The New York Herald Newspaper, January 13, 1870, Page 3

f t i — WASHINGTON The New York Gold Panic Tavestigation. Attempis to Defeat Minister Sickles’ Confirmation. Yext of Senator Sumner’s Fi- nance Bill. Exciting Debate on the Admission of Virginia. Radical Injustice to the Old Dominion. Wirginians Protesting Against Re- construction. Wasurneron, Dec. 12, 1870, ‘The Fifteenth A: ent and the New York The joint resolution of the Legislature of New York, repealing and rescinding the resolution pre- viously adopted giving the assent of New York to the ratification of the fifteenth amendment to the constitution, which was presented by Fernando Wood tn the House to-day, was recelvea with the utmost coolness by the republicans, who, like Toots, regard itasa matter of “no consequence’ whatever, Mr. Eldridge, @ nolsy democrat from Wisconsin, was disposed to make the most of it, and demanded to have the resolution read for the benefit of the other side of the House. The republicans smiled good naturedly, but nothing was said to indi- cate their views. It is known, however, that they do not regard this action of the New York Legisla- ture as having any effect upon the question of the Fatification of the amendment. They hold that a State having once ratified an amendment to the constitution cannot again withdraw its consent. The Gold Panic—Investigation to be Comes menced, The House Committee on Banking and Currency charged with the investigation of the Wall street gold speculation of last September will begin work on Saturday. A large number of witnesses have been summoned and are expected here on Friday. Itis stated that the frst witness called will be James Fisk, Jr., and the next his partner, Jay Gould. The commitive expect to learn from these gen- tlemen the personnel of the “corner or “rng? that originated and afterward con- troiled the movement for an advance in the gold premium. A. R. Corbin will prodably be examined immediately after Tisk and Gould, though it may be that the revelations of the latter ‘will lead to the summoning of more important wit- nesses, There 1s a ramor at the Capitol that Fisk has announced his determination to refuse to an- Swer any “impertinent” questions that may be put to him by tue committee. The committee, however, 1s clothed with full powers by the House, and any- ung like refusal to testify will mect with prompt punishment, Minister Sickles? Chances for Confirmation Persistent Efforts to Secure His Rejection by tho Senate. A personal friend of General Sickles, who has made a careful canvass of the Senators as to their Gsposition abont Sickles’ confirmation, says when- ever his nomination comes up he will be confirmed by a large majority. The enemies of the Minister to Madrid have not been idle in opposing his contirma- tion. The files of the Senate Committee on Foreign Reiations are full of protests, statements and all Sorts of stories and rumors about the General’s pri- vate character, all intended to damage nim before the committee and the Senate. It so happens, how- ever, that most of them are old scandals which have been partially forgotten by the public and the remainder are not credited except by the most viru- Jent of Sickles’ personal enemies. A majority of the committee will report favorably on the nomination and it 1s thought Sickles will be confirmed at an early day. _ The St. Domingo Treaty—The Public Lands in Possession of the Dominican Govern- _Juent. f/~ Aprominent member of the Senate Committee on Foreign Relations remarked to-day, in, speaking of the Dominican negotiations, that the treaty was very injudicious!y drawn up. He spoke of that part which provides “that in case the obligations to be {assumed by the United States shali exceed the sum of $1,500,000 the public lands of St. Do- taingo are pledged to,the security of the “excess.” He was in favor of the measure, but was opposed to it in this form, as it allowed a latitude for specula- tion which would embarrass the government and improperly increase the expense attending the ac- quisition. The Senator also expressed a doubt as to whether the government owned any public lands. A concession was made by Baez some time ago to a surveying company to make a complete survey of the island, aliowing them one-fifth of the lands so surveyed, they being allowed to make their own selec- tion of landg. At least nine-tenths of the lands of the island are in a state of nature, but whether any por- tion of them belong to the government is not satis- factorlly known. It is probable, however, the old Spanisn grants in possession of the descendants of the early Spanish settlers were sequestered by the Dominican Yovernment when it came into power ee the overthrow of Spanish power. meral Banks and the Cuban Question. General N. P. Banks, chairman of tne House Com- Mlitee on Foreign Relations, arrived here to-day and was warmly greeted by his fellow members or both parties. His arrival has once more cheered up the spirits of the Cuban agents here. They regard Banks as their ablest and most zealous champion, and anticipate now a favorable change in the Congressional and Execu- live policy as regards their country. General Banks himseif thinks that the cause of Cuba 1s not yet Popes and ho cannot believe the free American people fil petiglt thomsoives, to be prosirated’ 35 ats. >. OG” s the foot of Buiropean acapotism. wt Tse Virginin Reconstruction Bill—A split in the Reconstruction Committee. ‘The debate on the Virginia bill was inaugurated in the House to-day by General Farnsworth, senior member of the Reconstruction Committee, who reported the bill yesterday. AS was expected, Farnsworth went back on the bill, of which conduct Paine, of Wisconsin, bitterly complained, saying the measure had been entrusted to Farnsworth’s care, and he had endeavored to btrangie it. There was an understanding, however, 4 the committee that no member should be pledged to support the bill when it came before the House, Paine read from printed slips an elaborate defence of the policy of imposing tests on all the States not yet admitted to general representation. General Butler, chairman of the Reconstruction Com- mittee, has written a letter here ° complain- ing of the action of the committeee in taking up the Virginia question during fis absence. He is especially severe upon Judge Bingham for taking advantage of Butler’s absence to take ‘“‘anap Judgment,” by introducing a resolution for the ad- mission of Virginia without conditions, It is pro- bable that Butler will take occasion early to settle the score with Bingham for his temerity in presum- jag to act when the leader of the House was absent. The Texas Election. rhe following telegram was received at the War Department on Sunday:— HEADQUARTERS, AUSTIN, Texas, Jan. 8, 1870. ADJUTANT GENERAL UNITED STATES ARMY, Wash- ington:— The law of — 10 and the proclamation of July 15, 1869, Have been complied with in the Btate of ‘Texas. The constitution is adopted almost unan- mously, aud the following persons elected State of. Gory;~2, J. Davis dy & plurality of 788 for Governor; | NEW YORK HERALD, THURSDAY, Flanigan, Lieutenant Governor; Blaiisel, Comp- troiler; Honey, Treasurer; Kinclier, Chiei of Police Oaice ‘Commissioners. ‘The above named persons have been appointed officers of the eprueane, cow SRR Brevai Major General, Postmasters im Couvention—Reforms to bo jnaugurated=Abolishment ef the Box System. As announced some days ago General Patrick Jones, of New York cliy; Mr. Gayior, Special agent of the Post OMice Department; General Dennison, of Baltimore; General Bingham, of Philadelphia; Gen- eral Burt, of Boston; Colonel Eastman, of Chicago; Mr. Hollaway, of Indianapolis, and the postmasters of the other large cities ol the country, together with Horace Greeley, invited guest, met the Postmaster General to-day at the Post Office Department. The object of this gathering of gentiemen of letters from different parts of the Union is to discuss the carrier and free delivery system