Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-04
CONGRESSIONAL.
SENATE.

SENATE
WASHINGTON, March 3.-Mr. Trumbul
called up the bill to change the Judicial
Circuits. The Senate committee amend.
ments defining the limits of circuits were
agreed to.
The Residence OF Supreme Judges.
Amendments requiring Justices of the
| Supreme Courts residences to be in their
respective circuits, and that a vacancy
| shall be filed by a resident of the circuit,
but permitting Chief Justice to reside in
any circuit to which he may be attached
without change of residence was discussed
until the morning hour expired.
National BoIivian-New York and
Scandinavia.
Mr.. Chandler from the Committee on
Commerce, reported with an amendment a
bill to incorporate the National Bolivian
Navigation Company, also, adversely the
bill to provide for the American Line of
Emigrant Passenger Steamers between
New York, scandinavian and German
ports.
The Funding BILL
At ii o'clock the consideration of the
funding bill was resumed.
Mr.. Morrill,, of Vermont, addressed the
Senate on the impolicy of issuing any loan
at less than five per cent, asserting his
belief that at the proposed rate, it could
not be negotiated either among our own
people or abroad. The plan was objec-
tionable in so far as national banks were
so badly treated in consequence of which
the charters of many of them might be
thrown up and the bonds offered in markets,
to the detriment of national credit and at a
time when the credit of the United States
should be supported by the bonds main
tanning liberal price.
Mr.. Morton argued that in order to Sc
cure advantages to follow from long bonds
the right of redemption within a short
time must be left out He favored the
offering of long bonds to the amount of
one million, which should not be redeema-
BILE in less than thirty years, with the
privilege of using any surplus money in
the meantime in buying it up as we are
doing.
The provisions for the substitution of
bonds he considers of no practical benefit,
because banks were required to take the
bond bearing lower rate of interest; the
tax would have to be reduced, and thus the
loss and gain would be commensurate. The
best that could now be done with National
Banks was to compel them to loan their
money cheaply, and thereby keep down
the rates of other money lenders.
A comparison of the eighth and tenth
sections made more apparent dis
crepancy in the bill by which some banks
to be credited were authorized to bank K
clusively upon four per cent bonds, and
others were required to have equal guam
titles of four and half and four per
cent, while each received same per cent Of
currency.
The 9th section was Questionable in
making difference of ten per cent in favor
of the old as against the new banks. The
bill would inevitably and certainly resultin
a contraction of a currency to which
the whole nation, particularly the West
and South, are opposed. The third section
authorizes the funding of greenoacks into
four per cent bonds, and then provides
that the aggregate debt should not be in
creased, and prohibiting the Secretary from
paying out these greenbacks for the cur
rent expenses of the country.
He was willing to award to the Secretary
of the Treasury the credit due him for
what he had done, and he had done much
for the finances But we might reasonably
guess what are his views on the subject of
contraction, and it was very questionable
whether all sections should leave their in
terests in the hands of one man, however
pure he might be.
In reply to reference by Mr.. Casserly to
the peculiarly in the issue of English con-
suls, Mr.. Morton cited the fact that, Ike
wine, securities improved by age. This
was applicable to our bonds as new secu-
rites. In conclusion he expressed him
self DESTROYS of voting for funding bill of
some kind, but he preferred, if possible,
a practical measure by unanimous consent.
Amendment Nv.
Mr.. Terry introduced a resolution direct
ing the Secretary of State to inform the
Senate what States had ratified the fifteenth
amendment and transmitted the notice
thereof to the State Department, also, from
time to time as any State may ratify the
same, to communicate it to the Senate.
Adopted
Mastery Inactivity Suggested.
Mr.. Cameron favored the policy of mac
ton by Congress in regard to finances. His
motion TO postpone was rejected.
Mr. Summers amendment was modified
so as to apply the proceeds of the sale of
new bonds to the payment of 5-2Os of 1866.
Lost.
MIR. Sumner offered a further amend
ment that first section Of said bond pro-
vided for should be a 1910 instead of
1920 bond, and gave notice that he would
propose to extend per cent loan to 10
years and per cent to 60 years.
Mr. Sherman assented to the amend
ment, regarding it not very material, when
by unanimous consent it was SO amended.
Mr. Sumner then moved to amend by
increasing the aggregate amour. of new
3 per cent bonds from four to five hundred
million. which was lost--1j TO %.