The Portland daily press., 1869-03-01
XLth CONGRESS Third Session.
SENATE.

SENATE.
WASHINGTON, Feb. 27-Mr Fessenden pre-
sented Mr.. Hamlin's credentials.
Mr.. Howard called up the joint resolution to
insure the more effectual completion of the Pa
cific Railroad, by Withholding government
bonds till certain conditions are complied with
After brief discussion the consideration of
1t was postponed.
The bill to strengthen the public credit was
then taken up.
Mr.. Davis proposed a substitute and advo-
Gated it.
The following is Mr.. Davis's substitute: Pro-
viding that the government obligations shall
lie paid in coin at their value in gold and silver
at the time they were issued; that interest up
on them shall be reduced to 41-2 pc. cent, and
that excess of interest above that rate already
paid, which shall have been paid by the 1st of
July, 1869, shall be applied in satisfaction of a
portion of the principal.
EVENING SESSION.
Mr.. Wilson introduced bill for the more
equal distribution of the National banking
capital. 1t allows $400 00OOO,OO0 National bank
notes, and provides for the withdrawal of
$100O00O00 greenbacks.
Mr.. Sherman offered resolution to author
ize the recognition of Cuba and authorizing
the President, whenever in his opinion Cuba
shall have established an independent govern
ment de facto according to the laws of nations,
to recognize her independence Referred to
the Committee on Foreign Affairs.
The Senate then resumed the consideration
of the bill to strengthen the public credit
Mr.. Doolittle spoke in opposition to the bill.
Mr.. Morton could consent to only one sec
ton of the pending bill, viz: the declaration
that all past obligations of the government
should be paid in coin. The first duty Of Con-
gress under this bill if adopted would be to
provide for the immediate payment of the
greenbacks. If he could vote for that portion
of the bill alone he would be inclined to do SO,
but he would not vote for the section of which
it was part because the other portion of that
section would put on the law under which the
fve-twenties were issued construction which
he believed to be wrong. He regarded the bill
as a new bull movement intended to effect the
present price of bonds for speculative purposes
and could have no possible effect upon the
final determination as to whether bonds should
be paid in coin or paper. II when the bonds
become due the country should have resumed
specie payment, they as matter OF course
would be paid in specie, but if on the other
hand specie payments were not then resumed,
the government could not If it would get the
coin with which to pay them The bill would
then be powerless to effect the future
Mr.. Sherman defended the action of the FL
nance Committee from the extraordinary at
tack of the Senator from Indiana Ever sinca
the Committee had failed to see the merits of
the Finance bill, that Senator had found fault
with their work. The Senator thought the
Finance bill dead, and thought perhaps that he
had killed it, but he (Sherman) would tell the
Senator that the funding bill contained one
section of it, and before twelve months all Of
its provisions would be part of the law OF the
land.
Mr.. Morton protested against the charge that
his opposition to the schemes OF .the Finance
Committee was inspired by personal conslder.
ations. He had not claimed to have killed the
Committees bill, but merely said it had died
natural death, and nobody could dispute tne
Mr.. Sherman-I dispute it. 1t is not dead
but llyeth, and it will become the law of the
land.
After further discussion an amendment Of
Tered by Mr.. Henderson to the first section was
rejected, and the bill passed-yeas 80, nays 16.
~ IN motion of Mr.. Sherman the title of the
bill was changed.
Inc loiiowing is the bill as passed.
AN act relating to the public debt Be il
ehaS'eo, Inae IN order to remove any doubt as
to the purpose of the government to DISCHARGE
all its just obligations to the public creditors
and settle connicting questions and internre-
tations of the laws by which such ohl;oetions
have been contracted, 1t is hereby nrouJaJ
and declared that the faith of the United States
is solemnly pledged to the payment in coin oT
its equivalent of all the obligations Of the
United States except in cases where the law
authorizing the issue of any such obligations
has EXPIRE ssly provided that the same may be
paid in lawful money or other currency thar
gold or silver.