and to make such improve- ments in the management of the Post Offices in the large cities a’ might be suggested and determinca upon by tne convention. The Postmaster General is anxious to so develop the Pust Office business in the larger cities as to dispense with the box system as far aspracticable. There are some cases in which the use of boxes 1s absolutely necessary, as for the use of newspaper offices for instance. The object aimed ‘at Is to combine speed with frequency in the delivery of letters during the day and without expense to the public, The convention adjourned to meet again to-morrow at eleven o'clock. The business of to-day was altogether informal, the conversations being merely general in regard to the object of the meeting and the suggestion of the different subjects for cou- sideration at the supsequent meetings. ‘The organi- zation of an omnibus brigade In the larger cities was talked of for the transportation of the carriers to the more distant districts, This subject wii? also receive attention. The Postmaster General is determined to mark the administration of his department by many radieal improvements, The new appointees are all practical men, aud from them he will receive many valuable suggestions and decided assistance in carrying out the new system when matured, The Franking Privilege—Senator Stewart's Bil. The House Postal Committee spent a couple of hours to-day discuesing the several propositions before them for the abolition of the frankmg privi- lege. From the tenor of the remarks of the differ- ent members of the committee it is evident that ifa bill is reported abolishing the tranking privilege it will be a sweeping measure, leaving no trace of the old evil. The proposition to give Congressmen a certain amount of postage stamps in leu of the Power to frank letters and documents did not meet with favor. Some allusion was made to the bill introduced by Senator Svewart for the abolition of the franking privilege and the building of a postal telegraph. But it appears that there is a good deal of opposition in the committee to any measure like an interference with the West- ern Union monopoly, Meeting of Indian Commissioners. Felix R, Brunnett, of vittsburg; Henry S. Lane, of Indiana; |Robert Campbell, of St. Louis; Jacob V. Farwell, of Chicago, and Vincent Colyer, of New York, the special commissioners appointed by the President under the act of Congress last year, were in session at the Department of the Interior to-day. A general examination of the present condition of the Indian tribes, obtained from reports received from their own members during their recent tours in the Indian country, and a frank and cordtal consuitation with Secretary Cox and General Parker occupied their time. The commission will be in session seve- ral days, and wil! meet with the Congressional com- mittee and the executive ofticers of the government having charge of the Indians, Tho Presidents First Strto Dianer. The first State dinner of the season took place this evening at the President's house. The following are the names of the guests and the order in which they were seated:—On one side of the tabie Representative Garfleld, Mrs. Porter, General Sherman, Mrs. Creswell, the Attorney Gencral, Mra. Fish, Senator Sumner, Mrs. Grart, the Vice Presi- dent, Mrs. Morton, Senator Cameron, Mrs. Cox, the Secretary of the Treasury, Mrs. Thurman and Speaker Blaine; on the other side, Mrs. Biaine, Ad- miral Porter, Mre. Sith, the Secretary of War, Mrs. Boutwell, Senate’ Morton, Mrs. Colfax, the Pres!- dent, Mra, Cameron, the Secretary of State, Mrs. Belknap, the Postmaster General, Mrs. Borie, the Secretary of the Navy and Mrs. Garfield. At one end of the table were Mr. Kemble, Mr. Borie and Mrs. Bingham, and at the other the Secretary of the Interior, Miss Borie and Mr. Brook. Nominations Sent to the Senate. The President made the following nominations to- day;— Edward B. Moore to be Appraiser at Philadelphia; Michael 8. Drew to be Collector of Customs at Puget Sound, W. T.; Munson 4. Treadwell to be Collector of iuternal Revenue of the Seventh district of New York; Joseph L. Requa to be Collector of Customs at St. Jobns, Fia.; Anthony Q. Keasbey to be United States Attorney for the district of New Jersey; Benjamm J. Spooner, to be United States Marshal for the district of Indiana; Thomas C, Chittenden to be Postmaster at Adams, Jefferson county Y.; George W. Van Cleft to be Civil Engine the navy, to ployed in the New York Navy Yard, vice i. Brinkeriof, removed. Contested Election Cases. The Committee on Elections propose to take up to-morrow in the House the contested clection case of Covode against Foster, and atter that the case of Van Wyck against Greene. The other cases will fol- low a5 soon as they shall be prepared. Claims Against iWexico. A formidable lobby is organizing mm Wasuington for tue purpose of inducing Congress to take some action whereby certain American citizens may be protected in their legal rights ander contracts made with Minister Romero as the representative of the Mexican (Juarez) government at the time when tiat republic was struggling for existence against Aus- trian role. These contracts have no connec- tion whatever, as reported, with the ‘“Mextcan bonds,” go called, negotiated by Mr. Tift, of the firm of J. W. Corleis & Co., but relate to the purchase by Romero of quantities of arms and ammunition and other necessary supplies for carrying on the war. Mr. Romero 1s now Secretary of tho Treasury of the Tepublic of Mexico, and as such, the claimants assert, has not manifested a disposition to keep faith with the American contractors who took great risks to aid the people and government of Mexico in their hour of greatest trial, Then Ue could’ not find lan- guage suMiciently strong to express his gratitude to- wards the citizens of the United States who so promptiy aided him. His subsequent conduct has created surprise, losses and necessarily much iil- feeling. re A histosy of Romero's conduct in the business transa6tlotis referred to was written and printed in « fora & Short time since, by a Union general in ‘Jate war, who was oncof the contractors ailuded to. He belongs to Indiana. The book is a complete detailed statement of all Romero’s transactions with citizens of the United States for the purchase of supplies. Of course there were certain contingen- cies named tn the contracts, such as the success of the arms of the republic, as against the Austrian usurper, which have ail siuce been realized, The book also contains an inside view of social and do- mestic life in diplomatic circles in Washington, not very creditable to a certain ex-forelgn Minister, Only a few copies of tals book were circulated. One of them accidently fell into the nands of a Mexican official In Washington, who begged the author to callin all the copies that were issued, and to sup- press the edition. A compromise was entered into. The distributed coples were collected anda fixed Ume was named within which a copy of said expose Was to be forwarded to Mr. Komero in Mexico and his answer obtained tothe demands made for payment of claims. The time named in tle com promise has about expired, and Mr. Komero has not yet come to terms, The arrival of the next steamer with a Mexican mail will probably setile the maiter one way or the other. If Mr. Korero does not author- ize the payment of all law/al ciaims against his gov- ernment, contracted by himself, his refusal to do so will be the signal for the distribution of the book and the explosion of a bombshell that will afford a clever bit of gossip for dipiomatic and other sensa- tional readers, Meantime the “Mexican lobby,’ s0 called, is or- ganizing in Washington, with a view to obtaining sich legislation as will protect American citizens in making such contracts. They desire that the law shall be general in its application, Every Senator and Representative will have @ cooy of the ernos?, The treaty between Mexico and the United States, providing