The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-12-07
CONGRESSIONAL.
WASHINGTON, December ..
SENATE.

NJ. Grimes introduced a bill provi-
ding that from and after 3Oth June
next. there shall be annually set aside
from the surplus interest of the naval
pension fund, the sum OF SloU,OUO 1or
the purpose of forming nucleus OF
naval insurance fund, which shall he
increased by yearly charges upon the
paw of each officer of the navy entitled
to the benefit of such fund, except mid
shipmen and third assistant engineers,
at the following rate: Commodores,
900: CAPTAINS, $50; Commanders, so;
Assistant Commanders, 500; Lieuten-
ants, $50; Masters, $40; EnsiSns, $50;
Boatswains, GHnneTs, Carpenters and
Sailmakers, so, and all other officers, in
Gliding staff and marine corps, accord
ing to relative or assimi!ated rank IN
the foregoing line ef officers. Referred
to the Naval Committee.
Mr.. Corbett introduced the following:
ReSolred, That the committee on FL
nance be instructed to inquire into the
expediency of reporting n bill to au-
thOrize the Secretary of the Treasury
of the United States to contract, loan,
and issue bonds of the United States,
and redeemable at the pleasure of the
Government after - years, and pay
able in forty years, bearing interest
payable in gold, and to place the same
upon the market for the purpose OF re-
decming the United States bonds COM
monty called 5-2OS rs they mature.
Mr.. Corbett said that the intention
was TO show the holders Oftive-twcntle'
that the Government wonld redeem It's
faith where it pledged, as 1t had not
been pledged heretofore i'll regard tt
the five-twenties, and rs it would bt
impossible TO redeem them in coin, this
will provide for q long loan to take
their place when redeemable in gold
and with low rate OF interest given to
the Government to return TO specie pay
ment.
Mr.. Cattell introduced joint resoiu-
ton, which was referred to the commit
tee on Finance, to suspend the opera
ton of so much of the act of April II
1866, as provides that the Secretary OF
the Treasury may retire and cancel
United States notes to the amount OF
four millions per month.
On motion of Mr.. Sherman, the Senate
took up Mr.. Edmunds' bill, pledging
the faith of the United States to pay the
public debt in coin.
Mr.. Hendricks offered substitute,
providing that
WHEREAS, the public debt of the
United States, except where otherwise
provided by law, was incurred on the
faith and credit of the United States
that the same would be redeemable IN
the lawful money of the United States
which was declared by Congress to be
q legal tender for all debts, public and
private, except duties on imports and
interest OH the public debt. And where
as, it is not good policy that Congress
should pledge the nation to iucnr more
burdens that the law requires, therefore
Resolred, That the public debt of the
\ United States, except where the law
provides for its payment III coin, shall
be redeemed in lawful money of the
United States, and the faith of the Uni
ted States ispledged accordingly.
Mr.. Hendricks hoped that the propo-
sition would go to the Committee on
Finance. He did not wish it to apply
to the indebtedness before the creation
of the United States.
0nmotion Of Mr.. Sherman they were
30 referred.
The Senate provided for adjournment
ustil Monday, and after short execu-
tive session adjourned.