Funding The National Debt

in the benate, on WfdoeBaay, Mr. Suuiner iutroduci'd a bilí to au horize the funding of the natioual debt, and to extend banking facilitiug and toestabÜBh specie paymenta. He taid the bilí contempJated the prompt extinguishment of the 5-20s of 18C2, and upon a certain period of notice, say sis moiiths, bo that distánt holders in Europe may be advised that the interest on 5 20s of 1862 ehall cease, and the honda be torthwith redeemed in eoin. These six per cent. 5-20s of 1S62, amounting to npwurd óf 8500,000,000, would be refunded iuto ovo per cent 10-40f, whose payment in coiu was exprestly tipulatcd bj the act aulhorizing ihe issue, witli n new issue of the latler limiud to 8500,000,000. ÍVoreign holdera of our six pur tent. boud oi 1802 would accept five per cent. bouis) Itfeu of coiu, and no much of that:lon us is held at home may hu paid iu coin, ii' preferred by the holders ffóm the prooeeds of fiu cijiial amomit of fives plajed ;n tiiu ]urpcan mnrket at par for coin. Our tve pcr:sfit bondí, beiug limitad in amoun!, aftei' beiag t:i ken at par in prefeienee lo onin, vvill ad vanee in valué, so ihat tl:u invrstn.ent will be popular. Tho Dfrtional credit wil! Ihus be maiiiliiiiied. The offer b ing plain bonds or euin,giviog the worlu sssuianco of our deterniualiuD, the an swer mU bu as pMihpt as lbo off r. In regard to tbs DatiMal baatn wkiofa h:id douo so inucli lo furoisii a untfxirm cur rency, two khinjza wt-ro Beeaarj. The bonds depoeited by them wit'u iho povernwent must bu redueed in interest nd llie bysifiii must bu cxtrtidcd so as to supply muth needed facilitics, cspecislly i tlio V?eat tnd South. The ru quiremcHt from all banlca of new 4 p.T oeot. boiid at iho tate of 8100 Fo ofí notes iseiiii aüil to de isucd absorb $626,00&,000 of the natioual debt into 4 per oents., while the withdrawal ot' oüc dollar o greonbaxks for itach oddi ioiialilnllar of notrs wül go lar to extingui.-h the butstanding "rotMibackg, thusquietly removing on impediment to fpteie paymeots. Tbe bill eoug'.it to liring the n;itional obligatione to a pur wilh coin, mid lo resume specie pajment without, effort, wliüe our bomls would be made tho moei popuh.r in the tnarket. Nearly llyuU letaheri ire ercployed in the publi.c cfaoola of Michigan," od wh( in ftmr fifths re won o i.