New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-01
WIsr CONGRESS-2d SESSION.
sENATE......w WASHINGTON, Feb. %.
ruu o,;;S,ssrITUTl0SSL AMENDMENTS.

satlOn 70 southern claimants for property taken by
The following bills were introduced and referred:
THE NINTH CENSUS.
oS S5s census Of t 6@EP pe tps 5 aSt pro pro
yding penalties for Noncompliance with the laws. Re
The bill provides that instead ois copies original returns
s De %aa, BY The Assistant Mahs. to be Transmitted to The Cep'
teJs osioIs Also ~, al sprs'a,yS assistant Marsh,
SecresrT Of the Interior ' W ~ " ~
The Chair announced tho appointment of Dir. Seves
,hSSp. MlsS1 ON me Committees OF Education ~" vi
Msss.s iiAMLIN and ANTHONY upon tn, , own re,
l9est were excused from serving the CcnUl'ees On
DISABILITIES and on Mines. respectively.
REGULATING LAND GRANT. ...,.,. l.,
Mr. HOWELL Gep Iowa. offered rGSo snTt IN an
structnS the Committee on Public La 80 a., ~,
construction OF railroads prOvsDn "n i VII aS
70 reoGire maj ibe sales ~ sc snds shall be made at
The same pnee as the alternate % speedy occnpSon of
said lands and the rapid sofement Of the sections of
country IN which they may nc I roSoo " Pio''' "o
people against the evils Of S'u I & ;ho osol
at the first opportunity when At was lald over for the
ROSS rep KSnsas l, To- incorporate the Kansas
enable The Missouri, Fort scott and Gulf and the
psSes TO unite aud construct single track through
indian Territory to the Gnlt Referred
ENFORCING THE FIFTEENTH AMENDMENT.
Mr. SUMNER l2ep. Mass)-To inforce the amend
the Constitution declaring that the right 10 vote
shah not he denied abridged account OF race, color
or previous condition of scrvitude. ..., Co.,.
these ground. from beng registered from voting being voted for
oe tb. me ana by Of not less than
ths one ,es refusal e re, e maine or n1 q s p Of
I s . AMI Sais % at Of not less than
,' % l ~ S ss.s cases and are required to enforce
Referred to the Committee the Judiciary.
Mr. LEWIS REP, Va presented bil TO authorize me
autHSlSs 81 = IN 60, iSr Star,l,y1 irlod
10 iuGorsc the bonds Oh the southern mar! 3hd haiOau
HaEm6IS INTEREST IN JArAS>ASD CHINA.
Mr. STEWART Rep, New offered a resolution, which
agreed TO. requesting the secretary OF state to
iecsatouis necessary effect the administration of
justice and TO protect American interests in China and
Japan and whether any funds have been received from
niTsble legation budings court-houses and Jail and
that the Secretary be requested to make any reeommen
dstions this subject lie may deem proper
Mr. HOWARD Rep.. MichJ called up the Joint resou-
ton authorizing the Northern Pacific Railroad Company
TO Issue bonds for the construction OF its road and TO
secure the same by mortgage.
debate ensued upon the amendment reported by the
Committee on Paclnc Railroads as means OF making
up deficiencies in the amount OF lands granted by Con-
ges to tend for miles each side of the road, the
limits within which lands may be selected.
Mr.. HARLAN Rep, Iowa. opposed the bill upon the
land that the for further increase were not
Mr. HOWARD explained that the Company wanted au.
