Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-12-18
WASHINGTON.
rORrsETHa CONGRESS.

WASHINGTON, Dec. 11.-SENATE -Nr.
Sherman. from the Finance Committee, re.
ported a bill Tor funding the national debt,
and for the conversion Of notes Of the United
States tic bill authorizing the Secretary OF
the Treasury 10 issue registered or couIon
bonds OF such denominations as he shall
prescribe, payable, principal and interest,
in coin. and bearing interest 1t q per cent.
such bonds 10 be payable forty years from
date. redeemable in coin at the pleasure of
the Government, after ten years; to be issued
to an amount sufficient to cover all out
standing or existing obligations.
section second provides FOR the entire ex-
emption of these bonds, tn be known as the
consolidated debt OF the United States, from
taxation, whether by STATE, municipal or
Other authority :, and the same aud interest
thereon and income thereupon. Shall lie
exempt from payment OF all taxes and duties
to the United States. But in consideration
Il such exemption the Treasurer OF the
United States shall reserve one sixth of the
in,eres. accruing on them, which sum, in
lawful money, shall form q special fund, half
10 be distributed among the several States
In proportion to their population. and the
remaining half 10 be applied to the payment
OF the national debt, in the manner after.
wards provided in this bill
Section third Substitutes for the sinking
fund as provided Tor by the laws now in
force, the plan of appropriating yearly from
the moneys not otherwise appropriated in
the treasury, u sum which includes the
amount necessary tor the payment OF the
interest and maturing debt, and one hall OF
the reserved tax, AS aforesaid, shall amount
to blank millions of dollars, which sum,
during each fiscal year, after the current
fiscal year, shall be applied to the reduction
of the public debt, in such manner rs may
be determined by the Secretary of the
Treasury, or as Congress may hereafter d.
rect The bill further provides that the
bonds known rs 3 20 bonds, shall. AZ the ex
piration of five years from their date. al the
option OF the holder thereof, be changed
for bonds authorized by this act, and such
as are now rceccmablc shall be presented
for exchange on or before the first day Of
November next, and no, thereafter. and the
residue, he presented on or before the expi-
ration of five years from their date, not
thereafter.
Section five provides that the holders Il
any lawful money of the United States, To
the amount OF ono hundred dollars, may
convert the same into bond tor an equal
amount. Notes SO received are to be held
in the treasury as "a part OF tie reserve
already provided for. and the holders of
) 20 bonds, or Of bonds contemplated by
this act, may demand their redemption in
the lawful money of the United States. ard
the Treasurer shall redeem the same in
lawful money unless the amount of United
States notes then outstanding shall be equal
to four hundred millions of dollars. Bu,
such bonds shall not be SO rcdeemable after
the resumption OF specie payments And
the Secretary OF the Treasury is required to
maintain III the treasury reserve of not
less than fifty millions OF dollars in lawful
money IN ord,r To redeem the securities OF
the United States held abroad He is fur.
ther authorized to issue bonds payable prln-
pal and interest in coin. in Frankfort or
London. bearing inirres, ut the rate Of q;
per cent. per annuin, payable semi annually
at the rate OF exchange equivalent to five
francs rer dollar; such bonds to be payable
in forty years and rcdeemable in twenty
years in coin at \ Ike rate of exchange, and
To be issued to an amount not exceeding
five hundred millions of dollars. TO be cx-
changed for an equal amount Of 5 20 bonds
or disposed Of on such terms, not less than
par III lawful money, rs the Secretary may
deem best
The bill laid over and 5000 extra copies
were ordered printed.
Mr. Fcsscnden offered a joint resolution,
dee !,rlng that the act of March Sd, 1861,
shall not be construed to authorize the
heads Of departments to change or modify
the balance certified to them by the Com
missioner Of Customs or the Comptroller y f
currency
The tail to rereal the cotton Tx was
tahan up and de- atcd hy Mr. Cnnkling, who
moved to postpone It's iur'her consideration
I'll, tomorrow
Mr. Williams opposed the motion
Mr. Morton spoke against the bill, al
though he said the present tax was too
high.
The debate was continued by Mr. Davis,
Stewart and Hendricks, until the senate
went into extra session.
Adjourned.
House. MIR. Kooniz introduced Joint
resolution for furnishing meters to small
distlllerles. Referred TO the Committee on
Ways au1 Means.
Mr.. Thomas reported q resolution which
was adopted, authorizing the judiciary
Committee 10 continue making inquiry con
cefning public affairs in Maryland.
MIR. Garfield reported back bill, dcclar-
Ing tina, no officer ut the army cashiered or
dismissed by sentence of general court mar
tial, approved by the proper reviewing au-
thori,y, shall ever be restored to military
service, except by reappontment
Confirmed by The Senate.
The bill passed, yeas III; nays 81.
Action was taken on several matters
upon the Speakers table, including q Sem
ate amendment TO the House Joint resolution
changing the time Of holiing the annual
meeting Il the Union Pacific Railroad Com
pany.
Mr.. Washburnc moved to table it. Neg
a,ived-44 against 81.
The amendment was then concurred In
and the joint resolution goes 20 the Presi-
dent.
The House then went into Committee on