The Portland daily press., 1872-12-11
Washington Matters,

THE SAFETY OF GOVERNMENT BONDS.
Representative Hoar's bill for the safety of
government bonds is designed to insure per-
feet security, and at tn, same time conven-
fence, in possession to the holders of govern
ment securities. 1t authorizes national
banks to hold as trustees registered govern
ment bonds, issuing to owners certificates of
deposit of equal value; the latter to be cur
rent and exchangeable as are coupon bonds
at present Sales and transfers of the certifi-
Gates might be made with perfect facility,
while the registering insures perfect safety.
The bill is approved by the Treasury depart
ment and the chairman of the House bank
ing committee.
PROPOSED CONSTITUTIONAL AMENDMENT.
The House of Representatives took notice
OF the detects in the existing electoral system
by receiving two constitutional amendments
designed to correct the manner in which the
people shall choose the President and Vice
President. One, offered by General Banks,
provides for direct election by the people on
the saE day that the House of Representa-
tiyes is elected, and under rules and regula
tons made for the respective States,
the President and Vice President to hold
office for six years, and to be ineligible for re-
election; while the other, proposed by Mr..
Lynch, merely provides in detail for a popu-
lar election. The precise words of the body
OF the Constitution are repealed in the pro-
posed amendment, and the same provision
for choice by the House of Representatives
as now exists. in case no candidate receives
majority of the v9tes, is retained. General
Banks also introduced a bill doubling the
present salary Of the President, which has
much more chance of again coming before the
House this session than either of the consti-
tutional amendments submitted.
VARIOJTS MATTERS
Gen. Banks. Mr.. Kellogg and Mr.. Peters
were the only New England Republicans who
voted for the General Amnesty bill Monday
afternoon. The three Democratic members
from New Hampshire voted in The affirma-
tive.
THE KANAwHA CANAL.
Gen. Negley, of Pennsylvania. has prepar-
ed bill to complete water highway from
Underwater on the James River to the Ohio
River, at the mouth of the Kanawha, being
the route to which the President calls the at
tention of Congress in his Message. 1t pro-
vides for the REIMBURSEMENT by the States of
Virginia and West Virginia of their interest
in the line as far as completed, and also for
the purchase by them and cession to the
United States OF the private stock. In case
OF refusal to sell by private stockholders, pro-
vision is made for the United States to ac-
qulre title by condemnation. These
preliminary conditions satisfied, the work
is to be begun and Constructed under the en-
tire superintendent and management OF the
United States Engineer Bureau. AS fast as
the line is CT mpleted by the engineers, it is to
be turned over to board composed of ten
Commissioners, the States Of Iowa, Wisconsin
Missouri, Illinois, Indiana, Kentucky, Ohio,
West Virginia and Virginia, each appointing
one Commissioner and the Secretary of the
Interior being an er-o6icio member. This
Board is to manage and operate the line The
surplus tolls are to reimburse the United
States for the expenses of construction, and
after this repayment shall have been finished,
the canal is to be highway free to all Amer
lean commerce save only such tolls as may be
needed to operate it an keep it in repair. 1t
is supposed that the bill will go to the Com
mittee on Commerce and receive an early