Chicago Daily Tribune Newspaper, January 9, 1881, Page 2

& 3 g 1881_SIXTEEN PAG bility to float a3 per cent bond ‘at par, axd this time to test the sense of. the House as oelieved that it would ‘be better to give ‘the | whether the bonds should be long bonds or Secretary of the Treasury discretion . r. Butterworth, of Ohio, doubted the pos- | sibility of floating a'3 per cent at par, and clain:ed that the argument made by Speaker Randall and others, that the prosperity of the ‘country would tiélp-to. sell the bonds, -was specious, and that it would have'a'‘contrary effect. In the present prosperous condition money, he sald, was worth more than 3 per cent, anid it is not t@ be forgetten that the 4- “per-cent bonds were negotiated WHEN THE COUNTRY WAS NOT PROSPEROUS. Newberry, of Detroit, known as a business, Congressman, took very radical ground against the Sper-cent bond. He said that he spoke authoritatively as a bank Director. ._He made -a slip * of the tongue, or was indiscreet enough to also say. that he’ went to the Directors of his bank and asked them how he should vote,—a slip of which Gillette, the Greenbacker, took ad- vantage in a fiery, flamboyant, éommunistic way. Mr. Newberry said that the’ Bank Directors advised him to, vote for the 3 per cent rate, but that they had “since decided that if such a bond should be. adopted they would retire all their circulation. The Green- backers, of course, opposed the 3 per cent or any otherrate. They wish no refunding. Gillette said that there was no reason why the bonds should not be paid in printed notes, and that the only reason ‘why any in- short bonds, ° {The Chair replied that it was not. + Mr. Claflin opposed the amendment. He ascend to fixing tte interest at 3 per cen: Mr, Tucker—Does the gentleman want a larger rate? + Mr, Clafiin—I propose that the Fate ‘in tha bill shall: stand «‘thére;.. Inopposing the amendinent, Mr. Claflin’had read the amend- ment which he pioposed to offer, leaving the interest at S¢ per cent; and providing that the bonds shall: be redeeniahle- after the five Years and payable ! in twenty.years.’ No busi- neés¢-man, he'thought; bélieved it possible to float a bond at 3.per cent It was “ THE UNANTHOUS OPINION, OF! FINANCIERS that a 3K per cent bond might be floated, but that it would be dangerous to puta 3 per cent bond on the-market,* Mr. Kelley commented on the fact that in the purchase of over $108,000,000 of. bonds in the year ending October last the Secretary of the Treasury had to pay over. 112,000,000, or about 3}¢ per cent premium. Mr. Warner suggested that the rate of in- terest should be fixed at 2i¢ per cent. It was impossible to sevér the rate'of interest from time. If this bill were to pass he should be in favor of the amendment of the gentleman from Vermont, though. he would oppose’ the bill. terest should attach to the proposed Treas- Mr. Wood suggested that, for the'sake of ury notes was because there was a prejudice | convenience, his amendment coming from against the greenback. The advocates of | the Committee on Ways and Means’ should interest, he said, were the sharks of Wall | be, by-unanimous consent, considered’ as street, who had ventured even to invade the | agreed to, if it was seriously intended ‘to act halls of Congress, and one member even (re- | on this bill, Hours should not be -wasted in ferring to Newberry), to his eternal shame, nad stated that he went toa National bank to receive his instructions. Tif very name of National bank in the: House is a red rag to a large class, fiery and frothy people, who have glib tongues, but are not deep thinkers. HAWLEY, OF CONNECTICUT, in opposing the 8 per cent rate, presented a ‘series of new tables which are the result of the latest official compilations of Prof. Elliott, the Treasury statistical expert. Gen. Haw- ley was inclined to draw theline pretty close, however, as he thought it possible to nego- tiate a 3% bond. ‘The table which hé pre- sented shows that the 4 per cents of 1900, nét selling price 112 4-10, excluding accrued in- terest, yielded to-day 3 3-10 percent annually. PRESENT YIELD OF VAHIOUS BONDS. The 434 per cents of 1891 yield 3.21. This is the lowest rate of interest at which it has been shown the Government can borrow money. The District 3.653, with a Govern- ment guarantee, yield 3.63 per cent. Cur- rency 6s range from 3.90 to 3.44. The present value of a thirty year 3 per cent bond would range from 94.34 to 96.12, There were also strong advocates of the 3 per cent rate. Fer- nando Wood insisted. that there was no doubt that a 3 per cent bond could be fruitless and unnecessary discussion. ML. CLAFLIN OBJECTED. ‘Mr. Frye thought the question might as ‘well be met. now betiveen a 3 and 233¢ per cent bond. A 3 per cent. bond must néces sarily run for twenty or thirty years.’ Vot- ing fora$ per cent would be voting ACE a. long bond. Mr. F, Wood thought the gentleman ‘ ‘was in error in that assumption. He wished to call the gentleman’s attention to the report of the Secretary of the Treasury, in which he -said he believed that short-time cer- tificates having Jess than ten years to run could be negotiated at 3 per cent. He (Wood) thought a short-time 3 per cent ' bond conla be negotiated. Particularly if accompanied by someattributes which would | make it acceptable and desirable. He hoped the gentleman from Maine (Frye) would not endeavor to have the House commit itself to a position which was untenable. ‘Mr. Frye said ne had voted in favor ‘oft a's per cent bond before the recess. DURING THE RECESS : he had seen a large number of business-men in New York, Boston, and New England, and he had come to the deliberate conclusion that it would be utterly impossible to float a negotiated. He said that he had received |g per cent bond running less than thirty numerous letters from bankers, declaring | years. He believed the attempt to float a 3 that it was certain that such bonds could be | per cent bond. would be disastrous. The sold. He produced one from Government had ‘never sold a 3 per cent FISKE & HATCH,— bond; sho heretofore have