Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-03
xLIst CORGRESS---2d SESSION.

WASHINGTON, March 2.-H0uss.-
Mr.. Julian, from the Committee on
Public Lands, reported a bill relieving
from the payment of fees, under the
homestead law, discharged soldiers
and sailors. Passed.
Mr. Cox, rising to a personal eXpla-
nation, referred TO an editorial in the
New York Herald, and said he had
made no cadet appointment; did not
know he had any 10 make, and when
be had one to make he would make it
in his own district.
Mr.. IngersOl, from Committee on
Roads and Canals, reported a bill
granting lands and the right of way
for a railroad from st. Joseph, No,
to Little Rock, Ark.
Mr.. Williams offered an amend
ment reserving the right of the Gov
eminent to fix the rate Of freight and
passenger fares.
Mr.. Ingersoll said he had no objec-
tiOn.
Mr.. Julian offered an amendment
limiting the price at which the lands
should be sold to 81 30 per acre.
Mr.. Ingers0ll said that he had no
objection 60 that either.
Mr.. Halum moved to lay the bill
on the table, which was negatived by
yeas %, nays 81; and Mr.. Williams
amendment was then agreed to. And
the morning hour expiring, the bill
went over until the next morning
hour.
The House then went into a Com.
mittee Of the Whole on the Judicial
Appropriation bill.
lSeRats.-Mr. Wilson introduced q
resolution asking the President for
full information relative to the Afri-
can slave trade, and whether cur flag
has been used 10 protect the traders.
The joint resolution authorizing the
Northern Pacific Railroad Company
to issue its bonds for the construction
OF the road, and secure the same by
mortgage, was discussed without ac-
tiOn until the expiration of the morn
ing hour.
Mr.. Trumbull, from the Judiciary
Committee reported a bill relative to
taking the census, and asked its refer
enee to the. Committee on the Revis-
ion Of Laws, and it was so ordered.
The Funding bill was then cOnsid-
cred, and Mr.. Sumner argued thatthe
mass of financial obligations should
be promptly adjusted in some new
form, at smaller interest; taxes must
be reduced, the payment of the Ma
tiOnal debt must be left, in part, to
pOsterity, and specie payment must
be provided for; and, as this bill was
a substitute for one he had previously
introduced, he compared them at some
length, and thought that the commit
tee had not improved upon the origi
nal bill.
Mr.. Buckingham suggested the re-
quirement Of the investment Of all the
trust funds hereafter created under the
national authority in United States
Banks, believing that this would create
a home market for our securities. He
also proposed to allow the Banks to
deposit as securities, for the redemp-
tion of their notes, any description of
United States bonds.
Mr.. SumDer moved to amend the
hrst section by increasing the amount
of bonds therein provided for from
four to five hundred millions; for pro-
viding for a 1910 instead Of a 1920
bond, and also that the proceeds shall
be applied to the payment Of the
bonds of 1862 1.-THE first series of bOnds), !
and which, if he could so express him |
self, had become fy-blOWn," =" and he
wished to wipe that obligation away.
Mr.. Sherman said the bonds of 1852
were held entirely abroad, and he
could not see the advantage to the
of redeeming those bonds
alone. Somebody had abused the old 1
5-2Os and threatened to pay them off
in greenbacks, and il was because Of /
that insult on our public credit, he
supposed, that the Senator from Mas
now proposes to give the
holders of them a monopoly. He
thought the bonds of the United
States should all stand upon the
reason could be shown. why five per
cent. should be given the holders on
the first, and only four and half per
cent. upon the others. He then pro-
eeeded to answer the argument Of
Sumner relative to the time within
which the debt should be reduced, re-
that in negotiating these
bonds the correct idea to he held out
to the world was that We did not in
tend to abandon our system Of a
definite payment. He said we
had agreed in the act of 1862
to apply one per centum per annum
to the payment Of the public debt,
and that this provision had been OBJ
served heretofore, but that this bill fur
nished the means of organizing q
sinking fund. He recognized the
force Of the obligation and the en-
ployment Of foreign agents, but be-
lisySa this was svsrshad0wed BY the