The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1868-03-12
Congressional.
Washington, Mar. Z.
SENATE.

striking out the provision conveying
into the Treasury one-hali the amt
received as prize money, the interest
of which to constitute pension fund.
The difference of opinion turned on
the propriety of keeping the fund
separate.
Mr. Shermansoflered rs substitute
the following: The interest in the
fund known as the Naval Pension
Fund, shalls thereafter be at the rate
OF three per cent per annum in law
full money, and shall be applied ex~
clusively to the payment of naval
pensions according to the existing
laws.
Mr. Sherman's amendment was
agreed to and the billpassed.
Mr. Morrill, called up the consular
and dilomatic appropriation bill.
The question was on agreeing to
the amendments of the committees
on appropriations, to the bill rs it
passed the House.
The amendment striking out the
appropriation for the salary Of the
Minister to Portugal, occassioned de
debate, which continued until the
Senate finding itself without quo.
rum, adjourned.
The House met for general debate
in the Committee of the Whole with
Mr. Ashley in the Chair.
Messrs Clark and Blair made
speeches.
Mr. Broomall spoke on tariff and
revenue, favoring protection to home
industry.
Mr. Lynch spoke on finance favor
ing measures which would expdite
the resumption of specie payments.
Adjourned.
Washington, Mar. Q.
SENATE.
Rcverdy johnson presented the
credentials of Geo. r. Vickers, Sena-
tor from Maryland, and asked that
he be sworn. He was advancing to
the Presidents desk for that purpose,
when Mr. Sumner arose and offered a
resolution referring the credentials
to the Judiciary, with instructions to
inquire whether the government of
Maryland is Republican in form, suffi-
cient to allow her to send Senator
at this time. After some debate Mr.,
Sumner withdrew the resolution, and
Mr.. Vickers took the oath and seat.
Mr.. Wilson called up the. joint res.
olution for therestoration of Alabama.
Mr.. Wilson said he understood that
Gen. Meade was Investigating the
matterand would soon makea report,
and it was proposed to hold a new
election where there had been vio-
lence and where there had been no
election He moved to refer the
joint resolution to the Committee on
Judiciary, saying they would report
at an early day. Carried.
Mr. Wilson introduced a bill topro-
vide for the conversion and funding
of the interest bearing debt of the
United States, and to amend the
Banking Law, which, on his motion,
was ordered printed and laid on the
table.
The bill authorizes and requires
the Secretary of the Treasury TO is
sue coupon or registered bonds sufli-
Gent to redeem the interest bearing
debt Except the5 per cent. and 40
year bonds) and provides that said
bonds shall be payable in so years,
bearing6 per cent. interest for ~
years, and 5 per cent after 20 years
Interest payable semi-annually; prin-
cipal and interest payable in coin.
Section 3 provides that said bonds
shall be used solely for redemption
and exchange Of existing bonds, and
such exchange may be made until
January LIST, 1870, under regulations
to be prescribed by the Secretary of
the Treasury.
Section lays tax Of one per cent
per annum on new bonds and directs
the Secretary of the Treasury to with
hold the same from payment Of in
terest as it accrues.
Section 5 directs the Secretary Of
the Treasury to ascertain rs nearly 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 receiv-
ed from its citizens, the corporation
tax in lieu from the State local action
on the bonds.
Section 6 provides for gradual re-
duction and final extinction of the
paid debt as follows:
FIRSTLY applying annually to pay
ment of the principal, all taxes paid
On bonds held or owned out ofthe Z
s.
I'd By directing the Secretary of
the Treasury to decide hereafter to
redeem annually, by purchase in coin,
ten millions of said debt. For the sec
ond decade, twenty millions annual
"; for the third decade 40 millions.
The section authorizes the increase
ofthe national currency to 100000
900, and directs preference to issue
thereof to sections of country not adj
equitable or supplied with banking
facilities.
The 9th section directs the Secre
tary when tho whole currency ex-
ceeds 100000, 900 to retire and can
eel as rapidly as possible, until the
outstanding US. notes are reduced
$40, 100000.
The last section directs each bank.
ing association to hold its coin inter-
est receivee on bonds as specie re-
servo until able TO redeem its curren.
cy, and not to use said coin reserva
ton for any other purpose.
HOUSE.
The House disagreed to the Sen.
ate amendment to the bill for the re-
lief of Mrs. Gen. Anderson, and on
motion of Mr.. Holman asked for
Of reference.
Mr. Logan alluded to fact that
made considerable stir: he said that
recently the Superintendent of the
Treasury printing business, Mr. Clark
had obtained the certificates of three
other officials of the Treasury to the
destruction in their presence of can.
selled bonds to the amount of s1s..
100000, while in fact no such bonds
had been destroyed, and while what
was supposed to be such bonds was
nothing more than blank paper, this
10 had been told by Mr. Clark him
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