The New York herald., 1870-03-11

WASHINGTON, march IL, 1870.
OPEN SESSIONS FOR CONSIDERATION or TREATIES.
MIR. FERRY, (rcp.) Of Conn.,. offered a resolution
providing for the consideration in open session OF
treaties for annexation to the United States OF the
entire dommions OF any foreign Power. Laid over
until tomorrow.
BILLS INTRODUCED
Mr. Ross, trep.) OF Kan, introduced bil amend
atory OF the Homestead act providing tnst appli-
cations to enter ss an adjoining farm a quantity or
land sufficient to make up l6o may be granted
also joint resolution for the relief or certain set
tlera on lands within railroad Withdrawals.
Mr.. PRATT, trep.i OF Iad, introduced Dill for the
relief Of snipbullders and dealers sbipbuilding
materials and TO provide for the collection CLAIMS
against domestic ships and vessels. IL relates to
the jurisdiction OF United States COMMISSIONER and
Judiciary.
THE FUNDING BILL.
The Funding bill was then proceeded with
Mr.. HowAED, rep, Of Mich, moved to amend the
eighth section so ds to authorize the banks To 20 10
have already deposited for the new bonds provided
for by this bill such terms the Secretary OF the
Treasury may think equitable.
MIR. HAMLIN, (rep.) OF Me-, said he appreciated the
Importance OF d Funding bill but he would not vote
for measure which sought to the banks into
line OF policy which neither law, Justice nor equity
required. He argued 10 stow that the proposed per-
mission to the banks to exchange their bonds was
really compulsory, and tnat the diiierence In the
rate OF interest would subject the banks To great In
justice.
Mr. Howard's amendment was then rejected, a
Mr.. BUCKINGHAM, uep) of Conn, claimed that the
government had no right TO diminish the value OF
Its obligations ana compel the banks to take them.
MI. SHERMAN, lrepJ OF ONO. believed the national
banks ought cheerfuly to aid In reducing the public
debt, ana said he haa not expected any complain:
from that quarter. lie said the banks were asked
to yield only one-half OF enc per cent interest on
their bonds, while as a return they would receive
bond exempt from income tax and all other Taxa
ton, and had many privileges not belonging to the
ten-fortes The monopoly OF issuing paper money
was also valuable privilege. lie thought the In
and could not see any reason for them 10 complain.
Mr CoNEliSG, irepa OF Y referred TO tne sys-
came Into existence, and claimed .ney were
the representatives OF an agreement, The other
United states. These banks were the possessOrs or
loar classes OF bonds three OF when bore SIX per
cent interest, the ten forties bearing nye. The
average BOND which they were 20 be required to sub.
stitute bears four ana half per cent. Then how
dd the Senator from Ono tMr. 5hcrmani make 1t
out tnat the difference was only 0ne-haf oil one per
cent? HIS own estimate made the difference one
and half per cent. Was this an honest b1slness
transaction? II it was why did not the government
undertake to say to individual holders 0l Its BONDS
chat which It proposed to say TO the banks7 In the
former IT might be called repudiatoD, but the
reason advanced as against tie banks was The power
retained by Congress IN the National Currency act
to alter, repeal or amend bank charters AS ques
ton OF power distinguishing between the power 10
do thing and the rgiltto DO Is we might repudiaJe
the pubic debt and refuse TO pass all appropra-
tions, but We would have no right to do that
lie denied that the provision to compel under penal
tes parties having vested rights TO surrender those
rights was the execution OF the reservation to alter
or TO repeat charter to which he had referred In
conclusion, he expressed the hope that all questions
touching the national banks would pe Considered
separately and that Funding bill woud be reported
which would be simply that which its name pur-
ported.
air. BUCKINGHAM moved 10 strike out the eighth
section requiring the Substitution by tue banks OF The
new bonds authorized by the bill for the bonas now
deposited IN the Treasury.
Mr.. CAssEkLY, tuem.t ot Cal, Favored an entire
reform IN the national banking systep believing
remedy was demanded by tue people or The country
by winch The burdens OF the system would be re-
moved. lie expressed himself desrous OF compel
ling the banks 10 pay % large proportion or thsir
enormous profits To the government Regarding
them as burdens upon the people he woald welcome
any controversy the probable effect of which would
be TO bring tue interests or the banks into direct an-
tagorisin with the pocy OF the government. His
only objection TO the eighth section los extreme
moderation In reference 10 the oanks.
Mr. SUMNER, rep OF Mass, asserted the right
ing she new bonds regarding it as an essential part
OF the work OF financial reconstruction
Mr.. PoaEaoY, (rer.i OF KAN, submitted an amend
mcnt 10 restrict the operation OF the eighth section
to the now banks, and providing thai rs the bonds
now held by the old banks mature the new bonds
shall be substituted.
THE TEXAS CONSTITUTION
The VICE PRESIDENT laid before the Senate COM
munlcauon from General Reynolds, commanding
the department OF which Texas forms par., en-
closing copies OF the new constitution or that State,
the ratification OF the thirteenth, fourteenth aud
fifteenth amendments and Other papers, which were
referred To the Judiciary Committee
The senate then, at halr-past four O'Clock took
recess Till na!Ipas seven O'Clock this eveGlng.
Evcning Session.
Several bills OF minor importance were passed.
The VICE PRESIDENT laid before the Senate com.
muncation from General Reynolds OF the Filth MIL
itary District, contaiLing copy OF the proceedings
oil the Texas LegHAaturc IN tue election OF United
STATES Senators. Referred TO the Judiciary Com
mittee.
Also q letter from the Secretary OF the Treasury
asking an appropriation OF 100000 70 supply te
lssacI " s sppyqpr'ataA4 for tna MARINE eabkital