The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-07
THE F0RTIETH CONGRESS.
Second Session.
SENATE.

WASHINGTON, Feb. 6, 1868.
EEOoNsTRuCTioS TRIBULArioNs.
The CHAIR laid before the Senate a memorial
from the Arkansas Reconstruction Convention
setting forth that the Offices OF that State are in
the hands OF the enemies of the government, who
persecute the loyalsts, and asking that the Con-
vention may be authorized by Congress to appoint
new State officers, without which legislation they
will be unable to adopt constitution. The me-.
mortal was referred to the Reconstruction Com
mttee.
REDUCTION OF THE ARMY.
Messrs. CHANDLER and Howe presented petit
tions praying for . reduction of the army and
navy, in the interest Of retrehchment. The latter
was from citizens Of Green Bay, Wis, asking that
a portion Of the money thus saved be applied TO
the improvement Of the harbor at the mouth of
Green river, which was referred to the Committee
on Finance.
IMPORTANT FINANCIAL BILLS.
Mr.. SHERMAN, uep.) of Ohio, and Mr.. HENDER-
SON, trepJ of Mo-, reported favorably from the
Committee Finance their respective finance
bills, and gave notice that they would call them
mp as soon as debate on the Reconstruction bill
had closed.
The following is synopsis Of the substitute for
Mr.. Sherman bill, which was introduced Decem-
Der III
The Secretary OF the Treasury is authorized 10 issue
bonds bearing interest ave per cent principal and
interest payable in coin. and due forty years
cover all outstanding obligations OF the United States
other than i've per cent bonds, and to be exchanged
at not lesa than par, aud said bonds or
proceeds thereof TO be exclusively used Tor the
redemption or In exchange OF existing securities
OF the United States The bonds TO BE- issued shall be
known the consolidated debt of the United States
and shall be exempt from All taxation by State local
authority and tho same with the interest thereon and
the income therefrom shall exempt from the pay.
ment OF all taxes or duties 10 the United States other
than such income tax as may be assessed upon other
incomes; and in consideration the reduction OF the
rate OF interest there shall be appropriated out OF the
import duties amount equal 10 per cont on the
bonds ssued which shall be applied the purchase or
payment OF the national debt In addition TO the
pay maturing bonded debt OF
the United states there 10 appropriated oat Of Inc Treas
ury sum which including The said interest and matur-
ueo' snd s ns o Sse o per seDs Aforesaid shall
shall be applied TO toe reduction OF The debs In lieu
Of the sinking fund contemplated BY the act Of February
%, 1862 vetweny bonds shall, after the expiration
Of i've from date. at the option OF tine holders
exchanged for the new bonds, and such az
Of November next and not thereafter and the residue
not later than six months afer the expiration Of FIVE
aud the new bonds are to be exchangeabIc tor eacs
other whom presented 70 the Treasurers, unless the
amount Of United states notes outstanding shall Be
equal 70 four hundred millions, unless the United
states shall have resumed payment In coin for their
notes Tho last section provides that any contracts
hereafter specifically made In coin shall be legal and
valid and may be enforced according 10 the terms OF
said contracts.
The following 10 Mr.. Henderson's bill
c.,
act approved June 1894 entitled IAN act TO provide
national currency tecured BY pledge OF United States
oon and to provide for the circulation and redemption
tbefeof limits the amount OF circulating notes 10 be
wsneI 70 banking associations under said act to
t3Ooo00 900, 10 hereby repealed; and any banking
ISOLATION organized under said and the amendments
thereto ON depositing with the Treasurer registered
bonds Of the consolidated debt OF the United states
OF denomination not less than 81. 000 shall be
lhorAed 10 receive circulating notes 70 amount
sos eIceeding eighty per cent OF the par value Of
me ho2ds 80 deposited and not cxcsefing the
q n
ton nov prescribed By law; and every national
paoK havas bonds held By treasurer security for
er.ulapG notes shall, within one year from the pssage
=. W. act cause the bonds herein specified 10 BE- sub
sus'od ~ neu thereof 10 amoant bearing the
70 rs circulation and capital - required BY this
seo'on 10 ths case Of BANKS and any bank shall
iaii refuse % deposit new bonds as herein provided
we ,onpuonsr OF the Currency shall proceed 70 sell
49, Already pledged BY such bank and takc such
49,. sAsuIes 10 wind up its affairs and 20 redeem It's
notes A. are or may be prescribed In the case Of the
h ssns 20 redeem its circulation; provided that
.ne mount Of United states and circu-
arng notes Of national banks comoiDed shall be In ex.
cess ~ tiVoN1oOO tho secretary vi the Treasury n
- az fequred TO retire and cancel a. rapidly
- ,u ~ Ted states notes 70 us extent Of sucn
eaoss ua,l' ,oe whole amount OF United S@,cs
Outstanding shah 70 reduced 10 $3.50, o0o, oco
PETITIONS.
, W., T ON, Gep Of N. " presented ape.
ing that the pending bill granting pensions 10 the
soldiers OF 1872, or . similar one. be passed. I
which was referred to the Committee on Pens ops |
n M. sbsR ~ presented petition from Mr.. |
iranchisng clauses Of the Reconstruction act
which was seferred TO the Committee on the Judi. |
ciary. ~ '
MI; TnuxsylL,. trep) Of III, presented !. pe.i.
ton from coiored citizens Of North Carolina act.
ting forth their miserable and destitute condiion
never having received anything from the govern,
M ent, a0d having 20 purchase everything az az.
Lsyagant rates IRON the Isndhoiders, and asking