not stable, It has not been — delinitly settled that-a long bond of 4 per . cent is npt an abnormally tow rate of Inter- eatin this country; much less ts {t settled - that the United States can sell 08 per cent short bonid nt par, Safety Is of more conse-; quence than the rate of interest. ‘The bate ance of trade may not always be in our favor. Crops may fail, Panics may:come, Politics may injure the National eredit. THE ARGUMENT OF JUDGE KELLEY, in opposition to the bill, was very Ingenlons, He did not oppose refunding per se, but he- did oppose the Committee's bill, in that It proposed to surrender the Governmental option to redeem at any thne when ft had the available funds. He nsserted, and he pro. dueed a tong series of calculations to sustain his assertion, that it would cost the Govern. . nent less not to refund, and to use tho ‘sur- plus revenue to pay off the Indebtedness at the minimum ‘rate of $60,000,000 a year, than it would to refund on the plan proposed by. the Committee. Judge Kelley had wrought out his calculations to a. nicety, and submitted fignres to show that the excess of the cost of tho 3 per cent Re- funding bin, without option, over the actual’ costof paying the entire debt without re- funding, by the use of this strplus rovunue, and the maintenance of taxation, was * ENACTLY $03 Less TITAN $5,000,000, ‘The figures which he produced on both sidea of the question were startling. The amount, he claimed, that would be requitag for the total interest for: ten years, under the Committee’s bill, is $191,205,180, The amount required; with- out any refunding, by the use of the surplus revenue, fs $186,278,062, n difference of: $5,- 000,000 In favor, he claimed, of not refnnding, Judge Kelley, however, does not make any provision for the possibility that thore may be years when there fs no surplus reventic, To such suggestions he had only to say that: immigrants are commg, that the warehouses are overlonded with crops, and that the man who doubted the ability of the great Amer- {ean Republic to pay its debts wase craven. However, he did not show what would ba done in caso thera should be no surplus rovenue, THY NUBTIING, NERVOUS CHITTENDEN made what he hinself sald might be his last ard of the most radical of tho goldites.- Ha is stil! haunted by the ghost of the sltver dol+ lar. - His speech had an amusing conelusion,’. owing to an interruption by De La Matyr, who inquired how it was that tha’ Roy. Tlyntt Smith, Greenbacker, had been ‘elected to succeed -him. Chittenden, in attempt- ing’ an explunation, snowed more wit. than~the IHouse hins been aéctistomed’ to hear from him. novel introduction to Congress, by’ quoting: from one of- his: recent clerical speeches, In. which he sald that ho should hereafter make. - Congress a partofhis pulpit, 9 fo 2s WHAT TIE RESULT WILL BE no ono will venture to predict. A bill in some form will undoubtedly pass the louse. Its fate in the Senate is less certain.’ A gene tloman who has made a canvass of tha’S ate to-day expressed the opinion ‘that prnstleable funding measure will ody. FROM “TUR RECORD." - To the Western Associated Press, z Wasminotoy, D, C,, Jan, 6—The mornina. hour was dispensed with, and the Houso wont Into Committee of the Whole, Mr. Covurt, of New York, in the chair, upon the Funding vill, ‘The only arrangement in ree gard to Imitation of. debate was that which - was made before the holiday recess, which Ihnited the general discussion to one day. '.’ Mr.Kelley took the floor in opposition tothe .- ; Dill, It had beew stated, he sald, that the» only question presented was whether Con- gress wold have the sagacity and honesty to borrow at Sper cent the monoy required to pay the bonds which were carryly: 6 und 5 percent Intorest. ‘There hod nevor.been‘s> more misleading statement made to Congress and the country: The question which would come up was whether the Government could pay this:debt without borrowing money, . He sulit $60,009,000 0 year, tor’ ten yeurs would pay It. For fifteen years tho, Govermnent had-pald an average of ‘within: - $3,000 000 of that $00,000,000, and within the. , year Just closed it had paid nyarly $74,000,000," Was the Government ina position In which It was necessary to borrow money,—In, a po” sition in which the land and the fabor'‘of the -* United States must be mortgaged, vlther for. * fifteen, twenty, or forty yours, Jn ordor to get, * money to pay $67,000,000 In the next ten or’ + eleven years? ‘That was the question, and not: ©), tho one stated by the guntioman from New York (Chittenden), 08 to whether the Goy- ernment had the sagacity or houcaty ty bor- Tow money at a lower rate. He was, not op posed to refunding If the Government would Tetain ita option, Hence, he vould, in due © thne, . bo ASK FOK A VOTF ON IIS DILL," ne which authorized temporary loans, tonns res deemable in one or two years, to supply any * deficiency, should any be found in current | - revenues, 8 thing of which he iad no appre- _ hension, ‘Tha gentleman frdm New York (Chittenden) would say: “WU you pay O- ¢ per cent when you can, borrow at 3 per. ° cont?” hrea per cont for forty yeare, as tho Committce’s bill proposed, was 120 per. cent. Of the $07,000,000 to be provided for,’ the 200,000,000 of Us would be pald Ing little -: over fiye years, The Interest on that $200, 000,000 would be but @ per cent—not 190per cent, In the name of the one nation which stood a4 nn exemplar to the oppressed peopla of the world, heappealed toCongresstoda ne . wanton act which would lead thom ito: ber, lieve It considered “a national debt tobe » national blessing,” and was willing to pay for tho privilege of perpetuating It. Were he seeking an opening that would Induce hin to surrender the optional right to pay tho dob’ i. out of the current income, he could find j only in the -fact that he might ‘glva somo of - his banking friends privileges to become: members of syndicates, or share the . profits: to be derlyed from mortgaging the lands, and Jabor, and enterprise of the American people for a torm ranging from fifteen or twenty to” | forty years, . ce ae Mr. Hatch offered an amendment granting © .; tho State banks the privilege of circulating - on depositing 8 per cent bonds with tho: United States Treasurer, Ordered printed, : || iMr,.Chittenden stated that he would, at the proper time, offer an amendment repeals ing all acts imposlng 2 tax’ on the capital, } and deposits of . savings banks, National banks, State banks, and private bankers: ‘ \ promium, and the speech in Congress. It was from tho stand-" -, He gave his’ successor a: :

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