The New York Herald Newspaper, March 3, 1870, Page 3

Report of ‘Ge Judiciary Committee on Reconstruction in Georgia. Irregular Proceedings of the Legislature. THE TRAFFIC IN CADETSHIPS. & Tennesseean Brought to Grief. Mnquiry Into the African Slave Trade. @enator Sumner’s Speech on the Funding Bill. * Wasainaron, March 2, 1870. Goueral McMahon on the Cuban Queati and Alabama Claims. - General M. 1. McManon, President of the Cuban Meague of America, is in town laboring for the cause of the patriots. The General was busy to-day stir- ring Up members ana Senators naving charge of our foreign relations, and itis hoped his effort will re- sultin something substannal. The General takes a sensible view of the great obstacle In the way of aid to Cuba. He holds that the Alabams claims are Worse than humbug, that it would be a positive ealamity were our goverument to succeed in making Great Britam foot the bill for the damage to our commerce resulting from the unfriendly policy pur- ued by that country. General McMahon puts the thing in this form:—Suppose we make England pay ap, and suppose hereafter England gets into 8 war with some Enropean Power and privateers silp out from our ports to make depredations on British commerce, will we be ‘wihing to pay for the resuiting ravages to British @ommerce? And in tne event of a war of that char- acter, can we prevent the fitting out and escape of Privateers from our ports? General McMahon urges ‘We cannot, and that therefore the successful issue of our Alabama claims would be a recognition by us of Mability in case of similar acts by our citizens, a lia- Ditty thar might comprehend the entire British commerce. It would be impolitic, he thinks, there- fore, to further push these claims. The best course for us to pursue is to abandon outright ana trust to the satisfaction or “sweet reveuge’’ py retaliations by and by, when England becomes embrolied in war ‘With some of ner beliicose neighbors. In that event he believes that England’s commerce would fast enough disappear and be tranferred to us, These views, expressed with some force, have made, it is, gala, ® decided impression upon the committee. ‘Members who before had doubts of the propriety of Moving injthe Cuban question while the Alabama Glaims were in the way are now beginuing to look ‘at the question tu a more favorable light. i of the Iaternal Revenue Law. GComuaissioner Delano was in consultation with the ‘Wommitiee of Wave and Means to-aay relative to @ertain Modifications in the internal revenue law. Bt fa neid there is quites difference of opinion pe- tween Mr. Delano and some members of the commlt- 006 48 Co the changes to be made in the iaw. Some of ‘the alterations recommended by him are pronounced ‘Qs unwise by certain members of the committee, ‘while he im turn regards the notions of the mem. bers of the committee as crude and impracticable. mome time ago the committee decided that its mem- bers should keep their own counseis as to what is aid and done in the committee room; 1t 1s difficult, therefore, to ascertain the precise difference be- tween thé commissioner and the committee. Whe Trafic in Cadetships—Why Golladny Re- turned to His Native Bourbon—A Kesolution to Expel Butler to be Reported. The House Committee on Military Affairs nad Mr. Hloldane before them again to-day relative to the ease of Mr. Golladay, of Kentucky. His testimony, son previous occasions, was very contradictory, and the committee are at a loss to know whether to Delieve bim or not. It uas been stated that Mr. Gol- Yaday remgned without cause; that there was really mo evidence against him—nothing that would con- vict him. I learn irom a member of the committee, however, that the evidence against Golladay was conclusive, and suMicient to warrant his expulsion. Is is expected that General Scofleld will be here to-morrow to give evidence in the case of Butler, of Tennessee. When this evidence is in the committee ‘will take action in Butlor’s case, and it is thought that a resolution for nis expulsion will be reported to-morrow. Whittemore Preprring to Take the Stump. Mr. Whittemore’s frienda in South Carolina have ‘Srranged for a series of public meetings in his dis- trict, which will be adaressed by him in vindication @f his conduct in the disposal of tne cadetship, ‘The object is to arrange for his re-election to Con- gress. Amendment to the Postal Law—Uclief for the Country Press. ‘The House Postal Committee at its meeting to-day had under consideration tne bill to allow news- papers to circulate through the matlsfree in the counties where they are publishea. After consider- able discussion it was decided not to take action on tue bill until the Senate spall have disposed of the ‘Dill to abolish the franking privilege. While the franking privilege remains in force there 1s no occa- sion for the bill now before the mittee, as it gives to newspapers the right to through the Mails free in the counties where they are published, Land Grabbers After the Public D An attempt was made in the House to-day to get througu a land grant monopoly to a rallroad some- where in Missouri}. This is the first of the session. ‘The bill was reported from the Committee on Rall- ‘ways and Canals by Mr. Ingersoll, the chairman, Judge Holman, a democrat from Indiana, called the attention of the House to the fact that too much of the public lands had siready been given away two tnese railroad monopolies, As this ‘was the first of the session he proposed to scrutinize it carefully. Ingersoll urged a specious Plea to the effect that the land asked for by this ratl- road company was unit for agricultural purposes, Some members very naturally inquired why it was proposed to butld a railroad through a country unfit for agricultural purposes? Where was the support of the road to be obtained? This porought out a contession from Ingersoll which was decidealy dam- aging to the bill, He acknowledged that the land ‘was rich with minerals, and that it was for the pur- pose of developing these that the road was to be bdulit. Tue truth is, these landsfare worchfmore than ‘apy agricultural lands in the West, being full of irou, coal, iead, and, it isfthonght, silver. ‘This ia one of the many projects hatching in committees to swin- dle unsuspecting people into the belief that In voting for them the internal improvements of the country are promoted, whereas the ratlroad companies are the im mediate and in many cases the, only,beneficta- ries, The African Slave Trade Still Carried on Under the American Flag. ‘The resolution introduced by, Ssnator Wilson to- day has as its obiect a more rigorous policy in Tegera to the suppression of the slave trade. It is understood that this traMc in human beings stil exists on the coast of Zanzibar. Tne United States government, in order to put down this i.egal trade, appointed judges some years ago. It is stated as a singwiar fact that the judges so appointed, instead of attending to thew basinesss, are very busily engaged in siaying at home drawing their pay, allowing the Africans to take care of themselves. It ts dine Understood that several consuls on that const execuip their oficial duty in the same convenient manner, It 18 @ Jact that the Jargest suare of the trade is carried on wuder the American fag and iv American bottoms, overhauling. ‘The Fight Over the Supreme Court Judgeship— Mr. Bradley’s Chances Becoming Despe- rate—The South Demand the Appointment. The Benate to-day had guother tengthy executive session, tasting two hours. After confirming unim- portant nominations the case of Bradley was taken up. Warner, of Alabama, made ®@ strong speech against Bradley's conir- mation. It i wndersiood that the Southern Seuators are very determined in their opposition, and @ majority of the Western Senators unite witn them. It is stated that Stockton, of New Jersey, & Gemocrat, is trying to bring the democratic element into coalition with the Southern influence. This would make Bradiey’s case a certainty. There are No political or personal objections to Mr, Bradley, bus it is the old Mght‘or securing a Southern man for the Southern Circuit. 