The New York herald., 1870-03-03
F0RTY-FIRsT CONGRESS.
Second Sessions.
SENATE.


TIRE AFRICAN SLAVE TRADE.
Mr.. WILSON, (rep.) OF Mass introduced resou.
tion calling upon tho President for information as to
whether any measures had been taken by this gov
ernment to assist In suppressng the trac In slaves
now carried on upon the coast OF Africa, with the
number, names, compensation and residences Of
consuls appointed along the coast also relating to
the extent OF the tac and ns nationality OF vessels
engaged In 1t, and whether our nag had been used
to protect those engaged IN It. Laid on the table.
TIE NORTHERN PACIFIC RAILROAD.
On motion OF Mr.. HOWARD, trep.I or Mich, rhe
JOINT resolution authorizing the Northern Pacific
Railroad Company 20 issue It's bonds for tho CON
struction Of IT'S road, and to secure the same by
mortgage was taken up.
The amendment OF the Pacific Railroad Commit
the company from within ten miles on each side or
tue ROAD, was discussed and the Dil laid over.
REPORTS FROM C0MMlTTEE3.
Mr.. HOWARD, from the Committee on Territories
reported without amendment the bill to regulate the
Salaries of United States judges In the Territories.
Mr.. PoAERoY, rep.D oil Kan, from the Committee
OF Puofc Lands, reported with amendment the
blu granting lands to the state Of Minnesota AID
In constructing the Lake Superior and vermiion
Lake Railroad.
Mr.. EDMuNDs, trep.) Of Vt, from tho Judiciary
necessity for further legislation made a report.
THK CENSUS BILL.
Committee, reported back the bill relative to taxing
the census and asked ITS reference to the Committee
SPEECH OF Mr. SUMNER ON THE FUNDING BILL.
Tue Funding bill was then considered and NJ.
SUMNER, rcp) OF Mass addressed the Senate.
Mr.. SUMNER Sald-The measure now before the
Senate concerns interests In amount and infIu
once. l doubt II ever before any nation has at
tempted TO deal at once with SO large mass OF
financial obligations being nothing less than the
whoe national debt Of the United States But
beyond the proper dispossoa ss a Of sns mass s the
the payment OF tho national debt shall be assumed
by the present generation, and beyond al IL
tNA nf
o: o. financial obligatsons should be m promptly 1I1
adjusted IN some new form at smaller interest;
national debt must be left in part to posterty spe
cfe payments must be provided for. The Immediate
question before The Senate Is on . substitute re.
ported by the committee for the Oil which had the
honor OF introducing some weeks ago. wish the
Senate would note the difference between the nrst
section In my bill and In the substitute OF the
mi.tee. / proposed to authorize the issue or We
hundred millions OF tenorty five per Genus, and pre-
scribe the use 70 which the proceeds OF such bonds
dred millions OF tentwenty tive per cents and leave
the application OF tho proceeds the subject OF ds
era differences first in the amount; secondly IN the
length OF the oond aud thirdly TN the application OF
mi sum of tiye hunarsd fslon doars Was not IN
serted by accident or because It was round and
euphonious sum. Nothing Of tue KIND. II was the
result OF u careful examination OF the national
debt In Its details, especially ln the lgat OF the
national credit. lt was adopted because 1t was
the very sum required by she nature OF the case
At least SO 1t seemed to me. brief explanation
VIII show II was not right. Tho year 1852, which
marks tue date OF our legal lenders marks also the
date Of new system In regard to our loans, Sena-
tors are hardly aware OF this change. Previously
our standard for sixes was an immutabe loan for
twenty years. by the new hystam shis tmmu.aDillLy
was continued az to the right OF demand by tho
Dondhoider Dus the right OF payment was reserved
10 the nation At any time after nve years. THIS
change as We now see, gave positive advantages TO
the nation lts disadvantages to the bondhoder we're
80 apparent that u encountered resistance, which
was overcome only after undauntcd perseverance,
aud final appeal 10 the people. Now, by recurring
TO the schedule or the national debt you wIll nnd
that the nrst loan within the sphere OF this dlscre-
tlonary system is the dve-twenrcs OF 1852 winch,
on the LIST oil February last, after deductnv the pur
chased bonds, were tive hundred millions OF
dollars This, therefore, is the 6rst loan
.IallIng within our discretion, the nrst loan We
are privileged to pay before maturity, and tne
first loan presenting itself for payment In these
incidents the loan OF 1852 has precedence IL stands
ayst. Happuy ihe substitute Of the commstes Va