for a joint commission to settle all claims existing between the citizens and governments of the two republics, does not, tt is said, furnish the relief requited by the claimants rererred to, Itstudiously avoids them. Romero was one of of the principals in making and signing it. There ig little doubt that we shall soon have something Nich about Mexican clans, Personal. J. Glancy Jones, formerly United States Minister to Vienna, arrived in this city and was in consulta- tion with several Senators to-day. Judge Morsell, one of the judges legislated out of office by the act of Congress estabiishing the Supreme Court of the District of Columbla elght years ago, died last night, at the age of ninety-five years, Senator Chandler will leave here this evening for Bedford, New Hampshire, in consequence of the receipt of a telegram announcing the death of his father at that place, at the age of ninety-five, FORTY-FIRSI CONGRESS. Second Session. SENATE. WASHINGTON, Jan. 12, 1870. THE FIFTEENTH! AMENDMENT RESOLUTIONS OF THB NEW YORK LEGISLATURE. Mr. QONKLING, (rep.) of N. Y., presented the reso- lutions of the Legislature of New York withdrawing the assent of that State to the ratittcation of the fifteenth amendment. He said he thus discharged @ distasteful duty, and regretted that a record go 1ll- advised should have come from the State of New York, At the proper time he would show how little such @ proceeding deserved the consideration of the Senate. NEW YORK AND EUROPEAN STEAMSHIP LINE, Petitions were presented for @ line of firet class Steamships between Norfolk, New York and the Meaiterranean ports. INDIAN TREATIES. Mr. DRAKE, (rev.) of Mo., offered @ resolution, Which was laid on the table, that Indian treaties Shall be considered in open session. MK, SUMNER’S BILL FOR PUNDING THE PUBLIC DEBT AND TO ESTABLISH SPECIB PAYMENSS. Mr. SumNeR, (rep.) of Masa., introduced the fol- lowing bill to authorize the refunding and conso- lidatton of the national debt, to extend banking facilities and to establish specie payments:— SEOTION J, Be it enacted by the Senate and House of Repre- sentatives in Congress assemblod, ‘That for the purpose of re- funding the debt of the United States and reducing the tnte- Test thercon the Secretary of the Treasury be and ho is hereby authorized to {ssue, on the credit of the United States, Salt alte may chp tabracnn a he may ‘oper, 01 exceeding 310,000,000, redeemable in coin at the pleasure of ‘the government at any time afier ten years, and payable in coin at forty years {rom date, and bearing interest nt the rate of five per cent per annum, payable seml-annually in coin; and the bonds taus authorized may be disposed of at the discretion of the Secretary, under such regulations as he shall either in the r renortbe, United States or elsewhere, at not less tian thelr par value, for coin; or they may be exchanged for any of the out- anding bonds of an equal wg value heretofore fasued under the act of February 2, and known as the five-twenty bonds of 186%, and for no other purpose; and the proceeds of so much thereof as may be disposed of for coin ‘shail be placed in the Treasury, to be used for the redemption of such six per cent bonds” at paras may not be offered in exchange, or to replace such amount of coln as may have been used for that purpose, Sro. % And be {t further enacted, That the Secretary of the ‘Treasury be and bo ix hereby authorized to ‘sue, on the credit of the United States, coupons or registered bonds to the amount of $600,000,00, of such denominations, not less than fifty dollars, ‘ng "he may think proper, redeemable in coin at the pleasun érninent at any time after fifteen years, and pay at fifty years from date, and bearing interest not ex four ann one half per cont per antium, payable sean ally inecoin; and the bonda authorized by thia section may be disposed of under such regulations as the Secreiary shall pre- scribe, In the United States or elsewhere, at not less than par, for coin; or they may be exchanged at par for any of the outsten‘ting obligations of the government bearing w r rate of interest; and the proceeds of auch bonde as may be sold for coin eail be deposited in the Treasury, to be used for the redemption of such obligations as by the terms of {s- sue may be or may become redeemable or payable, or to re place such coin as may have been used for that purpose. Suo. 3. And be it further enacted, That the Serretary of the Treasury be aud he ts hereby authorized to issue on the credit of the United Staics, from time to time, coupon or registered bonds of such denomination not less than. fft dollars as ie may tink proper, to the amount of 854,000,000, redecinable in coin at the pleasure of the goverament at any time after twenty years, and payable in coin at sixty years trom date, and bearing interest at the rate of four per ayable sent-aunnaliy in ¢oin; and such bon: wed of at the discretion of the , either juited States or elsewhere, at not ay than their par value, for coiu, or tor United States notes, national bank — notes, or = fractional currency; or may exchanged for any of be the obligations of the United: States, of whatever character, that may be outstanding at the date of the issue of such bonds. “Aud if In the oplaion of the Secretary of the Trea- sury it Js thought advisable to tssue a larger amount of four per cont bouds for any of the purposes herein or hereinafter Tecited than would be otherwise authorized by this section of this act, such further issues are hereby authorized, proviled that there abail be no increase in the eyate debt of the United States in consequence of any issues autorized by this ach SEC, 4. And be it further enacted, That the bonds autho- rized by this act shall be exempt from all taxation by or under national, State or municipal authority. Nor shall there beunytax upon or abatement from the interest or inci And be it further enacted, That the present limit of (000 ns tho aggrey unt of Issues of circulating and the same fs hereby, ex- (Yeo that the aggregate amount issued and to be Issued },000,000, and the ad- 0 distributed, If de- ts just pro- bend may amount to, butsuall not exceed, ditionai isaue hereby authorized shall manded, as to give to each State and Territor; portion of the whole amount of circulating notes according to population, subject to all the provisions of law suthorizin, hational banks, In s0 far as such provisions are not. modified by this ack proided that for each dollar of wdditional eur. renoy issued under the provisions of this act there shall be ‘a. and cancelled one doilar of legal tender issues. Mt turther enacted, That tho Secretary of ‘hall require the national banks, to whom muy. raed any part or portion of the mdditioual eirculntin thorized by the fifth section of this act, to depot the delivery thereto of any such notes, with the ‘Treas- the United States, ax security for such circulation, registered bonds of the description authorized by the third section of this act, in the proportion of not leas than $100 of bonds for each aud every elghty dollars of notes to. be deliv- ered; and the Secretary of the Treasury shall require from existing national banks, in substitution of the bonds already deporited with the Treasurer of the United States as security for their circwiating notes, a deposit of registered bonds autnorized by the third section of this act to an amount not leas than {$100 of bonds for every eighty dollars of notes that haa been or may hereafter be delivered to such banks, exciu- sive of such amounts as have been cancelled ; e: if an; national bank shall not furnish to the ‘Tre: of ‘the United States the new bonds, a t, within equired by thin three months after having been notified by the Secretary of the Treaaury of his readiness to deliver such bonds, 1 shall be tle duiy of the Treasurer, so long as such delinquency exists, to retain from the iuteregt aa it may become dite and payable on the bonds belonging to such delinquent banks on deposit with him, as