Daily national Republican. (Washington City [D.C.]) 1870-1872, 1870-03-01

thiped By every judge who has ever set 10
the Supreme COURT. There IL no question
about this, but whether they should be ex-
empted nom Goyernnient taxation Il
another thing. He thought Il was largely
TO the Interest OF the United States TO eI-
empt them froni all tar, State or national.
Such are tho general provisions Of the
bill. II the u 200, 0o0, 900 are takon, "
will DO reduction OF our annual taxes o.
SIS, 200, 900 Of gold, representing, AZ Q PEI
cont, capital of ESQ., 600, 900. The bill
will result In Rxed policy ~ esta6ilehing
the minimum 10 be applied tothe payment
Of the public debt, thus enabling congress
to ascertain precisely the necessary amount
of taxea, The public debt would be repre-
sented bv an annuity Of $3.50, 900, 900, which
would pay every dollar Of II within thirty
years, Its tendency was 10 q return to
specie payments, and We now again restore
| 10 Inc United States note It's quality Of 70.
deemablllty, Of which II was deprived by
the pressure Of the war, placing Il beyond
the range Of gamblers, and firmly anchor
ing Il upon the credit OF interest bearing So
curitlesi so that while specie payments are
suspended, the note will not fall In market
when below the value OF your bonds. A
mode Of redemption and tho limit Of depre-
citation being fixed, we may hope soon to see
these broken promises redeemed and their
place supplied by paper money, convertible
The bill would compel reduction Of the
rate OF Interest on capital employed In
private enterprise. Then, too, the national
banks would be required to aid the Govern
ment by some sacrihce on their part, though
this was voluntary with each bank. II
bankers whose profits had been largely In
creased by the high premium on gold re-
celyed OF the Government would not now AID az,
us TO reduce our 9terest, let them take their
money and try dtAer Investments. Others
/ will gladly avail themselves Of the privilege
Of buying those bonds with the right 10 Issue
| four nllhs OF the amount In paper money
upon their security. The beneficial effects OF
. financial policy In promoting public conf
dence ln'our currency, 10 avoiding tho pos
Republication, were spoken Of by Mr.. g. Ills
only doubt as TO the praetlcabilty Of the
measure was as TO the ability OF the secre-
tary OF tho Treasury 10 negotiate a bond
i having a less rate OF interest than per
cent, but the secretaryh confident he can
do II. Undoubtedly he would receive
from Congress every facility TO aid him.
Tho confidence Of capitalists in the public
faith and the Willingness Of the people to
bear for while the burden OF taxation are
essential 10 the success OF the measure.
The character and Intelligence Of our people,
the happy settlement Of our Internal diflicul-
| ties, and our uneQualled revenues furnish
sufficient guarantee Of public credit. With
such advantages now universally aclGnowl-
edged We can compete with any nation In
selling our bonds on favorable terms.
/ Mr.. 8. alluded TO the necessity Of employ
/ ing private agents Il had been found In
dlspousable BY the most powerful govern
Tnents, The question Of employing foreign
agents Is one Of greater difficulty. Il Is es.
umated by Mr.. Wells that one thousand
millions OF our bonds are held abroad, and
\ We should borrow money where Il can be OBJ.
tAined cheaper. The accumulation OF money
In Germany, Holland and England would
enable usto negotiate upon more favorable
terms by paying the interest IN those couu.
tries. This consideration was decisive. The
payment In foreign coin was no additional
burden to the United States, but might lead
70 an international coin system. The sew
enth section redeemed the pledge Of the
United States by establishing a sinking fund
Of one por cent. on the amount Of our whole
Indebtedness. Since the close OF the war
the Government had reduced tho debt
t30s, 600, 900, and had paid $500, 900, 900 Of
unliquldated remaining AT the close OF the
war, but not then nseertRlned or computed.
