The Carson daily appeal. [volume] (Carson City, Nev.) 1865-1870, 1868-03-12
CONGRESSIONAL


Vickers, Senator from Maryland, and asked
that he be sworn in. lie was advancing tc
| the Presidents desk for that purpose, when
Sumner rose and offered a resolution refer
ring his credentials to the Judiciary Commit
tee with instructions to inquire whether the
Government Of Maryland is republican in
| form sufficient to allow her to send Senator
at this time.
After debate Sumner withdrew his resolu-
ton, and yickers took the oath and seat.
This afternoon a number Of petitions were
presented and referred.
Wilson called up the joint resolution for
the restoration of Alabama to representation.
He denied that the late election was a fair
exponent of the popular will, and said he
had received large number Of letters certi-
flying that citizens had been threatened with
dismissal from employment and otherwise
intimidated and prevented from voting.
The resolution was referred to the Judici-
ary Committee.
Wilson introduced bill to provide for the
funding of the interest bearing debt and to
amend the Banking law, which on his mo-
ton was ordered printed and laid on the
table. Il authorizes and requires the Sccre-
tary Of the Treasury to issue coupon or reg
istered bonds sufficient TO redeem the inter-
est bearing debt, except five per cent. and
f5rtv-year bonds, and provides that said bonds
shall be payable in 30 years and bearing 3 per
cent. interest for 20 years, and per cent. IN
terest after 20 years-intcrest payable SEMI
annually, the principal and interest payable
in coin. The third section provides that said
bonds shall be used only for the redemption
and exchange of existing bonds, and such eX-
change may be made until January lst, 1870,
under regulations to be prescribed by the
Secretary If the Treasury. The fourth sec
ton leyies tax Of one per cent. per annum
on the new bonds, and directs the Secretary
of the Treasury tn withhold the same from
the payment OF the interest as It accrues.
Section five directs the Secretary Of the Treas
urv 70 ascertain as nearly as possible the
amount Of tax paid by each State through its
citizens and corporations, and to pay annu-
ally to each State the amount Of tax received
from its citizens and corporations, the tax 20
be in lieu of state, municipal and local taxa
ton on bonds. Section six provides for the
gradual reduction and final extinction Of said
debt as follows: FirSt-By applying annu-
paid on the bonds held or owned GU, of the
United States. Second by directing the
Secretary of the Treasury, for the first decade
hereafter, 70 redeem annually, BY purchase in
coin. ten millions Of said DEBT; fer the sec
oLd decade, twenty millions annually; third
decade, forty millions annually fifth decade,
eighty millions, or until the whole is rc-
deemed. Section . authorizes the increase
of the rational currency to five hundred mil
lions, and directs the preference OF the issue
thereof to those sections Of the country not
supplied with banking facilities.
Section directs the Secretary OF the Treas
urv, when the whole currency exceeds seven
hundre! millions, 10 retire and cancel as rap
idly as possible, until the outstanding United
States notes are reduced to two hundred mil
lions The last section directs each banking
association to hold its coin, received as in
terest on bonds, as special reserve fund,
until it is able to redeem its currency.
An accompanying communication is on
the table, showing that under the provisions
of the sixth section the interest bearing debt,
now amounting 70 two thousand million dol
lars will be reduced in 1873 to nineteen hun
dreG million, while the national wealth, ac-
cordng TO the ratio of its increase from 1910
to 1860, will have increased from twenty-five
million to thirty thousand
million in 1888.