The Portland daily press., 1870-02-25
XLIst C0NGRESS---Seoond Session.
SENATE.

SENATE. .tIf 1
WASHINGTON, Feb 24.-The House amend
ment to the political disability bill was con-
Cured in. .4.5 Fl
The joint resolution appropriating $3.50 to
the widow of naval Lieut. Stevens was passed.
A resolution was adopted calling on the
President as to the authority under which
Gen. Ames as Provisional Governor of Missis-
sippi issued certificate of election to Mr.. Ra-
wells as United States Senator.
The following resolution, introduced by Mr..
Williams, was adopted without division:
RESOLVED, That to add to the present circula-
ton of the paper currency OF the country would
be to render more difficult and remote the re-
sumption of specie payments, encourage and
foster spirit of speculation, aggravate the
evils produced by frequent and sudden huctu-
atons Of values to depreciate the credit of the
nation, and to check the bealthful tendency of
business to settle down upon q safe and per-
manent basis; and therefore in the opinion Of
the Senate the existing volume of such curren-
cy ought not to be increased. --..,-
The regular business of the day, the admis-
sion of Mr.. Ravels, was postponed to allow
Mr.. Fenton and Patterson of New Hampshire
to speak on the Finance bill.
Mr.. FentOn argued for the funding of the
debt before appropriations were made, advO-
eating for the purpose single class of bonds
at IL per cent, to the amount of a thousand
or twelve hundred millions, free from federal
or local taxation, payable in not less than forty
nor more than fifty years. and at the same time
retiring the five-twenties and ten-forties and
absorbing them into a new loan, which he said
would result in specie payments He advocated
reduction OF taxation in both the nominal
and virtual rate, SO as to collect not more than
$5Oo0O, 900 annually, all from Injuries. He
replied to Mr.. MOrton's argument for an ad d.
ton to the currency, showing that the latter's
scheme would give currency equivalent to a
thousand millions in place of five hundred and
forty millions before the war.
Mr., Patterson made an argument for the re-
turn to specie payments, free banking and the
funding of greenbacks at IL per cent. for the
greenbacks and other securities now held by
the banks. He thought it possible an exchange
could be effected. If the loans were all negO-
tiated it would be saving of thirty-nine mil
lions annually in government interest and
this placed as sinking fund would discharge
the debt IN twenty-six years; and if the gov
eminent put out twelve millions of the loan,
we should save eighteen millions, which would
discharge the debt in little over generation.
The new loan might enable hundred millions
which now constitute surplus revenue.
Mr.. ReveVs admission was taken up.
Mr.; salisbury spoke in opposition, denying
| Mr.. RevePs citizenship as legally established.
r, The debate was continued by Messrs. Drake,
Howard and Williams.
The Senate adjourned without action.
HOUSE
The proceedings in the House opened in the
presence OF an Immense throng in the galleries
! and corridors.
Mr. Logan called for the regular order OIL
business, which the Speaker declared to be the
resolution for the expulsion of the member
| from the inst district of South Carolina and
on which Mr.. Logan was entitled to the flool
for one hour. Mr.. Logan said he would yield