Daily national Republican. (Washington City [D.C.]) 1870-1872, 1870-03-09
CONGRESSIONAL PROCEEDINGS.
POhy-Fint COnSrU--ScsOnd Regular Session
TUESDAY, MARCH 8, 1870.

bENAIh.
The Vice President presented q memorial
purportlng to have come from 90 citizens Of
Phllllpsb1rg, N. 1.-THE signatures he sald
being all In one hand wrltlng-asklng the
suppression OF the sale OF Intoxicating
liquors In the District OF Columbia. Re-
ferred TO Committee on District Of Columbia.
Midsummer presented memorial Of Hinton
Rowan Helper asking an Increase OF his
compensation as consul at Buenos Ayres.
Referred 10 Committee on Commercs.
Mr. Conkllng presented the memorial Of
New York Chamber Of Commerce giving
their opinion that II would DO extremely un-
wise for tho Government Of the United
States 10 embark In the business OF tele-
graphing, In which view Mr.. O. said he
heartily concurred. Tho memorial was re-
ferred TO Committee on Post 0fices.
Mr.. Morton made unanimously fayora-
bic report from the Committee on Foreign
Relations repeating q portion Of the neu.
trallty act OF 1918.
II makes II a mlsdemeanor TO 1t out or
equip ships OF war to be employed In the
service Of any European prince for tho pur-
pose Of subduiug any American colonies, to
be punishable by heavy fne and imprison-
ment.
Mr.. Wilson introduced bill for the tenn
porary relief OF the poor Of tho District OF
Columbia. Referred 10 the Committee on
the District OF Columbia.
Mr.. Trumbull from the Committee on the
judiciary, reported bill relative TO the Bu-
preme Court OF tho District Of Columbia.
Mr.. Williams introduced Joint resolution
10 provide for the redemption OF legal ton
der notes. Referred to the Committee on
Finance.
TT provides that from and after tho pas
sage OF this resolution one half OF the duties
on imports may DO paid In legal tender
notes.
Mr.. Kellogg introduced bill ia aid Of the
freedmen, and 10 subdlvlde the public DO.
'homesteEuS Tor tue ccsrSa n|s. Referred
ITO COMMITTEES on Public Lands.
Mr.. Morrill,, Of Maine, from COMMITTEES on
Appropriations, reported House bill 70 sup
ply deficiencies In the appropriations for the
contingent expenses Of the House Of Repre-.
sentAtives for the current Ascal year.
Mr.. Fowler offered resolution instrucllnR
the Finance Committee to consider the pro-
priety OF instructlng the Secretary Of the
Treasury 10 dispose a. speedily a. possible
ofthe surplus gold in the Treasury, In view
Of the speedy approximation 10 specie pay
ment, which was laid over at the suggestion
of Mr.. Edmunds until tomorrow.
Mr.. Harlan called up House joint resolu.
ton 10 provide for the appointment Of Joint
Committee on Indian Affairs, to consist Of
six members Of the House and three Of the
Senate, who shall consider all matters rela.
tive TO Indian affairs.
Pending consideration, the bill went over.
The funding bill was then taken up, the
question being on the amendment Of Mr..
Corbett, 10 strike out the 1fth section, pro-
yidlng for the payment Of interest on the
bonds In the cities OF London, Paris, Berlin,
Amsterdam or Frankfort.
Mr.. Sherman said II had been spread
broadcast through the country by the public
press that the one per centum allowed 70
negotiate this loan was q vast corruption
fund Of twelve million dollars. There were
great difficulties In the way Of negotiating
this loan, involving much labor and trouble,
and far more dlnncult than the negotiation
OF the other loans. Mr.. Boutwell, was re-
quired to sell these bonds at par In gold,
whereas the former loans were disposed OF
on the best terms available. He (Mr. 8. }
had addressed 10 the Secretary letter ask
Ing him whether these bonds could not be
negotiated for o less amount. The Secretary
had replied, and he asked for the reading Of
his letter from the desk. The Secretary
says 1t is impossible for him to estimate &C.
curately the cost Of .dlsposIng Of the loan 10
Europei that he thinks the per cent. will
DO more than necessary, but he would moi
advocate any reduction Of that amount.
He further states that II the work Of dis.
pooling Of the new loan Is put upon the
Treasury Department II will be impossible
to negotiate Il; that many persons In Europe
who Invest can only be reached BY leading
bankers.
Mr.. 8. stated that the frat 500 loan Of III,
United States had been negotiated at q cost
Of n per cent, and Mr.. Fessenden negotla
ted the second great loan at cost OF u pei
cent. Il may be that 90 far as our own poo
pie ore concerned, the new bonds can b
gotten OF without any cost, but II must b,
remembered that u 900, 100000 OF our deb
10 held In Europe.
A letter was sent to the Clerk by Mr.. 8
from the United States Consul at Amater
dam TO the effect that he understood that thu
negotiation OF their recent loan had cost thu
Russian Government about AK per cent.
also another letter from the Secretary OF thu
Treasury that the cost may probably be no
more than y per cent, but that II the amour
allowed remains as at present, l per cent.
the cost will not be increased.
Mr.. Sherman continued advocating tina
the amount Of one per cent. stand, that th,
Secretary have the discretion, and that h
be held 10 O strict responsibility. It may
be that In some cases II may not cost NOR
than one eighth Of one per cent, but In re
mote countries II will Of course coat more
Now, ln regard to the employment OF AGENT
to dispose OF tho loan, this had always beer
the custom, except In times Of peace, whel
ANAL loans were put on the market by Ad
yertlsement, and then Immediately afte
these bonds were sold they went up in prle
and parties realized two and three per cent
on them. Many bankers In Europe will b
glad 10 act As agents Of the United State
without charging any price, In fact the!
would 30 willing 70 pay Interest on the bal
stricken out tho Secretary will not be Abl
to negotiate any Of the four per cent. loan
with that section he will have no dlficult
about II. In regard TO its being dlsRrac
TO pay interest abroad, there IL nothing In II
Our fathers thought II no disgrace to pa
their interest In foreign countries. It
said that Great Britain and Prussia do nc
do Il and Whyl Because they are located !
the very midst OF the money centres Of Eu
rope.
Mr.. Corbett thought Ii was much bette
TO pay our Interest al homo.
Mr.. Davis then took the floor In length
speech In favor Of his motion 10 recomm
with instructions, among which are 10 II
duce the rate Of Interest on all outstandln
bonds to ave per cent? TO tar all dividend
received on United statea bonds as 30 muc
incomej TO reduce the appropriation for Ii
army 10 the reasonable cost for twenty thoi
sand men, rank and nlei TO reduce to aggr'
gate appropriation for the navy TO tWent
milllonAj 10 reduce the appropriations for n
civil and diplomatic service ten per cent?
reduce the aggregate amount OF Intern
taxes and duties on Imports TO SSJS per cen
each.
Mr.. D., In the course Of his remark
alluded at length TO the campaign Of Gel
,eral Mcclellan on the peninsula, eIpressiu
ehe opinion that that general could hay
taken Richmond, but that the Goyernmel
did not want him 10 do II at that time.
Mr.. Chandler said he should discuss II
subject Of McClellan's campaigns on II
proper occasion. He would now merely o.
that with $4,000 men he lay for a mont
before yorktown, confronted by MARrud
with $500 men, and that he lost moro mt
In that month Of inaction than Magrud
had.
Without further action the Senate th,
lat $40 p. MI went into executive sessio
and, amer some time spent therein, q
journed.
HOUSE OF REPRESENTATIVES
Mr.. Wheeler, OF N. Y, from the Cor