The Osceola times., 1876-01-15

national banks in liqaidation, and proNeed-
ing to enforce individual Inability OF stock
holders. The follo'-ing is full text of the
bill introduced to-d.y by Senator Morrill,, OF
Vermont, to provide for the redemption of
legal tender United states notes in accord.
ance with the existing law: Be Il enacted,
etc, That to further enable the See
retary of the Treasury TO provide for
the redemption of tbs legal tender United
States notes in accordance with the existing
laws, he is authorized TO issue, sell or dis
pose Of at not less than par in legal tender
United states notes ether of the descriptions
Of bonds Of the United States, bearing in
terest ht the rate not exceeding 4 y per cent.
per annum, describe in an act OF Congress,
approved July IA, 1919, entitled "An act to
authorize the refunaing of the national
debt" with like quantities and privileges
and exemption TO III extent necessary TO
carry into full effect tar act of Congress ap-
proved January II, ., entitled "An act
for the resumption - specie payments and
to use the proceeds thereof for the purposes
aforesaid; and the said legal tender notes so
obtained upon the issue OF said bonds shall
he held aud considered as part of the final
redemption of such notes, provided for in
act OF Congress herein last mentioned, and
shall be treated accordingly, and cancelled,
provided that the principal of the bonds
herein authorized may be made redeemable
at any time not less than 30, nor exceed
ing 40 years from date of issue. 2. That
all contracts entered into or made after
the LIST day January, 1878, shall be pay
able in accordance with the legal standard of
gold and silver, unless otherwise provided
for at the time of the contract B. That
all national banking associations shall
be, and are hereby requested to hold
in coin as part Of their lawful money re-
serve on hand after the lst day of January,
1877, one-fourth, after the first day of Janu
airy, 1873, one-half, and after the lst day of
October, 1873, three-fourths, Adjourned.
In the Senate on the 9th Mr.. sherman
presented 500 petitions, signed by 29,S96 per-
sous, praying for the abolition Of the bank
check stamp tax Referred Senator Dor
sey introduced bill authorizing the sale and
disposal of the Hot Springs reservation in
Arkansas, and for other purposes. The com
mttee on privileges and elections reported
that il is within the constitutional power of
the senate 10 elect new president pro tenn,
at the present time if majority OF the sena-
tors so desire. The committee made no rec
ommendati0n, however, as to the advisability
Of exercising this power. The report was
concurred in by Senators Morton, Wadleigh,
Mitchell, Cameron Wis., and McMillen-all
Republicans Senators Cooper and Merri-
mon dissented. Several petitions were m
troduced PRAYING the appointment OF com
mission to look after the liquor traffic SEN
ator Morrill, called up his bill to further pro
vide for the redemption of legal-tender
United States notes, etc, which was discussed
the rem inder of the days session without
definite result. Adjourned.
In the Senate on the 9TH the further
consideration of the report of the Committee
on Privileges aud Elections, in regard to the
presiding officer Of the Senate, was laid over
to Monday next. Clayton introduced papers
bearing on Sebastian, late Senator from Ar
kansas, also, a memorial Of the Arkansas leg
stature, asking congress TO pass an act re
funding the cotton tax, which was referred.
Also a memorial of the same legislature
asking an appropriation 'or the Improvement
Of navigation in Bayou Bartholomew. Dor
sey presented amemoria from the legislature
of Arkansas, asking for an appropriation for
the Improvement Of navigation in White
river. Also, memorial from the same body
asking for the construction oi u national
levee to reclaim the alluyial lands Of the Mis-
sissippi river. Other bills, but of no especial
importance, were introduced, and several re
ports were made of claims reported upon ad
yersely, and the Senate adjourned to Mon
dAy next