New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-03

BEGINNING OF THE SECOND SESSION OF The
XLTH CONGREss-A BILL PROVIDING FOR AN
ISSUE OF GOLD NOTES INTRODUCED IN THE
sENATF-RFPORTs OF TIE AUDITOR AND
CONTROLLER OF THE TREASURY-THE RE-
PEAL OF TIE COTTON TAX TO BE PROS
PECTIVE.
BIT TELEGRAPH TAE IRIHuNS.
WASHINGTON, Monday, Dec. ?, 1867
In the Senate to-day the first session of the XLth
Congress was bowed out and the second session
bowed in with rap of Mr. Wade's gavel at II o'clock.
All the Senators were present except Howe Guthrie,
Sprague and Salisbury. A number of bills and reso-
lntions were introduced and ordered to lie upon the
fable until the Committees were announced. The
most important of them was one to provide for the
issue of gold notes in lien of legal tenders, and 10
facilitate q return to specie payments. Mr. Stewart
of Nevada presented bill directing the appr0prla-
ton of the tax collected in gold bullion TO the foun
daton and support of a mining school, TO he located
west of the Rocky Mountains Mr.. Thayer offered
resolution inquiring of the Secretary of the Treas
ury under what law Mr.. Edmund Cooper was ap-
pointed Assistant Secretary. 1t was objected to
by Mr. Buckalew, and went over
The House was in session an hour and half before
the second session of the NLth Congress began.
Most of that time was occupied in dspOsng of reso
lutions relating TO the finances of the country. Mr.
Brooks offered resolution declaring the sense OF the
House to be against the further contraction OF the
currency but the previous question was voted down
Gen. Banks afterward tried TO get the House TO
adopt resolution plcdgng the faith of the Govern
ment against paying the funded debt of the
United States in n deprecated currency bnt
he failed by large vote. AT precisely
noon the Sneaker declared the first
Session of the XLth Congress at an end and immedi
aelv announced that the Second Session OF the XLth
Congress had begun committee was appointed TO
wait on the President and he replied that he would
send in message tomorrow. An attempt was made
TO have a new drawing of seats but il failed Messrs
Robinson and Judd occupied nearly two hours on the
execution of the Tenans in England after which tie
House adjourned till tomorrow.
Mr.. Corbctt introduced in the Senate to-day (
to provide for the issue OF gold notes in place of legal
tender notes and TO facilitate resumption Of specie
payments. The bill directs the Secretary OF the
Treasury to issue and keep in circulation gold notes,
payable in gold silver coin on demand, at the
Treasury, Of such denominations as may be most
convenient for circulation, 10 an amount not TO ex-
coed 90 per cent of the gold and SILVER that may be In
the Treasury. The Secretary is authorized TO cell
100000 Of said gold notes every month after the
2Sth Of February 1865 the said notes to be sold for
legal tender notes TO the highest bidder, at such
time OF times, and in such amounts rs tie Secretary
may deem best for the public interest provided that
at no time shall there be placed ia circulation an
amount TO exceed 90 per cent of the amount of gold
in the Treasury, exclusive Of gold in the Treasury
for which gold certificates have been issued, and the
amount Of legal tender notes received III payment for
gold notes shall be withdrawn from circulation.
As soon "a these gold notes placed IA circu-
lation, the Secretary is required TO suspend any
further contraction Of the currency than is provided
by this act. These notes may be held hy banks as
reserve in place Of the same amount of legal tender
notes and be in every respect lawful money and
equivalent 10 gold Where corporations companies.
or firms make up and return their income based upon
gold notes the Secretary may require their income
10 10 paid IN hko currency
The Committee Of Ways and Means had under dis
cussion today the subject of the repeal of the cotton
tax. whether it should be immediate or prospective
Mr. Jas Brooks argued in favor Of the repeal going
into immediate operation but by a vote Of eight 70
one il was decided 10 recommend that II be made
prospective This action Of the Committee Is under
stood TO be in accordance with the views OF secTe-
tary McCulloch, who informed the Committee that
he thought it would be bad policy to exempt the
present crop and that such a course would mateIl-
ally deranpe the working of the Internal Revenue
system in the Southern States for the present year
The annual report Of the Second Auditor OF the
Treasury states that for the year ending June l5
1861 the whole number of accounts settled during
the year was Gs3Gi, embracing an expenditure OF
s2i0.s95, Os6 IS, under the following heads: