Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1870-03-18
xLrss CoNGREss-sEcoND SESSION.


SENATE March s,h. Senate resumed
the consideration OF the Funding bllL
Mr.. Carbett addressed the Senate on bis
propOssd amendment for The 6rst three sec
tinns OF the substitute reported by the com
miftee.
Mr.. CoTbett's amendment provides for
the Issue of 81, 200 600, 600 in bonds to run
thirty.fve years, interest payable IN gold,
first three years at six per cenhi next SIX
years at five per cent, next six years at four
and ono half per cent, and the following
twenty years at four per cent, to be free
from ail taxation. The Secretary OF the
Treasury is TO have authority to exchange
these bonds at par for the fiye twenties At
par, at the option of the holders Of said
securities. or to place them in market al
home aud abroad at uniform fixed price,
the proceeds of which sales shall be used e
redeem the out standing five twenties.
Mr. Williams objected 10 the first amend
ment, because it only provided for one bond
II is impossible 10 fund the whole debt with
a single bond.
Mr.. Cole objected 10 the amendment, be
cause be thought the bond would run toe
long,
Mr.. Scott said he would favor the bin,
with a provision that the negotiation of the
loan be carried on without employing ans
outside agencies. The proper way would
be to advertise ia The regular way, and dis
pose Of the loan TO the highest bidders.
Mr.. Corbett Withdrew his first amend
ment for the time being.
In the House, large number of unim
portant bills were introduced and referred
To the Senate the next day, after some
discussion, Mr.. Davis moved to recommil
the bill with eight instructions, as follows
Ftrst-A reduction of the amount of each
outstanding bond Of the United States By
the difference between the nominal amount
and its gold value, or the gold value of the
bond Of which it is the immediate or remote
substitute
.Sec,nd-By the amount Of usury paid by
the United States on said boud or any bond
or bonds of which il is the Immediate or re
mote substitute.
Third Reduce the entire interest on al
outstanding bonds to five per cent. per an
mum.
F6artl-Taz all dividends received OF
United States bonds as so much income
FItth--Reduce the appropriation for the
army 10 a reasonable cost of 10000 men
rank and ile.
.Sirth-Reduce the aggregate apprOpria
tion for the navy to twenty millions dollars
Sermth-Rednce the aggregate approDri
alton Tor the civil and diplomatic service Of
the Government ten per cent.
Eighfh-Reduce the aggregate amount oi
internal taxes and duties on imports, each
333 per cent.
Mr. Davis advocated his proposition in
speech.
Pending the action on Mr.. Davis notion
on a motion made by Mr. Edmunds, the
Senate went into Executive session, afIel
which, adjourned
On the 9th, the morning hour having ex
pired, the Funding bill was taken up, auC
the question being on the motion Of Mr.
Davis, TO recommit the bill with instruc
tions, 1t was voted down.
In the House, the following bills were in
troduced and referred to the proper com
mittees
Abuli-hing the Freedman's Bureau.
Providing for the celebration Of The Ont
hundreth anniversary OF American Indepen
drnce, by folding World'S Exposition il
the city of Ph'ladelphia in 1876
Regulating congressional mileage
Mr.. Logan gave notice that he would cal
up the bill for the reorganization of tbs
Arm tomorrow.
On the llrh, the Funding bill after hav
ing been variously amended fnally passed
the Senate by vote of 81 yeas TO 10 nays
Nearly all the past week was consumed il
the discussion of this question.
The House acted upon large number o
bills of private nature, and in the after
noon went into committee of the whole on
the Tariff bill They adjourned howeve
without disposing oft.