The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-02-07
FoRTIETH CONGRESS.
6 WARRINGTON, Feb. 6.
RENArE 90.

4AS Nun4E 1dlu D6AOE6 UuS SSudGo
memorial of the Arkansas Convention
setting forth that as the State officers
are enemies to the Government, who
persecute loyalists, the Convention
be authorized to appoint new officers.
Referred to the Judiciary Committee.
Petitions were presented for the re-
moval of the duty on raw Jaute and
for the reduction of the army and
navy The latter was from the citizens
of Green Bay. asking that portion of
the money thus saved, be applied to
the Improvement of the Harbor at the
mouth Of Green river. Referred to the
Committee on Finance.
Messrs, Sherman and Henderson re-
ported favorably to the committee their
respective bills and gave notice that
they would call them up as soon as the
reconstruction debate closed.
The Committee on Finance reported
a substitute for Mr.. Sherman's bill in
troduced December 18th, providing as
follows:
The Secretary of the Treasury is au-
thortzed to issue bonds bearing interest
at per cent, and principal and inter-
eat payable in coin and due in forty
years, but redeemable in ten years to
an amount sufficient to cover all out
standing obligations of the United
States, other than s per cent. bonds,
and to be exchanged for obligation or
disposed 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.
The United States bonds to be issued
shall be known as the consolidated
debt Of the United States, and shall be
exempt from all taxation by State or
local authorities, and the same with in
terest thereon and income therefrom
shall be exempt of all taxes or duties
to the United States other than such
income tax as may be assessed on
other incomes, and in consideration OF
the reduction of the rate of interest
there shall be appropriated out of the
Import duties equal to one per cent on
the bonds issued, which shall be ap.
piled to purchase or payment of the
national debt, In addition to the sums
necessary to pay the interest and ma
turing bonded debt Of the United
States. There is appropriated out OF
the Treasury sum which, including
said interest and maturing debt and
the one per cent as aforesaid, shall
amount to one hundred and thirty. five
millions annually, which sum shall tie
applied to the reduction of the debt in
lieu of the sinking fund contemplated
by act of February 25, 1852. Five
twenty bonds shall, after the expira-
ton OF five " ars from date,
al TIE OpLIOu Ol nOIUeIS Oe 60CQauR6Q
for new bonds and such as are now
redeemable shall be presented for ex-
change before the first of November
next, and notthereafter and the residue
not later than six months after the ex-
piration Of five years from date, for
lawful money of the Uuited States, and
the new bonds are to be exchangable
for each other when presented to the
Treasurer, unless the amount of uni
tad RfnfRa U0fn1 0nf6fnnHtno nha1I ho
equal to four hundred millions or I'M
less the United States shall have re-
sUmed payment in coin for their
notes.
The last section provides that any
contracts hereafter specifically made in
coin shall be legal and valid, and may
be enforced according to the terms OF
said contract.
Mr.. Henderson's bill repeats the
Limitation of the National banking Law
in regard to the amount of the circula.
ton of the National banks. It allows
any banking association, depositine
with the Treasurer of the o. s. the
necessary securities to issue National
bank currency not exceeding 80 pei
cent Of the par value Of the bonds so
deposited, provided, that whenever the
amount of o. s. notes and circulating
notes OF the National banks combined
shall be in excess of ZOO million dol
lars, the Secretary Of the Treasury is
authorized to withdraw and cancel as
rapidly as possible the o. s. notes to
the extent of such excess, until the
whole amount of o. 8. notes outstand.
ing shall be reduced to $50 millions.
Mr.. Trumbull presented the petition
of the colored citizens of North Carroll.
ma, setting forth their miserable con.
dition, and asking to be sent to Libe.
ria. Referred to the Committee on FL.
nance.
The Joint resolution relative to lands
granted to the railroad companies in
Michigan and Wisconsin was taken uE
and passed with the pending rmend
ment, restricting; its provisions to the
chartered and projected lines from Fon
du Lac, Wisconsin, to West Kanava,
Michigan, and Marquette, Michigan,
to certain points in the same State.
The bill to grant aid to the Central
branch of the Union Pacific Railroad
was taken up.
Mr.. Sherman opposed extending the
subsidies further than under the exist
ing laws, He had no doubt but that the
eastern division of that road would
eventually be extended to New Mexi
co, when the finances Of the country
were in better condition. After further
debate by Messrs. Morrill, and Howard
the bill went over at the expiration o.
the morning hour.
Mr.. Drake spoke In support of the
supplementary reconstruction bill.
HOUSE.
The House proceeded to consider the
bill concerning the rights of American
citizens in foreign States.
Mr.. Chandler addressed the House in
criticism of the bill, Hkening it to Nj
| agara. The title of the bill, he said
was the roar, and the bill itself was the
fall, and great was the fall thereof.
Messrs. Boyer and Woodward also
made remarks. The bill then wen
over to the morning hour, Tuesday.
Mr.. Blaine, from the Appropriation
Committee, reported an army appro
priation bill amounting to $33, 900 600
1t contains provision for the graduA
reduction of the army until the mill
\ tary force is reduced to twenty-five
regiments Of infantry, seven regiments
of cavalry and five regiments of artil
lery. No new commission shall be is
sued In any regiment exceptto Yves
Point cadets as ID Lieutenants. The
Secretary OF War is directed 4
| consolidate regiments as rapidly as thu
requirements of the public service anC
reduction in the number of officer
| will be permitted until the foregoinl
diminution is reached. This provision
Is not to be construed to deprive anI
officer OF his commission. Promotion
may be open to him by the observance
of vacancies among his superiors il
rank. Such promotions, however, ar
to be always made SO as to facilitate
and not obstruct the consolidation o
regiments. Mr.. Blaine explained
briefly the objects of the bill and it wal
referred to a Committee of the Who'll
on the State of the Union.
The House went into a Committe
of the Whole, and Mr.. Wilson resumed
the consideration of the military acad
| emv appropriation bill y