ity | for | clroulating " notes, #o mach of such Interest shall be in excess of four per cent per annum on the amount of such bonds, which excess shall be placed to the creuit of tie sinking fund of the United States; and ail cialis thereto on the part of auch delinquent banks sbail cease and determine from that date; and the'percentage of ‘currency delivered or to be deivered to any bank shallin no case excoad cizhty per vent of the fuee value of the bonds do- posited with the Treasurer as security therefor, Sao. 7 And be it further en That wheneverthe pre- miurm on. g ll fall.to within five per cent it shall be the duty of the Sec of the ‘Treasury to give pubtie notice that the outstanding United States notes or other lezal tender fssues of the government, will thereafter be received iat par for custom duties; and the interest on the issues known ag three per cent legal tender certificates shall cease from and after the date of such notice; and all such legal tender obligations, when so received, suall not again be nttered, but suall forthwith be cancelled and destroyed. And $9 much of the act of February 25, 1862, and of all sub: sequent acis as creates or declares any of the issues of the United States other than coin a legal tender be and the same are hereby repealed; such yepeal to take elect on and after iis Jat dey of sanuteey, TOA. Sko. 8. And be tt further enacted, That all the provisions of exiéting lawa in relation to forms, inscriptions, devices, dies nnd paper and the printing, attestation, sealing, sign- {ng anit counterfeiting, ax Spplicable, shall apply to the bonds issued under this act; ‘suum not exceeding one per cent of the amount of bon: d under thin act is hereby appropriated to pay the expense of preparing and is- suing the same and disposing thereof, ‘$KO, 9. And be {t further enacted, That ali acts or parts of acts inconsistent with this act be and the same are hereby vealed. eMr, SOuNeR—I have already during this session Introduced a bill providing for the extension of the National banking system and the withdrawal of greenbacks in proportion to the new bank notes eu dl, thus preparing the way for specie payments, Naat Tredect upon this simple proposition the tore Lam satisfied of its value. It proi 3 fo gilicacigus as ey fununesionay! 1 fat Re jioe protons TS deal With wae whole fuancial problem. The bill which I now introduce is more comprehensive in character. While embodying the origimai proposition of substituting bank notes for greenbacks, 1 provides for the refunding nd consolidation of the national debt in suck @ Way as to make Jt easy to bear, while it brings the existing currency to a par with coin, In making tuis attempt Lam moved by the desire to do some- tiling Jor tie business interests of the country, which fuller jncouceivably from the derangement of the curency. Whether at home or abroad 101s the same, At home values are uncertain; abroad commerce is disturbed and out of gear. Political reconstruction is not enough. There must be tinancial recoustruc- tion also. The peace which we covet muet enter into our finances, ‘The reconciliation wiich we long Jor must embrace the disordered pusiness of the coun- uy. ia any measure having this object there are tWo things which must not be forgotten:—First, the preservacioa of the national credit, and secondly, the reduction of existing taxation. Happily there is a universal prevating sentiment for the national credit showing iiseli in a fixed determination that it shall be iaaintained at all hazards. Nobody can exaggerate the value of this determination, which 4s the corner-stone Cf financial reconstruction, On the reduction of taxation there 18 at present more duference of opinion; but i cannot doubt that here too there will be @ speedy harmony. ‘The country uneasy under the heavy burden. Willingly, gladly, patriotically it submitted to this burden waile the re- public was in peril, but now there is a yearning for relief, War taxes should not be peace taxes; and 80 long as the present system continues there is @ con- stant and paintul memento of war, while business hai-s in chains and life bends under tne load. ‘The national credit being safe, relief from the pressure OL existing taxauion 1s the first practical onject in our finances, but so entirely natural and consistent 18 this object that it harmonizes with ail other proper objects, especially with the refanding of te national debi and with specie payments. As the peopie fee! cusy lu their affairs tney will be ready Jor the work of reconstruction. Therefore do I say, a8 an essential stage 1a What we ali desire, “Down with the taxes.” The proper reduction of taxation inveives two JANUARY 13, 1870.-TRIPLE SHEET. other things—fret, tne reduction of the present an- nual interest on the national debi, thas affording immense relief, and secondly, the spread or exten- sion of the national debt over succeeding genera- Uons, for whom, as well as for ourselves, it was Incurred, The practical value of the first ts appa- rent on the simple statement. The second may be less apparent, as it opens @ question of policy on bota sides of which much has peon already said. Nobody doubts the brilliancy of tne ‘move- ment to pay off the national debt—calling to mind the charge of the six hundred horsemen riding into the jaws of death, so that the beholder exclaimed in memorable words, “It is beautiful; but it 1s not war.” In other words it was 8 feat of hardihood and immolation, abnormal, eccentric and beyond even the terrible requirements of battle. In sliilar Byirts might a beholder, witnessing the pre- ‘sent sacrifice of our people in the redemption of a debt, so large a part of which na belongs to pos- terity, exclaim, “It 19 beautiful; but is 18 not business.”” ~— Unquestionably busine juires ess req that we should meet rp eee obligations ac- cording to their letter and spirit; but it does not require payment in advance, nor payment of obligations resting upon others, To do this 18 beautiiul, but beyond the line of busi- ness, President Lincoln, tn one of his ear lest propositions of emancipation, before he had determined upon the great proclamation, contemplated compensation to slave masters, and in order to commend tis large expenditure wont ito an elaborate calculation to show how easy it would be if proportioned upon the glant shoulders of posterity. Dismissing the idea of payment by the existing generation he roceeded to exbibit the growing capact the coun- ty try; how trom the beginning there had been a decennial increase mm population of 34.00 per cent; how during a period of seventy years tho ratio had never been two cent below or two per cent above this average, thus attesting the inflexibility of this iaw of increase, Assuming its continuance, he proceeded to show that in 1870 Our population would be 42,423,341, In 1880 it would be 216, im 1890 it would be 76,677,872, and in 1900 it would amount to 104,203,415, Whhe in 1930 it Would amount to 251,680,914. Nobody has im. ached these estimates, ‘Tuere they stand in that residential message as colossal milestones of the republic, The increase in material resources is beyond that of poaulaiton. The most recent cal- cwlahon, founded on the last census, shows that for the previous decade it was at the rate of eighty per cent, although other calcalations bave placed ft as high as one hundred and twenty-six per cent. Whether one or the other, the rate of increase 13 enormous, and unless arrested in some Way not now foreseen it must carry our national resources to a fabulous extent. What is a burden now will be scarcely @ feather’s weight in the early decades of the next century, When @ population counted by hundreds of millions will wield resources coante by thousands of millions. On this head details are superfiaous, Ail must see at once the irresistible conclusion, It is much tn this discussion when we have ascertained how easy it will be for posterity to bear this responsibility, But the case is strength- ened when