New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-18
NTH CONGRESS-IID SESSION.
SENATE. WASHINGTON. Dec. II, 1861


tbe cotton TAX tax ON wooden fabrics a petition
relief from the tax on sken fabrics Referred to the
Petitions were presented by MI RAMSAY Rep MIMI MIMI
and Mr. MORRELL rep, Me-, in regard To me I"ht
EairOad. Which were referred TO the commute VI ~
M. CoNNEss rep. CALI presented a memorial from ron
the merchants and importers OF San FRANCISCO mi a, -
moved by fire. The memorial with suitable bill was
referred and ordered TO be printed
FUNDING or NATIONAL DEnT'
Mr.. SHERMAN rep. Ohio from the FINANCE Con' I
mite reported bill Tor Funding the Nalohal oeD'
ard for conversion Of the notes Of the Uneu STATES nc
said while the Committee was satisfied the Leading ioea
Of the bin was rghthey should accept al Suggestions aS
10 get every possible means Of lmorihaIioh
The bill authorizing the Secretary OF the Treasury TO
"a me registered or coupon bonds of such denominations
IA he shall prescribe payable principal and interest IN
coin and bearing interest at per cent such bonds to be
payable years from date, redeemabe in coin at the
pleasure OF the Government after ten years to be issued
10 an amount sufficient all outstanding or exist
ing obligations the United States be disposed Of on
Ruch forms not less than par the Secretary OF the
Treasury may best; the said bonds shall be eX-
cusively used IN taking mp the existing S,c1rucs vi '
United States; the expense OF issuing and dispog o
the bonds is not TO exceed one Yer cenium on lheu
section second provides for the entire exemption Of
these bonds be known the Consolidated Debt OF the
pa or other authority and the same and the interest
thereon and the income there9pon sha DG SAtls ron
but In consideration Of such exemption the treasurer OF
the United states shall reserve one-sNh OF e interest
,ccrng on them which sum In lawful money shall form
special fund one-half distributed among the sey
remaining half to be applied the payment Of the ma
tonal debt in the manner atterwald ptO'lueu III 'ls
section three substitutes for the sinking fund pro
atinr yearly from moneys otherwise appropriated in
the Treasury. which includes the amount neces,
Onehaf Of the reserved tax aforesaid shall amount
10 millions Of dollars which sum- 9oiIns ea(n J., l1y
reduction of the public debt In such manner as may De
determined by the Secretary Of the Treasury OF as Con
Cress may hereafter direct. 81,
The bl further provides that the bonds known as the
FiveTwenty bonds shah, al the expiration OF hve years
from their date, at the opuon OF the hQaeL theiso oS
changed for the bonds authorized 10y this act ana such
as are redeemabe shall be presented io eNehhse
on or before the day Of November next ana NOT he
expiration Of five years their date, and not there
after and such exchange shall be made az sGn l1ct
section provides that the holder Of any lawful money
of the United states to the of 800 multpes
Of SlO9 may convert the same INTO 69ud Tor an equal
amount the notes received TO be held m me treasury
as part Of the already provided IoI ana le
holder Of any Of the FveIwenty bonds or Oh we DUus
an lawful money the United States and the Treasurer
81 limited States notes then outstanding shall be equal
S4O0OOOOO hut such bonds shall not be 50
fary OF the Treasury order TO carry out the foregoing
provisions Is required TO maHJa4 i snf ] Similar
all respects the United States notes authorized by
StO006OO O i'm order to enable the Secretary Of the
Treasury 10 redeem the securities OF the United stats
held abroad He is further authorized 10 issue bonds
payable principal and interest in com IN Frankfort OF
London, bearing interest al the rate OF y per eehu per
nnnum. payable semannuaiyt AT rae Oh e4CLaI i
equivalent to five francs per dollar such bonds payable
IN 40 years and redeemabe after 20 years from date al
The pleasure OF the Ulted states I'D COM at d nv %
exchange and 10 be issued 10 an amount not exceeding
twenty bonds or disposed OF on less than
par in lawful money the Secretary may deem Des55
SHAH not exceed the difference between the said rate OF
exchange market rate Of exchange on London OF
The bin was laid over copies ordered to
~ BILL TO INCORPORATE NEWSPAPER.
