Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-27
HOUSE.
More Repeal Of the Salary Bill.

WASHINGTON, Jan. 26.-Bills were in
trOduced and referred under the call Of
States, by Mr.. Gunckel to repeal so much
of the act of March 3, 1873 as provides
that Representatives elect to Congress may
receive their compensation monthly, from
the beginning OF the term until the begin
ming of the first session of Congress. As
the law now stands, members receive pay
for nearly nine months before they are
sworn in TO perform any duty.
BY Mr.. Orth of Massachusetts,, 20 grant a
pension to the widow of James i. Or,
late United States Minister to Russia.
Diagonal.
Mr.. Bland introduced bill to incOrpO-
rate the Eastern and Western Transports
tion Company, with a capital Of S}O,OO0,OOO
to maintain and enjoy a railroad from Port
ROYAL, 5. C.. to Leavenworth, kaS., via
Macon, Ga. and Memphis, Tenn.
The Indiana PIan-PFOposed Issue o.
Two Billion Gold Notes
BY Mr. Orth, to provide a national cur
rency, for the redemption thereof in coin,
and for the redemption of the circulating
notes heretofore issued by or under the au-
thOrity of the United States. The bill
embraces what is known as the Indiana
plan of financial relief, and provides for
the issue by the United States Of two
thousand millions dollars of circulating
notes to be known as the United States
gold bonds, notes of various denominations,
which are to be held Oh the Treasury rs
reserve and eXchangable at par for any out
standing bonds Of the United States at the
pleasure of the holder. They shall circulate
as money and be used by the Government
rs the national banking currency now IS.
That for the purpose of eXpediting such
exchange repositories are to be established
in all the leading cities of the United
States under proper safeguards; that the in
terest accrling on all bonds thus surren-
dered 10 the Government shall be retained
by the Government, and shall with fifty
Der cent. of the coin accumulated III the
Treasury not needed for paying interest on
the public debt. constitute sinking fund,
after il reaches four hundred million dol
lars. for the redemption of the gold bond
notes issued under this act.
The bill further provides that any Ma
tiOnal Bank may surrender Its bonds now
on deposit in the Treasury ana receive gold
bond notes. which, when added TO the notes
heretOfort, received by such bank will be
equal to the par value of such bonds, and
such bank may at any time surrender its
notes and sreceive in exchange gold sbond
notes under this act, and when this is done
each bank is relieved from the redemption
Of its notes or holding any reserve. but shall
i'll other respects exercise its rights and
privileges under the banking act. Any
National Bank failing for two years to sur
render its bonds now on deposit shall re-
deem its currency in gold. The outstand-
ing legal tender notes shall be redeemed at
the same time the redemption OF gold bond
notes is commenced under this act.
By Mr.. Shanks providing for survey by
the army and navy engineers of a ship
canal from Lake Michigan TO the MISSISSIPPI
river near Cairo.
BY Mr.. Mills for the removal of all the
troons i'm the Southern States to the Western
country for action against the Indians.
BY Mr.. G.. +. HOar to prevent payment
of interest to national banks.