The New York herald., 1870-01-13
FORTY-FIRST CONGRESS.
Second Session.
SENATE.
WASHINGTON. Jan. II, 1870.


NEW YORK LEGISLATURE.
Mr.. CoNELING, (repl OF N. Y, presented the reso-
lut0ns OF the Legislature OF New York Withdrawing
the assent OF that State to the ratification OF the
fifteenth amendment. He said ne thus discharged Q
distasteiu duty, and regretted that record so Ill
ADVISED should have come from the State of New
York. AT the proper time he would show how little
such proceeding deserved the consideration OF the
senate.
NEW YORK AND EUROPEAN STEAMSHIP LINE.
Petitions were presented for line OF first class
steamships between Norfolk, New York and the
Mediterranean ports.
INDIAN TREATIES.
MT; DRAKE, (rep.l OF Mo-, offered resolution.
which was laid on the table, that Indian treaties
snail be considered In open session.
MR. SUMMERS BILL FOR FUNDING THE PUBLIC DEBT
AND TO ESTABLISH SPECIE PAYMENTS.
Mr.. SUMNER, (rep.) OF Mass, introduced the fol-
lowing bill to authorize the relundlng and conso-
lidatton OF the national debt, to extend banking
1aclites ana to establish specie payments:-
sEorIos by Senate and House OF Repre-
funding Of tho United States and reducing the ine-
o on the % e Td
aas Il he
bearing syasSS ss
% per the Ssnf .9 ss
of At the discretion Of the Secretary, under such
JSsd States elsewhere not their par
exchanged
9
much thereof disposed eon $
such SIX cent as may not be oerea IN
exchange or 70 replace such amount OF coin may
SEQ. a. And be il further enacted, That the Secretary
on ae credit Of the STATES. eoap"ns op
registered bonds to the amount Of $500 0oo0 of such
s ss SSsG The he
mt
9gr @ ann one half Fer cent per snnum payable semann
disposed Of under such regulations the Secretary pre-
serbe in the United states elsewhere at than
outstanding obligations OF the government bearing higher
ns be Der Se S2nd 10 Se
for the redemption of such obligations by of
place such coin have been used iorhs purpose
credit Of the United States, from time time coupon or
dollars ~ ,e may tIns proper 70 as q
e re- a. The s
from date and bearing interest at the rate Of four per ce
Sa ar safn
the Sn'ia ssis not ups
e ssssssa Of Whatever s
% IN so % s e a 4s IL he Of
is thought advisable to issue larger amount Of four
BY s
this act such % further Re hereby
any issues authorized by this
SEC Aud be II further enacted That the bonds autho-
ss y a sa a @ BE- s1sIp @ FL y
be upon or abatement from the interest income
SEC And be further enacted That tho present limit Of
s the ss na Of ssnss Of circulating
endedo that the aggregate amount issued and to
s.ae hereby aathorzea shall 20 dbatod @s hs
maadsd a to give to each State at and Territory It's Just
population subject to all the provisions OF law authorizing
BY this provided that for each dollar additional cur.
issued under the provisions Of this act there shall
be oon h
notes authorized By the i,h section OF this act 70 deposit
o. the United States security FOR such CIRCULATION
Sspen taa
bonds each and every eighty dollars of
existing national banks tuition Of the bonds already
deposited with the Treasurer OF the United States security
by third section Of this act to an amount not
has may hereafter be banks excu
ave Of such aoans ss as have been cancelled ca, and
United States the new bonds required by this act within
the Treasury Of his readiness deliver such bonds,
be the duty Of the Treasurer SO long such delinquency
payable the bonds belonging to such deinquent
50 much of such interest as shall be- n es, Excess.
OF -four per cent per annam .a1, on the amount
to the credit Of the sinking the United States and ali
1n s rom % al ss sn
currency Srs delivered any shall il no
posted win treasurer security therefor N' -
o ss s ~. Ta csn v re
duty Of the q the to give public notice
Issues Of the government will thereafter be received par
for custom duties and the nsrss on the known
and after the date OF such notice; and all such
b. uttered but Shall forthwith be cancelled and desrsyea
And much Of the act OF February 2 1852 and ali
United States other than coin legal tender be and the
M sy sn to take on and after
SEQ And be further enacted That all the provisions
dies and paper and the printing asstaon, sealing, sign
Ing and connteraeas as may be applicable shall apply
per of the amount Of bonds issued under this
suing thap same and dsposing thereof
And be it further enacted, That all acts parts Of
inconsistent with this act be and the same hereby
.Mr. Si,aNER-r have already during this session
introduced bill providing Tor the extension OF the
national banking system and the withdrawal OF
greenbacks in proportion to the new bank notes
Issued thus preparing the way for specie payments
Fntt Ft n6re reject upon this simple proposition the
more am satlshed Of les value. !! promises 70 ~
as s dsa dnsaq4ss94asy Se naaaa gSt i
problem. The bill which now Introduce Is more
Comprehensive IN character. Whllc ernbodying the
original proposition OF substituting Dank notes
| for greenDacAs, 1t provides for the reminding
| and consolidation OF the national deDt In sucn
way as to make IL easy 10 bear, while II brings the
existing currency 10 par Will cOlH III Maklllg
tDis attempt am moved by the desire to do some
thing Tor the business interests OF the country, which
| suffer inconceivaby nom the derangement OF the
currency. Whether al home or abroad IL Is the same.
| AT home values uncertain: abroad commerce IL
disturbed and OF gear Political reconstruction
Ii not enough. There must be financial recolstruc-
| tion also. The peace which we covet must enter
into our finances. The reconciliation which we long
ior the disordered business OF the cou-
try. In any measure having this object there are
two things which must not be forgotten:-Firsr, the
preservation OF the national credit, and secondly
| the reduction Of existing taxation. Happily there
Il universal plevaiiin4 sentiment lor the national
credit showing i5seli III fixed determination that
| IL Shall be maintained at all hazards NOBODY can
! exaggerate the value of this determination, which
Is the cornerstone Of financial reconstruction. On
the reduction or taxation there Is at present more
difference oil opinion: but cannot doubt that mere
! TOO there VIII be speedy harmony. The country Is
| uneasy under the heavy burden Willingly, gladly,
patrioticaiy It submitted to this burden while the re-
| public was IN peril but now there Is q yearning for
relief war taxes should not be peace taxes and so
long as the present system continues there Is con-
| slant and painful mementO OF war, while business
| hal s In chains and life bends under the load. The
national credit being safe, relief the pressure
OF existing taxation Is the first practical OBJECT IN
our finances But so entirely natural and consistent
! h this object that 1t harmonlzes with all other