claimed that, to nego- | xo COUNTRY ON EABTH HAD EVER FP! * tute a8 per cent bond, it would have to run fifty years—who now express the opinion that a 3-per-cent short bond can be floated. Townshend, of Ilinois, showed that a 3-per- cent non-taxable United. States bond is equivalent to a @per-cent security in the States, where local taxation is so great, and that it was a better investment than there is in Illinois, Speaker Randall declared that there was no doubt that a3 per cent bond could be sold. He reminded those who were quoting bankers that the same bankers, when it was proposed to reduce the rate to4 per cent, said that was impossible, and Jndge Kelley supported him by the additional state- ment that the bankers, before the Ways and Means Committes, he oe SAID IT WOYLD BE IMPOSSIBLE to negotiatea 4 per cent loan, when they were at the same time arranging syndicates ia take allof the Joan, if it should be ay- thorized. Randall’s poSition is that it is pos- sible for the Government to negotiate a 8 percent fifteen-year bond and 3 per cent ten- year notes, and he would compel the banks to keep popularsubscriptions open for fifteen days to the bonds, and give it to the people at the same rate that it is given to syndicates. ‘The bonds of the United States to-dey, he _ Said, are as low as 3i¢ per cent. THERE ARE A FEW who do not believe that the loan ean be ne- gotiated for Jess than 4 per cent. A vote was taken upon an amendment which pro- posed to give the Secretary of the Treasury discretion to the limit of 4 per cent, but it received only twelye affirmative votes in a3percentbond_on the market at par, and he was fully convinced that a 3 per cent bond conld not be placed, and if Congress undertook todo it and failed it would.be.a disaster. He believed in leaving “to the Secretary of the Treasury a discretion up to 334 per cent. ‘Mr. Keifer offered an amendment to ‘Wood’s amendment so as to fix the interest ata rate not exceeding 4 per cent. He be- lieved 4 per cent was as low a rate of interest as the bonds could be floated at. In the West it would be impossible to sell the bonds ata lower rate and have them maintained at ar. Mr. Kelley called Mr. Frye’s attention to the fact that in 1876, when the Committee on ‘Ways and Means was considering the meas- ure to refund in 4 per cents,” “MANY OF THE MOST RESPECTABLE BANKERS of the country appeared before that Commit- tee and assured it that a 4 per cent bond could notbe floated, and yet it was found out afterwards that these very bankers were at the same time arranging a syndicate to take these very 4 per cent bonds. For himself, ho was indifferent to a rate of interest, whether 3, 4.5, or6 percent, provided the policy of constant payment out of the surplus revenue were continued. He presented,a calculation showing that the aggregate amountof interest that would be paid on $637,000,000 of debt in ten years under a 8 per cent bond would be over $191,000,000, while the amount that would be paid on the same debt. at existing rates of interest under the policy of-paying off the debt at the rate of $5,000,000 a month Committee of the Whole to 149 against it. | would only be $162,000,000. The rapid debtpayers maintained. their} Mr. Anderson offered a substitute provid- usual position,—that it is folly to attempt to | ing that interestshail not exceed 324 per cent, refund, and that the Government would save | at the discretion of the Secretary of the interest by not refunding, by paying off | Treasury. - the debt from the surplus revenue. Mr. Townshend (of Illinois) . said that in JUDGE KELLEY THOUGHT 80. the discussion the point seemed to be lost Mills, of Texas, maintained that the surplus | sight of that, by would be $100,000,000 annually. Chalmers, AN EXEMPTION OF THOSE BONDS of Mississippi, characterized all refunding | from Stute, municipal, and ‘school taxes the bilis as sink-holes for the absorption of the |.rate of 5 per cerit was really equivalent to a people’s money. Incidentally, some strong | rate of 6 per cent. He felt confident that a3 points were made forsilver. The opponents | per cent bond could be floated. It was the ofsilver are always claiming thatthe silver | National banks that’ wanted bonds at a dollars are not in: circulation, and that the | higher rate of interest, but the House was people will not take them. Fort was able to | legislating not in the interest of the National show that 48,000,000 silver dollars are in cir- | banks but the people. culation, and that there are now, in the | Mr. Mclane offered an amendment to ‘Treasury subject to call only 12,000,- | Mr. Anderson’s substitute so asto make it 000 silver. dollars. Belford, of Colorado, {| read ‘‘at a rate not exceeding 3 per cent.” - speaking of the Eastern position on the A VOTE WAS THEN TAKEN silver question, and of the persistent attempts | on Keifer’s amendment, and it ‘was defeated, to shape everything .according to the single | —12 to 149, - gold standard, gave the Eastern managers in Mr. Randall thought it was éxtraordinary the Bepublican eee there were gentiémen present who were ad- IN vocating, honestly advocating, a higher rate He said that, if it was right to protect pig- | of interest than it was conceded onall sides iron in Pennsylvania, copper in Michigan, | that bonds could be negotiated at. He dif- and sugarin Texas, it was right to protect | fered from the gentleman from Maine (Frys), silver in Colorado, and to recognize the sil- | and his information on the subject was: dif- ver dollar, which was the money of the Con- | ferent from that gentleman’s. He believed stitution, and that the party which sought to | the Goverument could negotiate a bond and dishonor it would not receive further support | Treasury note at 3 per cent. in the Great West. ‘The attempt was made Mr. Blount inquired how long such a bond ba dmnit debate upon the subject of the | and note would have to run. rate, but no conclusion was reached. It is} Mr. Randall replied that ifteen possible that the debate will not be resamed | be sufficient as fox as oe med until Tuesday, as the Indian