Year: 1866

for public information II provides in the usual form for


five per cent 80 years loan, TO be called the Consonu
aed Debt of the United States and to be disposed OF al
less than par and to be applied TO the eht Oh tnc
existing national debt other than United States notes com
monty known as Greenbaeks.' There are two provi-
sons of the bill likely excite oppositon one Of which
grows out of the question Of having property IN United
securities 1t cannot be denied that strong feel
ing grows of the exemption from State taxation OF so
large an amount Of property and various propositions have
been made TO subject them to taxation by the unied
States. While they bear interest AT rate equa 10 'ha
paid in of the States notes and securities suect 10
tax this feeling of inequality will continue To increase
They subject to income tax levied by the Uniteu
States but owing to the six hundred dollar exempnoh
proposed be increased to thousand dOars ana
also 10 the large amount held abroad which cannot Dc
reached and the readiness with which the tax is avaed


the United States less than onctenth OF one per
cent on the aggregate debt In consideration Of the reduc
ton in the of interest from six and seven and three
enh per cent TO five per cent tins bill proposes 10 exen
the present exemption from State taxation TO the income
tax and WILL in effect, to the United States re-
ucton Of onexh of the present interest fund.- with but
the riing loss Of the income The saving thus made,
with further sum- equal to thirty ms on the dollar 1t is
proposed apply the payment of the principal OF me
debt If uninterrupted this will be accomplished IN thirty


five years The effect is TO pay the national debt by the
saving Of interest The second proposition likely excite
opposition is that which gives option to The holders oil
$50 notes demand payment in money ut their maturity
This option will compel the Secretary to accumulate vast
for a contingency that may not happen, and place
him a, the mercy of sudden combinations whenever the
mature, they do in large sums at pccihed times
To avoid this the bill the common custom ana
law of giving reasonable notice by the boders oil The
option The same principle was applied TO the option OF
1862 IL no option taken, then it held TO be choice
of money and the Secretary will have six months to
preIarc for IT, will discuss this bill further t Is
approved by the Secretary of the Treasury and has been
partially considered by the Committee on Finance. u
will be objected that the holders of the present bonds will
not them but fortunately nearly all our secur-
ties will be within reach by maturity and IT Is
the confident belief that this provision reducing the rate oi
interest Will be fair dsment between the conflicting
interests of the bondhoer and Taxpayer that II VIII be
accepted 10y BOTH and thus represent the consodaed deb
al. IL m In aHya
bin will be properly considered when II is reported TO
the Senate In the meantime is but night to submit to


The impartial s of nG s bo oT n
securities.


The bill was referred TO the Committee on Finance.


RELIEF BILL


Mr. SIMMER Mass reported from the Committee on
Foreign Affairs bill for the relief of the owners of the
British vessel Magiccnne which provides for the payment
to the of the vessel or their legal representatives,
and the owners and shippers of the the of
g. 6i5 To he distributed aeeeaby to an award made by
Messrs Wm. VI. Evars and Edmund Mardhbald, TO whom
the claim referred by the Secretary OF state 0f We
United States and the British Minister resident at Wash
iDgton.


JURISDICTION OF THE COURT OF CLAIMS.


Mr. CLARK fN H. from the Committee on the judi
cary reported without amendnen the bill to extend the
jurisdiction OF the Court Of Claims as follows:


Ben enacted BY the SsHa" and House Of Rgssatast' o. ~.
Claims shall have jurisdiction 10 hear and determine the
claim any paymasier quartemaser eommissary OF sub
sence or other dIsbusng Jcer the United States Of
his or executors for relief from responsibility
Of losses by capture otherwise while IN the line
OF his duty OF funds vouchers records and papers
in his charge which such officer and is held respons
be Prodd that appeal may DO taken TO the Supreme


SIC Aqd be (srfh,r enacted That wherever said Court
shall ascetaned tie facts Of such loss ~ hnSe
Sesh MinTa mSS I decree U Ss & s thereof upon
which the proper accounting officers Of the Treasury shn al
low such officer the amount 80 decfced ss ereo IN Inc
settlement Of bis accounts.


TIE RESTORATION oP THE SOUTHERN STATES.


Mr.. WILLIAMS Oregon submitted an amendment in
Il H.. a.. the
States lately IN rebellion their free political nights in
lieu of Section Of said bill.


sIcIos Whenever any one OF The states In instruction
Constitution Of the United sis conform It's Con


nu saeb sIaes after the ss dsy Of March iss found
duly elected and qualified shall upon taking the required
Representatives from Tcnneasee Arkansas respectively
shall be admitted elected and qualified as aforesaid wien
either OF said States shall Iat aforesaid said proposed
ameDdment


SERVING oP pISAL PROCESSES


Mr.. H0wARD lMich.) introduced bill regulating Inc
service II final process III suits Of law and order ana de-
crces IN equity courts of the United States, In places
out Of jurisdiconal limits. Referred TO the Committee on
the Judiciary.


Mr. DIXON Conn asked leave to give notice Of his in
teption to offer an amendment the bills aud resolutions
reported BY the Join, Committee Reconstruction, and
as a substitute therefor, the following:


Rred That the interests OF peace and the interests
Of the Union require the admission of ever State to It's share
in public legislation. whenever II presents el not Only IN
en- loyalty and harmony bat In the persons Of
whose cannot be questioned under any


Upon this. MI DIxoy asked leave TO make a few re-
marks and prefaced them with leading article on recon-
s,riction from The Neu. York Erea,ng Post. He then
said: What have read seemed to wise and just
that have adopted IL as the best expression which can
make Of my own veTs II Is the leading article h ~ ane
tany not excelled in ability, patriotism and influence by
any newspaper in the country Coming from such


Dsd Ss' 1sss hpS a y ss1s so:
influence even on this body, they certainly will have
among intelligent people Of the United States They i'm
press my judgment the rcsoutc convictions Of think
Ing men, and WILL so soon as public opinion can legt-
maely declare itself take the form and be clothed with
the authority Of public law.


on the proposition Of the Senator from Connecticut He
thinks that these remarks which he read from The Post
wise and so very Just that he has some nope
that they may not be without their effect even upon the


members Of this body thus intending 10 intimate that the
last place where and would be supposed
to have any effect would be upon the mombers OF this body
Sir we have not given ourselves to the keeping OF the
Senator from Connecticut or those who act with him. We
do not pretend to any particular wisdom or particular
who are more particularly referred to by the remark feel
that at any rate have tried TO do our duty we have
been in session considerable length Of tme-pot longer
than we deemed absolutely IN % 10 rsIca
obliged TO take into consideration great many things
First what would be wise and just to do and in the next
he acceptable 70 Congress- and what would be acceptable
to the people. The propositions in that Com
mittee led to considerable differences OF opinion.
These differences of opinion had to be reconciled.
do not suppose that the scheme as presented ii,ea
perhaps large numbers but the question was not one Of
mere personal opinion. mere adherence to personal
feeling and the Committee after much dcberation
10 the conclusion that its duty to agree upon the
scheme upon which they could get TO like con-
cuson The proposition made by the Hon Senator from
Oregon this morning would indicate for instance that be
is not exactly suited with the results to which the Com
mttee came and really with all respect to my friend from
Oregon, beg leave to say that when that Committee
after great deliberaon has to CONCLUSION upon
subject which conclusion has been assened to and re
ported that at any rate the members Of the Com
inttee should abstain from pressing individual views