Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1869-01-20
XLih Congress.....Last Session.
TUESDAY,
SENATE.

a remedy.
ed by Frunllin Haight and other capitalists, set
ting forth that the proposed subsidies to the
Northern Pacific Railroad and to the eastern di-
vision of the Union Pacific Railroad, will amount
besides land grants to Sl25 ,OOO,OOOi and Offering
10 construct either or both roads for a subsidy OF
Sl5. 900 per mile in addition to the land grants,
thus saving the Treasury $4,000, 900, and oiler-
ING 10 rive bonds endorsed by capitalists repres-
entng 300 900, 600. Mr. Frelinghuyseu said he
was opposed to the granting Of any subsidies TO
railroad companies, but presented this memorial
because ono Of the signcrs was constituent OF
his
On motion of Mr.. Conkling, the Senate took up
and passed the bill relating 10 the time for finding
indictments in the United States Courts in the
lately rebel States. II provides that such indct-
ments may be found in any State for two years
after the restoration Of the State torepresentation
in Congress, but does not apply to treason or
political ollenses.
Adjourned.
HOUSE.
Gen Butler introduced bill in reference to the
National Banks. Il provides in Sec !, that with
such signatures, checks and numbers or other ref
ercnces rs may be best TO prevent over issue or
orreries and on the back thereof shall be printed
the provisions Of the law under which they are
issued
TO q
the national banks shall cease to be hanks Of is
sue. and all taxes ON their circulation shall there
after cease and it shall be the duty of every Col
lcctor or other officer, having received the pay
meut of any debt or tax due 10 the United States
and any bill heretofore issued by any national
bank to return the same on the first day Of each
succeeding month, until the LIST Of January, in
the wear 1870, when such bills shall be no longer
receivable. but shall be returned 10 the Comptrol-
Ter of the Currency, to be cancelled and destroyed
in his presence, and in the presence OF the Treas
urcr of the United States and the Register Of the
Treasury of which destruction memorandum
containing the amounts Of the bills, their number
and the name Of the bank issuing them, shall be
made in book kept for that purpose, and signed
by the officers aforesaid and such Collector or
other officer shall be credited in his account with
the amount so returned, and the same shall be
done with all other bank bills and legal tender
notes now issued, or which shall be issued when
they are returned to the Treasury.
Sec 3 provides that the Comptroller Of the
Treasury shall charge 365l00 per cent interest
on national bank notes received in payment Of
debts or taxes to the United States to be deducted
from interest due such bank on bonds deposited
as security for circulation, until equal amount
of certificates of the value Of per cent certif-
Gates issued in pursuance of the act of March L.
1867, and the act of July 3, 1868, shall be paid
into the Treasury Of the United States by banks,
whereupon a pro rata amount of said bonds shall
be returned 10 such banks.
Sec. ! prohibits, after the Both Of December
next national bank notes being received for debts
or taxes due to the United States but provides for
their being returned and cancelled by the Comp
troller of the Currency.
SEC provides that after the Both Of June
next the collectors and discussing officers shall
return any legal tender notes in his hands, belong
ing 70 the United States to the nearest Assist
- III - .l,n...a 81.
equal amount OIL certlhcates oil the value for pay
ment and circulation and ON the first OF each
month thereafter such return and exchange shall
he made by such officers, and after the Both Of
June, no disbursing officer OF the United States
shall pay out or disburse any other money, save
certificates Of value, except when be may be or
dered by the Secretary OF the Treasury to pay or
disburse coin.
Sec g. After the Goth day of June next my
person or association, whether banking or other,
owning any bond OF the United States of 100 dol
lars or ans multiple thereof, payable 10 bearer.
bearing six per cent interest in com, with cou-
pom for accrued interest attached, may present
the to the Treasurer, or any Assistant Treas
urer Of the United States or other public deposit
tory, to be designated By the Secretary Of the
Treasury for that purpose, and who shall have
lodged in the Treasury Of the United States suf-
icient security and shall receive therefor ninety
per cent. of the par on its face in certificates Of
value in such denomination as he may choose.
paying on that amount Mt the rate Of three hum
bred and sxty-fye hundredths per cent Der an
mum in coin Tor thirty days, and until he shall
return an equal amount Of said certificates to the
Treasury of the United States and said bond or
bonds shall remain in the Treasury as security
for the certificates so delivered and the interest
thereon, which shall be deducted from interest 10
be paid by the United States on such bonds at any
time after thirty days. The owner of any bond
,lal. . L.. 81.
may return certificates Of value equal TO 80 Der
cent. Of the value thereof and receive back his
bond and coupons pledged as before provided, less
the interest," and said certificate and the amount
thereof paid to him and the Treasurer or As
sistant Treasurer, where said bond is pledged,
shall, during the time of lis deposit, pay to the
owner thereof the accrued interest thereon, being
that que on salh certihcate once IN every six
months.
Sec !. The Secretary OF the Treasury is au-
thorlzed ana directed TO cause to be coined to-
kens OIL value whlch shall be legal tenders and
lawful money Tor any sum less than one dollar as
fractional currency OF the denomination Of 10
cents ana upwards, IN the similitude OF silver
com or SILVER SO alleged with copper or other
metals as to be NIFTY per cent less IN value than
the denomination thereof ana Herewith 20 re-
ueein tne lractioha currency OF the United States
vMheh presented TO the treasurer or Assistant
treasurer oil the United states IN sums OF i've
dollars or upward alter the 3Oth Of June next,
ana on the 18Th day OF December next such irnc-
t0nal paper currency shall not be received by any
oihcer OF the United States, except for redemp
ton' as before provided.
On motion oil Mr.. Butler, the bill was referred
10 the committee on ways ana means. lie moved
70 recohslder the mouon' ana thereupon made a
lengthy speech IN support OF the blll
on motion oil MI Mashburne OF ILL.,, Mr.. But
Ter motion 10 reconsider was laid on the table.
MI Boutwell,, from the committee on judiciary
made report to the elect that the committee in
March, 1857, were directed to examine the memo
RAJ oil EDWARD lArned, with reference to the
Ohi2n racine hailroad eastern division. The
conclusion oil the committee was embodied in the
resolutions unanimously adopted by them on the
-lst oil May, loo'. They had heard the parties
lnd examined the papers, and were of the opin-
on tlat the ilen oil the United States on the said
'0ad was not affected by alleged irregularities or
iieghl proceedings oil the company engaged in
ne construction OF the same. The question raised
y the mehofiallst was Tor the action OF the court
ma not ior the committee. The report was laid
IN tne ta3le ana ordered to be printed.
After the morning hour Mr. Coyode, from the
committee on pubic buildings and grounds, re-
ported concurrent resolution, which was passed,
5lylng the use OF the rotunda and old hall Of
together with other parts Of tho