CITY VA vas ~ ibtTodIeed by Mr. PAfTERsON Rep n H.
aud referred to the Committee on the District
PENSIONS TO SOLDIERS OF ISL .,...-.,
MI PATTERs0N Dem Tenn presented }f TeS {6e
lions Of the Tennessee Le9isatufe & ms ne ne
Ieued and ordered to be printed .,,o.
resolution offered by Mr.. HENDERSON Rep, Mo-
adopted, calling on the President ios copies Oh inc IN
money &c. under act Of 1862 TO suppress surrSeion
punish treason and S0neee tas pr pcc6 OF Hc
property seized and confscated under said act
On motion Of Mr FEssENDEN rep, Me- the secre
tary of the Treasury was requested 10 iuIsL 40 te
odice in case where the accounting officers and the
Quartermaster-Gen General have disagreed:
SETTLEMENT OF ACCOUNTS
Mr. FEssENDEN offered joint resolution debating
the meaning Of the relating the settlement Of &C
counts and defining the Jurisdiction OF accounting ON
GERS 1t provides that the act Of March B. lS shall not
change modify the balances certified 10 them by the
% zone Ul bis ~ when stated bv the Auditor
ana properly certified by the Controller shall he con
OF the Government, and be subject TO revision ohy py
Congress. the proper committees. ,.,ooos
Mr. FE5SENDEN explained that many lnc9iN
existed under the present system lie asked the IeIeI
eNIy 70 HOWE 1 Zen Wis., argued that the Auditor should
act only as an appellate tribunal He had no objection to
Mr. FEssENDEN said the question whether those
Departments had supervising power or power 70 leiuse
pay The resolution referred TO the Finance COM
1n.ttee. .
MI HOWARD Rep. MchJ from the committee on
the Pacific Rairo@a reporter "l ~ bain he annual
meeting of stockholders OF the Union racine i'Ioau
Company. The amendment provides that al uat une
inc feTIs OF office Of all persons holding or claiming
hold office shall expire Ihe RESOLUTION WAS auol'ou dc
al ended ...,. ,..-.v.,-
Mr. DAVIS Dem. KY offered a resolution, requesting
aggregate 70 the United States since June 30 1862 OF
the freedmen with the cost Of the Freedmens Bureau
Mr MORRILL, rep. Me- suggested to amend by in
Guiding the words land the expenses Of refugees -
After discussion by Messrs. COnkling, POmerOy, and
Morrill, the resolution was lald over on mOuon VI MI
POmorOy. - 49, ,.,.
Mr. HOWARD REP, Mch) offered resolution re-
questng the President to COMMUNICATE any asIy1cn
between the Governments OF the United states ana OIea
Britain relation 20 the JOINT occupation OF the Iha o
san Juan with copies OF correspondents on bnc
Mr. SUMNER (Rep, MassJ ODlectihg' the IeSolu'loh
was LAID over 49, - $1,000 NV
The Senate then took up the pending bill Tor the repeal
Mr. c0SKLING rep, n. " took the floor, and repu-
dated the idea that tax of p cents per pound on cotton
would give India and Brazil an advantage over the
United States the production lie TOOK up ana argued
had been that the tax unconstitutional That
TO be argued by another tribunal -. .,,.
Mr. POMEROY rep, Kansas)-The PRESIDENT might
Mr COSKLING said the decision Of the President
might be conclusive with that Senator but other senators
prefer have 10 decided by the courts Inc Tax
mol laid freak nor as yengelnl measure y, f t
Temporary measure, an accompaniment OF inc
war He rected the circumstances under which the tax