Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1870-03-16
Our Washington Letter.
WASHINGTON, d. C., March IA, 1870.

MtSSf4. LdfOFs Inc oendte, ON Iiluhg wv
ming last, after protracted discussion, and the
defeat Of various amendments, finally, by vote
of % to 10, passed the bill to fund the public
debt, almost as it originally came from the FL
nance Committee No more important measure
has been before Congress during the session, and
it has occupied much Of the time Of the Senate
and received the careful consideration Of the best
minds therein As passed it authorizes the Sec
rotary Of the Treasury to issue coupon or regis
tered bonds, to nm amount not exceeding $780,
600 600 rcdcemabe in ten years, and payable in
forty years from date, and bearing interest at the
rate Of five per cent. payable somi-annually in
coin Another section authorizes the issue Of
another series of bonds Of s 400 600 900, redeem
able in fifteen years, and payable in forty years
from date, and bearing interest at the rate Of
four aud half per cent. payable semiannually
in coin. third section authorizes a further
issue Of like sum Of $500, 200 900, redeemable
| in twenty and payable in forty years from date,
and bearing interest at the rate Of four per cent.
| per annum. These bonds are all payable in coin
| or in other S. bonds, and with the income there
| Of are exempted from taxation either under Ma
/ tional State or municipal authority. They are 20
be disposed Of by the Secretary of the Treasury,
under such regulations as he may prescribe, at
not less than their par value in coin, or they may
be exchanged for any of the present. outstanding
bonds OF the Government, Of an equal aggregate
par value. The proceeds Of such as may be dis
posed Of for coin, is to be placed in the Treasury
10 be used for the redemption Of such of the six
per cent bonds at par, rs may be offered for re-
dempton. The section to pay the interest to
foreign holders in foreign countries, was stricken
out, and both principal and interest is made pay
able in this country only The Secretary Of the
Treasury is authorized 20 appoint agents in this
country and in Europe 10 dispose Of the loan
and a sum not exceeding onc-half Of one per cent
IS appropriated to defray the expense of the same
It is also provided that and after the first day
of October, 1870, registered bonds Of any denom-
naton not less than 81 900 shall be deposited
with the Treasurer Of the United States as secu-
rity for notes issued to National Banking asso
Citations for circulation, IN place Of the bonds now
deposited bearing higher rates of interest.
While the bill was pending in the Senate, O
tremendous pressure was brought to bear by th'
National Banks to secure the rejection OF the last
named section, which resulted in a modification
which requires all new banks to deposit the new
bonds and all existing banks to exchange the ex
stng bonds for the new as fast as the existing
six per cent. bonds become payable.
This important measure has been so fully dis
cussed in the Senate and by the press, that it i
, probable that it will pass the House withou
much delay or opposition Its effect will be t
redeem twelve hundred millions Of the Nat0na
debt which at present pays six per cent, an'
seven and three-t enths per cent. interest; by sub
shutting therefor bonds having a much longe
] time to run, and paying much lower rate OF IN
tcre-t This will save several millions Of dollar
per annum in our interest account, and sensibl
tighten the burden OF the National debt.
There has been no new developments durin
the past week by the Committee charged with in
yestigatiug the sale Of cadetships Mr.. White
! more of South Carolina, who resigned to escap
+ expulsion, is at home attempting to secure his re
! election. Ii is reported here that the colorod yc
ters in his district well as those in the distric
e lately represented by Deweese of North Carolina
, have determined to elect a candidate Of their ow
race as SUCCESSORS to those gentlemen, in order t
secure the appointment of coorei boys from thos
! districts to West Point and Annapolis. Thi
programme, if carried out, will be likely to Great
, a lively stir in both these highly conservative an
o.aso 5oaro,;g,, i,e'an,o a to ,norlo,oL
= value Of appointments thereto.
? General Butler, who delights in hadng Of
,,,s,',,,.l 1t. h,. oIro,1,. i,,,',,,,r, B.,
Il H.. ~. ,,a,;,.ir,,a ,Igr,J L7, G.,,
B, S,I.n, Nt,gs,c,,,,gotts To,ico II, t,o r,dic
s 80 ~ CharI,s s,,,,,r wa, a.. a ,,l.t
w., Nm Ma b,, l. no s,n 81 , c,ior,
Nh, Iifa d,,.in,, -
,.,.ni,a al 4. LA D, lo a., ,,,,,,.,,ll,, ,,o.
-.
MAJ +, be far behind commemorative. Prose-
rror, tho Nosbyilo district Tannes.e. has 4,
str,ctoI tbo boods If tbo colorol. soh.oIs in Nos
d Vim, t,,,t cro ,,r,,,,oto 1.-Two ,,,,,,
tho col,red s,bol,r. and will ,iye MI. o,,oir
mont IN w. pint D., tho col1ro1 L,,, re,,,r,,
" A. rossir,, tI,o beyt ,,vor,in,ti,n
l. F,uo,,in,, in tho s,,oo diro.ti,n Han Ri,b,,
e G. NcCcrmicl delegate from Ari,ono has SION
II f.l tis dotorr,i,,ti,, 10 or,i,,t %, Indian h.
10 IN West Paint There i olrcod, a Jananeso h.
ina, eiucated nj tbe Naval School ar Annonoli
which comnletes the concentration of the 70,
races in our military and naval schools.
j The Cuban question i, pressing itself up,
v public and official notice here in such sbo,
Is that it cannot much longer be IGNORED le
a DAYS AGO General Ones,da. late General-in- Chi
% of the Cuban army. ACCOMPANIED bv Colone
u Loypaz and yarono of his staff arrived here ar
l. took quarters at the Ebbett House On Frid,
last thew called upon and had n lone intervie
with the President in relation to the Cuban rev
- luton. They complained of the eoldness ar
e want of sympatby with which the STRUGGLING m
re riots of Cuba have been treated by the cover,
It ment of the United States They reminded n
il President that for two years mast thew had mo,
struggling against A FOREIGN woke. more cruel ar
merciless than that against which onr own roy,
llntio,or,, onoost,rs rohoIlol aud n,,. ,l..,..,
',''""'? i0'''''u anu 'n'V 'ncy III
ma "a Al soil