Daily national Republican. (Washington City [D.C.]) 1870-1872, 1870-03-03
CONGRESSIONAL PROCEEDINGS.
EOry.EInt rsnsrn--s,,snd Regular s.nlSn
"WEDNESDAY, MARCH .. 1870.
aENArE

DtssiiNh " Sulumom'
MT. Wilson offered . resolution requesting
the President 70 communicate 70 the Senate
whether any measures nave been taken on
the part OF our uovernment 70 assist IN the
suppression OF the tnainc IN slaves now car
RED on on tho coast OF Airicai also, 70 fur
hlsh the number OF coneuls on the African
coast, their names, residence and eompen-
satloni also, any Information relative TO the
extent o. tne ualne, tne nationality OF vessels
engaged In IL, and whether our nag has been
used ior the protection OF any vessels en-
gagged In tue slave trade. The resolution
was hid on tue table for future consldera-
uon. .. ~
MT; Edmunds, from the Committee on the
judiciary, submitted a report relative to
georgia matters;
MT. Lewis called up the bill 70 relieve
certain Virginians Of political disabilities.
Passed
Inc iunding Dill was then taken up and
MI sumner proceeded 70 deliver printed
argument on the finances He held that
taxation must be reduced that Il was not
proper 70 cripple the resources OF the coun.
Wy oy any attempt AZ a rapid payment Of
the pubic deot that the great end should
be to adopt such measures as will result In
aspeedy return 70 specie paymentsj and that
tne government expenditures must DC
Drought DOWN 70 the lowest possible point
consistent with the proper administration OF
our Affairs. MI 3. dlssented from the views
ne snanee Jommt.ee, as represented
Dy Mr.. sherman, In regard 70 the nature OF
M OVna n TGSn LIe ae ~ s1So, o Se funded;
ne savoca'eo rstalning me lO-4O oonds and
Innding the DEBT 10 TINS class Of securities.
Inc lO-fVs were wen and iaYorably known
a. nome aud abroad; Inc three features OF
MS plan are 70 iund 10 lO-4O's, TO Issue 70
inc emount OF sooO,OvO,OOV, and 70 apply
me, ,ne PToH ssS 70 tue redemption OF the hrs'
loan o, Ioos. -,
ne did not see now under me provisions
axe. shes can DC INDUCED or oe MADE 70 encnange
them. we want no consols, for then our
Treasury VIII be like the British Treasury
never nave any surplus, and our national
deot viii 90 recognized as burden TO DO
SSTne forever; Inc seventh section Of the
Oh, proyiaes ior Iee speedy payment OF the
national DEBT. This Is an American Idea,
aud while no would say nothing TO dlseoun-
tenanSe, Nnlle we dsot must % paid dollar
ior dollar, and Win interest 70 the end, yet
the debt must DO paid In such way as not
70 impair the national prosperity. Shall We
declare the purpose IN this measure 10 70.
deem the national debt With the epace OF 20
years Oan me industries OF inc country
pear MI D. concluded with notice
that At the proper time he should move an
amendment 70 the Dill looking TO redue-
tlon OF taxation.
Mr.. Buckingham dlscountenanced the
IDEA OF attempting 70 negotiate any large
amount OF the new loan In Europe. He
did not think it would be proper TO appoint
agents Tor that Purpoeei u would beget
jealousy, ana tue SECRETARY should nave no
such discretion.
MT. sherman expressed the nope that the
OIL would 90 disposed OF this week.
MI sumner moved 70 amend the nrst
secuon oy proVldlng ior the Issue OF nye
hundred milllon I'VE per cent bonds OF the
denomination OF lO.4O, and TO apply the
proceeds 70 the redemption OF the $40
ponds OF 1909, which he said were ny
blown.
MT: sherman said this would be for the
Denent altogether OF the foreign holders Of
tne deot as the o-SO's OF 1909 were mostly
held In Europe. In regard TO the Senators
Idea OF paying me oeot on, ne INT .. did
not care whether y was paid 10 forty or In o
.nnared year.. ne DID not think that was
material: ne Mr' .. mad always felt
dSupn Of me ans ao,i,ty OF tne secretary 70 pay
on the o,1Vs Win any bond bearing leas
Ta aye OF ln,ere,t than Ie Per cent. All the
o'sV oonas when mad oeen Issued were Is
sued under the act OF leos. About one
tn0uSanq lnnions o. tne oonos OF leoS were
heiu 10 EUROPE. "a true mat Hshoeked
ms Amerlcan pnae 70 provide Ior paying the
Interest ABROAD, DuI o1ner countries DO IT,
nj. morton salo II Noula % very moiIiIy-
INK 70 issue per cent. Dond ana md IL
failure, ana no aeked Whetner any per
cent bona had ever been sold BY any eoun-
nsner rsse tnsn "a. ,-.
NJ; summer alo not oelleyea any per cent
oond hsa ever Oeen disposed OF AZ par.
:, MT: shermAn was not positive, bnt be-
ileyea tnat tne nItle Republic Of sWltEer-
t anu hsu Ias' y9ar hego.lateu per cent:
Uonu ~ PM. ~ husner 70 question OF
MT Edmusds N relation 70 the national
OsuNsI NJ. p. sa,u enoH Irnucnises were COM
Pietely M"hIn Tue power ana discretion OF
SonsIe. ing SoinnlLtee ABOVE them one
y esi nnhih nleh 70 maze AZ. the enangea con-
templated oy the Dill. Ihis exacts no sacri-
nee o. tnem' merely requires them 70
suosu.pte lot tne securities now dcposited
sSeuilues ueaIlnS less Iato OF interest, pnt
"hien must 20 SOLO ~ par IN gold.
MT; bueNngham expressed tho opinion
thas tnls woula % in!esuee 20 INC banks;
MT OhAnalSI sain inc proposinon OF MI
STnner Mas Pla,n, pnyarnlshed repudiaiion,
and ne dld not think the proposition OF the
conmittee was mat but ne thought there
was peter plan ne would make IL com
PulsoIY On Az tne Nauonal BANKS OF tho
unlteu stetes 70 aepGsn per cent. bonds as
security LOT tneL eIcuihtng notes Inc
BANKS haVe most valuable iIanchise, and
tney aTS eTIc 70 pay iSr ~ ~ anu II Witnin
1So'so.h siuno tASy VIZ ~ sessStnuso sho
per cent. bonds, DO would relain their elrcu-
latloh ~ y eame IN anu Nouiu issue u 70
other banks when eomPtea Win the law
Mr.. sumner slated MS benel that with q
proper funding bni We could 60 Into the
markets OF the world and compete success
fuily with me securities OF any other nation,
unless, perhaps, me British eonsois.
After some further discussion the Senate
went into executive session, and aiter some
time spent h,, tneTein ealonrned.
hOu5E VI REPRESENTATIVES,.
MI, MT Jonan, Of IND, on leave, reported q
Oni 70 amenu Ine homestead act. fassed'
MT, SoA' OF y; l., rising 70 personal en-
P,ansu9n, slll NO saw IN me new 10TH
asrsaa Iase hlgnt statems at 'hat a NeN
i nork memoef hau apP0lnlea eaaeI 70
mos' Eolna nout tn1 etAse OF Onio, mao
used language tnat t9e seiu member had
gone toward sunset. ne lmr' Sox( would
not MAKE any ehPiAn9tlon a, tnls time II
tnet hiIuy PaPeII tno IgIasl' nAu not 1eslg-
nAIed nun ~ nunses' ne mad not made an
aPPolsa. .uhh, nor had ne 50 muen as IN
quiied Wnether NO nad an appointment 70
mako. When he did he would be AuHe In