it is considered that the war was for the life of the republic, so that throughout all time, 80 long a8 the republic endures, all who enjoy iw transcendent citizenship will sbare the benefits, Should they not contribute to the unparalieled cost? Recent estimates, deemed to be moderate and rea- sonable, show an aggregate destruction of wealth or diversion of wealti-producing industry im the United Staves since 1861 approximating nine thou- sand millions of dollars, being tho cost of the war, or in other words, the cost of the destruction of slavery. If from this estimate be dropped the item Jor expenditures and loss of property in the rebel States amounting to $2,700,000,000, We shail have $6,300,000,000 as the sui total of cost tothe loyal people, of which the existing national debt represents less than half. Thus, be- sides precions blood beyond any calculation of artth- metic, the present generation has already contri- buted immensely to that result in which succeeding generatious have a stake even greater than theirs, Assumiug, then, that there is to be no considerable taxation for the immediate payment of the debt, wa have one economy. If to this be added another economy from the reduction of the interest, we shall be able to relieve materially all the business interests of the country. Two such economies will be of infl- nite value to the people, whose riches will be propor- tuonally mcreased. in tie development of wealth next to making money is saving money. Beartug these things 1a mind, tinanctal ualruction 1s re lieved of its difficuities. It only remains to find the proper machinery or process. And nere we en- counter the propositions of the Secretary of the Treasury im his annual report, wuich are tree fold: First—To fund twelve hunarea miliions of six per cent five-twenty bonds tuvo four and @ half per cent Pager athe led, twenty twenty-lives waa twenty ve-thirues, ‘Second—to make our exports equal in value with our ce a and to restore our commercial marie, Third—To do these before any atvempt vo reduce taxation or to resume specie payments, Considering these propositions with the best at- tention I could give to them, I have been impressed by their inadequacy as a system at the present mo- ment. I cannot easily consent vo the postponement witch they imply. They hand over to the futare what I wish to see accompiished at once, and what I cannot doubt with a firm wil! can be accomplished atanearly day. But beyond this capital detect, ap- parent on the face, I do not find in the system pro- posed a assurance of success, Will 1t work? { doubt, Here I wish to be under- stood a8 expressing myself with proper cau- ton: and I wish farther to deciare my anxiety to obtain the substituted loans at the smailest rate of interest, and aiso my convicuon that wichin @ short tine, al some slight present cost, this may be accomplished, Looking at this question in tue light of business Iam driven to the conclusion that tweive hundred millions of six per cents cannot be refunded either now or hereafier in four or four- and-a-half per cents without offering compensauon in ao additional running period of the bonds, which 1s not found in the fifteen-twenties nor in the twenty-five-tnirties proposed by the Secretary, With such bonds there would be a practical difil- culty in the way of any such refunding to any con- siderable amount from the inability to comimand @ sufficient amount of coin under the “option of coin,” which must accompany the offer; nor 1s there auy fund appiicabie to tue purchase of coin in open market, Were such @ course desirable. Obviously, to induce the voluntary reilnquishinent of bonds at @ high rate of Interest for other bonds at a lesa rate, the holders must be offered something preferadle to the coin tendered as an aiternatve. ‘The me has passed when holders Can be menaced with payment in greenbacks. Whatever we do must be in coin or in some bonds which will be taken rather than coin, ‘The attempt at Loo low a rate of interest would cause the coin to be taken rather than the bond, if we had tie article at command, and would end ina deluge of com, sweeping away the premium on go.d. A return to specie payments, thus precipitated, would be of doubtiul Vaiue, if not ultfsive, without other and sustaming measures, Tn the suggestion that our exports must be aug- mented and our commercial marine restored, 1 sym- pathize cordially; but ido not see how this can be accomplisied so long as the present taxation is maintained, exercising such a depressing imfiuence on all industry, waking tue necessaries of lite dearer, adding to tne cost of raw material, and generally enhanctag the price of our producis 60 as to pre- vent thein irom compewng in forelgn markets with the products of other nations. ‘Lhe proposition to make the interest jon the new houds payaole at various pownts in Hurope, at the option of the hoider, seems unnecessary, While it 13 open to objections, Such agencies would be onerous and cumbersome, At London, Pars Ktort, Berm and Vienna there must be a machinery, with constant comp!ica- tions continuing through the lifetime of the bonds to secure the transfers from point to point and the obligatory remittances in gold; nor am I sure that in this way foreign Powers mighs not obtain a certain jurisdiction over our monetary transac- tions. But { confe: that the ruling objeo- tion with me ts of @ different character. New York 18 our commercial centre, designated by Providence and confirmed by man. Already 1t has made a great advance, but it 1s not yet quoted abroad as one of the clearing points of the world. At New York quotations are obtained daliy on Lon- don and Paris; but in these places no such recog- nized quotations can be now obtained on New York. That the agencies proposed will tend to postpone this condition is a sufficient objection. T have made these remarks with hesitation, but in order to prepare the way for the bill ‘D I have introdueed. It was my duty to show why the propositions of the Secre- tary were not sufficient tor the occasion, and this I have tried todo simply and frankly. It 1s long since | avowed my conviction that specie payments should be resumed, and I should now do less than duty if I did not at least attempt to show the éh seems to me Ko natural dnd eddy, While the present system continues we are poor. The pay- ment of ti tional debi and the accumulation of coin in tie Treasufy aré fie sifMs of unparalleled national wealth, but our financial condition 1s not harmony with these signs. Tne latest figures rom the ‘Treasury are such as no othey yation can exhibit, From taese it appears that th int of bonds purcirased since } nent 365, for the sinking fund was swent¥-two milliof Gollars, and the amount purchased subject t6 Congress sixty-four million dollars, being In ail elghty-six millious. The same proportion of purchase for January and February would be $2,000,000, making @& sum total of $109,000,000 for one year. And, novwithstanding this outlay, we find In the treasury January 1, 1870, incom no less than $109,159,000 and in currency $12,778,000, making &@ sum total Of $121,952,000 And yet with these tokens of national resour manifest to the world our bonds are below par and our currency 18 inconvertible paper. This shouid not be pernitted ionger. With ail these resources there must be a way, even if we were not taught that a will always finds a way. ‘The reiunding of an existing joan linplies two distinct and independent transactions—firat, the extinction by payment In some form of the existing loan, and secoudiy, the negotiation of a new loan to an amount equal to that extinguished. ‘fhe bill now before the Senate contompiates the rompt exungulsliment of the five-twenties of 1862 Bat 1 would not have this tmportant work entered upon until the government is laily prepared to say that after @ certain pertod of notice—say six months, in order that distant holders tn Hurope may be aavised—toterest on the five-twenties of 1862 shall cease and the bonds