Appropriation | cerned, and the 2.10 principle so far.as the bi is ready. The amount of 3per cent | Treasury-note was concerned. There was not bonds which might be purchased by the Na- | a member wno had not letters from responsi- tional banks is larger than ‘was stated at any | ble parties telling him the Government could ‘\. time in the debate to-day. The exact amount negotiate bonds at 8 per cent. There were uf bonds held as security for-circulation by | $200,000,000 and more of bonds held by Na- Nationa! banks Jan. 1 was $359,823,550. The | tional banks. Why should not the Govern- banks have a theory that the funding opera- | ment say to these banks: that in the place- tions will notprove wholly successtul,and that | ment of bonds to secure circulation they the Treasury, being unableto redeem both the | should hereafter, in so‘ far as the contract 6 and 6 per cents, which will be redeemable] would permit, take 3 per cent bonds?“ Théy in July, will pass the 5 per cents and take the | would be’ immediate purchasers to, the s, for the double reason that tent of '$225,000,000.; —- MORE INTEREST WOULD BE SAVED |. Mr. Warmer inquired whether the ‘gentie: by purchasing the sixes, and because the] man would not prefer a 2.10 bond at-33¢ per Government can redeem the sixesat any time | cent to a fifteen-year bond at 3 per cent!" * without maturity, while three months’ no-| Mr. Ratidall replied that he would.not issue tice is required before the 5s can be re- | a3}¢ per cent bond if a 8 per cent bond could-, deemed. Acting upon this theory, the banks | be negotiated. The bonds Ws the United, srenow selling large quantities of 4 per cents | States at the high premiums, and depositing fives of TO-DAY VIBRATED SOMEWHERE 1851 in their stead as security for circulation- ‘34 AND 896 PER CENT, Between Nov. 1 and Jan.1 the banks sold 4 | and here was a proposition to negotiate bonds - per c&nts to the amount of: ten taillions, and at a greater rate of interest than the: ‘bonds- feplared them: With fives of* UST: i BETWEEN i money would’ secure the* plager per cent bond.: He would. make ‘every. Na- “THE DEBATE.. ittee of the Whole (with Mr. Covert in the | give the small bidder. the preference dver. thair) on the Funding bil “The bill was | syndicates and large holders... read by sections for-amendments. ' Mr. Fernando Wood said that, in his Hosts ‘Mr. F. Wood offered under the instraction | tion, he had been compelled: to seek mucli ot the Committee -on Ways and’ Means:an’|-practical information on the funding ques- iment fixing’ the rate of® interest on-|tion: When a 4 per cent bond haa bee! bo End notes authorized tobe issued by: | posed the Treasury Department’ and the mn; pro=. | this act at 8 ‘per cent, it being 334 ‘er cent in | whole banking interest had said’ it-was not the printed bill. - Mr. Bucksier inquired if it was in order at { rate’ ‘of interest. He had a letter from a gen- ‘possible to hegotiate any’ bond at 30 lowa’ x had fought 4 ver. “Haten, ew York), in witich lie stated “that though’ ‘at first he had ‘ thought. ‘a long pond w: necessary, he wag. now, of. ‘opinion that “Ti-was _ not; ; when ‘to’ tlifs authority was added -the -high finan- cial ‘authority, of’ the, Secretary of :the ‘Treasury, that even a short certificate: fous be floated at 3 per cent, he believed, “wi rentlemen -irom. Pennsylvania (Kelley. and Randall), that th Ame coud: be reduced to »fifteen-years. Mn. MILLS, OPT: argued t tit it would: be $100,¢ 000,000 nes .to.let the debt. ‘stand -at-5.and "8 per cent, and ipay it in five years, than to Jet it gon for ‘twenty-yeara atSper cent. -*.- “Mr. Cannon did not.want to get the rate ot ‘interest so low that.a bond.coyld not be float- ed.. Therefore he would -give the Secretary ‘of th ‘raasury discreffon up. to 3.65, or even higher. | In any event, -it would be orl per cent lower. thas at present. ‘Mr. Bayne offered an amendment: provid- ’ ine that. the rata shall nat.exceed 4-per cent, and making it} the duty. of the Secretary of the’ Treasury to ® negotiate the ‘sale.or ex- change of such bonds at the lowest rate of; interest practicable. Mr. Hawley said he did tat believe a3 per -eent bond could be just now floated ‘at. par. “It was possible; however, that if a’perpetinal..| ‘bond were issned, as ‘in England, St could’ be floated at 8 per. cent,~ He believed that, al- ‘though unpopular,, it. would be the best.and cheapest way, for. the Government could always. go. into the market and buy up such bonds at market prices. He had had calculations made from which ft ap- peared that the lowest rate of interest which the Government bonds prodinced at the’pres- ent market prices of. bonds was 8 21-100, and that at the rates ruling for 4s ‘and 4}¢8 the value of.23 per cent thirty-year bond was from 94 to 96. ‘Mr; Bland argued that: honds were paid as'they. should. be under the existing Jaw, in lawful money, alarge saving could be effected. . : Mr. Converse argued that 2-3 per cent. Gov- ernment bond, as proposed, was © EQUIVALENT TO SIX PER ce nhrdhesr IN PRIVATE LOANS. * . Mr. Fernando Wood asked Mr. Converse whether the effect ofthe establishment of a 3 per cent rate by the Govornment would not. be to reduce the rates on. farm mortgages’ in the West © ~ Mr. Converse replied ‘that it’ would have ‘that effect, and that there was'‘a large amount of saving involved in that,idea, “Mr. Butterworth’ argued that’ 3 per catit was too low a fate of interest, and said no guardian would be justified in investing the funds of his ward in a 8 per cent bond. Mr. Townshend, of Lilinois, referred to the | recent subscriptions to Northern Pacific 5: per cent bonds, and asked the question whetherif an-unconstrncted raiiroad: could float at‘a' prentinm of over 244@5 per cent bonds subject to all kinds. of State and local taxation; there could be any doubt'of the ability of the Government to ‘float a $ per cent “bend exempt’ from all taxation. He believed a 3 percent Governméntbond would be regarded in Lilinois as a good investment. ‘Mr. Keifer declared his belief that, not one 8 per tent bond would be