Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1866-05-23
PASSAGE OF THE BILL BY THE HOUSE.
YEAS SS---NAYS SO.
SENATE.
WASHINGTON, May @,

WASHINGTON, May %.
A CONMUVICATIoy.
| The Chair laid before the Senate communication
from the Secretary Of War. in response to resolu-
whether the bounty of 800 had been paid to the Mis-
sour state troops enclosing report from the Pay
master 1eneral. Laid on the table and ordered to
be printed.
CONCEALED WEAPONS.
Mr. Chandier, from the Committee on Commerce.
knives by seamen; 1t provides that the prohibition
agalhsf Wearing Fplve7, already existing as to sea-
men OF the United States shipboard, shall be ex
tended and made to apply to all seamen ia the mer-
chant service The second section makes it the duty
OF the master on contracting for the service of his
men, to inform them of this law and obtain their ad
| fine
THE NATIONAL DEBT.
Inc speclal order being the bill to reduce the rate
of interest the national debt and to fund the same
was then taken up, and the amendments of the FL
nance Committee agreed to.
Mr.. Sherman said it had been with him an earnest
desire to see the rate of interest reduced to five per
cent? bat the Secretary of the Treasury hesitated as
to whether he could obtain loan at such low rate
Secretary presented this bill as embodying the terms
up0n which be could do SO.
The national debt on the first of May 1866 amount
ed 10 TZSzL' t'6,SI. this aggregate must be added
some other items. The restest sum required would
Se Sf ny Ihe eill introduced from the Committee
MIiltary Affairs ts equalize bounties, which would
call for from one to two hundred millions.
Ihe Pacific Railroad would require OO0000-40O
miles gould cost &64O00tO0. II the settlement with
States for military expenses $l0GC0O00 have already
been appropriated. Claims from other States viii
also be presented-it is said from Kentucky, Ohio
&nG Indiana. These claims Will in the aggregate
no doubt; amount to S20O0O0OO Then there is n bill
presented BY a member of the House, generally
OOO00O; but he would lay that aside as there seemed
no probability of its passage Then there would he
Y great number of private claims and claims for
damages from Kentucky and other States. There
tore, under the most favorable aspect of affairs it
may may De stated Sc 5 tt that the public debt Of the United
States Is IS co., This debt is of the most di-
verse character. Ls covered by many different laws
and is conrosed of some thirty or forty different
forms OF securities There thirty different laws
IN which these loans authorized.
There are three different series of seven-tbirtes
and five different series of fve-twentes The natu-
raj idea Oteyery connected with the Government
IS to put in consolidated and tangible form these
loans The public know little of them and it is only
the accomplished fnancer who tell the different
forms and the reasons for them. large portion of
this debt is rapidly maturing, and some provision
must be made for its payment; coo acerues
during the current year During the year it will
be IN the power of the Secretary to reduce tho debt
over TSZ9 9UjOG3 Tho holders ofthese notes can con-
vert them into i've twentes but they can also de-
mand payment. 1904 sos 900 mature next year and
the Pacific Railroad debt natures in the next thirty
years.
All modern nations have reduced their public debt
to some tangible form. with fixed rate of interest
known to the people In Eng land. prior to the wars
of Napoleon, different rates had prevailed: but it
had been the policy of all English statesmen from
William Fit down. to reduce tho rate to some fxed
standard. Three per cent. is the average rate of in
terest paid on the immense debt of England In
France the same thing i3 the case. In Russia the
II.
The policy of all these nations has been to reduce
thoir debt to as simple form possible It is evil
dent that if the debt of the United States was con
verted INTO hVe per cent bonds: much of diff
Guilty would be removed. During the war it was
necessary 70 MAKE these snort loans at high rates of
interest but 1t was always kept in mind that it
should not be continued. 1t is evident that if the
Whole :a Of the public debt was funded the financial
dItlcultes OF the country would disappear.
The only question is. s this time to fund the pub
lie debt? believe it is. We have already wasted
tour or hVe precious months The country cannot
go back to specie payment without reduction of
the currency. The abundance of the currency will
allow the funding Of the debt. The very abundance
of paper money produces lower rate of Interest,"
In the time Of the John Law. excitement in France
the rate of interest was reduced to one and half
I per cent As this debt was created in a time Of
paper imitation, the advantage of funding it shold be
availed of while the same state of affairs existed II
was disgrace that this country should be the only
nation of the Christian world paying such high rate
OF interest. In time Of war it was different Our
even feared that woud not get through with the
struggle Was it to be said that we should nav more
debt of $4OOOOG0 900 Great Britain pays an nterest
Of $l52 900, 600, while the United State on debt
$l39, 100000.
Although we pay more interest than Great Britain
does on her vast debt, English COnsols paying 3 pr
cent interest selling at $86 while u s. 52Os bay
| ing per cent. are selling at $64.
Our first duty is to reduce this debt not by arbi-
trary means, but by all other available means II
would be dsgracefu if the Secretary of the Treasury
| on the market.
49,
than any nation Of Europe, that the debt could be
paid without impairng the prosperity of the c0un-
try. Mr D. continued his remarks at some length in
| favor Of the bill.
on motion of Mr.. Clark the further consideration
OF the bill was then postponed until tomorrow.
