The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1869-01-19
LATE NEWS BY CABLE.
Assembling Of the French
Corps Legislahf
Speech Of Emperor Napoleon.
GOLD CLOSED IN NEW YORK 1863.
xLth CONGRESS---Thi,d Session.
WAsBIEoroH, Jan. 18.

VAAhtNOTUN3 jan. lcs
SENATE.
Mr.. Morrill,, Of Vermont, presented pc.
tition from the merchants of New York,
Philadelphia, Boston and Chieaee, lor the
enactment Of Law providing that hereafter
all purchases or sales of loans and bonds Of
the United States, in account with the United
States, shall bs msde BY invitisg psblic com,
petition and thoroughly advertising proposals,
and all asles sold on account of the United
States shall bs sold at pablo auction by an
ment, at time end place duly advertised.
Referred to the Committee on Finance.
Mr.. Sherman, from the Committee on FL
nance, reported . bill providing. lst, That
any contract made hereafter. specified paya-
BILE in coin. shall be legal and vahd, and may
be enforced according to its terms, anything
in the several acts relating to U. 8. notes
to the contrary Notwithstanding, provided
that this shall not apply to the contracts for
borrowing Of currency, or the renewal
Of an Indebtedness under contracts already
entered into, unless such contract originally
requires the payment In coin,
I'd. To appropriate out Of the import
duties seven hundred and fry millions an>
nually, to be applied to the payment Of the
interest and reduction Of the principal Of the
sinking fund, provided for in the act Of
February 25, 1862.
Sd. Itprovides for the issuing of per cent
1910 bonds Of mos less denomination than
6f,y dollars, which shall be exempt from tax
alton Of State, municipal OF. local, and only
subject to the income tax 0f the Uuited
ST ates; eaid bonds 70 be furnished BY the
Secretary of the Treasury at par.
4th. 1t authorizes the issuing by the Sec-
reary OF the Treasury Of demand notes Of
not less denomination than $40, rayatle
in coin, and receivable tor all taxes, duties,
or debts payable to the United States. The
Secretary Of the Treasury is also authorized
to apply An amognt Of such coin notes not
exceeding the amount received BY the
United States for conversion into bonds, =
provided for in the first section of this act,
to purchase in open market any part Ct the
6 per cent. securities of the United States,
and to cancel an amount Of o. s. notes equal
to the securities so purchased, and said coin
liabilities Of the United States. At the option
of the creditors; provided, however, that the
aggregate Of coin notes issued under this act,
and the outstanding gold certificates Of de-
posit shall not exceed the coin and bullion
in the Treasury Of the United States, and
such coin notes shall be paid according to
their terms, and may be re-issued from time
to time as the exigencies Of the public ser
vice may require.
Section authorizes any National Bank
now, or that shall hereafter be organized,
without respect to the limitation Of three
hundred million circulation prescribed BY tie
National Bank Act, to issue notes payable
on demand in coin, instead of United States
notes; said notes only to be issued to the
amount of 65 per cent. Of the security de-
posted with the Treasurer, ~ security for
the redemption Of said notes. No banks
shall receive less than fifty thousand Of such
coin notes, and such banks and coin notes
shall be subject in all other respects to the
limitations, restrictions and provisions Of the
National Banking act.
Mr.. Williams gave notice Of sn amend
ment To be offered by him, and printed with
the bill, providing that not over :wo millions
oflawful money shall be converted into bonds
in any one month, also to amend the 4th SEC
ton by striking ont the words mot exceed
ing" and inserting "equal to-
Mr.. COLLEEN also gave notice Of the follow
ing amendment To add at the end OF the
section, .'And any holder Of any bonds pro.
the Treasury Of the United States and de-
msnd Law ful money of the United States for
the principal and interest accruing thereon,
and thesTreasurer shallt redeem the same in
lawful money Of the United States, unless
The amou Mt Of e. 8. notes then outstanding
shall be equal to $3.50. .ooO, 900; and such
bonds shall not be redeemable after the
United States have resumed payment Of coin
on their notes.
Mr.. Harlan, on the question of privilege,
read from the correspondence Of the Cincn-
natl Gazette An article charging him with
| wrong doing in reference 70 subsidies and
grants to Pacific railroads, and made . long
explanation relative thersto, denying The
statements made rs unfounded.
| Mr.. Pomeroy also commented on the SAME
/ letter.
Mr.. Grimes defended bis colleague from
the charges made.
The bill regulating the duty on copper Wal
taken up.
Senate adjourned.
The following bills were introduced and
referred:
/ By Mr.. Poland, providing for the issue o
coupons or registered bonds to the amount o.
one thousand million dollars, redeemable il
coin after 80 and so years respectively. TIL.
thirty year bonds to bear interest At the rat,
of Al per cent in coin, and the Fifty yea
bonds to bear interest st the rate Of pc
cant; the bonds to be exempt from National
State and municipal taxes, except incom,
tax, and to be exclusively used in payment o
or exchange for outstanding bonds or note
that have fallen due or bear interest ct hlghe