The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-03-03
CONGRESSIONAL.
WASHINGTON, March 3.
SENATE.

The Senate Joint Resolution author
izing the Northern Pacific Railroad
Company TO issue its bonds for the con-
struction of road, and secure the same
by mortgage, was discussed without &C.
tion until the expiration of the morning
hour.
Mr.. Trumbull, from the Judiciary
committee, reported back the bill rels-
tive to taking the census, and asked its
reference 10 tho committee for revision
of the laws. So ordered.
The funding bill was considered.
Mr.. Sumner argued that the mass of
financial obligations should be promptly
adjusted in some new form at smaller
interest; taxes must be reduced; pay
ment of the national debt must be left
in part to posterity; specie payment
must be provided for. As the bill was
a substitute for tho one he had previ-
ously introduced, he compared them at
considerable length, aud thought that
the committee had not improved the
original bill. He said at the proper
time he should move an amendment.
Mr.. Sumner moved to amend the FIRST
section by increasing the amount of
bonds therein provided for frem $780,
900 900 to S500,000, 900 by providing for
q 10 40 instead Of q 10 20 bond, and also
that the proceeds shall be applied to
the payment of the bonds of 1862, the
first series of bonds, and which, if he
could so express himself, had become
fly blown; he wished to wipe that obi
CATION away.
Mr.. Sherman said the bonds of 1862
were held entirely abroad and he could
not see any advantage to the Govern
ment by redeeming those bonds alone.
Somebody had abused the old 5-20s and
threatened to pay them off in green
backs, and it was because of that insult
on our public credit he supposed the
Senator from Massachusetts now pro.
posed to give holders of them nonopo.
~. He thought the United States
bonds should all stand upon the same
footing and that no good reason can
be shown why D per cent. should be
given holders on the first and only II
to others.
He then proceeded to answer the ar
gument Of Mr.. Sumner relative to the
time within which the debt should be
redeemed. remarking that in negotis'
ting these bonds the correct idea to be
held out to the world was that We did
not intend to abuse the American sys-
tenn of definite payment. He said we
had agreed in the act of 1862 to apply
one per cent. per annum to the payment
of the public debt that this provision had
been observed heretofore, bst that this
bill furnished the means of organizing o
sinking fund. He recognized the force
of the objection to the employment of
foreign agents, but he believed that
this was oyershadowed by the greater
advantage of placing our debt at q
lower rate of interest.
Mr.. Morton said We did not wish to
issue bond that would DO rejected or
prove failure. He therefore inquired
whether the Senators from Ohio and
Massachusetts, had any evidence that
four per cent bonds issued by any Gov
eminent had ever been sold for more
than eighty four cents on the dollar.
Mr.. Sumner said he did not know of
any four per cent bonds ever being put
upon the market st par.
Mr.. Sherman said he believed four
per cent bonds had been put out at par
by Switzerland.
Mr.. Chandler said the proposition of
Mr.. Sumner, to take from the bonds &C.