New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-11
yTJsr CONGRESS-2d SESSION
SENATE WASHINGTON, March TO-
FfsNh - So - -,

Tectns that on 'g than o'clock the calendar for
neca orders il any for that day. including Ie and
ST that the calendar of general orders sham % inS
ceeded with m9 aTs b 10 eject to- leave in place
On me calendar, and this. with molten 70 ppvleced
snSeS, az q, he decided without debate After the miro
auction Of resolutions is competed Iesdered All or
ssS on the previOus day shall be cousucreu @ Cor
d. heretofore made setting apart pa hG The Tenort
certain classes of business are now S'oi''"'O
AR KEEoGG Rep La called up the i Joint TGm TSsSS
nS9 oc in The Bayou Teehe, Louisiana Passed CON
MI TRUMBUL Rep M called up ihe P 70 sO OF
tSaste tng GTIorda After remarks by Messrs IRUA
BULL and G0S t4 Rep p H. called up bill to incor
,ase the National Bolivian Navigation Company he"o
snd Lara over AMENDING TIE HOMESTEAD ACT.
Nj ROSS {ep, Kausas introduced phi ae1 i;os ~
aT s an adjoining farm quantity OF land sufficient 70
make up acres may be granted aSo, J U1b rail
ton for the relief of certain settlers Oh Janus "i La"
''S% PK%Tr sp Indj introduced bin FOR the relief
., "bipSnildeTS and dealers in shipbuding material
Ind TO provide for collection of claims against 90
IIDited states Commissioners and District Courts re
icrred the Committee on the judiciary; Of
The senate then resnnedthe cOnsiucIa'ion0i
THE FUNDING BILL -., A.. .t,h,,,
HOWARD moved to SI S@enS 'hS me bonds
which they already deposited for the new DOnas r liz
p NAV think equitable. The question to which he
called attention was How were the psnks W op nn the
sonds they had deposited We're they TO go no te
market aud other means to purchase up %
nader This act and take them 70 tRe fSed his amend
rent IN order that there might be no question: On
The part Secretary Of the Treasury OF or e
on tie subject and to remedy what he consueeu 10 10
a. r saTRMkN Rep ohio) objected to the amend
Icnt AS superiuous aud intended TO comphcae the Dill
Nj CONRLGNG Rep., n. " argued TO show the ne
seesity OF some clear arrangement by which the dlter
between the old bonds of the banks and the
bonds should be equitably arranged =. !, A.. ,
porJsnce OF funding bl but he would not vote Tor
policy which neither law justice, or equity required lie
Ss4ed 70 IUw their bonds Was really COMPULSORY
and that the difference in the rate OF interest would SUD
iect the banks 10 great injustice. ,
Mr. Towards amendment was then rejected-a division
Government had no right TO diminish the value oil It's oD
Mr sHER R believed ellie the National Banks ought
eheerfuy aid reducing the public debt, ana SAID ne
sd the banks we're asked to yield only cnehaf OF
per interest their bonds, while as return they
would receive bond exempt from income TAX and all
other taxation and mad many pIyiieSGs mot oe!0nglng
also valuable privilege. He thought the interest
Of the banks be promoted by this DILL and could
Nj CoNKLfNG referred to the systematic constraint
under which the National Banks came into existence and
claimed they the representatives OF an agreement
tile other party 10 which was the Government OF the
classes OF bonds three Of which bore interest
the tenforties bearing FIVE The average O0nu whIcn
they were to be required TO substitute bears four and
nall per cent vet the Senator from Ohio (Shermanl
sad that the difference only oneha OF one per cent
His own estimate made the difference II per cent was
thls an honest business Transaction II H. %&J My S
The Government undertake 70 10 luulNluud
bauksi In the former 1t might be called Repuda.
tOn but the reason advanced as against he parks was
power retained by Congress in the National currency
10 alter repeal amend bank charters as ques-
thing the right to do it, We might repudiate the pub
lie debt aud refuse TO pass all appropriations put We
compel, under penalties, parties naying ,9SfS
rights surrender those rights was the execution Of the
reservation TO alter or TO repeal charer 70 %cu ne
had referred In conclusion ne e2pFeSsa I1e hGe o
MI questions touching the NatOha ahkS Houid Ie
sdered separately and that funding Dl would he re-
ported which would be simply that which its name pur
Mr.. SHERMAN made motion for an, evening session,
IN order TO proceed with the BILL when was asreed TO-
Mr. BtCRfYGHAM d,ep Conn., moved to strike ont
The eighth section. requiring the substitution py the
banks OF the new bonds authorized by the bill for the
bonds deposited IN the Treasury.
Mr. SUMNER REP, Mass) asserted the right and duty
81 Congress 10 coerce the banks into taking the new
bonds regarding it essential part Of the work OF
Mr. POMEROY rep. Kansas submitted an amend no nd
banks and providing that as the bonds now heIa ny
the old banks mature, the new bonds shAli dc '"''1
ms RATIFICATION OF TIE AMENDMENTS BY TEXAS
eaton rom Cen Reynolds commanding the department.
a. which Texas forms part ncoslng COPIES OF ne new
&IVth and XVIII amendments and other papers, winch
were referred TO the Judiciary Committee.
The senate then took "A recess
EVENING SESSION.
Several bills of minor importance were passed.
The NICE.PRESIDENT laid before the Senate com
p,nncston from Gen Reynolds OF the Fifth Military Dis
trc containing copy OF ne proceedings OF TIE Texas
Also letter from Tie secretary Of the Treasury asking
appropriations for the Marine Hospital Service. Re
Serred. - 49, .,,
The consideration OF the Funding bill was then re-
Hr CGRfTTT rep. Oregon advocated his amend
Ynont 10 tie eighth section TO leave optional with the
l.,,,ls 10 dcpost the bonds believing that sound
pGGcy dictated that the banks should be treated with
Nj WOPRTII REP Mane) opposed the requirement
upon the banks substitute the new bonds for the old
bonds np0iue inasmuch as the latter were already
placed and 10y disturbing them the currency Of the eOuh
Try might be affected
10 REQUIRE that twohrds Of the bonds DO deposited shall
be OF the per cent instead OF the Onet1Id from each
MT THURMAN Dem. Ohio, referring TO the large
profits Of the National Banks stated that according 10
The reports of the banks taking their own statements
tIcr net profits were and onefourh per cent ana
That they could make legitimatey, larger profits than
could private bankers. The Report OF the COntrOlef OF
Tie Currency showed this He made the statement by
way OF reply the claim that 1t would be hardship 10
force tho banks 10 take four per cent loan
Mr.. CONkLING rep, n " said that neither the ncl'
and local taxation upon the banks had been deducted
from the estimate OF profits lust stated by the senator
He personally Of several country banks where no
Such profits were realized
report Of the Controller OF the Currency IN corroooraon
Of his previous statement.
eighth section that 1t assumed by mere brute force.
20 say banks they shall sell their bonds whereas
moved 10 amend limit the provision TO the banks
whose bonds had become redeemable and as they shall
become Tcdeemablo
Mr. Hamlms amendment was defeated by Yeas, 10;
Mr. BUCKINGHAMs amendment was then rejected
Der several fectual motions to adjourn the Senate
finally at 1890 o'clock adjourned.
HOUSE OF REPRESENTATIVES,.
Mr.. JULIAN (Rep., Ind asked leave to re-
mort from the Committee Public Lands and put upon