Des Arc weekly citizen., 1868-03-14
CONGRESSIONAL.
WASHINGTON, March 9. SENATE.

Reverdy Johnson presented the cre- | dcntials ofGeorge R. Vickers, Senator elect from Maryland, and asked that he | be sworn. Mir. Vickers was advancing to the Presidents desk for that purpose, when Mir. Sumner rose and offered a resolution referring the credentials to the judiciary committee with instrue- tions to inquire if the government of Maryland was sufficiently republican in form to allow her to send Senator to Congress at this time.
 1 After debate, Mr. Sumner withdrew the resolution, and Mir. Vickers took the oath and afterwards his seat. House bills were introduced and re- 1 fcrred to reduce the expenses of the navy by retiring all officers on reach ing the age of sixty no further promo tions to be made to grades created since 1859; the Naval Academy to De suspended after the present season. It also declares that the present debt shall not be paid by this generation.- Also declaring it to be the duty of Congress to provide for the payment of claims of loyal citizens in the late rebel States for subsistence, etc, taken from them by the Union army.
 Petitions were presented of one hun- dred and fifty destitute negroes of Georgia and Alabama, asking for do- nation of one hundred dollars each, to enable them to emigrate to Liberia 1 of various publishers, against passing i the copyright law also, for the aboli- 1 ton Of the office of Vice President of I the United States. All tabled.
 l Mr. Conkling introduced resolu- ! s.ys, n fr,t1 railroad and telegraph line from New | Orleans to Mobile, and having the sainc secured to the Government as military and post roads.
 Mir. Wilson called up tho joint reso- lution restoring Alabama to rcpresen- tation in Congress, and moved it's ref erence to the judiciary committee 1 Carried. a
 Mir. Wilson introduced, n bill topro- l vide for the conversion and funding oi interest bearing debt, and to amend the banking laws of the United States, which, on his motion, were ordered to be printed and laid on the table. Ii authorizes the Secretary of the Treasu- ry to issue coupon or registered bonds sufficient to redeem the interest bear ing debt, except the five per cent and forty year bonds. It provides that said bonds shall be payable in fifty years, bearing six per cent interest for twenty years, and five per cent for the remaiuing thirty, interest payable semi annually, and principal and interest I payable in coin. aW
 The third section provides that said bonds shall be used solely for the re- dcmption or exchange of existing P bonds; and such exchange may be made until January, 1870, under regu- lations to be prescribed by the Secreta- " of the Treasury. .-tf...f...s. The fourth section lays a tax of one per cent. per annum on the new bonds and directs the Secretary of the Treas, ury to withhold it from the payment of the interest as 1t accrues.
 The firth section directs the Secreta- ry of the Treasury to ascertain, as near. Ily as possible, the amount of tax paid by each State through it's citizens and corporations, and pay annually to each State the amount of tax received from it's citizens, the corporation tax to bt in lieu of State, municipal and local taxation on the bonds.
 The sixth section provides for q gradual reduction and final extinction of said debt as follows: First, by ap- plying annually to payment of tht principal all taxes paid on bonds hcld or owned out of the United Siates.- Second, by directing the Secretary ot the Treasury, for first decade, to re- deem annually, by purchase in coin
 ten millions of said debt; for the sec. ond decade, ten millions annually; foi the third decade, forty millions annu
 ally; for the fourth decade, eight,
 millions annually, and so on until the whole debt is redeemed.
 r The seventh section authorizes an in.
 crease ofthe national currency to 5000,
 100000, and directs the preference o
 the issue thereof to sections of country
 not adequately supplied with banking facilities.
 The eigth section directs the Secrc tary of the Treasury, when the wholt amount of currency exceeds SI0Q,00O, GOO, to retire and cancel as rapidly as possible until the outstanding note' are reduced to S200000,000.
 The last section directs each bank ing association to hold its coin, inter
 est received on bonds, as q specie re
 serve until able to redeem its currency and not to use said coin reservation fol any other purpose.
 l According to the tables accompany ing the sixth section the interest bear. ing debt, now amounting to S2,0U9, 100000, would be in 1878 be reduced tc Sl,90O,O00, and the interest 10 SlOO,. l0000O0. The whole national wealth according to the ratio of its increase < from lSlO to 1889, will have increased from S22 ,OO000o,010 to $37,0O0,00O00 in 1888, and tho debt would be Sl,T00,- lOo0.000. In 1898 the debt would bc Sl ,300,000,0O0, and the public wealth I S90,000,OO0000. In 1908 the debt would amount to S7O0,o00,0O0, and the public wealth to S203,000000,00o.
 MT. Price said this was an alarming deciaration, and he wished to have
 some more particulars. lie wished the gentleman from Illinois to state whether the certificates showed dates } and numbers and denominations of the bonds represented as destroyed
 MT, Logan replied that the. eertid-