taken by his OF any’ other district of Ohio. Mr. Felton safd this bill was an illustration of the benéfit of delay and cautions legislation in.si¢h matters, because, in thé last Sesslén, the proposition was to refund the maturing debt in tong 4 per cent bonds, while,now it was admitted it could be refunded in short 3 per cents. In his opinion it would be © “CRIMINAL ‘TO. PERPETUATE THE DEBT. ‘He wanted to keep it always within the grasp of the Government.., He paid a high tribute to the financial abilities of Secretary Sherman, which had contributed so much to the-credit of the Government.: The other elements that had promoted -general prosperity were the large increase of agricultural, products and | the remionetization of silver. He appealed to. the House to;-make the declaration that the debt shall_be.paid, according to contract, in lawful money. : i. Mr. Baynes’ amendment was rejécted th- out division. ‘Mr. Warner ‘thought the most important question presented was the question ofthe Jength of time for which'the ‘borids ‘were to run.. if by fixing 8 per cent it was proposed to lengthen the time, he, would. Note against 3 per cent, Mr. Newberry .éffered an . amendment striking out so inuch o@ the bill ‘as author- izes'the issue of bonds arid. ‘otes, and insert- ing the following: % “ The Secretary of th Treasury is ‘hereby authorized to issue bonds not to exceed $450,- 000,000, ‘redeemable ‘at_ the. pleasure of the United States, “after ten. years, ahd payable thirty. years after issue. “Also, notes in‘ the amount’. of $250,000,000, redeem- able. at the pleasure of the. United dtates, after two years,and payable in ten -yéars after the date of issue, which notes it. shall be lawful, and National banks shall. be per- mitted, to hold as part of. their legal reserve, and interest on said bonds shall be per cent, and: the interest ‘on said notes 3}¢ per cent. -Mr. Claflin inquired of Mr. Newberry how many bonds he suppused would be taken up in Michigan at 3per.cent. Mr. Newberry replied that the Second Na- tional Bank of Detroit, of which he was a Director, would retire all bonds which it held on. its circulation. and: take the3 per cent bonds, and he thought the banks gen- erally would take the 3 per cent bunds IF CONGRESS WOULD RELIEVE THEM FROM TAXATION- on their circulation, which was’ nearly'1 per cent. ([Laughter.| He had gone to the bank of which he was Director, because he wanted to know how ‘to vote on this ques- tion. [laughter],) and it had. said to’ iim: “Vote for a Funding bill'of 3 per cent, Ww! out condition as to taxation”? uf ‘Mr: Blount” argued that the “Secretary of the Treasury should be allowed some discre- tion, and opposed the rate of interest being arbiprarily fixed at3. percent. , ... ‘Mr. Hurd opposed any measure‘of refund- ing which deprived the Government of: its option to redeem bonds at any time, unless it be a measure which should reduce the rate of interest -of the bond. There was no” debt ‘due now except about -Si4,000,000.: The -rest. of the debt maturing was redeemable: at the pleas- ure of théGovernment.’*He' believed that all that debt could be paid in ten years. He did not believe ‘that ths :prosperity about which the gentleman from: Georgia (Felton) had spoken could Jong continue. He did not believe that: Prosperity in ariy-country could Jong continue without ‘the: resumption of specie payments, atid he hud ‘no, hesita- tion in’’saying, “from “all lights which he had, that -. specie- resuniption in this country ‘wyas: #..delusion and.-a * snare. [Derisive laughter.on;-the Republican side} - It...was. based.’ on ~-false and fraudutent.silver dollars, which-were every day. untruthfully, certified to, ;[Applause on the. Republican, si It was based on’ o- Tegal-tender. paper -currency. There could. be.- no: specie :payinent* nothing bit specié éduld’ pay the aebt, when pai currency | possessed all: the: ‘functions money there-was no specie: payment. In a ; little while. the. prosperity -ef-the ‘country would: ‘disappear,: ‘aud business-would, topple hasm of rnin @uch-as hiad-never been : -If-the Government-would. not’ dis- i lebts,.: now. <:that-- it could, ‘ong-tine * *- would “be — forced upon the country. -He was: opposed to re- ;funding, because it. would, then be necessary, to continue the Sinking Fund, anda’; ‘Sinking Mr. Belford, of Colorado, éxpresied his op: position to the Funding bill as presenting a ubithér tothe golden-headed image ‘ot “New | ’gylvanias and if Qur rights are- not respected “the whole bill. He’ was opposed ‘to refuind- yefunding. A gentleman. scheme of gro! Imposition” on the people; After making some remarks on the silver question hesaid: Twanttosay { .10-MYREPUBLIQAN FRIENDS OF PHE EAST | that the time has come. when, if the ‘single- standard theory fs to’be the policy of the itt publican party, we in the . West will revolt a against their banner. “[Applause ‘on the Dem- ‘to ‘Inyestigate - -Frank ocratic -side.J “We recognize sitver as the ing’ Abuses. money of the Constitution—-the money. which ard twas howored anil ‘respected in the” States before.:,the: Constitution. was: . adopted.” It it is right-,to protect. pig-iron in Pennsylvania, ‘sugar in Louisiana, copper in Michigan; it.is right to protect the silver_ products: pf the West: We will bow House Democrats Unwilling Seat: After the. Elec York nor to the {ron-footed ‘image of Penn- oe eros : : ‘The New Chinese Treaty to Bo “Sent tothe. Senate ~ Monday. ~ we will march underthe banner of that party which accords to the great silver interests of the West a.decent and honest recognilion. [Applause on the Democratic side.) Mr. Fort argued ‘agalast. the refunding |* theory. ., Mr, Chalmers said he would yote for the, shortest bond possible, and then vote against i ‘Ex-Secretary..Thompson in Nowise, Discourayed “by ~. Adverse: Criticism, ing. because it might change the terms of the contract under which bonds were payable In-|. gold and silver, Mr. Gillette argued against the policy of smiaiey Statement of a Virginian ‘Who [ationnia to Newsiner. Opposes the Methods. ‘and, to his disgrace be it sald, had stood up: ‘Senator Blaine to ‘Resion His S .