The sun., 1873-02-05
YESTERDAY IN CONGRESS.
ANOTHER ATTEMPT TO RAISE TIM
PRESIDENTS SALARY

A Bill Authorizing the Consolidation Of N,.
tiouai Banks-Seuntor Shermau's Ptnp %
Making Grecnbacks Eauai to Coin -Cred,,
NIobiIier in the senate.
wAsuISaToN, Feb. 4.-Senator Hin
usep., Ga) introduced a bill raising the SALARY %
the President of the United States to sgGo
aud that Of the vice-Presidcnt to $1,000. and
asked its immediate consideration but Mr..
Sherman objected, and the bill was referred to
the Committee on Privileges and Elections.
Mr.. Sherman Rep.. Ohio introduced bill 10
authorize
THE CONSOLIDATION OF NATIONAL BAsKs
The bill provides that 1t shall be lawful Tor two a,
more national banking associations, organized under
the National Currency act to merge their assets and
such associations shall be consolidated, aud 80 IA,
all PrS9Per sc 5gSs ,S Sns m
vested the association into which such merger shall
as the conditions upon when such consodatons .Sah
be made as ne eSs.Sfs q, sace & a
OF each association, setting forth the time manner
sions OF he proposed consodsilon Second sosss
agreement must be ratned py ballots cast BY Or
sssocston at separate meetings called FOR the purpc.s
the Affirmative hrecfourths votes OF each assocstea
SS%g,iSsf ea1seasy ssssiSeI with S.HIs. s i ::
.S end upon rsesvin hts spProys me eo,.
S the .n1 ssO%a0n snS @S Ss qb be 'Gs s,eS
liens upon The pfper of either ssoeSSn Sn'Sf h con- ss
By their and Be satorceG ssaiS.f ss
% he sr 11 se
s seS eseeR e ssPa @ s 1,se sgTess ~ m fund.-
by an equal amount to be issued TO the as.ooss
The bill was referred to the Committee on u.
nance.
RESUMPTION OF SPECIE PAYMENTS
At o'clock the consideration OF the Finance
Committees substitute for the Buckingham
Bank bill was resumed.
Mr.. Bayard (Dem., DELI said the resumption
OF specie payments was the most pressing neees-
sity Of the times, not merely as affecting tho
convenience, but IA affecting the morals OF the
widespread necnniafy immortality exposed ,s 'bs bS
recent painful developments was In a greas
measure due TO the want Of currency sof intrin-
sic value. He also thought that the national
debt was one billion Of dollars greater than M
would have been II we had not made the mis-
take Of resorting to inconvertible paper issues.
He regarded this bill as too favorable to the
banking interest, but admitted that II was stem,
though not a long Que, toward specie payments.
Mr.. Thurman Dem. Ohiol said the amount Of
Rreenbacks to be retired exchanged for bonds
bearing per cent. INTEREST," WINS S35j.OOOOO0, and
10 the United states to nav sis,oo5'0oo of inter-.
est annually on the bonds for which the green-
backs would be exchanged. The effect Of this
bill, he said, would be to favor the creditor
class, and make IL more dificult for every debt
ar te nny his debts.
RESUMPTION ONLY IN NAME.
Mr.. Morton (kep. lndD SAID TINS cOuld nOt
properly be called bill TO resume specie pay
ments because II left II optional with the Secreta-
ry OF the Treasury To redeem greenbacks either
in coin or In another promise "a United states
bond), which may or may not be equal to coin.
Mr.. Thurmans $ nmendment, reducing the ln-
terest on the bonds to be exchanged for green
backs from i've TO two per cent, was lost-l
to ~.
Mr.. Buckingham Qtep., Comm moved to amend
the first section so as to provide that the Secre-
tary Of the Treasury may reissue the notes
tgreenbacksl so received, or II they are can.
cciled, may issue United States notes to meet
the current payments for the public service, and
the principal of any United states bonds at par,
bearing interest payable In coin, shall on de-
mand by the holder thereof he paid by the Sec
retary OF the Treasury In legal tender notes and
the interest thereon in com.
Mr.. Fenton (l.ib., ". " offered an amendment
To the amendment, providing that ~ per cent.
of the greenbaeks received for bonds shall bs
retained and permanently retired from clrcula-
ton, provided the amount so retired shall not
exceed three millions month. lie offered this
amendment, he said. because he believed II was
not possible to return to specie payments wlth-
out, reducing the volume Of the currency.
Mr.. Fenton's amendment was rejected
CREDIT MoBILIER.
The President pro ten. laid before the Senate
transmitting copy of the testimony taken iq
the Credit Mobilier Investigation. The Clerk VI
the House appeared and delivered copy OF the
testimony taken before one OF the House COM
mittees affecting certain members of the Senate.
Mr.. Patterson (Rep, N. H. moved the appoint-
ment OF a select committee OF i've 10 consider
the matters In the testimony relating to members
Of the Senate, with power to send Tor persons
and papers. Agreed TO.
| Mr., Buckingham's amendment TO the Finance
| bill was reiected-9t to 81.
At i:O p NJ the Senate went into executive
session, and soon after adjourned.