The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-05
SENATOR WILSON TO RESIGN next WEEK.
OUR CONSUL AT BUCHAREST.
The Oonstitutionality Of the Export Tax on
Tobacco To Be Tested.
WMTEwASn READY FOR &C. NJ" SENATORS.

WASHINGTON, Feb. 4, 1873.
Senator Sherman's National Banks Com
solidation Bill.
Mr.. Sherman to-day introduced bill authorizing
the consolidation OF national banks The bill pro-
vides that 1t shall be lawful for two or more
national banking associations organized under the
National Currency act to merge their assets and
liabilities into one association that by virtue Of
this act such associations shah be consolidated,
and 80 that all property, rights, franchises and
privileges by law vested in such associations may
be transferred to and vested in the association
into which such merger shall be made. The
second section prescribes the following as the
conditions upon which such consultations shall be
de:-First the directors of each association are
to enter into joint agreement under the corpo-
rate seal Of each association setting forth the time
and manner of converting their capital stocks, and
all other provisions of the proposed consultations
Second, such agreement must be ratified by ballots,
cast by persons or proxies representing three
fOurths Of the shares in each association, at sepa
rate meetings called for the purpose thirty days.
notice to each shareholder, by publication and
through the Post ONCE. Third, certificates
Of the Affirmative three-fourths votes of
each association shall be deposited by the
cashiers in the ONCE Of the Comptroller Of Cur
rency, together with copies of the agreement. and
upon receiving his approval the consolidation
shall be effected. Shareholders who object to the
consolidation must be paid the value of their
shares, such valuation to be fixed in the articles
OF agreement and all rights of creditors or liens
upon the property Of either association
shall continue unimpaired against the new
association formed by their consolidation
and be enforced against 1t. The separate asso-
Citations are required to go into liquidation under
section AZ Of the National Currency act, and pay
all debts except the capital stock, surplus funds
and outstanding circulation; but the latter is 10
be replaced by an equal amount to be issued to the
new association. The bill was referred to the Com
mittee on Finance.
Tho Senate Discussing Schemes Of FL
nance.
The Senate displayed an amount of financial
wisdom in its debate to-day that would have been
laughed at in the meeting Of the directors OF
country bank on discount day. Sherman did what
he could to appreciate the value of the bonds
which the Syndicate are now putting on the mar
ket Buckingham thought that II the greenbacks
all to be funded into five per cent bonds there
win be nothing lett for the banks to redeem their
notes with. Thurman urged the Senate to fix the
interest on the proposed bonds at two per cent in
imitation of the British consos, but the Senate
voted no. Bayard made an Old-fashiOned demo-
cratic attack upon banking interests and paper
money, and other would-be financiers talked
wildly about their own visionary schemes. To-
morrow Sherman hopes to pass his amendment,
and then the power of the national banks will be
exerted to get it through the House.
The Question OF Increased Pay
Ii one deeply agtating special circles here and the
sentiment in its favor Is almost unanimous. 1t is
admitted all sides that the present salaries OF
Senators and members Of Congress are entirely
inadequate to the support Of a family in Washing
ton, much less should it be considered compensa-
ton for the labors and ability requisite to faithful
and intelligent discharge of the duties Of the re-
spective positions. The Credit Mobilier exposure
has shown the absolute necessity OF paying Con-
gressmen fair compensation for their labors and
thus place needy and well-dsposed men beyond
that temptation which necessity creates. It is
believed that bill will be introduced in the House
to increase the salary Of congressman and
Senators to $4,000 year ; the Speaker of
the House, Cabinet Ministers and the Vice Presi-
dent to $40 000 and the President to $780, 900 year.
The bill will provide that no mileage shall be al
lowed congressman, and that the salary shall be in
lieu OF ell expenses 1t is believed that an ar
rangement of this kind would place the vast ma
jor1ty Of members beyond the reach Of the lobby,
and save millions to the government besides
avoiding the humiliating spectacle now Witnessed
In the rooms Of the investigating committees.
Senator Wilson to Resign Next Week.
The Presidents in the Case.
Senator Wilson will resign next week, the resig-
nation to take erect in season to have the Massa-
chusetts Legislature elect q successor, to arrive
here on the day on which he will vacate his seat.
His right to appoint future day for his retire
nent from the Senate and the right OF the Legisa-
III f,uo otad
has been established by numerous precedents, es-
pecialy that when Henry Clay resigned, in 1851, to
take effect from the first Monday in September,
1861 The Legislature of Kentucky elected Mr..
Dixon to I'LL the vacancy from that day until the
close Of the term for which Mr.. Clay had been
elected. Meanwhile Mr. Clay died. The Governor
OF Kentucky appointed Mr.. Merrwether to serve
rs Senator until the first Monday in September,
and then Mr.. Dixon occupied the seat for the re-
mainder of Mr.. Clay's term
Poland's Committee ut n Standstill.
Judge Poland's Committee met to-day, but as
neither Ames nor John J. Blair, the two witnesses
examined, had arrived, the committee adjourned
until ten O'Clock on Thursday morning. Should the
gentlemen above named arrive prior to that time
special meeting of the committee will be held. The
chairman this morning received q letter from
Ames, requesting that ex-senator Fowler, Of Ten
nessee, be summoned to show that Mr.. McComb
Onered to let him have stock but as Mr.. McComb
admitted that fact in his testimony the committee
does not deem 1t necessary to summon Mr.. Fowler.
a Select Com ittee OF Senators to Take
Charge OF the Pola nd Committees Tes-
timony.
A Colfax Patterson and Wilson were evidently
determined to make no more supplementary state
ments until they could see what additional auto
graphic evidence cakes Ames would bring back
trom North Easton the venerable Poland obtained
permission of the House to wash his hands OF the
Senatorial portion OF the scandal and the evidence
was sent to the northern end Of the Capitol. Col
lax actually smiled when he thus found himself out
Of the clutches Of the rreverend Lower House,
Wilson retired into the lobby and chanted dox-
oloeU, and poor Patterson was jubllant until he
ncard 1t whispered that the evidence would be
referred to the Committee on the Judiciary. OF