New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-02-28

a memorial NON l Washington City Common Councn.
asking that tho COR DO compelled to pay the
the oorporatioa oi1rers. Appropriately iei'iiou
coMuu-r,rioN or ARMY OFFICERS fAi'
-, AVIS, 49, IAN ronpD presented petition OF
the army oaeer. Of Tennessee protesting against tho
o..ovo q, Nj y-r-on's bill relative to Communication OF
pay COMMITTEE Military Aiars'
r,ours oF AMERICAN CITIZENS ABROAD
Mr. JOHNSON Dem. Md)-A resolution OF a meeting
% ,o,. Of Baltimore in regard TO the rights OF Ameri'
.,, ctttzeus abroad. Committee Oh Foreign Affairs
SURVEY or THE LAKES.
Mr. CHANDLER Qlep., MichD reported fayorably
,ot resolution relative to the survey Of the Northern
and Northwestern Lakes, which was passed.
MARhET IN WASHINGTON CITY.
Mr CORBEIT u.ep., OregOn introduced bill to pro
vide Cor the reaoy II the Center Market OF the city OF
washington and r the erection Of market building IN
a more suitable locality Committee on the District
RELIEF OF PREEMPToRs. -, ,,,
that persons Ia the military or naval service OF ne
United states have entries OF lands uhuer INT %
laws aud die n ths service, WITHOUT peIioe5ns id
claims their heirs shall he permitted to purchase su
lands at private at ,0 ed Snrv provided such
purchase shall be- made within six months Mter tn9 pas
age OF the 9 No. spS OF the Land Office
WESTERN TACTIC EALROAD-GOAT ISLAND
ao mn tbe bI rtHg to the western Pacific Railroad
which, as reported rOin the COMMITTEES JSnusly SI ~
Leila Buena or Goat Island in the harbor OF san ts
cseo a. may Ui tSt approval Of the Secretary Of
War as moi regnired IN the time of peace for military
pTrposes resefii 10 the United States the right TO re
sume possession in lime OF war danger The Company
Is also authorized bS this Dill 70 cOhslIuel I1liOa
thence TO a point its present line near the III! o
Stockton, California.
Mir siERMAN Cicp, Ohio said that the island in cues,
ton about two miles from the City OF san franeisco III
the harOr Occupying about the same relative pOsllohas
Governors island 10 portion nSJ DcS ented
uupled for fOrncatOns He Ar sherman nu s
memorial Of persons, one OF them Ieslalhs NJ ,csn
claiming title island under Spanish OF @
grant claiming that they had had POs i ,ected from
made imprOyemc ~, and had been I9fIDy Stri,, -
Il by officers Of the United states % t. ant to this
law ~ wac noM pr ~ IfoTnia already endowed with
enorSnous grants on the from sacramento to san
Fransco lie thought 10 should not be given 10 TINS
aTsv without compensation ut least until those pr
vste Claims shall have been decided Tho Bgineer-in
Chief OF Army had reported against inc grant, III
letter which had been read TO the Senate. ,,
Nj CONNEsS replied that an adverse decision had
been rendered upon the claimants alleged ule ana tlat
the time for taxing an appeal had expired: Inc S
Humphreys and others were wild ana eXtfayagalt II
small, rocky aud utht Tor eulllyatoh anu oou Pv
rendered valuable for military or railroad purposes Ony
by the expenditure Of Rc 1eaSd m tbe Mspp
and other preccdens for the proposed action on TINS
hl He cited tc unauHity or the California press III its
f,Sor xplaincd tlut il would enable the company by
avoiding the circuit of San Francisco Bay TO shorten us
road more than 100 miles. aud claimed that It's passage
would Conduce 10 the Interests oil commerce ana oi inc
All csTTW Rep New took the same view when,
ut the exprate Of the morning hour the bill was Eud
''''' ''''' FUSiING TIE NATIONAL DEBT,
reported on The 9th INST, was taken Up, anu -, ,
Mr. SHERMAN Rep ohio TOOK the nooI IA iI IafUL
man tina question: without regard to political bias and
70 protect thel com 3 ,h ,o'I3 9conIesee i'm
the Importance Of the objects the COnnee hau SCI pe
FORE theinthe reduction OF the rate OF interest mking
for the payment of the public debt increasing
Tie value of United States notes, and providing Tor
rent f the public debit showing the OF the
rous constituting the public debt consisting nc
said mainly Of $50 bonds or bonds e0nverole INTO tne
an a short period Of time The redemption OF
these bonds was subject OF discussion , an over
