Showing posts with label Legal Tender Act. Show all posts
Showing posts with label Legal Tender Act. Show all posts

Wednesday, October 19, 2011

Special Dispatch to the Chicago Tribune

WASHINGTON, Feb. 5. – It is still believed that Mr. Spaulding’s Treasury Note bill, with the legal tender clause included will, merely on the grounds of supposed necessity, secure a majority of both Houses.  Were the Treasury less barren of funds, the measure would be more doubtful.  Strong opposition was developed yesterday.  The committee are four to one on the question of submitting Morrill’s proposition.

Senator Simmons will soon bring forward a project for a National Savings Bank and government fiscal agency, originated by him, as an improvement upon the old United States Bank and Webster’s Exchequer plan.

A bill is maturing authorizing the President to appoint a Lieutenant General from regular or volunteer officers, designed to put somebody over Gen. McClellan.

Young naval officers complain of the delay in retiring the senior under the bill lately passed, and of the consequent delay in making promotions.

It is suspected that the frigate Richmond will carry Gen. Scott to Vera Cruz, as a semi official Commissioner to the allies and the Mexican Government.

A track has been laid across Long Bridge, thus completing the road connecting between this city and Alexandria.  Trains now pass over the bridge regularly.

It is said that the changed treatment of privateersmen is Stanton’s work, contemporaneous with the sending of Commissioners South.

Letters from Cairo say that everything connected with the flotilla is working will, and that  new spirit has been infused since the President himself took hold.

– Published in The Dubuque Herald, Dubuque, Iowa, Friday Morning, February 7, 1862, p. 1

Thursday, March 3, 2011

From Washington

WASHINGTON, Feb. 17.

In the Senate Mr. Wilson gave notice that he would introduce a bill, authorizing the President to distribute prizes among the soldiers of the United States, who shall distinguish themselves in battle.

It is said that Russell, of the London Times, was surprised at the reply to his cards, “that Secretary Stanton was too much engaged to see him.”

The announcements of the capture of Fort Donelson, and the impending capture of Savannah, were received by both houses with the wildest enthusiasm.

The reference of Senator Harris’ provisional government bill to the territorial instead of the judiciary committee, against Garrett Davis’ opposition, indicates the temper of the Senate to adopt a radical bill for the government of rebel territory as fast as conquered.

The bills which the territorial committees of both houses have nearly matured, differ from Harris’ bill substantially, a copy of which they have already rejected, in being more thorough and meaning subjugation more decidedly.  Their bill will be reported in a few days.

There are said to be frauds connected with the fitting out of the Butler expedition at Boston, which Washburn’s committee are about to go there and investigate.


Tribune Correspondence.

WASHINGTON, Feb. 17.

The committee of ways and means, in a protracted session this a. m., debated and voted upon the several amendments made by the Senate to the first two sections of the legal tender bill.

Messrs. Corning, Morrill, Horton, and Stratton, voted throughout to concur in all the changes of  principle.

Messrs. Stevens, Spaulding, Hooper and Maynard, adhered to all the distinctive features of the bill, as passed by the House; the vote thus standing 4 to 4.

These amendments of the Senate were not concurred in, which make the issue of new notes one hundred million instead of one hundred and fifty million, which included the fifty million authorized July 17th, requiring that the interest on the bonds and notes be paid in coin, make the twenty year bonds redeemable after five years, authorized the conversion of notes in sums not less than one hundred dollars into 7 3-10 bonds, make the funded six per cents redeemable after five years and payable in twenty years instead of redeemable after twenty years, as the house directed, and authorize the throwing of the bonds on the market for what they will fetch.  Numerous letters were read to the committee by Mr. Stevens advising the passage of the legal tender bill without the specie interest clause, and resolutions to that effect were received from the Chambers of Commerce in Louisville, St. Louis, Chicago, Cincinnati and Milwaukee.  Mr. Washburne, who has just arrived from Illinois, represented the demand for the bill as universal and impatient.

It is reported to-night, upon the authority of a telegram from Gen. Banks, that Mr. Faulkner has, within a day or two, made a speech at Martinsburg, in which he expressed the opinion that the rebellion was a failure, and advised his hearers to make the best terms possible for themselves with the United States.

The House military committee are considering a bill to enlarge the Michigan and Chicago canal to the capacity for ships.  It heard to-day a delegation from Illinois who named their plans for the improvement, including the deepening of the Illinois river to the Mississippi through which the canal and river pass.  They have agreed to surrender their property and jurisdiction to the Government for a while, and to receive the tolls in payment for the interest on the investment.  Mr. Blair, chairman, has been authorized to report a bill for the work.