1¢ is intended to take the matter up again to-morrow. The only serious dit culty in the way of the Soutbern Senators being per- mitted to carry their point ta the respect the Senate feels for the President. ‘ Nominations Coefrmed. The Sonate in executive session confirmed the following nomination: Leander Holmes, Attorney for Washington Terri- tory; Herman G. Keke, Secretary of Wyoming Terct- tory; George W. Hund, Secretary of Dacotan ‘Terri- wry; Haynes B. Wudaon, Attorney tor Weatern dis- trict of Teunesgee; John S, Keutt, Marshal for Sout: ern district of filmois; Jann Eaton, Jr., of Ten- nessee, to be Commissioner of Education, vice Henry Barnard; Thomas K. King, of Rnode Isiand, tw be Consul at Cork; Anthony Q. heasby, Attorney for the district of New Jer- sey; Avmistead Burewh, Attorney for Southern district of Mississippi; ‘Thomas F, Wilson, Consul Qt Matamores; Edward 8. Kearney, Marshal for Washingvon Territory; James Steach, Collector Of Internal Revenue for Firat district of Indiana; Charles Clay! Surveyor of Customs for San Fran- cisco; William W. Woodhull and George L. Mead, Paymasiers in the Navy; Harrison Adnion, Pension Agent at Baitimore; Frank Walcott, of Kentucky, Keceiver of Public Moneys for the Wyoming Land district; Rollm A. Kdgerton, Receiver of Pubic Moneys at Little Kock, Ark.; Wilham H, Hyatt, Re- ceiver of Public Moneys at New Orleans; Heory C, — Register of the Land Office at Natchitoches, Postmasters—John A. Martin, Atchison, Kansas; John R. Andrews, Saco, Me.; James L. Crane, Springtield, Il.; Jesse Schriver, ‘Tiffin, Ohio; William H. Sturgis, Greenpoint, N. Y.; James C. Hoag, Cox- Suckie, N. Joseph B, Stiliwagen, Flushing, N. Y.; Erastus D. Chipman, Saugerties, N. Y.; Elijal ston, Owatonna, Minn.; Ebenezer Wrigh!, Princeton, N. 4.3 Jon H. Campbell, Lansingburg, N. Y.: Charles H. Prince, Augusts, Ga.; Jesse kt. Grant, Covington, Ky.; Win. W. Kurtz, Athens, Ohio; Wm. W. Sellers, Pekin, Ill.; Joan W. Cummings, Ware, Mass; George J. Clarke, Los Angeles, aud Charles G. Thomas, Jose, Cal. Executive N ations, ‘The following nominations were sent to the Senate to-day:— Charies H. Lewis, of Virginia, to be Minister Kesi- dent to Foruea Tuchard H. Waitney, Assessor of Internal Revenue for the Fifth district of litnois; George D. Onaer, See of Internal Revenue for the Fiftn district of [s80Url, Posimasters—James Williamson, Sing Sing, N. Y.; John Crandie, Oxford, Mias.; Josepn Jurgensen, Farmville, Va.; J, ©. C, Haskins, Stoux City, lowa. First Lieutenant George F. Foote, of tae Ninth ta- fantry, transferred to the Eignth cavairy; First Lieutenant Joseph Karge, of the Eighth ‘cavairy, wansferred to the Ninth infantry; First Lieutenant Edward Hunter, of the Twelfth tnfantry, transierred to the First cavairy; First Lieutenant Greenieat Cle ore of the First cavalry, transferred to the Tweifin infantry. Commodore John A. Winslow to be rear admiral; Captain James H. strong to be commodore; Com- mander A. C, Rhind to ve captain; Lieutenant Com- mander Joseph N. Miller to be commander; Lieuten- ant Gustavus Menzies to be lettenant commander; Captain James M. Frailey to be commodore; Com- mander George M. ansom to be captain; Lienten- ant Commander Albert Hopkins to be commander; pl ge Edward S. Keyser to be tieutenant com- mander. In addition to the above there were a large num- ber of nominations for promotion in the navy of masters to be Meucenants. ensigns to be masters and first assistant engineers to be chief engineers; also savers) paymasters and officers of the martue corps. The Owuibus Disability Bill. Last Monday the Senate being In executive ses- sion, on motion of Mr. Sumner tne doors were opened for @ moment, and during this unnoticed Open seasion ef about one minute he entered a mo- tion to reconsider the vote on the passage of the so- cailed Omnibus Disability bill, aud that motion is still pendimg. The motive assigned for this action ts to reach the case of ex-Senator Ciingman, of North Carolina, who is among the number whose disabill- ties are to be removed by the bill. Repart of the Agdicigry Committee on the Re- constraction of Georgia. In compliance with resolations of tlie Senate in- structing its Judiciary Commiitee to inquire and re- port whetber the Legislature of Georgia has been reorganized in accordance with the provisions of the act passed at the present session “to promote the reconstruction of that State’? and whether any further legislation 18 necessary upon the subject of the organization of the provisional Legisiature in Georgia, the coramittee this morning made a repdrt, which was presented by Mr. Edmunds. The report recites the manner of the organization of the pro- vistonal State government in 1868, the fact of its ap- proval by the military commander of the district, the subsequent expulsion of the negro members of the Legislature and the consequent passage by Con- gress of the act of December 22, 1869, which confers upon the Genera! Assembly of the State the exclusive Dower to perfect its organization. There being no room for interference or construction conferring such authority either upon the Governor or Military Com- mander under this act, the Governor of Georgia summoned the persons elected to the Legislature, as named in a prociamation of General Meade, to as- sembie mm Atlanta on January 10, 1870; and a quorum of the Senate took the oaths prescribed and ie acting ag provided by the act. ‘he report de lalla the clroumstances attending the organization of the House of Representatives and the part taken by one Harris, not @ member or officer, but who nad been designated to call the body to order by the Governor, and calls attention to the fact that Harris continued to preside and to adjourn the body from time to time, at nis Own pleasure, without consuit- ing the House. He also determined what persons who had appeared as members should be permisted Trom day to day to take the prescribed oath and take their seats. This proceeding was ratified by the General in command at Atlanta, who, subsequent to ‘Thie matter will receive ap the passage of the act of December 22, 1809, had been appointed to the command of Geor- gia ag a military = district, under the act of March 2, 1867. A statement ts then made of the action of General Terry in directing the exclu- sion of certain parties from the Legislature until their cases should be favorably reported upon by a military commission which he organized, Three members elect were