| Ball to impeach: his testimony. «Dr. Ball and said he had instructions froma National bank, of which he was a Director, how to ‘vote. Shame on a Congress which received instructions from its creatures! Shame! ‘Eternal shame! 1t was not what the people | wanted, but what: the banks wanted, that of Mahone. Good Gen. Chalmers Says the South Will Give Garfield a Fair ‘| to the functions of'a secretary‘ that-of an’ || ing the belting. in leaving a lighted lamp in ruled Congress. The people wanted a Treas- ury note which: could circulate as money, ‘and with Which evety- bond that’ canie due ‘in 1881 could be paid. ‘The Committee then rose for the ‘purpose, as stated by Férnando Wood, of limiting de- bate,’ but a motion to adjourn was inter- Trial. e The Present Congress: Will Not ‘Be Able to Reapportion the Rep- -resentative Districts,. FIRES. CHICAGO... ‘The alarm from Box 295 at 4:05 yesterday morning closely followed by.a second alarm was caused by John: Evans,: watchman for the A: H. Andrews Co. furniture factory, situated north. and: west of. the cor- ner of Desplaings ‘ahd Polk streets, discovering .:... fire....-im< ---a-»- one-story” frame shed adjotning the main building. The fire originated near‘a planing machine, aud wwas supposedly caused -by the carelesness of workmen employed the day before in repair- Mrs, Ohristianoy Still TH and Still the. ange of Much, Oonversa- 5 ee thom. THE FRANKING LAW. ,*: THE REPORT OF THE POSTMASTER-GENERAL ON IT3 ABUSE STILL UNOPENED. Spectat Dispatch to The Chicago Tribune, Wasuteron; D. C., Jan. 8.7-The report of the Postmaster-General concérning the alleged. ‘violations the Franking law by Senator Wallace, Congressman ‘Cox, and others, Still lies unopened upon the Speaker’s table im the House of Representatives, Taree times in the last four days has Speaker Randall presented:this report to the ‘House; | three times’have the Republicans demanded the reading of the report or asked ‘that it be the room, which set fire-to the sawdust and. shavings, The fire’spread-from’ the shed through *the line-shafts) and windows into the main building, and was car- ried through a. shaying-chute .to all the floors. The damage in _ this building was mostly confined; & the ine o :| place was offered to Gen. ‘Wickham, as stated ‘| dent was much annoyed that Wickham de- r fivors, though the water’ damage to lower floors. was considerable, -The loss upon building, stock, and machinery is some- wherein the neighborhood of $2,000, which is fully covered by insurance in a long list of companies. The second alarm was .turned in by Fire-Marshal Swenie, who feared that printed in” thé Congresstonal* Record; and | three times have: the ‘Democrats. prevented either disposition of it bys adjourning ; the House. .This* persistent attempt: ,Of; the Denocrats'to “suppréss a report which ‘the House-called for is about.as absurd as any; thing which they have undertaken since the the main buliding was about to be destroyed. Nesy-fortunately’ this did-not:prove to be- the beginning ‘of this Congress; and that is say- case. + ee Ing 2 good deal. CHALMERS. THE FIRE-EATER TALKING FOR POLITICAL CAPITAL IN THE NORTH." 7 Spectat Dispatch to The CAtcago Tribune Wasmixeros, D..C., Jan. 8—Gen! Chal- mers was asked ‘to-niglt what he thought of the proposition’ advocated by some of the newspapers of placing Senator Brace in Mr. Garfield’s Cabinet. “ [think very well of it,” said Gen: Chalmers. «‘1 know of no Repub- lican, white or black, in ny State who stands Cabin—-A BR 7. higher in the general estimation. than Sena- ‘Special, ‘Duowene Tek ° es Toei, tor Bruce. His. selection--for’ Cabinet WARRENTON, Van, Jan.'8.—An old negro | position would hot ba. distasteful ‘to: the named Hannibal Brown, living in a cabin South by-any means. i speak for myself, of near here, by Tilimeelt, was found dead | coursé,-but 1 understand that Senator Lamar At MILWAUKEE. ”“Miwawxee, Jan, 8.—At noon to-day the house of H.C. Atkins, - Superintendent of the Prairie du Chien Division of the St.Paul by fire to the amount ‘AN AFRICAN PRINCE. Death Near Warrenton, Va., of an O1d Negro Sald to Bethe $on ofan African Wing—He Is Frozen.to Death in His | the Electoral ‘yore, about. “Feb. ,.24, last night. “He had’ remarkable history, | has indorsed “him heartily, and'Tean go as being brought to this country from. Africa in | far as my-colleague in this direction,”. When 1820, - He always aflirmed that his father was | Mfr." Bruce’ was Sheriff of Boltvar County a King, who wore jewels. and owned many | some of the best Democrats in it went on his men. He cwas ‘tall_and commanding in ap- | bond.” Afr. Chalmers said, also, that: the pearance, and, while always deferential to | South felt very kindly disposed ‘toward Mr. the white people, would. allow none of-his | Garfield, and would give ‘his Administration colored. *brethren® to. be familiar with'-him, A FAIR TRIAL. ~*~ and, to the day of his death, he Speaking: of the large number ‘of contesfed required: them to. treat him with election cases in the next House of Repre- the’ ‘respect due a Piincé. His former | sentatives, Gen, Chalmers said: “I think master received such convincing proof of his | there has been a change of sentiment among Royal birth that he emancipated him long Republican Jeaders within two months with before the War. Prince .Hannibal then reference “to” the “policy to be pursued went to ‘work as a blacksmith, and made | at the next session. toward Southern men. much money. “As fast a3 he made money he | At first’ it. was: thought there. : would invested it in slaves, and‘ he was, so far ag | bea” general unseating”of all those whose , pigntations, ai e Fe; iat syidundsys cigar known, the only negro man..in. the United States who owned slaves, From them he required the homage ‘due his rank, and no-.one of .them -was, permitted to come in his presence, save with, uncovered head. Another remarkable fact “connected with his life was his devotion-to.the cause of the South during the War, and he gave time and money