The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-12
THE FORTIETH CONGRESS.
second Session.
SENATE.
MONTANA MILITARY CLAIM.
WASHINGTON, July II,

MONTANA MILITARY CLAIM.
Mr.. CRAGIN, rep) of N. H.. introduced a bill au-
thorizinr the appointment of commissioner to ex-
anime the claim OF Montana for the enrolment OF
volunteers during the late Indian war. Referred TO
the Committee on Territories.
INTERNAL REVENUE COLLECTOR PoR SAN FRAN
Mr.. CoNNEss, (rep) OF CAL, offered a resolution,
which was adopsed, asking the President whether
commission has been issued to James Coey as Col
lector OF Internal Revenue for san Francisco, Cal,
and If not, for what reason it has not been issued.
REGISTRATION OF CANADIAN BUILT VESSELS.
Mr. MORGAN, pep:) of N Y, called up the House
bill for the registration enrolment OF certain for
elgn vessels; which was passed. II authorizes the
registration or enrolment OF fifteen Canadian built
vessels owned by citizens Of the United States and
having been at all times employed on the lakes;
provided there shall be paid tax upon them equal
TO the internal revenue tax upon the materials and
construction OF similar vessels OF American build.
DIsCoSTINUANCE OF THE FREEDMEN's BUREAU.
Mr. WILSON, rep) OF Mass, called up bill rea-
tive the Freedmen's Bureau and providing for its
discontlnuance.
Mr. DAVIS. (dein) OF Ky, opposed the bill as in
terfering with the Presidents right of al interim
appointment. and moved TO amend by striking out
the clause after the words, Sin case OF vacancy In
the ofiice of commissioner happening during the
recess OF the Senate" and inserting the words, said
Office shall thereupon cease and determine"
Mr.. CoSNEss-lf you pass That 1t would be pre-
MUM on taking the life OF the commissioner.
ON motion OF Mr.. HOWARD, trepl OF Mich, the
words agents, clerks and assistants, " were added
after the words assistant COMMISSIONER"
The bill was then passed. II IL as follows:-
Belt enacted &C. That duties and powers ofhe Commits
Of for s ss b. s ar$
soner Of the bureau and in case OF vacancy in said office
S By S n death t or The
nation The Secretary Of War and With the advice and CON
fo service Commissioner shall enter upon the duties
Of o bs Senate & al
and . Of b by Of ss
IL Of y IN hs 0: S 81 s%
missioner shall be discharged by the Acting Assistant, Adju
aa "a Of s of the
shall the sr.t day Of January ss.; caus the said
said acted and s operation discontinued as soon
% f s f an he
collection and payment OF moneys due the soldiers sailors
SiGed i By law, until ohsrxss ordered By oonss
,s to sss .i as & nS @ @ % JANA.
next be restored 70 It's former political with she
DISMISSED ARMY OFFICERS.
Mr. WILSON called up bill decaratory OF the law
in regard to officers cashiered dismissed from the
army OF the United states by the sentence OF the
general courts marital, which was passed.
TIKI FUNDING BILL
The bill TO fund the national debt and for the con-
version of notes OF the United states was taken up.
AT the expiration Of the morning hour the question
was on the amendment reported by Mr.. Sherman.
from the Finance Committee providing for the issue
of twenty. thirty and forty year bonds bearing in
tercst respectively. at five, four and half and four
pea cent per annum, TO be exempt from taxation In
any form: said bonds 70 be exclusively used for the
redemption or purchase OF an equal amount OF any
OF Inc present interest bearing debt OF the United
states other than the existing five per cent bonds,
and three per cent certificates TO be issued
TO any amount sufficient TO cover the principal
OF all outstanding obligations with the
exceptions above named. The amendment
provides for the annual appropriation out OF
Custom House receipts, of one hundred millions, to
be applied to the payment OF interest and reduc-
ton OF the principal. IN lieu OF the present sinking
fund: II makes the new bonds and any lawful
money OF the United states exchangeable for each
standing United states bonds shall be equal to
s4OO, 100000, unless specie payments shall have
been resumed. Finally, II legalizes contracts made
specifically payable In coin.
tend TO discuss the general subject OF funding the
early part Of the session. and all the debates since
then had strengthened his conviction then ex-
pressed. Recent events made II imperative now
that Congress should take measures TO tighten the
burden OF the public debt. The Republican Conven.
ton had promised II by reducing the interest as
rapidly az possible, and majority OF the House Of
Representatives and the Democratic Convention had
threatened TO do 1t by taxation: the only proper
lower rate OF interest for those bearing q higher
rate This could be done, and must be done, and
me action or eyadinQ the responsibility The public
debt he continued could neither be taxed nor paid
except in pursuance Of the letter and spirit OF the
them and the United states can only levy the
same income tax upon them that is levied upon
other incomes. Nor can the United StQtes without
! violating is faith, issue more legal tender notes,
| but 1t may use the lawful money Of the
United states, II Is received VI new
| loans, in the payment Of the nvetwenty bonds as
| they mature, to the same extent and In the same
way that il NAV use them to pay pensions or saa-
| ries whether IL will avail itself Of this clear right
before specie payments are resumed 10 question Of
public policy; SO is the time and manner Of forcing
specje psyments between individuals. The law
| makes no distinction between public and private
debt except a to the interest on the anc sne
principal of the public debt In con should also pro-
| vide for the payment In coin Of the United states
notes ana OF private debts. All distinctions between
the uoteboder and the bondholder and the private
debtor and creditor are anti-republican and should
! DO done away with "a soon a. possible, either by
| the resumption al specie pay mentH or by the pay
ment OF the maturing bonds In lawful money. This
bill deals with rs question TO this extent only tnas
L bODdboldera ano notehOders alike may receive W