New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-09
BY TELEG RAPH .
CONGRESS.

| Senate.
| WASHINGTON, May 8.-Mr Sherman CAV.
notice that when the Geneva award anG
civil rights bill were finished he would cal
| up his new finance bill. The Geneva bill
was considered.
| Mr.. Thurman desired to speak on tht
| cause that excludes insurance companies
from benefits, but feels too feeble to-day
| whereuDon the matter was postponed.
The Senate adjourned till Monday.
The House has concurred in the Senate
| amendment to the bill apprOpiiating
$l90, 900 for the relief of the sufferers by the
Mississippi overflow. The bill goes TO the
President.
Mr. Durham, from the Committee on
Banking and Currency, reported a bill
| amending the charter of the Freedmen's
Savings and Trust Company, and for other
purposes, which was recommitted. Ordered
printed,
The bill amends the act of incorporation
SO that hereafter it shall be the duty OF the
trustees and officers of said company to
make loans, to the extent of one-h half the
deposits by them received, upon bonds or
notes secured by mortgages or deeds OF
trust upon unincumbered real estate stu
ated in the vicinity Of the agency or branch
Of said company from which such
deposits are received worth upon cash ap-
said loans, exclusive Of buildings, the other
halt they shall invest in United States
bonds, or beep on deposit in some national
bank such sums as may be necessary 10
meet current payments. 1t shall be the
duty of the officers to collect as speedily as
possible all sums loaned by them outside
Of the States.
It shall be lawful when it shall appear
that the interest Of the depositors require
| it for the board Of trustees of the corpora
| ton, with the consent Of the Controller OF
| the agencies, paying to depositors q pro
! rata amount Of the principal and interest
due them, and q ratable proportion Of any
| surplus which may have accum ulated un-
| der the pr DIVISIONS of section eight of this
| act; and whenever it may be deemed ad-
visable, or when 80 ordered by Congress,
| the general business and affairs Of the
| corporation shall, in like manner, be closed
| up by the trustees of the corporation under
| the direction Of the Controller Of the Cur
| rency.
| The officers shall not loan to any person
| or company at any one time more than
| $4,000 Of the funds of the company.
| Section fifth provides that any officer
clerk, ETC., of the company, who shall en-
bezzle moneys Of the company, or shall
make false statement Of the condition OF
the bank to the company, or to any one ap.
| pointed to examine the condition of the
company, shall be guilty'of misdemeanor
and if found guilty shall be punished by
imprisonment for term not exceeding five
! years.
Section six prohibits the payment of NOR,
| than five per cent interest on deposits.
Section seven provides that whenever il
may be deemed advisable by the trustees
of the corporation to wind up the entire
business, that they shall select three com
petent men, to De styled commissioners
and who shall give a joint bond to the
United States of 100000, and these com
missioners shall take charge of all the prop
erty and effects of the company, cOllec
sums due and to distribute to the deposi
tors, as fast as practicable, pro rata. Th'
commissioners shall perform their duties
under oath, and shall receive a compensa
tipn out of the funds of the company, to b'
fixed by the Secretary of the Treasury ani
controller of the currency.
The centennial bill was recommitted.
The special order, bill fer the relief O
| the State of Tennessee in connection witt
certain railroad property and material
came up.
Mr.. Frve, of Maine, from the Judiciar,
-
to the Secretary of War, and with the ad
vice and consent of the Attorney General
authority to compromise and adjust all de
mands relative to railroad property an,
railroads on equitable and just terms.
Mr.. Frye advocated the bill, and said tn
State of Tennessee had been forced at tn
close Of the war to give her bonds, amount
ing in the aggregate to $463,7.S, with in
tereet at seven and three tenths per cent, TO
| hor rai ailrCoE c1tbnnnh pnhO6v ~
pected that the bonds would ever be paid
I 1t was q mere matter of form TO close u
the affairs of the war.
Mr.. Willard, Of Vermont, said he though
there was better opportunity to ascertai
actual value of the property at the tim
the property was transferred. and in tn
absence of an allegation Of fraud, tina
would seem to be the basis on which tn
| transfer was made than could be had afte
lapse of eight years.
| Mr.. Frye said the authorities of Tennessee
objected to taking the road al The valu;
ton, but were forced to do it by the gel
eral government.
Mr. Pollard, of Vermont, briefly explaine
the history of the roads from their seizul
by the government TO their transfer to til
State, and said there was little choice le
the latter. The bill was then passed.
Mr.. Frye also reported from the san,
!
the act of March 3, 1873, providing for tt
collection Of debts due from Southern raj
roads, with an amendment go as to allo
the said claims to be compromised in Il
same manner as in the bill for the relief
the State Of Tennessee.
. Mr.. Speer, of Pennsylvania, desired
! offer an amendment providing that the a
ton of the Secretary Of War shall not
final until after approval by Congress.
Mr.. Speer said he was opposed to intrus
ing so much power to any one officer of IL
government. There should be no cOmpr
mise until after the represenCativ of tt
people shall have examined the matter.
; Mr.. Coburn, of Ipdianr, thought M
| Speer's amendment was proper one +
had all confidence in the Secretary of Wa
but the government had the first lien upt
,, the property, and he saw no necessity for
compromise.
Mr. Frye declined to accept the amen
ment because it was q mistake to say tn
the matter was intrusted altogether to tt
Secretary of War. The Attorney Gener
. was to act in concert with him, and he hi
no doubt these officers would careful
guard the interests of the United State
The bill was then passed.
WASHINGTON.