thus excluded, and the admis- ston of other persons was delayed until they should be relieved from thelr political disabilities. Upon this history the committee is constrained to say that, in its opinion, the before above mentioned ac- von of the military ‘authorities was not by law. The Legislature elected in Geot tended by Congress to take the place of the pro sional government as a permanentone, This seems perfectly ciear, andthe same view was taken by the General of the Army by Dis order to General Meade of March 2, 1866, The correction of rad misappre- heusion of the act of Congress could be made by Congress, but not by the military. The committee argue further iu ee of this view, but add:— “It 18 due to the General tn command to say that circumstances justify the committee in report- ing that his whole conduct in the affair was under the sincere belief that he was acti within the Scope of his lawful authority, and that under the circumstances of much difficulty and delicacy he poe ge affairs, Paget ure of the law, in such @ manner as to command the person: y and confidence of all parties concernied.”* oe The committee also believe that the persons ex- cluded, who desired to qualify, would have violatea the act by taking the oath, so that there was no actual Injustice done. The action of the House in afterwards admitting persons who had been candi- dares agaist the persona who had been so exciuded, but recelvea | @ minority of the votes cast, is considered by the committee unwarranted by law, and the persons then admitted are not lawfully entiticd to seats in the Georgia Legislature, Tho committee therefore report under the first resoiution that in the {foJowing respects the organization of said Lae ure has not been war- ranted by law:—Firet, im the control and direction of its proceedings by Harris; second, tn the exclu- sion from taking the oatus and from seata of the three members elect who offered to swear; third, in the seating of the persons not haying a majority Of the votes of the election. Im respect to the sec- ond resolution, before recited, calling upon the committee to report whether any further legislation ig necessary in respect to the organization of the Legislature of Georgia, the committee report that a full hearing was given to both sides of the contro- versy there, and the representatives of the great body of those who contend tnat the proceedings aforesaid have been lilegal and irregular expressed their willingness that Congress should refrain from further interference with the organization and com- position of the Legislature and leave it to proceed in the exercise of {ts legisiative functions, Notwitb- standing the matter above mentioned, if the pro- visions of the constitution of Georgia and the orga- nization of the convention could be carried out, pro- viding for @ fresh election of one-half of the Senators ana ail the members of the House of Representatives, in November, 1870, The other party justifies what has taken place, and, of course, object to any action op the subject, In this condition of affairs, inas- MCD as the errors of the General im command of Jaliing within our discretion, ‘the State do not appear to have ~w, irked any serious ‘Mjastice in pot of tact, ar, 4 the error it seating the minority candidate: as committed by the Housd of ‘eseDtatl Gy, in exer of @ right ps a Nope Se it, io Phe ‘wale asin as it aj ra certain that the terths office of ary members of Of the Georgia Leisiature and of its State goveru- ment will expbry at the. same Ume that they would e done bad tne State been fully restored to its place in te Union in duly, 1864, and did not com- oe ‘Or run from the of ite future admission ‘resentation without reference to what might he legul or literal construction of the last clause Of the second subdivision of the first keclion of the third article of the constitution, the committee feel Justified in omitting to recommend any further legis jation on the Pubject of organizing the Legislature. Governor Bulleck’s Statement on Georgia Affairs. The Senate Committee on the Judiciary held a Meeting to-night and fistened to an argument from. Governor Bullock tn relation to the reconstruction of Georgia. The remarks of the gentleman were in reply to Calawell and Bryant, Bullock took grounds against their views, and endeavored to get up a feel- ing by calling them democrats, He claimed shat the Legisiature did not wish to extend its term, but simply to hold the term for which it was elected, He stated that the act of December 22, which was sustained by both houses of Congress and the Pres!- dent, provided for the reassembling of the persons declared elected by General Meade, who were the eame persons who assembied and made the organt- zation which was inquired into January, 1869, and to exclude certain persons who had taken part against the government in the late, rebellion. Mr. Bullock clalmed that this determined in the most positive manner that tn the opinion of Con- gress and of the President tue old organization was not only not competent to ratify the fourteenth amendment, but was not competent to elect ite own oMcers. He stated if the old organization was not considered competent oy Congress certatnly it could not have duly elected United States Senators. The committee did not arrive at any definite conclusion In regard to the Senators as to which were eligivie. Expenditares for Educating the Freedmen, AC a meeting of the National Association of School Superintendents to-day 11 was stated that duriug the last five years the Freedmen’s Bureau had ex- pended about three millions and a half of dollars, and a like aum had been expended by Northern be- nevolent institutions, making seven millions for the education of the freedmen, besides what they had contributed themselves. During the day the dele- gates, by appointment, called on President Grant to pay their respects and thank him for the assertion in bis last message that he desired to see the youth of the country, irrespective of race or color, edu- cated, The President repiiea that he thought the success of repablican tuatitutions depended on the education and intelligence of the peopie. Tobacco Manufacturers and the Revi Laws. A delegation representing the tobacco trade, ap- pointed by the National Tobacco Association, which met in New York February 23, arnve here to-day to lay before the Commissioner of Internal Revenne and the Committee of Ways and Means the reaolu- tions adopted by the convention relative to changes in the tariff and tnternal revenue laws concerning the importation and manufacture of tobacco ana cigars, The delegates from New York are Wm. L. Lawrence, Thomas Carroll, San Lorin Palmer, Lewis Maddow and Charles Seldler. They expect to have interviews to-morrow with Commissioner Delano and the Committee of Ways and Means. Guests at the President’s State Dinner. The following are the names of the guests at the President's state dinner this eveping:—At one end of the tavle were Messrs, Clarke, Stoughton and O'Neill, and at the other Messrs. Coburn, Calkin and Sheldon. On one side were Mrs. Coburn, Senator Pratt, Mrs. Farnsworth, Senator Corbitt, Mrs. Thayer, Senator Drake, Mrs. Grant, Senator Morrili, of Maine; Mrs. Pratt, Senator Thayer, Mr. Cake, Mr. Farnsworth, Mrs. Sheldon, Mrs. Lawrence, and