Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-12-27
WASHINGTON.
Gsorgia--Grani Indignant--T exaS~
Funding the Debt.
GEORGIA.


1t has transpired that the Georgia
bill had TO be rushed to the President,
by the Senate Committee on Enrolled
Bills, for signature, in such haste that
there was not time enough left to
notify Congress in the usual way. He
approved it the moment it was laid
before him, and sent word to the Sen
ate by Mr.. Thayer of the committee,
who informed that body that he was
requested by the President to inform
the Senate that he had signed 1t.
Georgians say that the Conservative
members of the Legislature of Georgia
will not respond to BullOck's prOcla-
nation, and it will be unable to OBJ
tain a quorum at its meeting on the
18th prOXimO.
Governor Bullock left Washington
on the 9th for Atlanta. He processes
to disbelieve the ruInOr that, owing to
the contemplated resignation Of men,
bers, it viii be impossible to recon-
vene the Georgia Legislature on the
18th of January with quorum. lie
assured q member of the Cabinet, how
ever, that the ratification of the F,t-
teenth Amendment by that Legisla-
ture would be in Washington before
the first OF February.
GRANT INDIGNANT.
The President, in conversation with
Senators, Friday, expressed some
surprise at the rejection Of Mr.. HOar
for Justice Of the Supreme Court, and
stated very positively that he should
not withdraw his name from the Sen
ate, but leave it to confirm or reject
him. Mr.. HOar is absent from Wash
ingtOn, and his views are not known.
TIIETEXAs ELECTION.
It is understood that the President
will sustain Gen. Reynolds order for
an election in the two counties in Tex
as that did not vote in the recent State
election, but leave the military COM
mander to make up the official result
and forward it to Washington ioR
submission TO Congress. The State is
so much in doubt that there is live
~ telegraphic inquiry from members
OF both parties to know what the Otti-
cial action OF the President will be. If
the vote of these counties is counted,
the result. will elect Hamilton, Con-
serYative, for Governor, by about 400
majority; and if it is thrown out, -Da
Wis will be elected by about the same
vote.
FUNDING THE DEBT.
Secretary Boutwell, has prepared a
bill to fuud the public debt substan-
TALLY on the plan proposed in his an
nual report. ii proposes, first, a new
loan nOt exceeding 81, 200, 600, coo, prin-
cipal and interest payable in coin;
second, it fixes the interest at four and
q half per cent, and provides that it
shall be paid to European holders Of
the loan at Paris, London and Frank
fort; third, that the bonds, principal
and interest shall be exempt from tax
alton; fourth, the bonds known as five
twenty bonds shall be received in eX-
change for the new bonds. The reason
that the amount OF the proposed loan
IS limited 10 twelve hundred millions
OF dollars, is based on the belief Of the
Treasurer that it will reduce the bond
ed debt by the purchases Ofbonds dur
iup the present fiscal year to fourteen
hundred and fifty millions Of dollars.
The Secretary deems Is prudent TO
leave outstanding two hundred and
fftv millions of dollars. Since
the loan Vas proposed by the Depart
ment, it has been freely canVassed,
and has been received with more dis
favor than favor. Foreign capitalists
have written that if the exchange Of
hve-twenties is made cumpj;c..iiS5nalr,,v II
viii iniure American credit abroad;
but they have been answered that such
an exchange is not to be made COM
puls0ry. The next interest opposing is
that of the national banks, who seem
to be against banking on a four and
half per cent. bond. a member of
the Senate Finance Committee has
prepared a bill to be introduced in
January, providing for the issue of
gold notes or gold certificates by the
Treasury, Of all denominations, to the
extent Of thirty millions of dollars.
1t is claimed that this would be an
step toward specie pay
ments, without involving any great
risk. The notes are to be redeemable,
at the holders option, in gold, and are
to be used in business transactions.