This had all been paid out Of the surplus
revenue. IL was now OfT duty To make a
permanent appropriation for the sinking
fund before we reduced the taxes, aud the
bill supplies the best mode. Mr.. b. spoke
In the highest terms OF the economy Of the
administration OF President Grant, and the
great reduction OF the debt made under 1t,
aud also spoke In glowing terms Of the pros
perity aud resources Of the country, and Its
wonderful recuperatiye power. He did not
want the subject Of the taxes complicated
with this bill, but that II should DO post
poned until the tar hllla wsrs hrousht In
He believed that many articles now taxed
should DO exempted, and the taxes confined
as far as possible to but few articles, and
they Injuries. ... 2.
In reply TO a suggestion OF Mr.. Corbetl
relative TO the proVlso 10 the eighth section
that not more than one third Of the bonds
deposited by any bank Is security shall be
OF the classes now authorized, on which the
maximum rate Of interest Ia AZ or 8 per
cent, Mr.. Sherman said he had prepared an
amendment as a substitute therefor. The
amendment merely changes the rates Of In.
terest upon the bonds referred to from AZ
or per cent 10 or blf per cent. 90
Mr.. Davis gave notice OF hls intention 10
move to recommlt the bill with instructions.
Mr.. Rdmunds introduced bill to amend
the acts providing for the taking Of the cen
sus, to Ok the number OF members Of the
House of Representatives, &C., which was
referred to the judiciary Committee.
| II provides that ono Instead Of two copies
OF the original returns made by the assistant
| WhIbnhlh hnhh W Nlhn4ulhNNA W huG GNuhua
ONCE At WA1hlngton before August rs, 1870,
aud also requires that all appointments Of
assistant marshals, under the 4th section Of
the act OF May %, 1850, be confirmed by the
Secretary OF the Interior.
The Vice President LAID before the Senate
n Communication from the Postmaster Gen,
eral stating that $4,000 blank petitions fol
tho abolition Of the franking privilege were
sent throughout the country and $4,000 &c.
l 4.sala ali NaNa al al
which was S40918, which was betrayed b.
the Congressional printer, none OF the ex'
penso being charged 10 any branch Of the
Post ONCE Department.
The petitions and circulars were prepares
under the direction OF tho Postmaster Gen
eral, in accordance with the views expressed
by the President In HIS late message and Il
response to what waA believed to be YER
general wish OF the people, that the frank
Ing privilege should DO abolished. The De
paTtment made no attempt TO influence tn
Views OF postmasters, but simply requisite
them to give citizens WHO favored the abe
lltlon OF the privilege Ru opportunity Of CT
pressing themselyes. From Incomplete data
being all at his command, the Postmaste
General extracta tho following statistic
from 4H post-ofiices for the month Of Jar
the postage thereon at regular rates wCJul
amount TO Sl1T,S90. The weight OF r.,
printed matter sent was $40, 194 pounds, an
: the postage thereon at regular rRtea Woul
{ have amounted to SO, 3S4.B6. Total cost
! | free matter sent from 454 post-oflces, en-
: braelng most Of tho principal ofices, wa
$3.50, 734,0o. Considering this exhibit, ID
Postmaster General concludes, ~ q sal
estimate, that II full returns had been n
) celVed from all the ofiices tho Aggregat
, amount would have exceeded t20O, 900, (
i g., 400, 900 per annum as the amount whlc
, would DO yielded II postage was paid on th
: free mall matter.
3 The Postmaster General says II Is imposs
0 bic to give precise information as to I'll
( frauds which are practiced, because III
5 thanked matter Is RlWays sealed, and th
I law does not allow the breaking Of a sea
0 but even the comparatively small amount Z
a free matter returned 10 the dead letter ofilc
dlscloses many cases Of abuse, where books
a papers and circulars, not printed by order c
a Congress, and even business and social eli
!, culArS have been transmitted under cover G
Q q frank. The systemtt itself lnyltes to frau
5 with promise Of lmpunity. There Is n
: ground between no franklng and boundlel
| franEtn0 Althnuuh unahla In 0tya IA cha 4