SPECIAL RIGHT
On motion of Mr. Conness the bill for the relief of
Mrs. W l.. Herndon was taken up and passed.
Ut gives to Mrs. Herndon, who is the widow of
Capt. W. L. Hernd0n, who perished in command of
the steamer San Francisco, the exclusive right TO
publish for fourteen years the report of the exnIor
tioR of the Amazon made by that oficer.J
POSTAL.
!, On motion of Mr. Van Winkle,, the bill to amend
the postal laws was taken UP and read. A number
OF amendments were agreed to.
Mr.. Ramsey offered amendment which was
agreed to, providing that special agents of the O.
Department shai before entering on their duties
give bond IN such sum as the Postmaster General
may prescribe.
The bill was then passed
On motion of Mr.. Dooiittle, the Senate went into
executive session, and after its conclusion ad-
HOUSE OF REPRESENTATIVES,.
- RESTORED PENSIONS.
Mr.. Schenck, of Ohio, introduced a resolution re-
citing that certain persons had been stricken from
the pension rolls Tor participation in the rebellion
and had since been restored Therefore,
ReSotued, That the Secretary of th5 Interior corn
municae to the House the names Of all pensioners
dropped from the rolls for taking up arms against
the Government, the names of those since restored
who have applied for such restoration the date the
amount OF pension in each case whether arrears have
been allowed and If so the amount to those restored
to the rolls the amount required to pay a arrears
and the precise rule under which the application for
restoration was based and under which was granted
| which was agreed to.
ASSISTANT SECRETARY or THE NAVY.
Lhe House then took up Senate bill to create the
| Navy-sad Office to last but six months from the
| approval of the bill.
Mr.. Rice, of Massachusetts, explained that the OBJ
ject of the bill allow the present Assistant
Secretary sI q: Of the the Navy "a to go abroad.
MIR. Brlndagee, OF Connecticut, inquired if would
be in order to amend to allow the Secretary to
| go abroad? LLaughter.l
The bill was then passed. Yeas 60, nays Al.
RTTT
The House then resumed as the unfinished busi-
ness of last Tuesdays morning hour the bill to es
tablsh uniform system of bankruptcy
| Mr.. Jenekes, of Rhode Island, briefly addressed
the House in support Of the bill. He declared that
cover any obnoxious features to this measure Mr.
J. in concluding, demanded the previous question on
| the passage Of the bill, which was sustained
Thereupon Mr.. Stevens, Of Pa moved to lay the
bill on the table Not agreed to-yeas 40, nays rs.
| The question then recurred on its passage which
| was agreed to-yeas IS. nays 5g So the bill was
~ YoaseMessrs. Alley. Allison. Ames, Ashley of
| Blow Boutwell,. Brandagee. Chanler Conkling,
| Dawes Davis, Dixon. Dodge. Donnelly. briggs,
HOLMES, Hooper, Hotchkiss. Hubbard Of hHeSa f9wa
| Hubbard of New York, hubbard of Conn. HuI.
burd. James NJ. Humphrey. Jenckes Kelley. Ketch-
Luer Moorehead Morris, Nicholson, Phelps Pike
Radford, Rice Of Mass, Rice of Maine, Rosseau,
Francis. Thomas, John L. Thomas, Jr., Trinbie',
| Irowbridge; Upson, Van Aernam, Van Horn of n
T., WI ard, Washhurne OF Ind, Williams and Wood
Nays-Messrs Anconee. Anderson, Ashley of Ne
vada, Baker, Bldwel Blaine. Boyer, Clarke of Kan
| sas COBB, Cook, Dawson, Defrees, Deming Dumopt
| Eckley. Eldridge Glossbrenner, Goodyear, Grider
/ Harding of KY. Harding of ILL.,, Henderson Higby
| Hubbard of W. Va, Hubbe of N. Y, Julian Kelso'
Kerr, Lawrence of Pa, Lawrence of Ohio Marshall
Marston. McC!urg, Mckee Myers, Niblack, O'NeiII,
0rth, Paine, Patterson, Perham, Plantz Price Ram
| dali of Pa, Randall of KY, Ritter Rollins Ross,
| Sawyer, Schenck, Sitgreaves, Stevens Stillwell
| Washburne of Mass, Welker Wilson Of Iswa VIM
| dom and Winfeld-59.
| The bill as passed is very volumnous one cover
ing over hundred printed pages. Its material de-
| tails have been repeatedly published
| ABANDONED LANDS.
Mr.. Eliot, of Mass, from the Select Committee on
| Freedmen, reported bill to continue in force for
three years the actestabshing the Bureau of Aband
oned Lands, Refugees and Freedmen. Pending
| vote the morning hour expired, and the bill went
| over until tomorrow.
| TIE TAX BILL.
The House then proceeded to consider as in Com
| mittce of the Whole, the tax bill. The following
| were the only material amendments which were
| agreed to.
On earthenware two and half per cent ad valo-
l rem.
The paragraphs relating to tobacco, were amended
| so as to read as follows:
| On cavendsh plug, twist, and all other kinds of
manufactured tobacco, not herein provided for tax
| of forty cents per pound.
| On tobacco twisted by hand, or reduced from loaf
into condition to be consumed without the use of
any machine or instrument and without beinp nress
ed, sWeetened, or otherwise prepared tax of fbrfy