to the cause, 2s he believed firmly in the right to own slaves, which he said he had inherited from -his. native -country. He. . refused” ; always". fo» :shoe horses for Federal’ soldiers, and — whenever they. came round he would go bed and complain of being sick. ° He was a short time, during the latter part of the War, imprisoned in the Old Capitol at Washing- ton, as he was suspected of giving aid and information to the Southern soldiers. As everything he had was invested in slaves the War left him penniless, and he has sineo that time. managed to make a meagre living at* blacksmithing, but his old age. pre- vented him. from doing- much work: He was never married, because. he could find no woman of his-race who. was: what he consid- ered his equal by birth, and_he lived an iso- lated life for this reason: The colored peo- ple could not, beeause he would not permit them to, visit him. Fora week he had not been seen, aud yesterday some geutlemen went to small: cabin“ and. looked through the window. Prince Hannibal was sitting back ina chair, his arms folded, his head drooping on=his~breast, dead. He had frozen to death, and must have died a seek EO. :SUICIDE.. 1 Spectal Dispatch to' The Chicago Tribune, Baoonuu, N. Y., Jan, 8—This morning the dead body of "Cornwell Henwood was found in bed ina “room ‘of the Piermont House in this city. A gash in his throat and a razor covered with’ blood’found ‘In his bed tended to prove it a case of suicide. De- eéased® was’-an “Englistiman; 80° yeais “old, who had resided with his’ wife-and three ¢hildren for some years ‘past on one of the ‘West India islands... He was interested ina sulphur mine in the Island of Saba, and had come to New’ York for the purpose of inter- esting some capitalists in his mine. For two or three'days he had beea suffering*froti in- termittent-fever, buf did not seem atall de- pressed over his illness. Last evenmg he Was visited” by sonie friends, who remained. in his-room until-near midnight. : He was- writin, ing in-his diary when they called; and re- sumed his occupation when the left, for the. last entry. speaks of, their. visit. The diary. embraces ‘procee! since -his arrival in this country; but contains g jtothing to throw light-on’ the “Site enw onto the’ lenwood: sulphur mine, “Mrz. owned two ‘Diipaten Vins, cated Tribu Jat Ei Enitiel Re’ Dathie’s"sawinill ‘af Giofton, on. the Stand Rapids heart. lastnight, No‘eiuse is assign 2 A-HEAVY -TRANSACTIO! Special Dispatch to The Chicago Tribune. . GRanD: Rariwws,-Mich.," san. 8.—Norris S; Uhl, agent.of. the: estate of :George B. War- ren; of Troy; N. Y., has completed:the sale of fourteen milllon feet of extra pine timber fare Coun Sth ee a he purchast 3s between $75,000 a $100, 00,000. ne idart’s Peerless “Stor nderson ‘says ing the complexion. A "is an elegant preparation for. Deautify= : Indiana Railroad, shot. himself in |: of the icting, seats were contested by Republicans, white or black, who can make out'a plausible story of fraud or intimidation;. but it is evident tu the most unthinking, that, if such a policy be inaugurated, there will be such & pretext for FILIBUSTERIG, |“; as wilt not fail to be improved. In fact, there is enough on both ‘sides that Is ‘crooked,’ if it comes to a. raking-up .of wrong doing, to give our. Republican -friends pause.’”. -Gen. Chalmers thinks there will be no attempt by the Demoerats of the Senate to oust Kellogg. “J do not ses how ‘they can do it,” said. he, “after the virtual’ pledges they have given him to let him alone. Even if those Senators who have thus pledged themselves not to molest him should refuse to vote, it is doubt~ ful if Kellogg could be unseated, but such a course of action on their part would be cow- ardly and unworttty of them.” VIRGINIA. . ‘THE DEBIPAYERS,.::, Spectal Dispatch to The Chicago Tribune, Wasurneroy, D. C., Jan. 8.—The Virginia debtpayers deny Mahone’s statements. ~ “Ts Virginia honestly paying all she can? “No.” “Ts there any party in the State willing to pay any wiore than Mahone?” “Yes.” : Ts the State really bankrupt Py “No, The foregoing ‘anestions were avisweréd as above by a citizen of Virginia to-night In addition, the Virginian remarked: “All this talk about tlie bankruptcy of our State'is not only untrue, but it hasdone the State incal- eulable injury..in the last--ten years, check- ing-immigration; and: by. preventing’ the: in- yestment In the State of outside capitals-The reason Virginia appears to be 60.0 nat there has: been a'systematic’ undervaluation of-property for.‘ assessment purpo: The valuations throughout :the not been’ uniform, and ~ — 0 loss (ER UNDERVALUATION is proved ;by..this fact. -I-know instances where the land.of a county is assessed at-330. an acre, while, in au adjoining county, ‘where the'bonds are just as good.‘and quite'as valu- cord able, the essessments: are ‘only: $6 an-acre: |. Now, while I sympathize with Mahojie in: his. desire to overthrow ‘Bourbon rule “in«:Vir-- ginia, Iam ‘compelled to ‘admit that. the. ex-. cessive undervaluations I have spoken ot. are” in'connties controlied by ‘tho: ‘Readjusters.’* a proaches.” Chairman. Atkins,” ¢ priation Committee, says that: he. has Kept -back three. Appropriation _bills-this week, which-are ready, in order to allow the wmah- agers of the reapportionment an opportunity: :to present, their. bill... Meanwhile,-the only’ sl BULLY’ THREE WEERS “continuously will be required to pass the | ding bill and the Inter-State Commeéred: Mr. Cox is expected to-return’ next bill. “week, with his health sufficiently restored to. take charge of the réapportionment measure. The Senate, too,-has only begun to be: basy with the Appropriation bills. Besides; a con= siderable aebate in.executive § session oF on: the ag : Chinese treaty is expected... © ~~ aS “THE CHRISTIANCY: scanD At: * Bpectat J to; The Odtcaco Tribune v ‘tlancy has besn-quite ill on accountot the’ publication of the Giro letters and the att tude of Christiancy’s counsel. .It is said that; her life has been in danger, but that to-1 night; she is-better and-the-ctisis is passed.’