Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-02-07
ooNGRE ssIoNAL.
WASHINGTON, February 6.
z0pr a - ~

Inc CHALK laid before the senate the
memorial OF the Arkansas Convention,
setting forth that as the State officers are
enemies of the Government. who persecute
loyalists' Convention, ASKED to be author
| ized to appoint new officers. Referred to
judiciary committee.
| Petitions we've also presented for the re-
moval of the duty on raw jute; for the re-
duction OF the army and navy. The latter
was from citizens OF Green Bay, asking
chat part of the money thus saved be ap-
piled to the Improvement of the harbor at
the mouth of Green river. Referred to
committee on Finance.
Messrs. SHER NAN and HENDERSON,
reported favOrably from committees their
respective. bills, and gave notice that they
would call them up as soon as the Recon-
struction debate was closed.
The committee on Finance reported
substitute for Mr.. Sherman's bill, intro
duced December 17Gh, providing as fol-
lows:
Mr.. Henderson's bill repeals the limita-
tions of the National Banking law in re-
gard to the amount of circulation of Ma
tional Banks. 1t allows any Bank Asst
citation, depositing with the Treasurer of
the United States, the necessary securities.
TO issue National Bank currency, not ex-
ceeding so per cent. of the par value of
rhe bonds so deposited; provided, whenever
the amount of United States notes and cir
culating notes of National Banks combined
shall be in excess of 700 million dol
lars, the Secretary of the Treasury is au-
thorized to withdraw and cancel, as rapidly
as possible. the United States notes to the
extent of such excess, until the whole
amount of United States notes outstanding
shall be reduced to $50 millions.
The Secretary of the Treasury is author
lied to issue bonds bearing interest at
per cent, aud principal and interest pay
able in coin, and due in forty years, but re-
deemable in ten years, to an amount suf-
ficient to cover all outstanding obligations
of the United States other than 8 per cent.
bonds, and to be exchanged for obligations
or disposed of otherwise, at not less than
par, and said bonds or the proceeds
thereof to be exclusively used Tor the re-
demptiOn or in exchange of existing
securities of United States bonds to be is
sued,an shall be known as the consolidated
debt of the United States, aud shall be ex-
empt from all taxation by State or local
authorities, and the same with interest
thereon and income therefrom shall be ex-
empt from the payment of all taxes or du-
ties to the United States, other than such
income tax as may be assessed on other in
comes. and in consideration of the reduc-
tiOn of the rate of interest, there shall be
appropriated out of the import duties equal
to one per cent. in bonds issued, which
shall be applied to the purchase
or payment of the National debt in addi-
tiOn to the sums necessary to pay the in
terest and maturing bonded debt of the
United States, there is appropriated ont of
the treasury sum which, including said
interest and maturing debt, and the one per
cent as aforesaid. shall amount to one hun
dred and thirty five million annually, which
sum shall be applied to the reduction of
the debt in lieu of the sinking fund con-
templated by the act of February 25 1862.
8 20 bonds, after the expiration of i've years
from date, at the option of the holders. can
be exchanged for new bonds, aud such as
are now redeemable shall be presented Tor
exchange before the first of November
next, and not thereafter, and the residue
not later than six months after the eXpira-
tion OF five years from date, for lawful mon
ey of the United States, and the new bonds
are to be exchangable for each other when
presented to the Treasury, unless she
amount of United States notes outstanding
shall be equal to four hundred millions, or
unless the United States shall have resum-
ed payment in coin for their notes. Tue
last section provides that any contracts
hereafter specifically made in coin shall be
legal and valid, and may be enforced ac-
cording to the terms of said contract.
Mr.. TRUMBULL presented the petition
of colOred citizens of North Carolina, set
ting forth miserable condition, and asking
to be sent to Liberia. Referred to COM
mittee on Finance.
The joint resolution relative to lands
granted railroad companies in Michigan
and Wisconsin was taken up and passed
with the pending amendment restricting
its provisions to the chartered and project
ed lines from FOnGuiac, Wisconsin, to West
kanaba, Michigan, and Marquette, Michi-
gan, to certain points in same. State.
A bill to grant aid to the Central branch
of the Union Pacific Railroad was taken
up.
Mr.. SHERMAN opposed the extending
subsidies any further than under the ex-
isting laws. He had no doubt but that the
eastern division OF that road would event.
ually be extended to New Mexico when
finances of the country were in better con-
ditiOn.
After further debate by Messrs. Morrill,
and Howard the bill went over at the eX-
piration of the morning hour.
Mr.. DRAKE spoke in support of the sup
Elementary reconstruction bill.