tho country, especially III the west, having Deeh
made the subject Of political contention by both par,
s In Indiana and elsewhere both parties had passed
resolutions declaring that these bonds ought to be paid
i'm srenbacks Congress therefore iupeled to meet
ton and probably every candidate for office would
obliged pronounce for or against It, he quoted tr9ma
funding Of the public debt and claiming that should be
funded by the same Inflated currency by which was
contracted and said 1t was apparent now that funding
would then have proved wise measure. But IN April
1906 thcy gave the Secretary OF the Treasury almost
unnitcd power Of the public debt limiting him only IN
the reducing of greeack currency TO the rate Of SOO
Greatly ADD converted ali the floating debt gold
bearing bonds most Of which would otherwise nave Deen
Treasury had acted cOnCientiousy, but gold which had
eeadiy declined from the close Of the war until ia April
Is l25; from that time At has advanced to $50 and
40 claimed that are no nearer specie payments
now then and that the debt could have been con
verted As well into FIVE per cent loan per cent
loan The Secretary Of the Treasury then thought i'm
United states should privilege Of redeeming the
bonds IN flye years; but the experience Of all nations
showed that ~ time Of they must submit TO harder
- oIy very rroTery thar ponds issued
before iegatender notes must be paid In gold secre
ary Chase having decided, first, when portion OF the
Texas Ioan natured in the Fan OF 1862, the principle
that gold paid for these bonds and gold must be
turned for them and doubtless the same principle should
be applied contracts between individuals 10 do other
wise Reputation On the question whether the bonds
issued since tho Legaender Act payable in legal
tender could only speak for himself aud not for the
Committee Finance The egaltepder clause provides
that the issued under the first section should
DO a lawful tender for all debts OF every kind,
except duties on imports and interest on bonds
aud notes. If the case stood upon that legal,tender
alone there could be no doubt on the point the
Iegsltender notes beng s5oOOoO00 The second section
provided for tina issue OF these F1yeTwenty bonds II
oy had issued under the act OF February 2 1862 10
would have been an Irresistible CONCLUSION that ~
was not contemplated that the s5o90OVy autiorlseo
under this act should he ald by the legal eheT nOtes
Themselves converted into bonds but Ia July following
the Limitation increased TO $500 OOOOOO before single
bond vas sold IN Decemeet i9lioMhg lne seeretaIy
had utterly failed TO negotiate the F1veIwenty OaD AS
shown IN his report aud asked additional legislation. BY
the act OF March 1901 tne limitation winch pIeteheu
tho Of the FiveTwenes repealed, and nforma
ton ~ that effect spread all the country $40
$4,000 currency beng authorized on that OASIS Iney
sold, and not under the act OF February & 1862
under which the Secretary had failed 10 sell H. No right
given the notes Of that issue except 70 be reeeva
bio the Government for taxes II true that certain
would be paid In circumstance that had always
embarrassed his mind than any other, but he de-
Sir sherman alluded 70 various letters from the Office OF
the Treasurer quoted during the debate and claimed
that they had merely expressed the opinion that the
bonds would be paid IN coin, doubtless In ex
pect;ao,n OF en- early return to specie payment
did not intend 20 advocate either view but
sbov that or this subject honorable men might diner
The proposals to pay the FyeTwenties by new issue
OF greenbacks he denounced as q dangerous device
state In the Union has recognized this principle by PAY
ing its debt principal and interest In greenback
those the Pacific slopes. In the present bill fair and
liberal offer was made to the bOndhOders of substitute
FOR FiveTwenes bearing five per cent interest pay
able u gold He denied that II was 20 be regarded
threat Aftor speaking further OF the advantages
Loan he said tho proposition of the Committee
different times reading from various publications analO
gous from the year l7l5 until after the PeHinsuar
Government OF the United States, when the new