Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-02-07
CONGRESSIONAL.


SENATE.
WEGToN, February G The chair
laid bef0re the Senate a memorial from
the Arkansas Convention setting forth
that the State officers are enemies Of the
Government, who perseeute loyalists,
and asking that the Convention be IA
thOrized to appoint officers. Referred to
the Judiciary Committee.
The Committee on Finance reported a
substitute for Sherman's bill, introduced
December 18th, providing as fJllogs.:
"That the Secretary Of the Treasury be
authorized to issue bonds bearing interest
at Eve per cent, the principal and later
est to be payable Ia coin, and due in
forty years, but redeemab!e in ten years
IN an amount sufficient TO cover all 0ut-
standing obligations Of the United States
other than the five per cent. bond,
and TO be exchanged or disposed o.
| otherwise at not less than par. And
said bonds, or the proceeds thereof, are
to be used exclusively for the redemption
or exchange Of the existing securities of
the United States. The bonds 10 re
Issued shall be known as the consolidated
debt of the United States aud b be
exempt from all taxation by State or
local authorities, and the same with the
interest thereon aud the income there
from, shall be exempt rom the payment
Of all taxes or duties to the United states,
other than such income tax as may be
assessed on other incomes, and in con-
sideretiOn of the rate OF interest there
shall b appropriated out Of the import
duties an amount equal TO one per
cent. on the bonds issued, which
shall be applied to the purchase
or paynento OF the national debt. In
addition to the sums necessary TO pay
the interest aud maturing bonded debt
Of tho United States, there shall be APP
propriated out of the Treasury q sum
which, including said interest aud ma
turing debt and thR q per cent. as
Aforesaid, shall amount to Sl35, 600 ,0e0
| annually, which sum shall be applied to
the reduction Of the debt in lieu Of the
sinking fuad contemplated by the act Of
February %. 1882. Tae B~ve-tWenty
bonds shall, at the expiration Of five years
from the date of this, at the option Of the
holders, be exchanged for the new
bonds, and sIch IS are now redeem
able, shall be presented for exchange
before the Ist CT November next aad
not thereafter, and the residue not later
than six months after the expiration Of
the five years from date FOR laWfal money
of the United States, and the new bonds
l16 ~ DS EAlAAAD6NIAC C@ba D-LI-
when presented to the Treasurer, unless
the amount of URited States notes out
standing shall be equal 10 soc 900, coo, or
uLies5 the United States shall resume
paymentin coin for the nOles"
Iae last section says Any contracts
hereafter specially made in coin shall be
legal and valid and may be enforced &C
cording TO the terms OF said CONTRACT
II repeats the Limitations OF the Ma
tiOnAl banking laws, and allows any
banking association depOsiting with the
Treasurer Of the United States, the
necessary securities to issue National
Bank currency, not exceeding eighty
per cent. Of the par value Of = bonds
so deposited provided, that
whenever the amount OF United
States notes and the circulating
notes OF The national banks combined
shall be in excess of S7G0 $50 OG0, the
Secretary of the Treasury is authorized
to withdraw and cancel as rapidly as
possible United States notes to the extent
of such excess, until the whole amount
OF United States E0tss outstanding snail
be reduced to $3.50, 900, COO.
Trumbuil Presented q petition from
the cJlOred citizens of North Carolina,
setting forth their miserable condition,
and asking that they be sent to L.beria.
Referred to the Finance COMMITTEES.
Drake spoke ia support Of the Recon
strUctiJn I'LL,