on the other Mr. Cook, Mr. Ames, Mrs. Caikin, Senator Hamlin, Mr. Laflin, Senator Conkling, Mrs. Kd- munds, the President, Mrs, Drake, Senator Howard, Mrs. Ames, Senator Edmunds, Mrs. Cook, Mra, Lafiin, Mrs. Hambleton, Cost of the Britis Iron-Clad Monarch. Captain Ward, of the Royal Navy, in compliance with the verbal request of Representative Scofield, chairman of the Committee on Naval Affairs, states that the estimated cost of the null of the Monarch, including the fittings, is £300,000, and the actual coat of the engines, iucluding the fittings, is £66,000. FORTY-FIRST CONGRESS. Second Sessi SENATE. WASHINGTON, March 2, 1870, WHE AFRICAN SLAVE TRADE. Mr. WriLson, (rep.) of Mass., introduced a resolu- tion calling upon the President for information as to whether any measares had been taken by this gov- ernment to aseiat in suppressing the traMic in slaves now carried on upon the coast of Africa, with the aumber, names, compensation and residences of consuls appointed along the coast; also relating to the extent of the traffic and ine nationality of vessels engaged in it, and whether our fag had been used to protect those engaged 1n it. Laid on the table, THE NORTHERN PACIFIC RAILROAD. On motion of Mr. HOWARD, (rep.) of Mich., the joint resoiution authorizing the Northern Pacifio Ratlroad Company to tssue its bonds for struction of its road, and to secure the Mortgage, was taken up. The amendment of the Pacific Railroad Commit- tee, allowing deficiencies of iand to be made up by the company from within ten iniles on each side of the road, was discussed and the bill laid over, REPORTS FROM COMMITTEES. Mr. Howanp, from the Committee on Territories, reported without amendment the bill to regulate the salaries Of United States judges in the Territories, Mr. POMEROY, (rep.) Of Kan., from the Committee of Pudiic Lands, reported with amendment the bili granting lands to the State of Minnesota to aid in constructing the Lake Superior and Vermilion Lake Railroad. Mr. EDMUNDS, (rep.) Of Vt., from the Judiciary Committee, in response to a resolution relative to the organization of the Georgia Legislature and the necessity for further legisiation, made a report. THR CENSUS BILL. Mr. TRUMBULL, (rep.) of Hil., trom the Judiciary Committee, reported back the bill relative to taking the census and asked its reference to the Commitee on Revision of Laws. It was so ordered, SPEECH OF ME. SUMNER ON THE FUNDING BILL. The Funding bill was then considered and Mr. SUMNER, (rep.) of Mass., addressed the Senate. Mr. SUMNER said—The measure now before the Senate concerns interests vast tu amount aud infu. ence. I doubt if ever before any nation has at- tempted to deal at once with so large a mass of tnauctal obligations, being nothing less than the who.e national debt of the United States. But beyond the proper disposition of this mass is the question of taxation, and also of the exient to which the payment of the ional debt shall be assumed by the present generation, and beyond all is the question of specie payments, ‘Ihe mass of financial obligations should be promptly adjusted im some new form at smalier interest; taxes must be reduced; the payment of the national debt must be left in part to iterity; spe- c1é payments must be provided for. Tue imaiediate question before the Senate is on & substitute re- ported by the committee for the o1il which I had the bonot of introducing seme weeks ago. 1 wiah the Senate would note the ditference between the first seetion in my bill and in the substitute of the com- mittee. I proposed to authorize the issue of five hundred millions of ten-forty five per cents, and pre- scribe the use to which the proceeds of such bonds suould be applied. The commitiee propose four ban- dred millions of ten-twenty five per cents, and leave the application of the proceeds tne subject of dis- cretion. Between the two propositions there are sey- eral differences; first, in the amount; secondly, in the length of the coud, and thirdly, in the application of the proceeds, liere 1 peg to observe tat tue origt- nalsum of five hundred million dollars was not in- serted by accident or because tt wan @ round and euphonotous sum. Nothing of the kind. It was tue result of @ careful examination of the national debt in ita detalis, especially im the light of tne Mational credit, it was adopted because it was the very sum required by tue uaiure of the case— at least so it seemed to me. A brief explanation will show if I was not right. ‘The year 1562, which marks tue date of our legal wenders, marks also the date of & new syste in regara to our loans, Sena- tors are hardly aw, of this change. Previousiy our standard’ for ai. Was an itumutabie loan for twenty years. By tne new pystem this tmmutaviliy ‘Was continued ag to the right of demand by tno bondhoider, pus the right of payment was reserved to the nation at any time after five years. ‘his change, as we now see, gave itive advantages (o the nation, Its disadvaptazes to the bondhoider were #0 apparent that it encountered resistance, whica was overcome only after undaunted perseverance aud final appeaito the people. Now, by recurrin, to the schedule of the national debt you will Ga that the frst loan withtn the sphere of this discre- tionary system 18 the Jive-twenties of 1362, wich, on tbe Ist of February lest, after deducting the pur- wera tive hundrea millions of therefore, 16 the Orst loan n the first loan we are privileged to pay before maturity, and tac firet loan presenting itself for payment, In these incidents the loan of 1862 has precedence. It stands rat. Happily ho substisute of the commitiee in- ‘rhe sum ot sour Huvdred ition doilars tay Do taken instead of five hundred milion doliat. Bach loan proceeds OM the same idea oe oneting, our labiities, But as We look furtuer we flud diferences which tavolve important consequences: The loan proposed by the committee has not, to my mind, the elements of success promised by lue other loan. 1t is assumed in Cases (hat toe coin for the redemption of the existing obligations shall be obtained in Euro; ‘Then We must iook to the European market in determining tue form of the new loan, Now, 1 have reason to beiteve that @ coin loan to the amouné ol five hundred millions of dollara may be ob dn Burope on ten-forties at par, provided the Dew bonds aie of the same jorm and purport as the ten-forties, which are already Lede Aled and provided furtuer, that tne procees the loan are appiled to the payment tn coin, par, of the five- twenties Of 1862. ‘The change trom @ ven-forty bond to 8 ten-twenty bond Proposed by the committee, is a change, s0 far aw 1 can perceive, made up of uis- advantages. ‘To the nation ulere Is the sane rate of interest, and there is the same fixed period during waicn this interest must be paid; while, of the other hand, the peri ot optional payment is reduced from wurty years to ten years. If there be advantage im this reduce Sion i do not perceive tt. If at the expirauion of ten Years We are in 4 condition to pay, we may do #O aa Feaaily under @ teu-(orty as under tne ten-twenty during the subsequent ten years of option Our advancing credit enavies us to command a lower rate o1 interest, surely we may do uo just a8 favorably under one us uuder the other. itseems