And now, Sir, as I stand before the Senate, trying by a last effort to prevent the sacrifice of Unionists, white and black, in Virginia, I feel that I am discharging only a simple duty. To do less would be wretched failure. I must persevere. This cause I have at heart; this people I long to save; this great State of Virginia I long to secure as a true and loyal State in the National Union. Show that such is her character, and no welcome shall surpass mine.
Mr. Wilson’s motion for a reference of the bill having been withdrawn, the Senate proceeded to vote on the various amendments offered. Mr. Edmunds’s Proviso was carried by Yeas 45, Nays 16. Other amendments, imposing “fundamental conditions,” to secure equality in suffrage, in eligibility to office, and in school rights and privileges, passed by small majorities. A Preamble, moved by Mr. Morton, declaring “good faith” in the framing and adoption of a republican State Constitution and in the ratification of the Fourteenth and Fifteenth Amendments to the National Constitution “a condition precedent to representation of the State in Congress,” was adopted by Yeas 39, Nays 20. The bill as thus amended then passed by Yeas 47, Nays 10. Mr. Sumner voted for all the amendments, but did not vote upon the bill itself,—it being his opinion, as shown by his speeches during the debates, that the admission of Virginia at that time, with its legislative and executive departments as then constituted, would endanger the rights and security of her loyal people.
FINANCIAL RECONSTRUCTION AND SPECIE PAYMENTS.
Speeches in the Senate, January 12, 26, February 1, March 2, 10, 11, 1870.
January 12, 1870, Mr. Sumner, in accordance with previous notice, asked and obtained leave to introduce the following bill:—
A Bill to authorize the refunding and consolidation of the national debt, to extend banking facilities, and to establish specie payments.
Section 1. Be it enacted by the Senate and House of Representatives in Congress assembled, That, for the purpose of refunding the debt of the United States and reducing the interest thereon, the Secretary of the Treasury be, and he is hereby, authorized to issue, on the credit of the United States, coupon or registered bonds, of such denominations not less than fifty dollars as he may think proper, to an amount not exceeding $500,000,000, redeemable in coin, at the pleasure of the Government, at any time after ten years, and payable in coin at forty years from date, and bearing interest at the rate of five per cent. per annum, payable semiannually in coin; and the bonds thus authorized may be disposed of at the discretion of the Secretary, under such regulations as he shall prescribe, either in the United States or elsewhere, at not less than their par value, for coin; or they may be exchanged for any of the outstanding bonds, of an equal aggregate par value, heretofore issued under the Act of February 25, 1862, and known as the Five-Twenty bonds of 1862, and for no other purpose; and the proceeds of so much thereof as may be disposed of for coin shall be placed in the Treasury, to be used for the redemption of such six per cent. bonds at par as may not be offered in exchange, or to replace such amount of coin as may have been used for that purpose.