The New York herald., 1870-07-01

CONSTRUCTION OF Il pfldge across the MtsSOufi river
on the military reservation AT Fort Leavenworth,
| Kansas.
Mr.. FlNKELNBURG. rep.l of Mo-. offered an amend-
| ment requiring the spans OF the draw, ir IL be q
drawbrdge, 10 be not less than two hlndred feet In
| the clear on each side OF the central pivot.
The amendment was agreed 10, and the bill
passed.
Also the bill to amend the act OF July Is, 1859,
further TO prevent smuggling. relating TO ship stores
| purchased at Canadian ports. Passed.
| Mr.. ONELI, from the Committee on Commerce.
reported the bill creating collection district in New
creating It a port OF entry Passed.
Mr.. DIXON, trep.) OF X. l., from the Committee on
Commerce, reported the bill recitng the project OF
building ship. canal rom Barastabe bay TO Buz.
| yards bay, Massachuse eight miles long ana
seven mil ION dollars, and pledgni the faith Of the
government TO construct suitable breakwater and
haroor Of refuge at the eastern entrance Of the canal
| the expense not TO exceed two millions
The objection beng made by Mr. BENJAMIN (rep.l
Of No. tnat the bili made an appropriation, and
must De first considered In committee OF the Whole,
| 1t was referred.
Mr. FINkELNBURa, from the Committee on Com
merce reported the bill creating port Of delivery
The morning honr expired. and the bill went over.
DUTIES ON SUGAR. COFFEE, &C.
Mr.. ONElLL presented memorial OF the import
| ers and gr0cers of Philadelphia, asking that any
change In the duties on sugar, moasses, tea. cohee
| cember, 1870.
| DUTIES OF PENSION AGENTS.
| Mr.. BENJAMIN. from the conference committee on
the Dill defining the duties OF pension agents, made
| report He explained that as to fees OF pension
ana sy wen xfa n 5s
made anu flied at The department, in whichicase the
! maximum fee shall be twenty-five dollars.
| Mr. BAwRENCE, (Tep) OF ONO, opposed the report
as allowing loo large fees 10 pension agents-thirty
cents for vouchers. he handed In table in which
| the calculation was made that the average annual
| income OF pension agents would be over 5000.
The Conference report was agreed to.
KENTUCKY CONTESTED ELECTION CASE.
Mr. BUTLER, Qep.) OF Tenn, from the Committee
OF Elections, made report In tae Kentucky contest
ed election case: that John NJ Price, the sitting MEM
.nI ha apfh .Il.lt
that the Governor OF Kentucky shall be notified or
| the vacancy and that Mr. Zeigler the contestant,
! snail BE- allowed the expenses OF the contest.
Mr. BURR, dem) OF ILL.,, presented the views OF the
minority, declaring Mr.. Rice justly entitled to the
| seat
the resolutions are to be called up for action on
Mr. PAINE gave notice that after the Funding bill
was out oi the way he would bring lot OF contested
| election cases before the House.
RELIEF OF SETTLERS IN NEBRASKA.
bill for the relief Of e,empton settlers Ia NehrasAa
| was taken from the Speakers table and passed.
THE FUNDING BILL.
The House then at quarter past two O'Clock,
proceeded TO the consideration of tie bill auhorz-
Ing tie rounding and consolidation Of the national
debt. and lor other purposes. 1F
On motion OF MIR. SCHENCK, trep.) OF Ohio verbal
amendment was made, striking out ut the end of
section four the words. sat any time before the end
OF the notice provided for in The second secton of
this act"
Mr.. soHENcK said that If the debate had not been
limited TO discussion under the five minute rule ne
would gladly have avalled himself of an opportunity
TO express his own views and the views or the
lnittee the bill, but the waning hours OF the ses.
sion and the heat Of the weather. and still more the
attention which had been gwen the subject OF the
public debt and the public credit, satisfied him that
the House bad done wise thing in limiting debate
to q mere business discussion under the i've min
ute rule He unquestionaby believed, aud his faith
grew stronger every day, that the United States had
reached that point in reference to its great resources
It's great means and It's credit before the world that
| authorized the government TO 20 into the markets
| Of the world and offer Its four per cents at par.
