The New York herald., 1870-03-12

rs5aAsn. u. masr q ssa deter
given 70 laying and such cables: subject e fore
sh pSsoa,, sh, no oSs spp e
telegraph company sh. make any contract win sn other
s % ss . md
Euros no company which m shall have mae asn no a.
Referred TO the Con,miltee Foreign Relations.
THE NAVAL SERVICE.
Mr. DRAKE trepl OF No.. introduced bill to pro.
mote the securing OF efficient seamen Yor the navy
every year by each representative ana delegate in
Congress Of enc Doy IN his dssricl, not more than
nation as naval apprentice, to serve such until
attaining the age Of Lweuty-0ne years. and then
ccive proR.ot,on to the grade OF United states
man. Set men now or hereafter enlisted In the navy
may, ater i've years oil service, ana passing exami
uatlon, be entitled TO the same appointment as
Unttcd'States seaman. This class snail be eligible
TO promotion as warrant officers aad DO entitled TO
certain distinctive privileges. Referred to the Gem
mittee on Naval Affairs.
the reorganzatioM OF the navy, winch has 6een In
trcduced and noticed heretofore. Referred 60 the
Committee on Naval Affairs.
THE FUNDING BILL.
Mr. WILSON, trep.l OF Mass, submitted and advO.
cated an ameEdment TO allow the issue q tenI0rty
i've per cent O0nds, eXchaRgabe for the 1ve-twenty
BONDS ut the discretion OF the secretary. Rejected
An amendment by MI SHERMAN. rep.) Of ONO 70
the second section, to extend the time IN when the
four and half bonds shall be paid from thirty TO
forty years was agreed 20.
Mr.. MoRTON, (rcp.) of Ind, offered an amendment
TO the tMrd section, which, he said, proposed the
retirement of the legal tenders by Funding them into
bond withont issuing an equal amount OF national
bank notes and thus prOvldiuR for con traction OF
the currency. He argued that tile interests OF the
country were opposed 10 contraction ~ this time.
the four per cents that they shall not be ex-
changed for greenbacks but only for nterest-oear-
ing obligations.
Mr. SHERMAN argued that II the greenbacks were
paid into the Treasury Tor these four cens they
would not be cancelled. but would nave to pc pald
out again to meet the wants Of the government;
therefore contraction would not follow The holders
OF this form Of Indebtedness should not be denied
the privilege OF fundIng their greenbacks INTO
bonos. 1: the contraction OF the note and
the bond was discovered we allow the iormer to
float upon the money market OF the world, the game
assimiated In value with the market va,ue of the
bond the greenback would be anchored on a safe
the people until all that were left should paid In
CON- lie thought the vote OF the Senate upon this
Question would nave more effect upon return TO
bill believing that II the provision was stricken out
specie pay ments would nave received decided
check.
Mr. Mortons amendment was rejected by yeas 49,
nays 81.
Mr. SUMNER ,rep) or Mass. moved to insert an
addtional section, providing that upon the premium
gold railing tive per cent the Secretary OF the
Treasury snall give public notice that all legal
tenders shall be received at par for Custom duties,
and further, declaring specie payments.
Mr.. srRAduE, Tcp.l or II. l., supported the pro-
position at some length.
I'ne motion OF Mr.. Sumner was not agreed to.
Mr.. HOWE trep1 or WIS, offered an amendment to
o Wv .u., suolon W iHo oahs " De oIeaHiAe9
on capiialoi nfty Millions instead or one hundred
millions. Agreed 10.
motion by Mr. WILSON TO fix the commission at
one-al OF one per cent after remarks IA its favor
bT MIR. Cassidy, was carried by yeas 23 TO nays 20.
The bill was then reported To the Senate as
amended. ana passed by yeas a2. nays 10, as fol-
YEAs-Messrs Chandler, Cole Conkling, Edmunds, Fem
Howell Kellogg, Moiri Of ", Morton, osborn, fo%sros
pa ssemssy Esyes hSs srwysr To Saha scot she
Coroet Mcreery, Mcdonald, sprasue stockton and A. a.
Messrs Drake and Ross in favor Of the bill paired
on with Messrs. Norton and salisbury on the other
side, VINO were absent
States and reducing the interest Secretary OF
the credit Of the United States coupon registered bonds
Sns proper to an amount not eioeedins four hundred
millions Of dollars redeenabe In coin at the pleasure of the
payable in forty years from date and bearing
a a vs e en. % ss s
disposed Of at the discretion Of the Secretary under such
elsewhere, their par value for coin or they
ss s saas s @
the bonds and for no Other purposs and tho
shall be placed tue Treasury Be for the ede
S 10 sl ss
may have been used tor that purpose. - :
hereby authorized to issue on the credit Of the uned
sHns not ss 20 as as
as be may think proper redeemable in coin the pleasure OF
and payable in coin At forty from and bear
this disposed such regulations
elsewhere less than par coin they may Be
s un ss as qs o u
and the proceeds Of such bonds be sold FOR coin a
such oSatoas bearing Interest as the r%s
q issue are or may become redeenable payable, to
place such coin have been used for thai
& That the Secretary Of the Treasury pe and he Is
not lss. than han ay collars hs think
Die IN coin At the pleasre q the government At time
Ss II . m. Suses sss and
a. not @ less than their par vsne for con at the
Changed n @ an par for @ OF Of may ss es
the United states outstanding date Of the sse
Treasury It is thought advisable larger amount Of
matter than would otherwise authorized BY ths
section Of hs act such further issues hereby suorzed
debt Of the United States in conso of issues
SEc T. That the bonds, and annual income therein
authorized by this act shall be exempt from all
SEQ g. That the secretary the Treasury be is here
he aid IN h
aan OF sd bonds and G he may advertise the loan
such newspapers and journals this country and
In Europe he may ect for that purpose
exceeding one-ha OF per OF the bonds herein
authorized hereby appropriated the expense pre-.
pairing, issuing and disposng of the same.
That order carry into the provisions
of the fifth section of the act entitled An authorize
the issue Of Uni ed for the redemption or
funding tnereof and for funding the floating
United sates approved February 25 1852 relating
Sinking Fund there Is hereby appropriated out OF the
derived from imported goods the of 258aC0 U
ally, which during each fiscal year shall applied to
the payment Of the interest and to tha reduction the
principal of the public debt; the United
states bonds now held ss the Sinking Fund and
the United States bonds held in the Trea-
shall be cancelled and destroyed detailed record
thereof being first made in the books OF the De-
partmen And the bonds hereafter purchased under this
section shall IN like manner be cancelled
full and detailed of the application of money
herein appropriated shall be made by the Secretary OF the
Treasury to Congress with his report
cato amount OF the bonds cancelled and desroye shall be
stated IA he monthly statement of the pubic debt
SEQ 2. That after the October. 1910
registered bonds OF denomination not x0
issued under the provisions OF this shall