The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1866-03-28

On Frlday the Senate adjourned over until
Monday. On Saturday the House was en-
gagged exclusively in debate.
On Friday, the 23d, in the Senate the case
OF Mr. Stockton was argued at length
The question was then taken on the reso-
luton reported by the committee, declaring
Mr. stockton to be duly elected and entitled
to the seat, and resulted yeas Fl, nays 20.
Before the vote was announced Mr.. Morrill,
(who had not voted) asked that his vote be
recorded in the negative.
Mr.. Stockton.-Nr, President, I hold in
hand a telegram from nv colleague INF
Wright, in which he reiterates the Statement
that he had paired off with Mr.. Morrill,. Be-
fore my colleague left the city he assured me
chat he would not go if he had not made
this arrangement with the Senator from
Maine Mr.. President, ask that nv name
be called.
The Clerk then called Mr.. Stockton's
name, and he recorded his vote in the affir-
m,tive
Mr.. Morrill, said that he had requested Mr..
Stockton on Wednesday last to notify his
colleague, Mr.. Wright of his intention to
vote on this subject and as SO much time
had elapsed he did not feel bound Changes
had occurred which constrained him to act
as he did.
Mr.. Nye said he was new member of the
Senate, and did not profess to be yersed in
the rules, but he would ask of the chair
whether a person whose right to a seat was
contested had the right to vote upon his case.
The Chair said there was no rule on the
subject.
Mr.. Sherman. It is a part of the law of
nations that a man shall not vote in his own
case. ~
The Chair then announced the passage of
the resolution by vote of 90 to 81.
The bill was passed as reported by the
committee with the amendments.
In the House, on Friday. the bill to reim-
burse the State of Pennsylvania for moneys
advanced for war purposes passed-86 to 35
Mr.. Morrill,, of Vermont, from the Com
mittee of Ways and Means, reported the bill
to amend an act entitled ''An act to provide
ways and means to support the Govern
ment," approved March 8, 1865, DIETER
known as the Loan bill,) with amendments.
The amended bill reported by the com
mittee reads as follows 0he amendments pro-
posed by the committee being printed in
italics:)
3 Be it enacted, &c., That the act entitled
An act to provide ways and means to sup
port the Government" approved March 3,
1865, shall be extended and construed to au
thorize the Secretary of the Treasury, at his
discretion, to receive any Treasury notes or
other obligations, issued under any act OF
Congress, whether bearing interest or not, in
exchange for any description Of bonds au-
thorized by the act to which this is an amend
ment; and, also, to dispose of any descrip-
ton of bonds authorized by said act either
in such manner and at such rates as he may
think advisable, for lawful money of the
United States or for any Treasury notes, GER
tificates Of Indebtedness, or certificates Of
deposit, or other representatives of value,
which have been or which may be issued I'M
der any of Congress, the proceeds thereof TO
be used only for retiring Treasury notes or
other obligations issued under any act of
| Congress; but nothing herein contained shall
| be construed to authorize any increase of the
public debt: That of the United States notes,
not more t!aa ten millions may be retired and
cancelled acitlin sir months from the passage
| Of this act, and thereafter not more Htan four
| millions in any one month. and procided fur
ther, That the act to which this is an amend
ment shall continue in full force in all its
| provisions, except as modified by this act.
| Sec. 2. And be it further enacted, That the
Secretary Of the Treasury report to Congress,
az the commencement Of tile aeH session, the
cmoant Of exchanges made and the money boz
roaoed under this act, and Of aohom and on
scldt terms, and tile character of tile indebted
ness retired under this act and the act to aclick
this as an amendment, acih a detailed statement
Of the expenses Of making such loan or e.
changes.
Mr.. Morrill, read letter from the Secretary
of the Treasury. tavoring the passage of the
bill in which he says:
"Iregaid it matter of the greatest i'm
portance that the power of the Secretary
should not be strictly defined If, for ex
ample, the Secretary should be prohibited
from selling bonds below par, it would b,
easy, as the market, in the process of funding
must be literally supplied, for the enemie
of the Government to form successful com
bination for keeping the bonds at such
price as would prevent the negotiation O
them On the other hand if the authorit,
of the Secretary in this respect is not limited
no such combinations would be likely to b
formed. In my opinion, the best way @
keeping the bonds at premium will be t
leave the Secretary unrestricted in the sale q
them. Against an underlined power it woul
be difficult to form successful combinations
A limitation of the authority of the Secre
tary in this respect would be very likely t
prevent funding. do not, therefore, favo
such limitation, and regret to have th
committee responsibilities it.n
|