-Mean-! "while the scandal-gossip connected with the} case does not-.end: -Dr. Ball, Christiancy’s!| « private secretary and friend; who, curlous-} ly enough, happened -to: be at the: hotel. .when Giro entered _ with al woman - - whom:,. she«. ‘claimed :. tbe! his wife, is prepared: to say that the woman! was of thé hotel, who saw the woman, still insists! that she was not the person who appeared at the New! York hearmg as Mrs. Christiancy, .and that he does: not proposé to allow:Dr. seems to have been engaged to watch Mrs. Christiancy’s movements, and to have'added - amateur detective. , THE NEW SECRETARY OF THE NA -does not propose to make any considerable changes in the clerical force, of the Depart- ment. I fs definitly understood that‘he will not be retalned:by Gen, Garfield. It is even stated that his position.as United States Attor- ney is to.be -kept open for: aim: under: the new ‘Administration It is. certain that the long sincein these dispatches, and the Presi- clined. « MR. THOMPSON, ex-Secretary. of the Navy, was: on the floor of ra ‘House to-day.’ He does’ not seem de- id at the frorce attacks upon him by the promptens of thé Nicaragua scheme. ‘esays that the report that the De Lesseps Company .intend to.commence as soon as the laborers now’on-the ocean can reach: the ground: is true, He has private dispatches to that ef fect. Additional laborers are also to“ be sé- curedin Néw York and New’ Orleans. Mr. ‘Thompson is very empliatic in the declara- tion that the French Government hasnothing to do with the enterprise; that the Company | fs composed of private individuals; that by the terras of its charter from the Government | of the United States of Colombia. it: is | forbidden’ from ceding or mortgaging its; rights to any foreign nation whatever. * This condition of its charter, he says, is a guaran- tee. that there can, be no interference by the Frencli Government. ‘The charter, he. in- sists, isin no sense in contravention of the treaty between the United States of-Colombia and-ourown Government. >. A gentleman who isin a Position to, know the full details of - THE CHINESE, TREATY,” | d since it wasead in the Cabinet yesterday, says that its provisions have been substan- tially’ foreshadowed, and ‘that its entire scope. has been stated. ‘In the dispatches to Tne Teipung, - The treaty will be sent to the Senete Monday. SENATOR BLAINE, ‘The fact that Senator Blaine has. contracted for the ilding of’ few and. expensive | house here, aid to cost $50,000, Js. assigned. as an additional reason for the belief that he is to be Secretary of State. Maine inén state | positively that Blaine will resign his seat in | the Senate immediately after the oo teat his this successor can be elected by:the Maine Legis-. lature then in session, and take’ his ‘seat’ on the opgning of the executive session of the Senate:in March. : ‘JUSTICE SWATNE, of the United States Supreme. Court, is re- ported. to have sald recently. that he was anxfous and willing to retire from the Bench, but that'he did-‘notcare“to do’soj so long as there was a possibility thiat Stanley Matthews would be appointed ‘to'succeed: him, and that - he should not resign until after Garfield was inaugurated. . i “ "20 BE REPORTED FAVORABLY.: *Representative Goode, of. Virginia,” says that it has been decided. by-the House Com- mittee on Education: and Labor to agree at next Thursday’s meeting to report the Burn- side .. Educational... bill favorably without amendment. "It ~" was: ’ at-* first * -the intention -" to’ amend * it ’ so as to’ ‘cause a general. ~ distribution of the fund among the States’ the first ten years, according to provision of Mr. Goode’: ef bill. But the. Committee, , fearing it would occasion delay in the passage of the bill, con= cluded it best to report the bill ‘ag passed by the Senate, Mr. Goode will’ endeavor to 5; cure unanimous consent to call the bill up about ‘the Ist of February, and does not think the House will refuse to pass it, “| THE INAUGURATION, 5 -“The Inauguration Committee has com- pleted arrangements for the following rail- road fares from the points named to Wash- ington and return, and good for the number of days stated: Detroit. Fare. Daye, stm '"<aqy the Western Assoclated Press.’ © a fasmctos, DeG., Jan8.—Eor che week aH z toda there Have been seer sas ard silver dollars i for the corresponding week iit nici THE ARMY DOL, Senators Withers,” peg te and Blaine; ‘sub- committee on the Army, Api ropriation bill, OF i he Pay- to-day heard the Secretary mastef-General, and the Chief of “ordnance in explanation of some of ‘the -details,. and subsequently agreed to report it to the full Committee Monday next without material amendment.’ Mr. Adams, of Pittsburg,’ will have a hearing Monday on the Fortifications, Appropriation bill. ARMY HEADGEAR. _. -'Phe War Department ‘issued. to-day.an or--|- der-abolishing dress caps for-officers, and.dl- recting that ereafter helmets be worm-with trimm to désignate the different branches of the‘service. ‘The color for infantry will be white; cavalry yellow, artillery Te :and Signal, Service orange. ager eee tatoo. will be unvelled THE RECORD. menuber from ® Hampshire,’ to _ tire Money, of Mississippi, from® mitted on Post-Ofices- ‘and -Post-Roads, re- ported t back. the | bill: regulating the rates of postdje on'secontl-class.mail-maitter.” Fidesd on the House calendar. dian Affaire,-reported back. the bil authori: ing the Secretary ofthe Interior to fulfill cer- |. tain.treaty.. stipulations, vat the. Chippewa. Mississin; Indians of Lake Superior and {Funding:bi debate) 1, : Me. Wells reported 1 from the éCommittes’ on . Indian Afiairs.the Indian. Appropriation bill, which appropriates $4,528,000, Printed ‘and .re-. sions ETSBURG.TO: SAVANNAH: Saya Ga., Jan, 8.--The:steamer-W; T.:Wheless, from Pittsburg, via- the -Missisy-|- 4; sippi River and Gulf of:Mexico, has: arrived here, ~WasniseTos,” D.C., Jan. &—Mrs, Chris-' |: . Christlincy.. Holdochu, the’ clerk! i ‘Maj. Igles Thinks It thoes _ Move on.the Hostiles at °; “""" Once. a ~ He Is of the Opinton- that Diplina, Wilk. ‘Have. ‘No~:Effect :om the “Wily Savage. The Gall, the Grow, Blackhom, io Otis SOapeires on Their Way to Fort =f Buford. MAJ. IGLES’ REPORT. 