The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-02-07
CONGRESSIONAL.
WASHINGTON, February 6.
SENATE.

The chair laid before the Senate
memorial of the Arkansas Convention,
setting forth that as State officers are
the enemies of the government who
prosecute loyalists, the Convention
ask to be authorized to appoint new
officers. Referred to the Judiciary
Committee.
Petitions were also presented for the
removal of duty ON raw jute and Tor the
reduction of the army and navy. The
latter was from the citizens of Green
Bay, asking that n portion of the money
thus saved ne applied to the improve
ment of the harbUr at the mouth OF
Green River. Referred to the Commit
tee on Finance.
Messrs. Sherman ana Henderson re-
ported favorably to the committee on
their respective bills, aud gave notice
that they would call them up as soon
Us the recoustruc ion debate closed.
The committee on Finance reported
the substitute for Sherman's bill, alrea-
dy published, providing as follows:
The Secretary OF the Treasury is au-
thorized to issue bonds bearing inter
est at five percent, and principal and in
terest payable in coin and due in forty
wears, but redecmable in ten years
to the amount sufficient TO cover
ell outstanding obligations of the Uni
ted States, other than the five per cent.
bonds, aud TO be exchanged for obiiga-
tions, or disposed of otherwise at not
less than par, and said bonds, or the
proceeds thereof, TO be exclusively used
for the redemption or in exchange Ofthe
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 exempt from all tax
alton, either by the State or local au-
thorities, and the SAME with interest
thereon, and the income theretrom shall
be exempt from the pawn elt of all
taxes or duties to the United States
other than such income tax as may be
assessed on other incomes, and III con-
sideration of the reduction of tue rate
of interest, there shall be appropriated
out of the import duties equal 10 one
per cent. on bonds issued, which shall
be applied TO the purchase or payment
of the national debt. In addition to
the sums necessary to pay the interest
and maturing bonded debt of the United
States, there is appropriated out OF the
Treasury q sum which, including said
interest and maturing debt and the one
per cent, as aforesaid, shall amount to
one hundred and twenty-five million
annually, which sum shall be applied
to the reduction of the debt in lieu of
the sinking fluid contemplated by the
act of February %, 1862. Five-TweTty
bonds shall, after the expiration of five
years from date, at the option of the
holders, be exchanged for new
bonds, and such as are now
re,leemable shall be presented for
exchange before the first of Novem-
Der next, and not thereafter, and
the residue not later than SIX months
after the expiration Of five years from
date, for lawful money of the United
States, and the new bonds are to be eX-
changeaUle for each other when pre-
scented To the Treasury, unless the
amount of United States notes outstaud-
ing shall be equal 10 four hundred mil
lions, or when the United States shall
have resumed the payment In coin for
these notes. The last section provides
that and contracts hereafter specifically
made in coin shall be legal aud valid,
aud may be enforced according TO the
terms of said contract.
Mr. HenderSOn's bill repeats the limi- !
tation of the national banking law in
regard to the amount of circulation of
the national banks. 1t allows any
banking association, depOSiting with
the Treasurer of the United States the
necessary securities, to issue national
bank currency, not exceeding 80 per
cent of the par value of bonds so depOS-
tied, provided whenever tho amount
Of United States notes and circulating
notes of natiosal banks combined shall
be in excess Of seven hundred million
dollars, the Secretary of the Treasury is
authorized to withdraw and cancel as
rapidly rs possible the United States
notes to the extent Of such excess until
the whole amount of the United States
notes outstanding shall be reduced to
$3.50, 900 900.
Mr.. TTnmbull presented petition of
the colored citizens of North Carolina,
setting forth there miserable condition
aud asking to be sent to Liberia. Refer
red to the Committee on Finance.
Joint resolutions relative to lands
granted to railroad companies in Nichi
gan aud Wisconsin were taken up and
passed with the pending amendment,
restricting its provisions to the char
tered aud projected lines from Fon du
Lac, Wisconsin to West Kanava, Michi
gan and Marquette, Michigan, to GER
tain points in the same State.
The bill to grant aid to the Central
Branch of the Union Pacific Railroad
was taken up.
Mr.. Sherman was opposed to the ex-
e - a
that under the existing laws, and had
no doubt but that the eastern division
of the road would eventually be extend
ed to New Mexico when the finances of
the ceuutry were in better condition
After further debate by Messrs. Morrill,
aud Howard, the bill went over at the
expiration of the morning hour.
Mr.. Drake spoke in favor of the sup
Elementary reconstruction bill.