be forthwith redeemed in coin. There shouid be no coercion of any kind upon any holder at home or abroad to induce the accep- tance of a substitute bond. J am bappy to be- lieve that with the judictoug _ of 1g per cent ten-foryes all the 0! nvtesi for such imdeperdeht Acti6h may be assured in advance. Believing that such five per cent bonds will be regarded by investors as preferable to cotn, I would give tae hviders of the ola bonds the firat opportunity to subseribe for the new. Such as elect coin will make room for others ready to give coud in exchange for such bonds, Ii we look at we ractical juences we shall be encouraged in ‘his course, refunding of the sixea of 1802, being apward of five hundred millions, into fives, as authorized by the first section of the bill, contem- plates the payment from nt funds of little more vhan fe Oo millions, the excess of tive- twent above the five hundred millions pro- vided for. ‘Tne annual reduction of interest on loan will be 836,276, The substitution of three hundred millions of fours for a like amount of sixes as provided in the bill will operate @further saving of $6,000,000, making agum total Of $11,886,276, or near $12,000,000, There will then remain but $120,448,800, subject to redemption, belng five-twentieths of 1so4, Durmg the year 1870 the further sum of $536,832,200, being flve-iwenties of 1865, will fail within the control of the government, When, as it seems to me, and according to the con- templation of the bill, the credit of the government will be at such a pitch that $50,000,000 can be re- funded In four and a half per cents, with the addl- ton of $86,000,000 paid into the ‘Treasury—thus insar- ing @ further annual reduction of $9,709,932 or a total annual saving of $21,606,208, of which about $12,000,000 may be saved daring the current year, Here for the present we stop. Our interest paying debt cannot be further ameliorated before 1872, when 379,000,000, being five-twenties of 1867, will become redeemavle, and then in i873, when 42,000,000, being Miteen-twenties of 1568 and constituting the balance of our optionai sixes, will become redeemable, allof which | giadly believe may be refunded in the four per cents provided by the present bill, to be followed in 1874 by @ reduc- tion of the original ten-forties into similar bonds. I would remark here that the bill undertakes to deal wkh the whole disposable national debt. ‘The amounts which I have given will be found in tie Treasury tables of Jani Y 1 last, and are trrespec- tive of the sinking fund and invested surplus. From these details I pass to consider the bill in tts aims and principies. The proposition with which I begin is to refund our six per cent five-twenties of 1862, amounting to upward of five hundred mulitons, into five per cent teu-forues. In taking the term ten-forties I adopt the description of a bond weil Known and popular at home and abroad, whose “payment in coin” 18 expressly b= ys by the orginal act authorizing the issue, bond begins with a good name, which will commehd it, The in- terest which I propose is larger than 1 would pro- pose for any late bond, It 1s linportant, if not neces- sary, in order Wo counteract the suspicion which hag been allowed to fall upon our national credit. Even our sixes are now below par in Europe. But they will unquestionably share the eievation of the new fives substited. Our first attempt should be with tne latter. Let these be carried to par and we shall have pareverywnere. In thia process the first stage 1s the conviction that all our bonds will be paid in the universal money of the world, Ail bonds, Whether fives or sixes, will then advance, 1 know no way in which this conviction gan be created so promptly and easily as by redeeming in gold some one of our six per cent loang,apd that most naturally selected is the first, which is already so noted from the discussion to which it has been subjected. But this can be done only by offering to holders the option of coiu or a satis- factory sul ney id, With a new issue of five er cent ten-forties, limited in amount to about the aggregate of the six per cent tive-twenties of 1862— Bay five hundred miilions—I cannot doubt that every foreign holder of auch sixes will accept the fives in Neu of coin, and go much of that loan as 18 held at home may be paid in coin, if preferred by the hoid- era, from the proceeds of an equal amount of fives placed in Europe at par for com. Then will follow the advantage of this positive policy. The national credit wil be beyond question. Nobody wili doubt ds. The public faith wil be vindicated. The time will have come, which is the condition precedent named by the Secretary of the Treasury, when the “want of faith in the government” will be removed and the door will be open to cheap loans. ‘Tis will be, of course. It cannot be otherwise 1f we only do our duty. Our fives, belog limited in amount, afier being taken at par in preference to coin, will advance 1o value, so that the investment will become popular. People wiil desire more, but there wili be no more, 80 that without diMculty or delay we may hope to re- fund five hundred millions of our subsequent sixes, or 30 Much as may be desirable, at four and a halt per cent in fifteen-fifties; if not, at four per ceat in twenty-sixties, In tls operation the inivial point 1s the national credit. With tots starting point all ts Our lives will at once ascend above par, tis opened for four and a half or four percents. ‘The stigma of repudiation, whetuer breathed in danvt or hurled in tauni, will be silenced, There are other fields of glory than in war, and such a triumph will be among the most tn portant in the annals of finance. But wo tls end thore must be no hesitation. Lue offer must be plain, “ponds or coin,” giving theg world assurance of our determiuation, ‘The answer will rompt as the offer, “bonds aud not iu the process of financial reconstruction we cannot forget the national banks, which have already done so muck. The uniform currency Which they supply throughout tue country com- mends thein toourcare. Accustomed to the fuctil- ties this currency supplies, it 18 difficult to under- sgand how busii was conducted uuder the oid system, when every bank had its separate currency, takihg its color, like the chamelion, from what was avoutit, so that there were as many currencies, with 28 many colors, as there were banks. ‘wo things must be done for the national banks: first, the bonds deposited by them with the government muat ‘be reduced in interest, and, secondly, the system must be extended, So as to Bupply the much-needed facilities, expecially at the West and South. I doubt if the national banks can expect to receive in the future more than four per cent from the bonds deposited by them with the goverament, und, considering the projits attributed to their business, it may be that thee would be a reluctant consent even to this allowance, Here It must be observed that the whole system of national banks is founded upon the bonds of the nation, 80 that at the rate of liquidation now adopted jor Une national debt the systein will be without sup- port in the lapse of twelve or fifteen years, ‘The stabii- ity of the bauk4, which Is go vital alike to the national currency aud to the pecuniary interests Involved in the business, can be ussured only by an issue of bonds for a longer term. Of course, the longer the period the more vainable the bond, ‘To reduce the interest arbitrarily on the existing short bonds of the banks without offering compensation in some form would be positively unjust, besides belug an infringewent of the guarantees surrounding suci bonds, and, therefore, a violation of good faith, A substitute twenvy-sixty bond will be assurance of Stability for Unts length of time, while the adaitionat life of the bond wilt be a compensation for tie reduction of interest. As it is not proposed to issue such bonds immediately except tor banking purposes they will not fali below par, and this par will be coin, Which, I need not say, the sixes now held by the banks wili not command, if through the fallure or Winding up of any bank an amouut of the substituted bonds should be liveraved there will be an instant demand for them at par by new banks arising to secure the relinquished circu- lation. Allow me here to interpose a brief word on the difference in yalue between @ long bond and a short be as coin”? bond, Obviously tue short bona will be liquidated at an early day, #0 that auy premium, whue the pital invested, lessens the e of income. Thus $1,000 im a six pet cent bond, with a premium’ot twenty per cent, will cost $1,200, with an income of sixty doliars oniy, or five per cent, and the bond, if paid At par, would involve a loss of the premium. But tie same $1,200 invested im tives will be represented by $1,200 In bonds, png annually sixty douars, or five per cent, with this constant advantage ciat when paid at par the investor would flnd nis origi- nui capital intact. 