The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-03
The Latest News.
XLIst CONGRESS.
SECOND SESSION.
HOUSE. e.
20 WASHINGTON, Mar. 2,


| u8 I.g WASHINGTON, Mar. 2.
The House went into o Committee Of
the Whole OIL the Indian Appropriation
Bill, and having proceeded to within two
pages of the end OF the bill, the Commit
tee rose. F
1Ir. BUTLER, Of Mass, offered resOlu-
tion instructing tho Judiciary Committee
to inquire by what means and by what
privileges the House had been invaded by
the publication Of the testimony taken be-
fore the Committee on Banking and Cur
rency, in advance of It's being reported 10
the House. Also what action was ncCcssa-
ry to protect the members Of Congress
from tho cOnspiracies ofofflcc brokers and
others, TO make charges against the mem
bers for cxtortion. Adopted. "
Mr.. MAYNARD offered a resolution call
Ing on tho Secretary Of tho Navy for In
formation as to the loss ofthe US. steam
or Oneida. Adopted.
Various executive documents were pre-
sented. Adjourned.
SENATE.
The Joint resolution authorizing the
Northern Pacific Railroad Company. to
issue It's bonds for the construction OF the
road, and secure the same by! mortgage,
was discussed without action until tho ex-
plration Of the morning hour. .'. H.
blr. TRUMBULL from tho Judiciary COM
mittce, reported back the bill relative TO
taking census, and asked its reference 10
the Committee on the Revision OF Laws.
So ordered. a Ia T.
The funding bill was considered.
Mr.. SUMMER argued that tie mass oftAe
financial obligations should be promptly
adjusted in some new form Ut smaller
interest, taxes must DO reduced and pay
ment Of the national debt must ,bc left in
part7,to posterity, and specie payment
must be provided for. As the bill wAs u
substitute for tho one he had previously
introduced, he compared thenl ut consId-
erablc length, and thought the committee
had not improved the original bill. He
said that ut proper time he shouldmove
an amendment. - '1'.-' ih i...
Mr.. SUMNER moved 10 amend tho 1st
section by increasing the amount Of bonds
therein provided for. from - ,00O, 900 10
ST, 600, 900, by providing for 10-4O in
stead ola 1890 bond, and also that the
proceeds shall be applied TO tho payment
Of bonds Of 1862 or tic first series Of
bonds, and which, If lie could so express
himself, had become { fly, blown. . lie
wished to wipe tint obligation away.
Mr.. SHERMAN said the bonds Of 1862
were held entirely abroad, and he could
not see the advantage to tho government
by redceminE those bonds alone, SOME
body had abused the old 5.20's and threat.
cned to pay them off in greGnbacks, and
il was because of TINT insult on our pub.
lie credit that he supposed the Senator
from Massachusetts, now proposed to give
tho holders Of them n monopoly. lie
thought the U. S. bondsshOuld all standup-
on the same footing, and thatno good rea.
son could be shown why 8 per cent should
DO given holders on the first and only II
peF cent. to others. He then proceeded To
answer the argument Of Mr.. Sumner rela-
tive TO tho time within which tho debt
should lie redeemed, rcmarktng that In
negotiating these bonds the correct idea to
be hold out 10 the world wAs that We did
not intond to abandon the American sys-
ten Of definite payment He said we
had agreed, in The net Of 1862, to apply /
per centum per annum to tho payment Of
The public debt, that this provision had
been observed heretofore, but that this
bill furnished the means OF organizing a
sinking fund. lie recognized tho force Of
tho oblGctiUns to tho employment Of for
eign agents, but hU believed that this was
OvershatlOwcd by the greater advantage Of
placing our debt Ut lower rate Of inter
est. ..s .r' dada ......-. .l.,.
Mr., MoRToN said wC did not wish to
issue a bond TINT would he rejected or
prove II failure, lie therefore inquired II
The Senators from Ohio and Massachusetts
had any evidence that 4 per cent. bonds,
issued by any government, had ever been
sold for more than 81 cents on tho dollar.
Mr.. SUMNER sAil he did not know Of
any 1 per cent ever being put on tho, mar.
kGt at par 81 %
Mr.. SHERMAN said hc believed 4per
cent bonds had been put Mt par by Swttz'
Crland. go. ...1.
Mr.. CHANDLER said tho proposition Of
Mr.. SUMNER to take from the bonds aCtu.
ally in the Treasury II per. cent and put
il 10 the credit Of the sinking fund without
the consent of the owner, was simply re.
pudiatior rs u sage way of arriving at the
point aimed at by the Finance Committee
lie favored pr0viso making It compul.
sorry upon all National Banks to deposit 4
per cent bonds for their circulating notes,
thus requiring them to pay down 9 per
cent for the valuable franchise Of banking
Mr., SUMMER in reply to NIr. SHERMAN,
said he would make no exception in favor
Of the debt Of 1909, because that debt was
one which had been attacked by the en-.
emies Of our credit. ,'~
4. Without action on the subject tho Sen.
nte went into executive session, and soon
after adjourned. U t