be Bhderstood thar the proposed loan ls to be le id Europe. As com 1s more abunaant there than here, this would be only accurding to the natural course Of thiugs. ‘T's ight be by voluntary excuauge Aor the bonds of 1862 on the pari of holders or by promiscuous gale. So much of the proceeds as were Kot required for the bonds of 1862 eld abroad would naturally be wpplied to tue payment in coin of these bonds at home. Aw some of these bouds are now deposited as security for bank circulation, it would see a if is Operation must strengthen the coin reserve in the banks to Such @ potut as to aid the transinon to specie payments, ‘There is another consideration of practical value. We must not make am effort aud fail, Our course must be guided by such prudeice that success will be at least reason- ably certain, For the navion vo offer a loan and ve refused tm the market will not do ere, as elsewhere, we must organize victory. Now it is tomy mind douotfal, according to the luforma- tion within my reuch, if the loan proposed by we committee can be negotiated successfully at par, while phere 1s reason 10 believe that such a loaa as i have proposed, with 11s more favorable conditions, would be received with favor. Bankers there may be who would giadiy see themselves announced as financial agents of the great republic, but i remains Ww be ween i there are any competent to handic @ joan of five liandred milion dollars who would undert@ke iton the terma of the committee, | am clear Wat it is not prudent to make the expertment when it if easy to offer another loan with Positive advantages suiicieut to turn the scale. Washington, in his Farewell Address, said, “Why forego the advantages of so peculiar a situation? Why quit our own to stand upon foremn ground?” in the same spirit ( would say, why forego the advantages Of a weil-kuown ana pe. cullar security? Why quit our ten-lorties, to stand upon @ security Which is unknown aud practicaily foreign, whether at home or ubroad? In the loan a3 roposed by me there are three'conditions, to which r tention agein:—Firat, the amount, watca 1s five hundred million dollars; secondly, the terms of the bonas, being ten-forties, and, thirdly, the pro- ceeds are to be applied to tne frst Joan of 1852. In such @ loan we tind assurance of success, with the promine of reduced taxation, repudiation silenced, and the coim reserves in the banks strepgth- Volves no question of principie. ened, 1 may , One hundred and ity miliion dollars. With these ovjects in view 1 hove 1 shall be justified in the effort J have made. On the other hand, suowd the amend- ment of the committee prevali, {wee staal clauce of any near accomphenment of these objects, And the more 1 examine this amendment the less does it commend iself, at least as comparea wiih the viher Proposition, Of course, it is askumed that the amount proposed of ten-twenties at five per cent Wil absorb ap equal amount of five-twenties at six per cent, irrespective of any particular ioaa; but f am at @ logs bo see on Waal grounds the Molders of the sixes ean be induced to make the exchange. Will the substitute ponds be considered of equat value? 1 affirm not, but assuming that wey are ac- ceptable, how shali they be acceptably dis- tributed? Shall the first comer pe first served? If all were at the same starting point the pal might be justly bestowed upon ihe most swil. In the latitude allowed, suretching over all the Bve-twenties, there would be opportunity ior favoriusm, aud with this opportunity there would be temptation and suspicion. Ail tuts you volunia- rily encounter in departing from the simupic propo- sivlon whica I have laid betore the Senate, wike our financial question is handed over to prolonged unceriainty. { have already shown on a former oveasion the superior Value of a long bond, accord~ ine W experience, nov only at mome but abroad, ‘Quis prolobgation o1 the bond ts im we pature of compeusation tor the reduction ef iierest. Alreaay tor @ loan at siz per cent we have offered five-twenties, but for @ loam at five per cent we have offered ven-forties. In the saine proporlion we should offer iiteen-ffues jor ‘bonds at four aud a half per cent, being a dilfereuce of one-half per cent iu the interest, for witch there must be compensation in the duration of the bond. Alreauy We have established Lue raid of compensa- tiou tor she reduction Of interest, aud 1 Bee uo roa- son Why, by @ tentative process, we should change this standard, The experiment can do no good, while it may do harm. It is i the nature of & restriction on our discretion and a limita. Wey Of the duration of the bond, which, | fear, must Interiere essentially wish. ite mar- ketable cuaracter. If ten-forty bond, at tive per cent, is an equivalent for a five-twenty at six per cent, and the quotations of the former are now within two per cent of the latter, then would a tifteen-tilty ai four aud a half per ceut anda tweuty-sixty at four per cent be equivaient also, The proiungation of time enlarges the option of the nation, wate it increager Une vaiue of tae vond tu the market, ‘That which 18 most favorable to Ube nation is most favor- able to the market value of the bonds, aud that which 1s unfavorable to the nation 18 unfavorable also to the Market value of the bouds, rendering their negotiation and sale more difficult and pro- tracted. Thus at every turn are we brought back to tue original proposition. Agaumst this conclusion there i# oue other argument, founded on tie idea of English consols. It is sometimes wait if the short term of five-twenty years 13 the standard for @ six ver cent vond, with a graduation to tWwenty-sixty for @ four per cent bond, why may we not go further and estavilah consols at ihree per ceat runing, if you please, to eiernityt The techuical term consois is an abbreviation ior the consolidated debt of Great Britain, and in the eyes o! Briush subject has tis own signification. lt means a debt never to be paid, or at east 1t 18 an imacribeu debt carrying no prounse of payment. There is anotuer Briuish secu- rity, small ip umount aud carrying near tne same interest as the consols, witch nay be patd at toe option Of the government, known as “terminaple annuities.” { would not have any debt of the United States awgame einer the foria or name of consols. I would rigidly aduere to demnite periods of payment. This is the Ameri- can sysiem 1a contradistinction to the British system. 