The New York herald., 1870-02-04
F0ETY-FIRsT CONGRESS
Second Session.
SENATE.
WASHINGTON. Fen. 3. 1870.


WASHINGTON. Feb. 3, 1870.
FUNDING THE NATIONAL DEBT.
Mr.. SHERMAN, rep.) Of Ohio. from the Committee
on Finance, reported the following bill to authorize
the funding and consolidation OF the national debt,
to extend banking faclines and to establish specie
payments
enacted, &c. That for the purpose of funding the
debt Of the United States and reducing thereon
on the credit Of The United states COUPON or rss
hundred million dollars, redeemaSls in coin si the
payable y twenty years from date and bearing 10.
hss s. p1yaS ms
be disposed OF at the discretion of the Secretary under such
or rel,ewhee at less their par con they
o s and % an
the vetweny bonds and FOR ether purpose and pro-
the 70 Ss
s pss ae 81 s se %
been naed isr thai that purpose; ,p .,,,.
hereby authorized to issue sn the credit Of the United satea
@ .ss hS aa g 81 e r. S %
think proper rcdeemape coin at the pleasure Of the gov
from date % ami es bearing nerea not eseeedn
ID ps & may
mnas Sac "a e the q the
par % @ % ,he
such bonds may be sod coin shall be Deposited tho
bearing nisss, e coin ey The terms Of issue may
become or payable or to replace such coin As
sS THAT the he Ss and be !,
States. from time to tims coupon or registered bonds
Of such denominations not less than afiy dollars %
redeenabie in coin at tho pleasure Of the govern.
forty years from date and bearing nercdps the rate S' Of
aon per per ana paysb, am 70 COIN
q a. not less than their par value for COIN at
any obligations untsd States oulsana,ns at the
9s 70 sns
poses or rectea hsn would o
authorized by this section OF this such
s IA
sEc That the bonds authorized by this act shah be
exempt from a taxation by or under NATIONAL State muni
SIC That the coupons Of said bonds may be pay
De s o @ ID e either h e e OF oe OF
Paris Amsterdam Frankfort in dollars the equivalent
SEQ g. Tia, The Secretary Of the treasury 6c aud he rs
hereby authorized to appoint such agents In the United
negoa.ion Of said bonds and he may adysre the loan
and journals this country and In Europe he may
FOR m that s aa @ hS
aed to the expense OF preparing issuing and dsposng
2 That in order carry provisions
lie the issue States notes and for the redsmpon or
ana ss ae st Of the
sinking fund there Is hereby out Of the duties
cerv ell imported hOOdA the oil hundred
fifty million dollars aanusly, which sum, during
sha be applied TO the paymen, OF the interest and to tho
States bonds now held Is the sinking fund.- and The United
destroyed detailed record thereof beng made in tao
books OF the Treasury Department and the bonds hereafter
led destroyed, uii detailed ap-
o. the money nor herein shan De male oy
report and che aggregate amount OF the bonds cancelled and
SEQ g. Tha. on ard after the is day or October fssa
registered bonds denomination than
sand dollars issued under the provisions OF tha act
security national BANKING
s9easns TOR circulation under a, an act soua An e. =
States bonds and to provide for the circulation reieP
ing associations organized under said any aend
5 of ar are cr @ co aS9 s
one from he date Of the passage OF hs act ia default
Shall BE- ored and 70 s Measures aaS s 1omn
,roler Of he Currency slail be aahoFl1et and
necessary call in destroy their outstanding
associaon by which they were deposed In sums Of not less
than 81 Coo provided that such association In
trocr Currency by resolution Of s board Of directors
TIE It's outstanding circulation
ny the bonds pledged for it's redemption; and provided
by bank such security 81 Al. bo Of either q the classes
interest hxed four and half or ave centu per
sEc o. That the amount of circulating no,s which any
may from the Comptroller OF tho Currency
equal BIT not exceed eighty per cent of he par value s
deposited, but in aggregate tho
amount to which such bank be entitled said
tion.
organized under tao National Currency act and the acts
amendatory thereof, may upon deposng with me Treas
receive an equal amount OF resaered bonds Of Tho
SIsd states OF tae hd aa provided by section
circulating notes and thereupon such banking association
and conditions and TO the extent provided in the
National Currency ass and " without % respect to the limitation
scrioed ny said acts provided however that as circulating
United states notes shal be crnceHodand destroyed.
THE MARINE HOSPITAL SERVICE.
Mr. CHASDLER trepl OF Mlch;, introduced Dill TO
reorganze the marine hospital service ana TO pro-
vide for sick ana disabled Seamen. Referred To the
Committee on Commerce.
RESOLUTIONS OFFERED AND ADOPTED.
BY Mr.. ABBOTT, (rep.) N. C--Setting lorth the oc-
currence Of frequent violations the public peace
in various Southern localities and that protection IN
Of every citizen; and instruc,ing the Committee
Judiciary to inquire into the powers OF the govern
oI Of ch s ass and TO 1 WS ,a
is required and especially to inquire nto The consti
tuionaiity and expediency OF establishing national
police force for the better enforcement or the law.
BY Mr.. KELLOGG Fap.) or La. directing the Com
mittee on Commerce TO Inquire into the expedienCy
OF abollshinx ports OF delivery where The same
be dispensed with without detrlInent to the public
TRANSFER or FUNDS IN NAVAL BUREAUS.
On motion Of Mr. MORRILL,, trep) OF Me-. the joint
resolution authorizing the Secretary OF the Navy to
transfer TO tne use OF the Bureau OF Construction
and Repairs OIL SlVaIn Engineering sucH appTOpfla-
tons 10 the cIedlE OF the other bureaus Ia that de-
parlment as may be required, was taken up.
BIZ. SHERMAN, trep) Of ONO, said at the last ses-
sioa Congress appropriated all the money deemed
necessary for the naval Bureau or Construction and
Repairs But the Navy Department went on to con.
tract an expenditure Of rwico the amount ap-
propriated. The extent TO which the de-
partment had gone IN emaking transfers
OF money without previous specinc Legislation by
Congress was shown by the fact that upon the BOOKS
OF the Treasury 1t appeared tnat upon July !, 1868,
there was one hundred and forty-three millions
among The departments still appropriated and un-
expended or this amount seventeen millions be-
longed TO the Navy Department He proposed that
Congress should not only put an end TO this practice
OF the Departments III transferring appropriations
from one source to another but should provide for
carrying all the unexpected balance al tne emu OF
each nseal year to q surplus fund, from which ap-
preparation would DO made by special legislation
He favored the present bill as 1t would enable the
government to proceed with the work now incom-
piete In the various navy yards, which, II lett IN
Their preseas condition, would be liable to injury
from neglect and decay and nnct loss upon ihs
government.
Mr.. MORRILL, explained that tile bill did not pro-
pose the expenditure OF single dollar, but SIMPLY
proposed tue distri0utlon OF money already appro-
priated to the Navy Department. Iho question was