Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-12-18
LATEST TEIlEGRAMS.
MIDNIGHT DISPATCHES.
CONGRESSIONAL PROCEEDINGS.

pfcScuicu u pCtiliOil iEOut GNecTetdrVS
friends in six States, in regard TO the deal
ings Of the government towards the Indians.
Mr.. Sherman, from the Finance Com
mittee, reported bill for the funding OF
the national debt, and for the conversion
of the notes of the United States. He said
while The committee was satisfied the lead-
ing idea of the bill was right, they should
accept all suggestions az to get every
possible means of information. The
bill authorizes the Secretary of the
Treasury to issue registered or cou-
pom bonds of such denominations as
he shall prescribe, payable principal
and INTEREST," in coin, and bearing interest
at six per cent, such bonds to be payable
forty years after date, redeemable in coin,
at the pleasure of the government, after ten
years, to be issued to an amount sufficient
to cover all outstanding or existing obliga,.
tons of the United States, to be disposed
OF on such terms, not less than par. as the
Secretary ofthe Treasury may deem best
said bonds shall be used exclusively in
taking up the existing securities of the
United States, the expense of Issuing and
disFosing of the bonds not TO exceed one
per cent. on their amount.
Section second provides for the entire
redemption of these bonds, to be known az
the consolidated debt of the United States.
from taxation, whether by State, municipal
or other authority, and the same on the
interest thereon; and the income there.
from shall be exempt from payment OF all
taxes and duties to the United States, but
in consideration of such exemption the
Treasurer Of the United States shall re-.
ceive one-sixth of the interest accruing on
them, which sum in lawful money shall
form a special fund, one-half to be dis
tributed among the several States in pro-
portion to their population, and the re-
manning half to be applied to the payment
of the national debt, in the manner after
wards provided in this section.
Section third substitutes for the sinking
fund, as provided by law now in force the
plan of appropriating yearly from monies,
not otherwise appropriated, in the Treasury
a sum which includes the amount neces-
sary for the payment of the interest and
maturing debt, and one.half of the re.
served taxes, az aforesaid, shall amount to
- millions of dollars, which sum DUR
ng each fiscal year after the current fiscal
year shall be applied to the reduction of
the public debt in such manner as may he
determined by the Secretary of the Treas
ury, or as Congress may hereafter direct.
The bill further provides that the bonds
known as 500 bonds shall, at the expiras
ton of five years from their date, at the
option of the holder thereof, be changed
for the bonds authorized by this act, and
such as are now redeemable shall be pre-
scented for exchange on or before the first
day of November next, and not thereafter,
and the residue be presented on or before
the expiration of FIVE years from their
date, and not thereafter; and such ex-
change shall be made at such places and
under such rules and regulations as the
Secretary. of the Treasury may prescribe.
Section FIVE provides that the holder of
any lawful money of the United States,
to the amount of 500, or the multiples of
500, may convert it into a bond for an
equal amount of notes SO received, to be
held in the treasury as part of the reserve
already provided for. And that the holder
of any of the $40 bonds, or of the bonds
contemplated by this act, may demand
their redemption in lawful money of the
United States, and the Secretary of the
Treasury shall redeem the same in lawful
money, unless the amount of United States
notes then outstanding shall be equal to four
hundred million dollars, butsuch bonds shall
net be so receivable after the resumption of
specie payment, and the Secretary of the
Treasury, in order to carry out the fore
going provisions, is required to maintain
in the Treasury a revenue of not less than
ffty millions of lawful money, similar 10
all respects to United States money author
lied by law, provided the same shall not
at any time exceed 400 millions of dollars.
In order to enable the Secretary of the
Treasury to redeem the securities of the
United States held abroad, he is further
authorized to issue bonds, payable, princi>
pal and interest, at the rate of four and
half per centum per annum, payable semi
annually at a rate of exchange equivalent
to five francs per dollar, such bonds pay
ableiR forty years, and redeemable twenty
years from date at the pleasure of the
United States, in coin, at like rate of ex-
change, and to be issued to an amount
not exceeding $500,000,000, to be ex-
changed for an equal amount of FIVE
twenty bonds, or disposed of on such terms
not less than par, in lawful money, as the
Secretary of the Treasury may deem
best. The expense of the sale or exchange
of said bonds shall not exceed the difference
between the said rate Of exchange and the
market rate of exchange on London or
Frankfort The bill was laid over, and !
5000 extra copies ordered printed Fss'a4 /
Mr.. Patterson presented a resolution
from the Tennessee Legislature, recon-
mendihg. the giving of pensions to all
soldiers of 1872, which was referred, and
ordered printed. - eat "a f..5s .gtl-as
House OF Representatives IN /
iWAsHIEsFoS, Dec 17.-Mr. McCor-
mick, of Missouri, came forward and took
his seat. J. -. r,si
the District of Columbia, reported bill to
provide for jiries in the District, allow
ing ia criminal cases. when necessary, in
the Supreme Court of the District, jnries |
outside o: the District limits. Recon-
mitted. = - .ss roIlro.fss 3 ~ aisc t7gI
On motion, the President was asked as
to the amount required from the Chinese |
under the treaty of 1888, for |
the payment of losses sustained by Ameri-
can citizens;; how 1T has been disc
tributed, etc. E.rT Fra fegsw
= Mr. Kountz introduced a joint resolu, |
ton for furnishing meters TO small dis
tilleries-4 Referred to the Committee on |
Ways and Means.
Mr.. Stevens, of Penpsyl vania, inquired |
of the Speaker whether the Reconstruc- |
ton Committee had the right to report at
any time. u
The Speaker replied that it had not.
Mr.. Stevens then asked unanimous eosi.-
sent TO report from the Reconstruction
Committee bill relating to the reconstruc-
ton of Southern territory. The frat sec
ton modifes the reconstruction act so that
a simple majority Of votes cast for or
against the constitution may affirm or re-
iect such constitution. The third section |
assigns the number of Representatives, as
follows: To South Carolina six, two of |
whom shall be elected by general ticket
TO North Carolina eight, one to be elected on
general ticket; to Georgia eight, one to be
elected on general ticket to Florida one
TO Alabama eight, two TO be elected on
general ticket; to Mississippi six, one to
be elected on general ticket; to Arkansas
three; to Virginia, the number left blank in
the bill.
Messrs. Charter, Ross, and others object
cd IN the infrodnction of the hill Il ,vos |