New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-01-13
yLIgr CONGRESS-2D SESSION.
SENATE. WASHINGTON, Jan. II. 1870
,,. ,,op,r Ann THE PIFTPENTH AMENDMENT.

80 Amendment lie said he thus discharged ais
tasteful duty ndreRreed that record SO The
sbond have come from the State OF New'noIh.
yroper time he would show how little such P0'
deserved consideration OF the Senate class steam
Petitions were presented for line OF
ships between Norfolk, New-YoI ard inc hooi
ports nRAKE n2en. MOL offered a resolution which
was laid on the table. that Indian ueaueS Sn''1 ~
Mr fRAMgEY Rep, MINI introduced ban granting s
lands TO aid IN the construction OF IaiU s strict
western boundary of Minnesota to the WINNIPEG
OF bri'iSn |ol rTMnSSo THE NATIONAL DEBT:
Mr. sTrNTNIF REP Mass) introduced the loho"iHb
BI to authorize Is .'s ID, ..ss specie '
DeeS 70 ei I've % rSed bv Sna and Hou Of RrsS0s"s,
In CNgr a.se@ 5co tbe interest Secretary the
Be Is hereby g,s'' 5sS 10 ' Of such
Is BE- ma q S sd'n P at Il: pleasure Of the
zine s so.t ten sai y'i SeuSs so iHtersss At
per- per Ii. bond, thu. uthorI disposed Of the dsGrs
IN cor H. S,crs,ar under such regulations he shall prescribe either
Uud states Or tSsfTs D T' cfSe sadus bonds
equal gres,s value heretofore us] SRSsf NO other pur
p sp S the Tressry the redemption Of 'ao 81
Of coin " Ts, have been 9s ssry The Treasury
BE- sSd hereby authorized 70 issue on Tie ersa1 81 I m h @
SoTvon not be think proper ,edetasof
con ~ % @ a. 50 yesTs & date bearing interest not exceeding
u per PAYABLE sem aapaSy ~ ON a,io%.s
che Seresry prescribe ia the United states or az
s Of Tie GOyeumeut bearing higher rate Of -,
s 5s,. ~ ~, Tsaf to he 0 for the redemption Of such obgs
tie u issue mas be 81 may beeo%s , s
'91 oI0 ga Il fr sd That the secretary Of hs fsa
BE- and be hereby % sod1on l ,sh bonds
sou rot less than 80 as BE- s'y Nm os the Government any
after 20 and PAYABLE 10 com a. ~ 5e semi suusy
10 cola bois be disposed At The aTspSs % tisI
~ oe for eor for national bank notes or
.'io9s 'S S, OF .y BE ts nav be outstanding At the
date Of issue Of snh bonds Ana T. tae .P'on 1S Of oar
p cent bonds Tor Of the purposes herein or hereinafter = nan
ne srr-ste debt Of toe Uu;ed Of any issues
SEG md 5. -r erai That the bonds ,qhoTi'Sa BY 'hi,
municipal authority. shall be any tax upoO' OF abatement
SIC And Gs Jprr oa That the present limit Of 500
10000 the e5esaie amount aes o. et1a,ns no T soBt
Issued and 10 e issued ma. amount 70 ~, & he =, distributed
Demanded give each state and Territory It's Just PopoIt@
20 az he IS ss nv tbs acts TTordei Tat for each
po,ons s u ] us5er The provisions Of this act there
be withdrawn eanced dollar Of legal tender issues
Ind u rtr acsd That the Secretary Of ine ress
nv s oure Nsons Banks to whom NAV be awarded any p't
oh; 'dS5a s 5SsgS iSeG Of sS, 9eb ros
With the Treasurer Of the United States ear o such ereuaGn
s IN H. PROPORTION Of not les than Of every
S SS9 Of 'Ils n 8s HsI5s Banks Gbon
ALREADY deposited wish the Treasurer o. lne SHtea R %
tseoou Of this act to an amount not less esn S o. os
erei exclusive Of such amounts ss have been Cancelled
GSea states te new bonds required By t, within TIRE,
se' having been POsea b. the Sse 6 1ef T ~ s 5
delinquency to retain from the interest as It n become
pot Sb him as security circulating much Of such interest
Of p b per ssi h he sI1s OF he s n
UOd States; and all claims thereto 90 ae part OF suen
banks shall ard determine from that GATE ana TIE
delivered to be delivered to any 9,Af & ne oi f
sFS In3 BE- 4 further eua-,d That premium
tay Of the Treasury 70 give PUBLIC notice nav tS Nj ib
amer custom duties and the Interest on the issues