'Theretore, it cannot be expected When the fives are brought to par that the short 81Xes soon to be pald at par will havea vaiue pro- portioned to their higher mterest. It will be with them a8 with other things in tlils world where value is diminished by the brevity of ex- istence. The extension of bank notes from three to five hundred millions, which 1 propose, will extend the banking system where it 1s now needed. ‘This alone is much. How long the Senate debated this question at the last session without avy practical result cannot be forgotten, That de- vate certifies to the necessity of this extension. The proposition I offer shows how it may be ac- compiishedgand made especially beneficient. The requirement from all the banks of new four per cent bouds at the rate of one hundred dollars for eighty dollars of notes issued and to be issued would absorb six nundred ana twenty-five millions of the navionai debt into four per cents, while the withdrawal. of one doliar of greenvacks for each additional dollar of notes will go far toextinguish the outstanding greenbacks, thus quietly and without any appreciabic contraction removing an impediment to specie pay- ments. Naturally, as by a process of gestation, will this birth be Sear it will cume, wud no- body can prevéut it. THE VORT SNELLING RB: Mr. WiLson, (rep.) of Ma: Committee, reported favoraily a joint resolution -et- ting apart a portion of th ort Snelling militar reservation Tox 9 perma: eut military post, aaa for RVATION. from te Military the setuiem@it of claiig in relation thereto. MINNASOTA RAULROAD LAND CILANT. Mr. Ramsey, (rep.) of Minn, introduced a bill granting jands to ald in the cons! tion Of @& rali- Toad from the western boundary of Minnesota to the Winnepeg district gf Bricish Columbia, THE VIRGINIA BILL. ‘The Virginia bill was then taken op, and the con- sideration of te amendment oife y Mr. Drake, to prevent the rescinding of t on ol the fiteenth amendinent by Virgin ‘as resumed. Mr. CONKLING enumerated Lhe conditions imposed upon Virginia preparatory to her restoration, ail of which, even In minute details, had been complied with. ‘The first objection was that the members of the General Assembly had not taken the test oath, But tunis requireinent had not been imposed in the case of Louisiana, South Carolina or any otuer State, and no objection had ever been made on that score: on the contrary, Senaiors had been admitted from States in which the Legisiaturesgnad directly refused to take the testoath. Loutsiana und Virginia had inquired in advan audgwere informed from Washington, tne former by the Commanding Geueral of the Army and the latter by the Attorney General, that no such obiigation was required. The objections that the officers of the Virginia Legisiature were not sworn Inte 9 fF that the late election was unfair, and that tl a sons disqualified by the fourtéenth amendment oc. cupied seats in the Legislature were alike unsus- tained by the facts, Congress could not, consiat- cutly, discriminate between Virginia and the other States that had gone belore her, and to pow! ia her adwmisgiou would be @ violation of good ir, POMEROY, (rop.) Of Kan., said the records of tne Virginia Legislature did not show that the officers had ever been sworn, consequently the ke isiavure had te ag regularly organized, and th Price uy bs ay ant perce bo Neath chet ch the Si “4 r. Scorn, (rep.) of Pas, that if Congress reason to apprehend faithiessneas on the part of Virginia, WHick Was imppjied in tue amendment of 3 Mr. Drake, the State shonld not be aimitted at all, If such @ spirit realiy existed there lt might manifest itself in Lue alien al of the State's action Upon othe: Pg the constituyon apd measures of equal mt national Papcpanes. He Opposed the amendment because of 1 ication that Congress had no falth in Virginia’s didelity to the covenant into which she entered ag @ State of the Union, Mr. Tuunmasx, (aem.) of Ohio, submitted an amendment, which occasioned general merriment, excluding the States of New York, Ohio and New Jersey from representation in Congress because the ratification of the fifteenth amendment had been re- seinded by the former, and thacof the fourteenth amendment vy the others, Mr, Dkake said he would like the mover of the amenduent Lo voucusafe to the Senate some remarks 4p Support of his propositions, which Mr. Tharman declined to do, remarking that the Senator irom Missouri had for some time been inviting him to throw a brick at Dim, aad ne had complied with the invitation. Mr. D&AKE sald the silence of Senators was only & art of that shrewd democratic game which was ing played in the Senate to see how many repub- lican whales could be driven ito the democratic net, ‘The proposition was a piece of dem tic fun, but the pointleasneas of the joke would be best exuibiied by the reiusal of the mover w vote for his Own proposition, He regarded the defection among some of the republican Senators upon the pending amendment as an indication of their an- Wwililugness to assert their belief in the entire Ira of the previous action of the Senate concerning the late rebellious States. If the Senate now assume a position of that kind 1s would bring upon itself the contempi of all men. If Virginia was admitted upon the condition of abiding by her ratification of the fifteenth amenament, Congress could under the constitution eject her Senators and Representatives Upon the violation of that condition, Mr. WARNER, (rep.) of Ala., referring to the re- mark by Mr. Morton, that ‘the supervisory poms of Congress over the reconstructed States did not end with their reconstruction,” inquired whether the Senator held to the position these States were forever to be treated as in a condition of rebel- lion? He wanted to know whether, ag a Senator from Alabama, he was. by bis oilice, the peer of apy other Senator? and whether Alabama, ing with the conditions imposed, and to her relations to the goverament, did not stand upon equal fooung with uusetts and every other State? If the doctrine that any of these Stateacould be ejected was a valid one, and hia coll might yet have to pray, “Good Lord! * Devil! as the political majority in Congress may require. Mr. CARPENTER, (rep.) of Wis., repudiated the at- tempt of the Senator from Missouri to make bis amendment a test of party fealty and opposed it aga violative principle of equality between the States, upon waich alone a union of sovereign States could be maintained, air. THUKMAN withdrew bis amendment, and Mr. WILSON offered a3 ab amendment the bill reported on the previous day by the House Reconstruction Commitie Mr, EDMUNDS, (rep.) of Vt, suggested an amend- ment requiring the liaposition of the oath in the case of S.ate officers in order that they shall not be obnox- lous to the fourteenth amendment. Mr. MORTON gave notice that he would further amend, in the form ofa preamble, tat the ratiica- Uon of the fourteenth and fifteenth amendments as @onditions precedent to the representation of Vir- giuia had been