1 would not only avoid the idea that our debt is permanent, but { would adhere to the form of positive payment at some fixed period, and keep this idea always present in the minds of the People. Without the requirement of taw f doubt if the debt would be paid. Political pares would court popularity by a reduction of taxation. ‘The ‘Treasury ot the United States, like the British 1rea- sury, Would always be without a gurpius, and tna Bational dept would be recoguized a3 a burden to be endured iorever. ‘Therelore do I say no console. Do Senators conshicr to what extent the gove determines the rates of interest tn the money of the country? Not only for sell does it deve: but for others also. Government: bonds enjoy pi neace investment, and if tie interest 1s bign they attract the disposaple money of the country. Gov- ernment sixes are worth more than a #1x per cent bond of any private corporation or individual, 20 matter how well secured. Therefore it is easy to see that 80 long as we retain our standard at six per cent—so long as we have si —Wwill the capital of the country week these bonds for investment, per- manent or temporary, to the detriment of numerous enterprises 1mportant to the national development, whiok are driven to be the stipendiaries of foreign capital, Railroads, especiaily at the West and Bouty, are sufferers, being sometimes delayed by rhe diMficulty of borrowing money and sometimes be- coming baukrupt from ruinous rates of interest al- ways in competition with the government, Doudtiess the excessive interest now de- macded ts partly due to our fictitious currency, where faniied paper is forced upon the market; but beyond this influence is that of our £ixes, ubsorbing disposabie capital. I venture to assert that if we could at an eariy day reduce these sixes to fives there are intitions which would be released to seek investmeut in other securities at six per cent, espe- cially to the relief of the West and South. ‘The re- duction of iuterest to four and a haif per cent and Jour per cept would rejease further millions, There- fore, for the sake of public enverprise in ity mauifold formes, for the sake of that prosperity which depends oR buman ipdustry, forthe sake of manufactures, Tor the sake of commerce, and especially for the sake Of rauroads, by which all these are quickened, we must do what we can to reduce the general rate Of interest, which Is now such @ curv on enterprise, aud here we must begin with our own bonds. Without any adverse tnteation the national overument is w victorious competitor, and tie ae- feated parties are those very enterprises whose suc- cess Is 80 linportant to the country. A competition ko destructive should cease. Keeping this before us 1m the new loan, we shall adopt that turm of bona by which the tnterest will most surely ve reduced. Thus, while refunding the national debt, we shat open the way to Jimprovements of al! kinds. ‘Tis 13 what I have to say for We present on the refanding Propositions of the comumtttes. Their object is te wamo with mine. If £ differ from then ip Getaiis, it ts beoause afier careful con- sideration tt seeus to me that im aome Particulars tuelr wystem may be iwproved. Mr. President, the payment of the national dept is an American idea, aod! would say voting Ww Weaken it among the people. Whatever we owe must be paid; but Itia the part ef prudence to make tho payment in such way as, while consistent with our obligations, saail promote the national prosperity. In this apirit I approach tie proposition of the com- mittee, in which iMere 1s 40 mnuch of good, only to examine and measure ft, in order to ascertain its Probabie influence, and eapeciaily on the question of taxaljop. Here i must be borne in mind, chat tue preseht measure in all 1s paris, so far as applicabie, aud especially with its guarantees and pledges, must be takeu a4 the basis of our new engageinents, ‘The provision saat so mach of whe debt siali be paid aunueliy will become uw @ Certain scise & pert of “mates before me, NEW YORK HERALD, THURSDAY. MARCH 3, 1870.—TRIPLE SHWET. the contract, although not so expressed tn the bon“, Not leggy than one hundred and Mity million doilrs aunually are Bes to be applied ‘to the pay. ment of the interest and to the reduction of the Principal of the public debt.”” ‘This is el am, and we should consider carefully if such @ ‘guar. aniee or pledge has in it the promise of Magancial Slabinty, Promising too much is sometimes as bad &% promising too iitte, Ou omige must be according to our means prudently employed. In order to determine the operation of this provision We must look into details I have the estt- showing our present and Prospective liabiiities for mterest; but I coucent my- self with presenting compendiously the result, order to determine the question of taxation, SuMfce it to way that, under the operation of the present bill, there will be in 1571, after the payment of all lia- bilities for interest, ‘a surplus of iorty-tnree million dollars to be applied to the payment of the national debt. With each succeeding year the reduction of Anterest will rapidly increase this surplus, and when We bring iato operation other provisions of the bill aud convert five hundred million doliars of sixes into a like amount of four anda half per cents, effecting # further saving Of interest, equal to seven million five ‘huudred thousand dollars sunually, the surplus revenue, as compared with neces- Bary expenditures, will ina bref period areas oue hundred million dollars annually. Here the ques Gon arises, [8 pot this unecessary 1: ’ is 4t not beyond the bounds of prudence and wise economy? Shall we declare in this fundamental Iueasure @ determiuation wo redecin the whole national dept within @ period of twenty-five years? an the industries of the country sustain such taxation? 1 put the question. You shall answer tt. ‘The fusure has its great clatms upon us; 40 also has the present. 1 suvmit that the pending measure sacrifices the present, 1 conclude, thereiore, as 1 be- gan, With anotuer appeal for reduced taxation. At the proper time i shall move an amendment, in order wo aid this result, Mr, SUERMAN, (rep.) of Onto, ‘sald the bonas of 1862 Wer@meld entirely woroad, and he could not see tue advantage to the government by redeeming those bonds alone. Somebody had abused the old five- twenties and threatened to pay them ot in green- backs, and It was because of that insult on our pub- lic credit te supposed the Senator trom Massachu- sets DOW proposed to give the holders of them @ monopoly. He thought the United states bonds should all stand upon the same footing, and that no 90d reason could be shown why five per cent sheuld be given to the holders on the first and only four and @ half per cent on the otuers. He then proceeued to answer the argument of Air, Sumner relative to the time within which the debt should be redeemed, remarking that in negouating tuese bonds the cor- Tect idea to be Leid out to tne world Was tant we did not intend to avandon tae American system of a definite payment. He said he had agreed tn the act of 182 lo apply one per cent per annum to toe Payment of the pudiic debt; that tors provision had been observed heretofore, but that ims bill fur- nmished the means of organizing a sinking fund, He recognized the torce of the objectioa to the employ- Ment of foreign agents, but believed this Was over- shadowed by the greater advantage of placing our debt at # given rate of tuterest, Mr, MORTON, (rep.) of Ind., satd we did not wish to fssue a bond that would be rejected or prove a failure. He thereiore quired if the Seuators from Obio and Massachusetts nad any evidence that a four per cent bond issued by soy government had ever been sold for more than eighty-four cents ou the dolar, Mr. SUMNER said ke did not know of any four per cents ever being put on the market at par. Mr. SHERMAN believed that four percent bonds had been put out at par by Switzerlana. lu regard to the complaint of thjustice to the banks tn forcing vhem to exchange ineir securiites, ne maintained ‘that their franchise was enjoyed at the pleasure of Congress; that 1t could ve witudrawn