lnoWn as per galuder certificates shall cease from and
after the date OF such notice. a1u an leI 70
received shall not sgsn be ge p9s shi IT n s IsSfa
Sasnt creates declares the issues Of the United States
SScS repeal to the M Of JAnuay 1871
printing Attsstauon sealing sning ahd as may Dc sp
exceeding Que per the amount Of bonds issued under tins act is
hereby appropriated pay toe Of preparing and issuing the
iasr esaa That al sets or parts Of acts inoOn
Mr. SUMNER said have already during this session
Sonn DTooTto TO the new bank notes issued thus
Drenarnc the way for specie payments The more
aect upon simple proposition the more am satisfied
0uetoDaby simple But does not pretend to deal with
Inc who'll financial problem. The bill which now intro.
nce is more comprehensive In character. While embody'
ing the original proposition Of substituting bank notes for
greenbacks provides for the refnndnR ana eonsoda
TON of the national debt such way as TO make 1t easy
70 bear while it brings the existing currency to par
In having this object there are two things
which must be forgotten first, the preservation of
the national credit and secondly the reduction OF exist
ing taxation. Happily there Is unlNeIsu preNaHlhg
sentiment for the national credit showing itsef IN q
Axed determination that 1t shall be maintained at all
hazards Nobody exaggerate the value OF this deter
mnation which Is the cornerstone OF financial recon-
etructOn On the reduction OF taxation there at pre-
sent more difference OF opinion; but cannot doubt that
here, too there Will be speedy harmony. The country
is uneasy under the heavy G9Tden. MIIngiy gsqy,
public in peril but now there 10 yeaInlng Tor reei
War taxes should not be peace a6e SsS S3 a 5g az
neuentO war; while business hats IN chains, and life
The national credit being safe relief from the pressure
Of existing taxation is the first practical object in our
finances But so entirely natural and consistent Is THIS
object that II harmonzes with all other proper ooJects
especially with the rounding OF the national debt and
with specie payments 1t only remains to find the proper
machinery process And here we encounter the prop
oons OF Secretary OF tho Treasury in his annual
To faod $4,000 900 Of 1r per twenty
per and twenty-five
To make our exports equal imports
To DO thee before any attempt reduce taxation
Cousderipg these propositions with the best attention
could give them, have been impressed by their In
adequacy a system at the present moment cannot
easily consent TO the postpODement which they imply
They hand the future what wish TO see accom-
ished at once. and what cannot doubt with firm viii
can be accomplished at an early Gay. LOOKING az tnIs
question the light OF business, am driven 10 tne con
cusiOn twelve hundred millions Of six per cents can
not be refunded either now or hereafter I'D OuI OF
and half per cents without Offering compensation IN an
additional running period Of the bonds, which Is not
found IN the Fifteen.Twentes In the Twenty five
Thrtes, proposed by the Secretary Win SUCH bonds
there would be practical difficulty In the way OF any
such refundng any considerable amount from the ina
bility command sufficient amount OF coin under the
"OptOn Of cOin" which must accompany the oher nor
Is there any fund applicable 70 the purchase OF coin In
open market were such course Desirable obviously
induce the voluntary REIMBURSEMENT OF bonds at gh
rate of interest other bonds at less rate the holders
must be offered something preferable 10 the coin Ten
Tho time mas passed when holders can be menaced with
payment In greeDbacks Whatever we 40 must DC zone