Year: 1871

General Buffers SELF Adjusting Currency
The bill introduced by General Butler In the
House to- day to make the volume or the currency
sei-adjusnng according to the wants OF the people,
provides for the preparation OF bonds OF the United
States OF the denominations or 500 and upwards.
bearing interest ut the rate OF 65l00 per cent per
annum, said bonds TO clearly express the right OF
the United States to change said rate OF interest
after notice by the Secretary OF the Treasury shall
have been given and be conspicuously posted in the
0fices Of the Assistant Treasurers OF the United
States for year PRIOR to such change said bonds
when prepared, shall be lodged with the Assistant
Treasurers In amounts proportoned to the
business OF their respective Offices, at the dis
cretiOn OF the Secretary Of the Treasury and shall
be charged to the Assistant Treasurer the books
Of the Treasurer OF the United States. 1t shall be
the duty OF any Assistant Treasurer countersgn
date ana deliver said bonds sums Of 800 any
multiple thereof, to any person who may pay, there
fore, their par value in legal tender notes OF the
United States. When any person shall demand OF
any Assistant Treasurer redemption Of any Of said
bonds shall be the duty OF the Assistant Treasurer
to pay in legal tender notes, which the Secretary of
The Treasury shall furnish to him for that purpose
the principal OF said bonds with the accrued interest
thereon, and to cancel and forward the bonds thus
redeemed to Washington forthwith in such manner
AZ the Secretary Of the Treasury shall prescribe.
Senator MOrtOn's Bill for the Suppression Of


Southern Outrages.


The joint committee OF the Senate and House
republican caucus charged with preparing bill for
the better protection OF life and property in the
south met this morning. at ten O'Clock in the room
OF the Committee on Reconstruction. Senator Nor
t0n Of Indiana chairman OF the Senate caucus pre-.
sided. After brief interchange OF views the COM
mttee preceded TO discuss the features Of bill to
n nVoo tnA fn fhn tu,n o,,,.1
meet the emergency alleged to exist at the
South. Senator Conkling, OF New York, expressed
some doubts as to the proprery OF comforting power
on the President to use the army and navy to en-
force the laws IN states where they obstructed
Senator Morton ana General Butler argued that
under the fourteenth amendment the President had
ample power to protect. life and property
in all the States. All that was re-
quired was appropriate legislation to enforce
the provisions OF this amendment. The committee
spent nearly two hours in consultation without
coming to any agreement. They adjourned with
the understanding that another meeting would be
held IN the evening.


At eight O'Clock the committee assembled in
Senator Norton's rooms, all the members being
present except Judge Mercur, Of Pennsylvania. In
the meantime Senator Morton had drafted BILL
which he laid before the committee. The bill Is
quite lengthy, and contains numerous details con-
nected with Its execution. The main idea of
1t is that all offences against the fourteenth amend
ment to the constitution declared to be onences
against the United States. This brings the opera
tions OF the Ku Kux against life and property at the
South under the jurisdiction OF the United States
courts Should the courts be unable to ENFORCE the
law the President OF the United States is authorized
TO employ the military and naval forces Of the gov
ernment to carry the orders Of the courts into
cutlOn. Under the present condition OF affairs the
perpetrators Of outrages against life and property
can only be punished by the State courts. aud the
President cannot employ the armed forces OF the
government for suca purposes unless requested to
do so by the civil authorities OF the State.


The committee remained in session till q late hour
tonight discussing the provisions Of the bill. They
viii hold another meeting tomorrow afternoon,
when the bill viii be perfected, and 1t Is expected
that 1t Will be reported to the Senate on Wednesday
next. The republicans OF the House Will hold
caucus tomorrow evening, when this Ku Klux bill
will be submitted to them, and its provisions will be
explained by General Butler. 1t is expected that
line Of action will be marked out for the manage
ment OF the bill In the House. The leading members
OF the committee anticipate that this bill viii give
rise to one Of the most exciting debates
tnat has been witnessed In Congress since 1865
when the reconstruction measures were discussed.
The republicans are determined to allow full dis
crssion Of the bill, and viii remain here long enough
to pass it. They expect to light it ont on that line IL
It takes all summer.


The Chairmanship Of the Foreign Relations


Committee.


1t Is understood that Senator Cameron will to-mor
row resign his position as chairmanof the Committee
onForegn Relations, on the ground that his health
wnl not permit him to assume such laborous duties.
Cameron is ANXIOUS to be chairman OF the Com
mttee on Privileges and Elections which Sumner,
declined. Senator Harlan Is the next man on the
Foreign Relations to Cameron, but being chairman
OF the Committee on Indian Affairs he cannot &C.
cept the chairmanship Of the Foreign Relations. 1t
Is probable that Morton. the third member Of the
committee, will be made Its chairman.


FREQ Trade in Salt and Coal.


The free traders In the House to-day made an
other raid on the position OF the tariff men, which
completely outfanked the manGuvres Of the latter
last week. Under suspension Of the rules motions
were made and carried, successfully. to remove
the duty on salt ana coal. The tariff men re.
sisted as best they could, but when they
were defeated they turned around ana
moved to put tea and c0nee on the free
list, which was agreed TO. The tariff men console
themselves with the belief that none OF these mea-
sures viii pass the Senate at this session. They
cOncede, however, that the action OF the House now
is only an indication OF what viii be done next win
ter. They look for general reduction OF the tariff


Tho Pacific Railroad Bonds.


There s oflcia authority for stating that the re-
port that the Secretary Of the Treasury intends to
push the Pacific Railroad CoL yany Tor the payment
Of the interest money due to the government and
appeal to the courts to enforce the payment Is en-
trely fase Secretary Boutwell, disclaimng any such
Intention.


FORTY SECOND CONGRESS.





First Session.


SENATE