3" Spectal Dispatch to The Chicaz Tribune Sr. Pavt, Minn.,:Jan. 8.—The' follo has just been -received .at the headquarters’ of. the Department of Dakota: ‘CAMPiPOPLAR AGENCY, Jan. 6, 18%.~7, Breck, Adjutant-General of Department ¢ ‘Dakota: Your dispatch of the 4th inst re ceived. We all feel grateful to the Depay iment Commander;‘for his. kind wots") us, he can rest: Ure he we Teady}, to .carry out = plats’ “to” the “letters Sines tha” tt inst., when it became necessary to resortig extrema. measiirés against the hostiles, 1 have.shown nothing but kindness to. andi ‘have abstained * from, taking any ste which might have any effect on Sittings shia movement, He, with about 150 warrior, ‘about. fifty milés from here how, and Ta réady and able to: bring :him whenever; ‘such, duty is intrusted,,to, my hands.. When, the peaceful negotiations of Maj. ‘Brotherton ari ended I am ready to move against te remaining hogtiles; and am fortunate é in thé appointment of my. command: “tO Be sure of success. This morning I started the hostiles under command of Capt. J. AL. “with his company GF. Seventh’ Cavalry), ‘fa -Buford. There are over 300 souls, Seventy four of: ‘whom’ are’ ‘full-grown’ bucks ‘Te “Gall atid The Crow are on foot, thé reach only.about 150, as I have gives " about forty of them to the Yanktonnala, whe assisted us, and as many of.them are yet hid. den in the hills. Capt. Bell, with the pris oners, will reach Bfuord by,the 10th and I think it well that his company shout be kept there for guard duty, The deyach, ment of the Séventh ‘Infantry, undereom mand of-- Lieut. Booth, -I + would: d sire: ‘to-. keep. . here for the-: present’ They are all-- good marksmen.::and and serve the artillery Pieces. Nothing heard yet of the train from Fort Keogh. Tam un ble fo parehase more Hay in-this country | af any price, and the animals‘ are now ‘eae ing willow branches, but they are doing well. ‘Thermometer. 28 below zero this morning with ‘much: snow falling, .but we can move whenever told.to.do so, and I think it will nave to be done. Inczs, oe : To the Western Associated Presi, '§ : PAUL, Min ~ Adjutant Ger eral Breck, of the Department of Dakota, & in réceipt of advices from Maj. liges, 1 from the camp on Poplar River, to the effect thit hehad just started his’ prisoners to‘ For Buford, under-; escort of Capt, Bell,-of the Seventh , Cayalry, and that he Is ready te move, on. Sitting ‘Ball’s.camp when aia macy shall have failed, and -he expressed the opinion, that Such a movennent will ba neg : NEW TACTICS. oe Spectal Dispatch to Tas Chicago Tribune. ; > Sr: Pavr, Minn./ Jan. ‘8.—The- Plonset: Prese’-Fort'Buford special’ says nothing: - hean-heard : from ‘Sitting-Bull' for. severt days, and_ the fact that: Scout Allison, wha has been conducting negotiations for: his sur render, is now and has-been for. several days at Poplar River, would indicate. J tactivs may be adopted to bring Sil ink toterms: It may be re the powers | ‘that “bd are «waiting to” + what: -“étfedt The. _Gall’s capture will Rave on Sitting-Ball.< iy Ay ee c3isy cur Tent ak. ‘Poplar’ River’ that’ ‘fore now. there will be directed, against Sitting-Bull But this was thought to be improbable ‘There are ,no..valid reasons -ta dishellew Allison’s { _representations, ' “ > and = would» be! gained *by:: ‘instituting ‘hostile measures, while a possibility. of the success of peacbable meastires remains, as Sitting-Bull has clearly no. alternative but to siren ‘A letter from Poplar River says five dead In* dians were found covered by snow; and one the wounded died, making. the’ total ‘loss of the Indians eight.. The ,captured. Indians who. left Poplar River on : the 6th -ander, guard of Capt. Bell. for .Bgford. a8 said to be in a wretched condition, being pootly provided with’ clothing, ‘and, half of them have to walk, not having eno ponies. ;The distance is sixty-five miles, making allowance for the present con of the roads and excessive cold, sixdays w be constimed in the march. They are & pected at Buford’ about Thursday. Mey - while, attention will be turned to Sitting | ‘Balt COMPLIMENTED. - - "Spectat Dispatch to The Ohicage Tribuns, ‘ Sr. PagL, Minn., Jan. 8.—Brig. Gen. Terry in command of the Department of todd has telegraphed to Maj. Uges again ing his formal thanks for the extremelY ae uableservicé which that officer and: his coin mand :have.rendered. - Especial” eredit. #8 given for the important. resulta ‘agtained - without; < loss, ...of -. life : am troops. | No precise. instructions“. are given to, Maj, Iges, as the Department pays - him the high compliment of relying ;o0 ae judgment. Gen. Terry. suggests that: tha prisoners be sent to Fort Buford, ae return! to‘that place the detachme! rab frony it, which (has ‘Weakened ‘the gate bot materially. STEAMSHIP NEWS, LS Loypow, Jan. 8.~-The steamer Scotia, Boston for Glasgow, was ashore ase Island, but floated ‘and proceeded apcged } fore peak full.of water. a ‘Spectat. Dispatch to The Chicano etree New Yo Jan., 8—Arrived, Ville: Marseilles, from Havre; Main, trom Bre and Saxon Monarch, from Cardiff.’ Sailed, City of“ Berlin ‘and Seerge Liverpool; Neckar, ‘for . Bremen and gent, tor Antwerpe : Havne; Jan. § SSatted, P "Piorare, tor a York. «=< :+ vet, Norma Livenroor, J Monarch, from New York. -Sailed;-Arizon and Gallia, for: New, and Ilinois, for:Ehiladelphia, oat i. Sipectal: Sourn Exery, IIL, Jan. 8.--James nes SL Bea 1 tiie, Tendi ‘grocery a erchaut. of : and :p) night "He leaves a'wife und two éhildren.and.a very: large: - girela : of and relatives to mourt bt his deecas “ Paceton, iby Jan, peak ACTON! Be & fae of the oldest residents of Paxton ware: found lying.dead in bed Thursday. maar x having * passed‘ juietly | aya night’ froin cot ag as Chamberlin inur B wae: the ear] v4 history of Paxton, but fall! eas compelled his retirement frown ness “ago, de was widely ly know! Bon wis: Yoga. 8 Versa) ate Hela tday, "were" nuestion “was = identhied