at any time, and that in view of the value of that franciise they should cheerfuily submit vo the conditions, Mr. CHANDLER, (rep.) of Mich., said the proposi- tioa of Mr. Sumner to tal from the bonds actually in the Treasury one and a half per cent and put it to the credit of the sinking fund without the con- seut of the owners was simply repudiation. As & wale Way of arriving at the polat. aimed at by the Finance Committee be favored @ proviso making it compulsory upon all the national banks to deposit four per cént bonds for their circulating notes. (ius Tequiring them to pay down two per cent for their valuable francalse of banking. Mr. SuMNex remarked that his friend Mr, Chandler and bimsell differed onty as to the method of attain. Ing the same ovject. In reply to Mr. Sierwman he sald he would make an exception iniuvor of tue debt of 1462, because that was the debt wiich Had ‘been attacked by ine enemies of our credit. EXECUTIVE ION, Without action un the subject tne Senate at three o'clock Weus Into @Xecuuve sessioN Gud Soom alter adjouraed. HOUSE OF REPRESENTATIVES. WASHINGTON, March 2, 1870, Mr. JULIAN, (rep.) of Ind., from tne Cowmittee on Public Lands, reported @ bili relieviug from tie pay- Ment of fees, under the Homestead laws, houoraply discnarged soldiers and saliors. Passed, PERSONAL EXPLANATION, mr. Cox, (dem. of N. Y.) rising 10 @ personal ex- Planation, said that he had noticed an editorial in the New YORK HERALD, attributing to some New York member the appointment of a cadet irom Onto, and saying that that member hat gone toward “sunset to make his appointmen, He thought that Chat pleasant Way of uescriving It was & move of referring to himself, aud therefore he desired to gay to the House, and through the Agsociated Press and to the gentlemanly editor of the MuRALD tluthe nad made no cadet appointment ai altand did not know toat ne had any to make, au? wien he tad such an appointment te make he would make tt in his own disirict, with which Le Was inost expecially identified. BILLS REPORTED. Mr, BENNETT, (rep.) Of N. ¥., from the Committee on Commerce, reporied, by udanimous cossent, the pil @uthorizing the construction and maiptenauce of & uridge across t are river at Kutulo, and it post road, Passed. ELDON, (rep.) Of L&,, from the Cemmicee Jommerce, reported the bin io faciiiate adjusi- ment of controversies between parties Inverested in Maritime adventures and contracts in the port of New York, and establish @ boara of port wardens; which was recommitted. Mr. INGERSOLL, (rep.) of iL, from the Committee on Roads and Canais, reporied we vii granting lands and right of way for @ railroad from St. James, Mo., to Little Kock, Ark. Mr. WILLIAMS, (rep.) Of Ind., offered an amend- ment reserving to the government tue right to Ox the rates of freight and passenger fare. Mr. INGERSOLL said be had no objection to that, Mr. JULIAN, (rep.) of Ind., offered an amendment Umidng the price at whica the land suould be soid at $2 60 per acre. Mr. ING&RSOLL had no objection to that either. Mr. HoumAn, (dem.) of Ind., moved to lay the wil on tne table. Negatived by yeas 73, nays 87. Mr, WILLIAMS’ amendment was agreed to, and then, the morning hour baving expired, tue bil went over till the next morning nour, ‘fhe House then, at half-past one P. M., went into Commu ttee of the Whole, Mr. Mercur tn the chair, on THE INDIAN APPROPRIATION BILL. Having proceeded to withia two pages of the end of the bill, the committee rose. INVADING THE PRIVILEGES OF THE HOUSE. Mr, BUTLER, (rep.) o1 8., Offered # resovution instracting the Judiciary mmittee to inquire by what means and by whom the privileges of the House have been invaded by the publication of the testimony taken before the Committee on Banking and Currency in advance of its being reported .o the House; also what action 18 necessary to protect members of Congress from couspiracies of omioe brokers and others to make clarges againat mew- bers lor extortion; which was adopted. MEMORIALS AND RESOLUTIONS, Mr. Brooks, (dem.) of N, ¥., presented a memo- rial of New York tobacco mercnaata tor the relief from tax on tovacco destroyed by fire when in bond, the payment of which tax they represent as @ great hardship. Mr. PoxTen, (rep.) of Va., presented the memorial of citizens of Richmond, asking an appropriation of $200,000 for the removal of ovstructions and deepen- ee cbannel of James river, Va. ir. HEATON, (rep.) of N. C., presented a juint reso- lution of the North Ct ina Legistature in reiauon to the tariff on peanuts and the encouragement of cotton culture, MAYNARD, (rep,) of Tenn., offercd a resolution calling on the Secretary of the Navy for informat as to the loss of the Untted States steamer through @ collision with the British iaull Bowvay, which was adopted, Various executive documents were presentea and then the House, at five o’clock, sdjourned. 4 RECEPTION REJECTED, Not “On tke Free Lunck Lay”—W, H. Sew- ard Declines to be Fed by tho Aldermen, aud Won’t Have a Reception. ‘The following etter, which will be psrfectiy plain to the simplest Aldermanic understanding, Was sent by the Hon. W. H. Seward yesterday moruing to tae Soward Keception Comunuttee of tue Coramon Coun- New YORK, Mavche2, 1870. remember that when I ac- fond respect and grativude, we tender Of whe freedom and hospitulities of tue city of New York, which was mad@ by you in belatt of the Common Council on hy arrival tp this city, I asked Your leave to insist that the demonstration of the Common Council tn tae matter should be free from everything that nilght ba deemed to bear the char- acter of extravagance or ostentation. It has seemed to me tat the public dinner at the Aator fouse, which the Common Council have proposed for next Monday, way be regarded as assuming thal character, ana so become not merely an occa sion for regret on my OWN Part, DU possibly of emn- barrassinent to the Common Council itwelf. For these reasons I pray the leave of the Oontmon Councl to decline that bighiy valued compli- ment, and also to recall My assent heretofore given to a ceremony of public reception proposed at the City Hall, If tuts request is granted it wilt give me pleasure on some day which may be agreeanie to the Common Connell to cal) at the Uity Hall aud pay my personal respects to them, Kenewing the assurances of profound respect and of grateful obiiyation which { have belore ex- pressed, I am, gentiemen, your faithtul fellow citizen ani obedient servans, {LLiAM H. SEWARD. Messrs, Minturn, WOLTMAN, CULKIN, GALVIN, Ri.ky, hOowks, TReGO, and others of the con: mlliae, GENT E cepted, with 3. LOSS OF THB GOLDEN CITY, Particulars of Her Shipwreck Near Point Lazaro. Rescue of the Crew and Most of the Passene gers by the Steamship Colorado—Seve- ral of the Passengers Lost in the Sandhills and Chaparrel—Suf- ferings of the Unfor- tunates—Drunkenness and Disorder. SAN FRANCISCO, March 3, 1870, rticulars of the loss of the steamsnip Golden City are as follows ‘Yhe Golden City left this port on the 18tn of Febra- ary for Panama, with about 400 passengers for New York and a valuable cargo, inciudtng @ cargo of teas received by the China steamer and 8 heavy treasure hat, On the morning of the 22d, about seven o'clock, she went ashore near Point Lazaro, Lower Callfor- nia, and about fitteen miles