made in good faith. This condition would thus appear upon record, and if hereafter Violated 1t would be for Congress to take action in vindication of its own honor by puntsning the trouchery. In repy to Mr. Warner, Ne held that tae right of Congress to reconstruct State governments carried with it the right to preserve that reconstruc. tion and punish the bad faith of a State, Mr, SUMNER submitted @ memorial from vertain republicans of Virginia, now in Washington, con- tating statements of affairs in Virginia. The me- morial, by request of Mr. Sumner, Was read oy the Clerk, setting forch that the memorialists were de- sirous of showing Uhata majority of the present Vir- ginia Legislature had been eiected by fraud, violence and intiuidauon, and suggesting the necessity for Congress to enforce the existing Keconstruction acts until satisfied that all the voters were given an opportunity to vote frecly. The communi- cation further alleges the exciusion of colorea men from toe jury box in that State; that the right of secession was as firmly believed tn there as at any time during the war; that the lead- ers of the so-called Walker party publicly declared jate canvass they bad supported the so-called ed constitution jor tie purpose of securing jon of that State; iat some members oO! the Legislature had recently avowed tnat the pledge given to carry out the new Constitution Was made to gain the adimission of tue Stave and deceive Con- gress; Wat one of the delegation Ulat waited on the diouse Recoustruction Coumitiee iately sald that when General Butier told them ie would take the word of a Virginia genueman he felt for his watch, because he xnew the general had very taking ways with him, It was also known that the parties referred to declared, 1a regard to pledging the Leg: islature to carry oul the new constitution, they would just as readily certify that General Butier never stole any spoons. The memorialists also claimed to be avie to show that Governor Walker Was a copperhead duriag the war, in fuil sympacny with the rebellion; that ue was president of a club in Chicago organized to rescue rebel prisoners from Camp Douglas, aod his political proctivities had undergone no change since bis resi- nce in Virginia; that during the canvass in Virginia he publicly declared his desire to vote for General Robert E. Lee because he was the greatest soldier of tbe age, and be and Genera! Lee occupied the Same political piatforin; that Goveruor Walker, as would be shown, was pledged to oppose the new constitution, the school system and tue securing of civil and political rights of the people; and that since his election he has publicly spokea of Virginia as under usurpation and tyranay, meaning thereby that the Reconstruction acts of Congress were revo- luulopary. In conciusion the paper suggests that Virginia ought not to be admitted uniess the mem- bers of the Legislature can take the test oath, and the seats of those Who caunot subscribe to it ought to ve awarded to their oppoueats receiving the next highest number of votes, Upon the conclusion of the reading of the paper several Senators calied for the reading of the names attached bo It, ‘The hawes were read, as follows:—Isaac P. Bald- win, chairman; W. F. Davis, secretary: Kobert Nor- ton, P. Hi, Mortigue, Bernard Wardwell, Wiliam kh. Crecket, George C. Marshall, J. 1. Doughty, Charies Hi. Forter, Luther Lee, Jr, Samuel B. Willamson, ‘The OUAIRK, In answer to Inquiries, said the whole number Of names was thirteen, ali in the same band- writing. Mr. NYE, (rep.) of Nev., said be would submit whether the communication Was not so disrespect- fui as to require 108 exclusion from the Senate, He Was surprised the Senator from Massachusetis would present a paper witch reflected in the gross est possible manner upon a colleague of his in a co- orainate branch, Mr. SumNux obtained the moor and said the Senator did him great Injusty insomuch as the memorial simply sets forth We remarks upon con- Versations between his disunguished colieague m the other house and other parties, showing What litte coniidence could be placed on the men forward in the movement in behaif of Virginia, He could not be held responsible for these utcerances. ifr, Nyg said he would not himself be guilty of @ reflection upon a colleague by means here resioved co. The memorial had originated, he judgea from the names attached to it, from that class of men who had been hanging around both Houses of Congress with the purpose of keepin Virginia from the position to which she is entitieds He thought it unfortunate for the opponents of Vir- ginia that their last gun should have been fired with so litte eilect. Virgliuta had compiled with every Congressional requirement. The eiection heid there wasin exact conformity to the law, but the result was not such as to satisfy the gentleman who petitioned here and somebody was disappointed, and’now hoped to soothe their feelings by an ap- peal for intervention by Congress. Governor Walker had oifered his services to the country to put down rebellion, which fact was shown by the records of the War beg bet rie and not one of the charges against bim in the memoriai just read was true. He declared that he had become heartily tired of the reconstruction hobby which bad been ridden through Congress for 80 many years, and yet the Senator from Massachusetts would lave the unre- constructed Btates stand knocking at the door until their jocks wero wet with the dews of uke night; that the Senator’s las hope was in a memorial which gave the mere hearsay of irresponst- ble persons, upon which the Senate was asked to suspend action. The course of that Senator re- minded the speaker of the story of the Indian who, having caught & woodcliuck, beat the animal to death with & big ciub, and three weeks afterward way ‘As reren still fuflicting chastisement, and apon being remonstrated with replied, “i know 1 is dead, but I want to convince that particular wood- chuck that there 1g punishment after death.” So it was witli the Senator from Massachusetts, notwith- standing tle unsavory odor from the decaying subs ject witch bad for five years lain in the halls of von t “ ; he continued to deal his blows uj with undiminished vigor, Virginia, like tife prodigal sun, having returned to her father’s house, she should be admitted; and though her sins be red as searlet we should make them white as snow. It had been said that the rebel spirit of Virginia was not quelied, but neither was the spirit of the devil, though the gospel had been preached for nearly nineteen hundred years, Mr. Srewakr, (rep,) of Ney., defended Governor Walker, aud, quoted from his letters and speeches at different umes to prove that gentleman's warm sympathy with the reconstruction policy. He de- nounced the efforts of those who had gotten up the memorial as actuated by sinister motives. Mr. THURMAN inquired how many of those who signed the paper were defeated candidates, and how many office-holders under the present regime in Virginia were likely to be put out of office by the ad- mission of that State. Mr. Srewanr replied he was informed there were several, The language of the memorial was most Abusive and unjust; and the request, in the face of the report of the Judiciary Committee, was a most audacious oue, , SI ane eked had it come to this, that the loyal péopts Or Virginia: could not be heard om the Senate floor?—that a petition from them was to be met by denunciation from both of the Senators from Nevada? ‘Those Senatora had gone over to the democrats Upon the present question, aud it was not to be wondered at that while among their neW allies their devotion to great principles should have weakeued. For himseif he was content to stand by the plihted faith of the republic, Mr. STEWART feplied, chat in view of the charge of Mr. Summer that he had deserted his party he would refresh the recollection of that Senator by reading @ portion of his record last session whea he fitbus CONTINUED ON TANTH PAG we