CONGRESS, UNITED STATES. 



165 



farther special privileges to demand from the 

 labor of the people. A vast money corpora- 

 tion, the most gigantic on earth, is aiming to 

 centralize within itself all the powers of this 

 Government over the currency, and, conse- 

 quently, over the entire trade and business of 

 the American people. That corporation, the 

 National Bank Association, possesses already a 

 combination of powers inconsistent with the 

 safety of free government, and we have seen 

 it within the past year clutch at all the remain- 

 ing powers connected with the subject of the 

 finances. The holders of privileged capital are 

 also uttering their battle-cry for the future. 

 Their demand for a strong government is now 

 heard on every hand. No one need mistake 

 their meaning. A strong government, in their 

 estimation, is one in which the people are de- 

 prived as far as possible, and the farther the 

 better, of all power to control public affairs. 

 A call for a strong government to-day in our 

 midst has the same meaning it has had in all 

 the ages of the past a government of the 

 privileged few. Sir, I too am in favor of a 

 strong government, but the strength which I 

 wish my government to have is to be found 

 only in the hearts of a free, self-governing 

 people, inspired with a love of country because 

 of its just and equal laws. On such a founda- 

 tion no government can be overthrown; on 

 any other, no government ought to stand." 



The Presiding Officer: "Shall the amend- 

 ments be engrossed and the bill be ordered to 

 a third reading?" 



The amendments were ordered to be en- 

 grossed, and the bill to be read a third time. 



The bill was read the third time. 



The result was announced as follows: 



YEAS Bailey, Bayard, Beck, Booth, Brown, But- 

 ler, Call, Cockrell, Coke, Davis of Illinois, Eaton, 

 Farley, Garland, Grootne, Grover, Hampton, Harris, 

 Hereford, Hill of Georgia, Installs, Johnston, Jonas, 

 Kernan, Lamar, McDonald, McPhcrson, Maxey, Mor- 

 gan, Pendleton, Plumb, Pugh, Saulsbury, Saunders, 

 Slater, Thurman, Vance, Vest, Voorhees, Walker, 

 Wallace, Whyte, Williams, Withers 43. 



NAYS Allison, Anthony, Baldwin, Blair, Burn- 

 side, Cameron of Wisconsin, Dawes, Ferry, Hamlin, 

 Hill of Colorado, Hoar, Kirkwood, Logan, McMillan, 

 Morrill, Paddock, Platt, Rollins, Teller, Windom 20. 



ABSENT Elaine, Bruce, Cameron of Pennsylvania, 

 Carpenter, Conkling, Davis of West Virginia, Ed- 

 munds, Jones of Florida, Jones of Nevada, Kellogg, 

 Randolph, Ransom, Sharon 13. 



. So the bill was passed. 



In the House, on February 18th. the refunding 

 bill was considered. 



Mr. Tucker, of Virginia : " I ask consent that 

 House bill No. 4592, to facilitate the refunding 

 of the national debt, which has been returned 

 from the Senate with amendments, and is now 

 on the Speaker's table, be printed with the 

 Senate amendments in regular bill form." 



There was no objection, and it was so or- 

 dered. 



The bill, with Senate amendments, is as fol- 

 lows : [Strike out the parts in brackets, and in- 

 sert the parts printed in italics.] 



An act to facilitate the refunding of the national debt. 



Be it enacted by the Senate and house of Representa- 

 tives of the United States of America in Congress as- 

 sembled, That all existing provisions of law author- 

 izing the refunding of the national debt shall apply to 

 any bonds of the United States bearing a higher rate 

 of interest than 4i per cent per annum which may 

 hereafter become redeemable : Provided, That in lieu 

 of the bonds authorized to be issued by the act of July 

 14, 1870, entitled " An Act to authorize .the refunding 

 of the national debt," and the acts amendatory there- 

 to, and the certificates authorized by the act of Febru- 

 ary 26^ 1879, entitled " An Act to authorize the issue 

 of certificates of deposit in aid of the refunding of the 

 public debt," the Secretary of the Treasury is hereby 

 authorized to issue bonds (1) [in the] to an amount (2) 

 [of| not exceeding $400,000,000, (3) of denominations 

 of $50, or some multiple of that sum, which shall bear 

 interest at the rate ot 3 per cent per annum, (4) pay- 

 able semi-annually, redeemable, at the pleasure of the 

 United States, after 5 years, and payable (5) [ten] 

 twenty years from the date of issue ; and also (6) [cer- 

 tificates in the] 'Treasury notes to an amount (7) [of] 

 not exceeding $300,000.000, in denominations of ten 

 (8) [twenty, and fifty] dollars, (9) or some multiple of 

 that sum not exceeding $1,000, either registered or 

 coupon, bearing interest at (10) [the] a rate (11) [of] 

 not exceeding 3 per cent per annum, (12) payable semi- 

 annually. redeemable at the pleasure of the United 

 States, after one year, and payable in ten years from 

 the date of issue (13) ; and no Treasury note of a less 

 denomination than $100 shall be registered. The 

 bonds and (14) [certificates] Treasury notes shall be, 

 hi all other respects, of like character and subject to 

 the same provisions as the bonds authorized to be is- 

 sued by the act of July 14, 1870, entitled " An Act to 

 authonze the refunding of the national debt," and acts 

 amendatory thereto : Provided, That nothing in this 

 act shall be so construed as to authorize an increase 

 of the public debt: Provided further, That interest 

 upon the 6 per cent bonds hereby authorized to be re- 

 funded shall cease at the expiration of thirty days after 

 (15) publication of notice that the same have been 

 designated by the Secretary of the Treasury for re- 

 demption. (16) It shall be the duty of the Secretary 

 of the Treasury, under such rules and regulations as 

 he may prescribe, to authorize public subscriptions, at 

 not less than, par, to be received at all depositories of the 

 United States, and at all national banks, and such 

 other banks as he may designate, for the bonds and for 

 the Treasury notes herein-provided for, for thirty days 

 before he shall contract for or award any portion of 

 said bonds or Treasury notes to any syndicate of indi- 

 viduals or bankers, or otherwise thsm under such public 

 subscriptions ; and if it shall happen that more than 

 the entire amount of said bonds and Treasury notes, 

 or of either of them, has been subscribed within said 

 thirty days, he shall award the full amount subscribed 

 to all persons who shall have made bona fide subscrip- 

 tions for the sum of $2,000 or less, at rates most ad- 

 vantageous to the United States, and the residue rata- 

 bly among the subscribers in proportion to the amount 

 by them respectively subscribed, at rates most advan- 

 tageous to the United States. 



SECTION 2. Tiie Secretary of the Treasury is hereby 

 authorized, in the process of refunding the national 

 debt, to exchange, at not less than par, any of the 

 bonds or (17) [certificates] Treasury notes herein au- 

 thorized for any of the binds of theUnited States out- 

 standing and uncalled bearing a higher rate of interest 

 than 4t per cent per annum ; and on the bonds so re- 

 deemed the Secretary of the Treasury may allow to 

 the holders the difference between the'interest on such 

 bonds from the date of exchange to the time of their 

 maturity, and the interest for a like period on the 

 bonds or (18) [certificates] Treasury notes issued; (19) 

 [but none of the provisions of this act shall apply to 

 the redemption or exchange of any of the bonds issued 

 to the Pacific Railway Companies ;] and the bonds so 

 received and exchanged in pursuance of the provisions 

 of this act shall be canceled and destroyed; (20) but 