distans from the Bay of Santa Marin. The passengers, baggage aod treasare Were lauded with but little dimculty, the sea being smooth; but the locality is barren and far from human hanitstions, A party was sent Immediately to Polnt Lazaro to erect & signu! and to keep # lookoat for the steam ship Colorado, which was about due from Panama, and she was siguailed about noon of the 2th, It Was Impossibie for the steamer to receive the suffer- ers on board at the scene of the disaster, owing te the heavy surf at that point, and they were com- Pelied to walk to Santa Marta bay, over an utterly barren waste, enduring great distress from hunger and thirst. Several of the passengers were lost in th ad bilis and chaparrel pushes, and had to be aban- doned by the steamer, Only & sinah quantity of provisions and water was saved from the wreck, and it was fortunate that the Colorado arrived so soon, otherwise intense suffer - ing must have resulted. When the wreck commenced breaking up, and the Cargo drifted ashore, some casks containing Nquor were broken open by passengers, ana drunken- ess and disorder ensued, Fearing bloodshed would be the result if this order of things was not inter- Tupted, @ strong party of passengers organized to destroy the liquor as fast as it came ashore, The passengers bad no confidence in Captam Comstock, aud paid 20 attention w his orders. They had an ladiguation meeting on board the Colorado, and passed reso)utions to the effect that in their opimion the wreck of the Goiden City was due to the incapa- bility or gross carelessness of the commanding officer, and that muen unnecessary suffering op shore was Lo be traced to the same source. ‘The passengers, with but few exceptions, reackea here last night. The baggage and the treasure were lert on the beach under @ proper guard. Sufferings 0 Sante Di ing. the Passengers on the March te Bay—Names of Those Mise SAN FRANCISCO, March 2, 1870, The softerings of the passengers of the steamer , Golden City on the march from the scene of the dis- aster to Santa Maria Bay to meet the steamer Colorado, are,described as terrible. There was no water along the route, and they bad but litte hard bread with them. Old men and women and children walked for twenty-two hours over the Rocky Mountains, and under a buroing sun, and on their arrival at their destination were entirely prostrated with fatigue. Every passenger has his version of the uffair, but all agree on the Principal incidents, After all bad reacted the tand one of the boats was rigged with 4 sii and manned by six or eight men and sent to sea to look for the steamer Colorado, which was expected to pass that point, bat it is supposed tne Colorado was missed Guring the night. Notnmg nad ocen heard of the oat at Santa Maria Bay when the Colorado sailed. @ The accounts dtffer as to the number of passen- gers missing. Some say nine and some say fifteen, but the latter number is considered the nearest cor- rect. ‘The rol} cali aboard the steamer Colorafo, of the pesseugers of the steamer Golden City, snowed that the following steerage passengers aré Alice Sitar, Michael O'Donovan, Alexander McPher- son, F. Angel, Frederick Clark, John Abel, Walter Addison, G. Rouchy Joseph Thibley, Nicholas Abel, Peter Apel, M. Goldman, Anarew Smith, James Cannon, Cnarlea Barger and Krothenutth M Tobias. Of the above, O'Donovan, McPherson and Ange! are known to have gone in the boat for Cape St. Lucas. Clurk iett camp sick, and reported umat four others remained there, which leaves but mine missing, One hundred and ninety-five names were On the steerage roll, and #ix or eight otners bad paid their pussage whose names Nad not been en- tered. it 1s supposed that the misming ones were lost while trying to reach the Colorado. Captain Comstock and several otter oMicers and @ number ol others remained at the camp to guard the bagwage and treasure of the company. The company’s agents say that none of the cabin or steerage Dassengers are missing; but the statement 1s uot justified so far as the sicerage passengers are concerned, The passengers brought back by the Colorado have been besieging the company’s oMce ail day, aud clamoring for a return of their money or a reissuanve of tickets, and payuent for the joss of thetr bagga; It ts stated that the resolutions of the passergers condemnatory of Captain Comstecs are unjust, and that only @ part of these on board the Golden City approved of them, Hewever his conduct, he suould be givem credit for having ree cued every passenger, Details of the Steamship’s Less— harncter and History—Schedule of Her Cargo. A despatch from San Franclaco brichy announced yesterday morning that the steamsnip Goiden City bad been wrecked on the 22d ult. The following aa- ditional particulars bave been obtained from the Pacific Mail Sieamsnip Company, but the full detalis of the disaster are not expected for some days:— ‘The Golden City left San Francisco for Panama on the 18th of February, and at seven o’ciock on the morning of the 22d went ashore near Cape St. Lazare and became a total wreck. This cape consists of a small precipitous island, connected with the main- land by @ sandbvar, covered at high water. The shore recedes to a great distance at this place, and the steamer, im taking her course from one headiand to the other, mistook her bear- ings In tue demve fog and ran in upos the saudbar above referred Ww. The vessel soon afterwards broke Ja two between the smoke-stack, aud the paddie-voxes and rapidly went to pieces; but the calmuess of the sea enabiea the oficers te save ali the passengers, crew, treasure and bag- wage. The steataship Colorado, of the eame line, dis~ covered the wreck on her trip froin Panawa to Sam Francisco, aud took on board all the passeuge who were brought to San Francisco, am wil be taken to Panama on hor rotura voyage. Capiwin Comstock, we oficers and tauty of the crew of the Goluen City remained at the scene of the wreck to guard the treasure which bad been secured on snore, to await tuo reimra of tue Colorado, The specie on board the Bolten City, all of whick Was saved, Was made up a9 [oiuws: For south America. + $230,613 For Engiaud « 431,286 For New Yor! + 10,000 For Pana For France. ‘Total. ot see cerevevseseees tate wenesess + $791,392, Her cargo cousisced of 689 baler of wool, 2,027 hid > Lundies of skins, $2 bales of Bayo, 6 pack- Ages oF pelts, 20 casks Of Whale oil, 2 do. sperm oul, 150 packages of leather, 42 vaies Of Lops, 175 packages dried fruit, 19 bait barrels do., 1,2u0 quarter sacks of flour, 16 barrels do,, 204 sacks of oroom corn, 20 packages ol beans, 4 do, of brandy, 7do, of wine and Tbaudies of Wualebone, in all vained at $91,540, aundries for Mexico veined at $206, and do. for Panama valued at $7,914. She had also on board ® valuable consignment of leas, received at Sam Fran- cisco by the Chios steamer. The Golden Cuy was of 3,600 tons burden ‘was bulit in New York by Win. H. Webb, in 1863, and proceeded dire: s to the Haciic, since witch sume she baa been regularly running between San Franctace and Panama, ber last voyage oeing ber fifty-third. Her dimensioux were:—Leugth, 340 leer; beam, feet; depin of nuld, 20 feet. Soe was » magnificent Yease! and Was considered the most econo! Dest paying steauier ia the list om the Paciic