| Mr. BLAIR, rep.) OF Mich moved TO amend the
first section by Inserting the words-"rhe amount OF
interest specified in each coupon SHAH be expressed
| in dollars and the equivalent thereof In English
sterling currency and In lrancsn
Mr.. DAVIS, Vep) Of n. w. moved to amend the
amendment Dy adding a pr0Viso that the
retary of the Treasury shall have power, In his
discretion, to make the interest or coupons part
| OF the bonds not exceeding dve hundred millions,
| payable ia any foreign country, as he may deem
| advisable tMurmurs OF dlsapprova'.) =.
| Mr. BLAIR argued In advocacyof his proposition,
| showing the advantages that would result from 1t
in inducing foreign Investment in the loan.
because-lrst, although 1t was great improvement
| on the funding scheme recommended by the Secre-
! Senate, ,the saw danger in disturbing the bonded
| Qept AS now EXISTING. The bonds outstanding
formed the basis Of the monetary transactions Of the
| country, and in altering its character Congress
would anect nJurousy and disturb the business
teresis and the stability OF trade. Second-Because
1t was Improbable tnat the proposed loan Of thou
| sand millions could be negotiated at four per
cent; and failure to do 80, after making
o. Oh the government TGrd-Bas aP' it e could i'en be-
negotiated at all it would be only in Europe. where
lower rate of interest prevails, and this would IN
yoiye the Illuminating necessity OF this government
becoming an applicant 10 foreign capitalists Tor Pc
cuniaIy favor. Fourth-Becalse, If thus negotiated
year as interest to be paid abroad where it would be
expended for the advantage OF other peo-
PIE; whereas. II the deOt were held in
the United States. It's interest would be
paid at home, and thus assist in the
development OF domestic Industries and In the
ability OF the people to bear its burdens Fifth-A
foreign debt Is curse to any country Better to bear
t1e debt at home even at higher rate OF interest,
until the debt is reduced q more endurable vol.
ulne, tian to mortgage the country to those whose
prejudlces ana sympathies are hostile TO American
prosperity aud national success and who, III mo-
ment OF trouble between the United States and other
nations, would take advantage Oh the necessities Of
the United States TO inpenl their security.
Mr.. BUTLER trep.) OF Mass, opposed the amend.
ment OF Mr. Blair, and suggested the difnculty
that might present Itself In England raising the
her franc, as she had done many time before. He
did not desire the bonds OF the United States
danger of the funding system. The United
states government had now twelve hundred
millions of1ts bonds held abroad besides $780, 900
OF state county, city and corporate bonds
so. that this country was drained annually of
sl2o, 100000, repeating on large scale the evil OF
have any mducement held out to have The debt
Mr.. BROOKS, (dem.) or NJ Y, contested the views
expressed by his colleague (Mr. Wood), whose first
objection was that it disturbed the bonded debt as
now existing. For his part he wanted to it dig
and elghtper cent interest and he wanted that
species OF disturbances which would reduce 1t to
four per cent AS to the second objection made by
Mr.. Wood, that 1t was impossible TO sell United States
four per cent bonds abroad, he denied that 1t was
either impossible or improbable. AS to the Obec.
tion against the bonds being held abroad. he re-
mluded his colleague that the greater part of the
bonded debt OF the government was now held
abroad and was likely to be, and this bill would not
change that fact He replied TO other objections
and advocated the bill. ~ -sl.s =
Mr. KELLEY, yrep.) Of Pa, opposed the amend.
ment offered by Mr.. Blair The policy ol expressing
amounts In the language or money Of foreign coun-
tries might do very well for adventurous railroad
corporations, but would be unbecOming in q great
nation. @ t@rt Hl
Mr. JUDD, rep. OF Ill., remarked that the principal
feature OF the first section Of the bill that 1t was
thoroughly American. There was no word or syl-