660 sailors, volunteers from the Massachusetts and Maine regiments, have started for Cairo to-day to man the eight iron clad gun-boats which have been waiting for them more than two weeks.  Every seafaring man in the regiments from whom these were detailed was anxious to be one of them.


WASHINGTON, February 18.

Committee of ways and means recommend that the House agree to about two-thirds of the Senate’s amendments to the treasury note bill, and that they disagree to those reducing the number of U. S. notes authorized to be issued from $150,000,000 to $100,000,000; and striking out of the original provision, the $50,000,000 of the notes shall be in lieu of demand treasury notes, authorized by the act of July last.

The committee also recommends to disagree to the Senate’s amendment, that the July notes shall be receivable in payment of taxes, duties, imposts, excise depts., and demands of every kind due to the U. S., and all claims and demands of very kind except for interest upon bonds and notes, which shall be paid in coin.

The committee also disagree to amendment fixing the redemption of bonds at the pleasure of the U. S. after five years, and payable twenty years from date.

The committee recommends the retention of the proviso for the exchange of bonds of the United State, bearing interest at 7 per cent., and the disagreement to the Senate’s amendment authorizing the Secretary of the Treasury to dispose of the bonds at the market value.

The committee recommends a disagreement to the Senate’s new resolution, which pledges duties from proceeds of sales of public lands, of property of rebels as special fund, for payment in coin of interest on the bonds and notes, and for the purchase or payment of one per cent. of the entire debt, to be set apart as a sinking fund, the interest of which in like manner is to be applied to the purchase or payment of the public debt, the residue thereof to be paid into the Treasury.

The committee recommends an agreement to another new section of the Senate bill with an amendment they propose – namely, authorizing the deposit of notes or coin in exchange for certificates, and instead of 5 per cent. interest on such certificate to substitute such rates of interest which the Secretary of the Treasury from time to time proscribes, not excepting six per cent.; and any amount of notes and coin so deposited may be withdrawn from deposit at any time after ten days’ notice, by the return of the certificate.

The Tuesday reception did not take place to-night at the executive mansion, owing to the continued sickness of the President’s children, one of whom is extremely ill.

The navy department has received the flag which most prominently waved over Fort Donelson.

The Navy Department has no other dispatches from Savannah than those received through the associated press agent.

– Published in The Davenport Daily Gazette, Davenport, Iowa, Wednesday Morning, February 19, 1862, p. 1

Tuesday, May 25, 2010

From Washington

WASHINGTON, Feb 9.

(Tribune’s Correspondence)

Senator Morrill has prepared a bill fro the immediate emancipation of all slaves in the District of Columbia, and providing for a compensation not to exceed $300 a head on loyal owners. It has not yet been acted upon in committee. There are about 3,000 slaves in the District.

The clergyman who has persistently omitted the prayer for the President from the service read in his church, at Alexandria, has been arrested.

To correct a misapprehension about the interest paying clause in the legal tender bill, Mr. Rice of Mass., desired an amendment that the certificate of the deposit might be funded [on] five years’ seven percent bonds, with semi-annual interest payable in coin. Mr. Stevens consented to the funding, but objected to the words “in coin.” Mr. Spaulding, with his own pen, struck out the words from the amendment. A fair copy was made, but “in coin” was reinstated by the copyist, whoever he was. The amendment was presented and adopted, the friends of the bill being unaware that the words “in coin” were in it. The incongruity and want of principle in paying interest in specie on the seven per cent bonds and in paper on the six percent bonds, and the hostility of the friends of the bill to any specie clause whatever, as certain to depreciate the treasure notes and sent the Government into the street every six months to by $35,000,000 of gold, made a reconsideration inevitable. The who thing was an accident.


(Time’s Dispatch.)

The rebel government has sent word to Mr. Fish. And Bishop Ames, that they would not be admitted into the Confederate States to discharge any mission whatever.


(World’s Dispatch.)

The published fact that Gen. Stone has been removed from the command of a division on the upper Potomac, is corroborated. It is not known who has succeeded him.

WASHINGTON, Feb. 6.

Dr. Cheever preached another sermon this P. M. in the Hall of the House of Representatives, in favor of emancipation as a war measure.

– Published in The Davenport Daily Gazette, Davenport, Iowa, Tuesday Morning, February 11, 1862, p. 1