The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-02-07
CONGRESSIONAL PROCEEDINGS.
WAsHINaroN. February 6.

+ TIE StudtE memUTldI Oi tue ALAdu
/ sas Convention. setting forth that as
the State officers are enemies of the
Government, anu who persecute 10y
/ alists, the Convention asked TO be
authorized to appoint new officers.
Referred to the Judiciary Com mittee.
Petitions, were p eseured for the re-
! moval of duty OH raw jute; for the re-
duction of the army and navy the latter
was from citizens of Green Bay. ask
ing that a portion OF the money thus
Esaved be applied to the Improvement
| of the harbor at the mouth of Green
j rlvsr. Referred to the Committee on
/ Finance.
Sherman and Henderson rerorted
fayorably from the Committee OF heir
respective bills and gave notice that
they would call them up as soon as
the reconstruction debate was closed.
The Committee on Finance report
ed a substitute for Sherman IS bill, in
| troduced December 18th, providing
as follows: iIaht3 s
The Secretary of the Treasury is
authorized to issue bonds bearing in.
terest at five per cent. and principal
and interest payable in coin, and due
In forty years, but redeemable in ten
years, to an amount sufficient to.coYer
all outstanding obligations Of the
United States other than 8 per cent.
bonds, and to be. exchange for obiiU'
cations, or disposea of otherwise, at
not less than par; and said bonds, or
proceeds thereof, to be exclusively
used for redemption, or in exchange
of existing securities Of the United
States. The bonds to be Issued shall
be known as the consolidated, debt Of
the United States. and shall be ex-
empt from all taxation by State or To-
cal authorities; and the same with in
terest thereon and income therefr I'm,
shall be exempt from paymeHt e. all
taxes or duties to the United States
etheF-than- such income tax as may
be assessed onEother incomes; and in
consideration Of the reduction of the
rate of interest. there shall be approy
priated out of the import duties equal
to one per cent. on tie bonds issued,
which shall be applied to the pur-
chase or payment of the national debt.
In addition to the sums necessary TO
pay the interest and maturing bonded
debt of u United States. theresshall be
appropriated out of Treasury a sum,
which, including said interest and ma
turing debt and the one per cent, as
aforesaid 4 grmouniugz to 135, 1000 /.
900 million dollars annually, which
sum shall be applied to the reduction
of the debt in lieu of the sinking
fuad contemplated. by the act. of Febt
ruafyF95th 1867 Five -Twenfy Bonds
shall, after the expiration of FIVE years
from date, at the option of the holl- i
ers, be exchanged for new bonds. and
such asiare now redeemable shall be-
presented for exchange before the dst
o. November next and not thereafter.d 4
and the residue not later than9six
dnonthshafter the ezRira H6ntp; sfived
years from the date, for lawful N eneyI
OF the United States, and the new
bonds are-tos be exchanges BILE for each
other, when presented to the !
Treasures, unless the amount of U.s.
otes3outstand ding shall be- 8equal tod
flurs shundred millions, or unless the /
United States shall have resumed |
payment in coin for their notes. 1.-The /
last section provides that any con.
tracts hereafter specifically made in /
coin shall be legal and valid, andgmay
de enforced aetprhng to- fhf FERNS of
said contract. 9H5 4
Mr.. Henderson's bill repeals thes
limitation of the National Banking /
law In regard to the amount ofheir-
cuiation Of National Banks, it allows
any ebaRking. Notwithstanding g
With the Treasurer. OF the. United !
States the, necessary securities, ito !
issue National Bank currency not ex
On -, IL l. ~
bonds so-depOsieed, provided, when &
ever the amount Of United States
notes and circulating notes of MAJ
tisbaE Banks, = com biped, shall he in
excess Of seveha hundred million
dollars. The Secretary of the Treasury
Is authorized TO Withdraw and cansel
as rapidly as possible the United i
States notes to the extent Of such
excess uptjl the. whole. amount of
United States notes outstanding shall
be reducedsto two hundred and fifty
millions. 80 ~ ~
Trumbull presented a petition from
colored citizens of North Carolina,
setting forth their miserable condi-
ton, and asking to be-sept to Liberia.
Referred to the Committee on Fl
nance.
Thejo joint resolution relative to lands
granted to railroad companies In
Michigan aud Wisconsin, was taken
up and passed. with the pending
Amendment restricting its provisions
to the chartered and projected lines
from Fondulac, Wisconsin, to West
Konava, Michigan, and from Mar
quette, Mlehigan, to certain points in
the same State.
The bill to grant aid to the central