, 1877-01-28
WASHINGTON.

I The Texas Pacific 1sliI---ArmT RefoFn---f
Simple Form of Resumption.
/ SEeciaI Dispatch to TIE Tribune.
WASHINGTON, D. c., Jan. 27.-Lanar will tr1
next Monday to have h1ed 4 day for the consil
Grafton OF the Texas Pacific bill. 4 two-third
vote is necessary. A Southern Democrat say
| the SUCCESS or failure of this motion will have
| a considerable effect upon the organization Of
| the next House, in which maturity for either
! party will depend on the half-dozen votes from
the States which favor the bill.
The Commission appointed to prepare plar
for the reform and reorganization Of the army
reported to the President that there has been q
very general discussion and interchange o1
opinions, but other matters have SO occupied
them that they have not been able to giye the
subject that attention aud delbcration its im-
rortance demands, and they cannot, therefore,
make recommendations.
The Senate, in executive session, to-day con
frmed the nomination of S. ". Rathb1n US
Postmaster at Marion, H., and:G George Z. Buck
ner, Postmaster at st. Charles, No.
WASHINGTON, D. c., Jan. 26-The following
bill has been introduced in tho House OF Reprc-
seututiyes By the Hon. S. B. Chittenden, Of New
York:
A bill for paying the legal tender debt in harmony
with Justice and the repeatedly pledged faith Of
the Government Of the United States.
WHEREAS, The lesal~tender notes OF the United
the authorizing them, fnndabe at the option of
holders into bonds OF the United states bearing &
per centum annual interest; ana, whereas but
such provision for funding, neither the Secretary
Congress would have consented to their
Issue; and, whereas, the ex,gencles Of a
withdraw of tho said funding provision of the
Legal-Tender act; and whereas, it is apparent in
the present aud prospective condition OF the COM
uerce of the country. that the amour. OF paper
greatly
proper demands OF trade: and whereas the Gov
crnn'ent Of the United States is solemnly and firm
1879 to provide for tie redemption in coin. Of
its legal tender notes ON and aftcr the 1st day
Of Of. January, 1872 and whereas, ! !. Is obvious
ae4 Or Congress, the previous vitSdswa
legal-tender notes is IN indispensable act Of prep
araton; aud whereas, 1t is now apparently pfacii-
cable to fund said notes in oonu. having forty
per ecntum pcr an';nn, without commissions or
cost to Government; and whereas, the United
States must, like all other debtors, publ: or pri-
|a1e, provide for and pay al it's honest obligations
to the extent Of ts means and resources, OF be dis
credited and dishonorea; therefore .
Bell enacted, dy iAe sena,e an4 House Of Repre-
sea{attres Of TIC tniltd 4Stu!es Of dr.ca in Con
grass assembled That the Secretary OF the Treas
ury be and is hereby authorized ~ withdraw, as
Us the can 10 made
ever presented by the holders thereof, and issue
therefor, dollar for dollar OF faceyluc coupon or
registered bonds OF the United States in the spirit
Of the original Lcsal-tent act: Irouid<d, Tint
the bonds authorized By this shall be payable in
coin at the expiration ct forty years from the 1st
day Of Januury, 1877, and bear interest at the
OF per centum per annum, payable quarterly in
coin.
SEC 9. That the bonds authorized by this act
thnll be available for deposit in the Treasury OF
the Enitcl States for banking purposes under the
various provisions Of law relating to National
banks.
SEC. 3. That the legal-teudcr notes received in
exchange for bonds under this act shall lie destroy
ed,undcr such regulations the Secretary Of the
Treasury nlay prescribe.
Sec. 4. That all laws inconsistent with this act
are hereby repealed.