thorty to mortgage not only their line OF road but The
laas 3eionEins 10 Sin Gn n5 and pTeampop set
should be made good 10 the COMPANY by their TAX
ing up lands within 10 miles OF the present outer unit
At O'Clock tile bin was laid aside ana the Senate
took up ..,. r,
MI. SHERMAN rep. Ohio made a statement in rea-
ton to tue b The rst sections described the bonds
tbe O agencies for dposns Of the bonds The seventh
section looked to the reduction ana ultimate pay Oh
the public debt, not only Tie ola but the new dGDt now
created Tie remainder OF the bill consisted OF import
aid in the work of uudne and making the system free
Referring the history OF the public debit he SAID; The
power to borrow money with two limitations ms
mat the loans Wft9 70 DC I t 1T was not to ex
coed per cent aud tie currency interest was not TO
exceed seven thrcetenthS per cent provided for the
frst time that United states notes should be legal
tender in the payment Of all debts aud should be con
eeary the intention Of this 70 make the notes legal
tender in payment Of peeNsnG dents ~ was auEP'ee
solely because II was feared cAlsting eteIitoS Womu re-
fuse TO take them IN payment o. pteAsthg uc5ts. ,
own speech on the legal tender clause this
the object OF the legal tender clause e IeleIIeG 10
hundred millions then Our hundred and fifty millions,
d 20 the sion for large amount OF interestbear-
nS notes Which We're not convertible bonds. These
we're all revolutionary eNPcdeltS RI3Wlng OUT 9I tne
lie moment the ended. Ia tins connection he said
three legal errors were committed Inc hrst was oy te
Secretary Of the Treasury IL le4 III allowing the holders
IF Seyenrhirty bonds the option 70 convert teIn mo
FveTwenty bonds TINS was not a99oTze@ oy I IIe
then existing law but was lustiheo Dy M
Fessenden on the ground OF us necessity,
by Mr. McCuiloch as the war closing in continuing
the option the holders Of the seyenThirty bonds and
these convertible into bonds The third error was
the failure Of Congress to promptly retace Jus steps
sion into bonds. The act OF April ~ 1870 undef winch
the great OF floating Indebtedness was con
verted into gold bonds great misfortune. In the
then condition OF the public debt the great mass Of it
might have been easily funded INTO Ienorty bonds but
the authority OF that act the whole Of was con-
Verted into Five1wenty bonds, pOstpOnDg the time OF
their redemption several years. $50
Mr.. SHERMAN then detailed the history Of the differ.
ent Funding bills from April LEGO, until the present
time, ntimahDg that the protracted polltca srugge
between Congress and the PRESIDENT @ tHe a9o
ton OF much needed financial measures Inc SITUATION
had changed. The Legislative and Executive author,
ties were in harmony WhHe no doubt now existed OF
Tie payment OF the bonds IA gold the deTence between
United states and gold had been reduced and our
FiveTwenty bonds were now almost on par WIN specie
while but Slight margin existed between the market
value of the Forty bonds aud golG and silver ltw0uld
IN 600 600 900 of the debt within the present year Under
these favorable circumstance the flhanSe ComuitCee
n0rted Nv A. and which were mainly based upon tne
doption OF the five per cent bonds; second the OH
Introduced by Mr.. SumDer which was an ampIncatiOn
OF the Funding bill OF last year. Dut IN mahy Ie5eeti
more rapid in promoting specie payments ttd the D
enarted had been carefully framed after full examina
ton of all the previous bills, and was approved by every
and had the hearty sanction OF tne secretary
OF the Treasury. The duration OF +r1e nt
bonds. and the exceedingly low rate OF ihetest
were dwe upon, MI sherman expressing Tue Is
per cent bond the lowest rate AT Whlch the mas
OF our could be funded but the was
hands could he used, and questioned their exemption
FROM taxation in the manner OF negotlatlOn' ,Ihe
neeeSs indispensa6e By tie most powerful Govern
Inents The question OF employing foreign agents was
one of greater difficulty, but the amount of United
states bonds held abroad was estimated at nearly
one thousand millions, and we should borrow money
where it be borrowed cheapest. The accumulation
OF money in Germany, Holland and England, would
enable 10 negotiate upon more favorable terms by
paving 10 Investors the interest in those countries This
coin additional burden 70 the Untedstaes, but
might lead 10 an International com system. -. .,
The seventh section redeemed the pledge OF the United
@ ~ indebedbess Since tie close of he war the
paid Of unhq Undated debt due at the close Of
the war but not then asceIIaned or computed lIls