The Clerk read, as follows: “The following is the substanceof a conversation which took place yesterday betweenthePresident and a distin uis edSenator. M telegraphedNorth by the agent o " the AssociatedPress: The President said that be doubted the propriety at this time of making further ameudmentsto the consmtiatudtei, on. One great amendmen thad already been by which slavery had forever been abolished within the limits of the U.S and n. national guarantee thus given that the institution shouldnever exist in the Ian. Prepositions to amend the constitution were becoming as numerousas preambles and resolutions at town meetings called to consider the most ordinary questions connected with the adminis tration of local nffuirs. All this, in his opinion, had a tendencytodiminish the dignity and prestige attached to the constitution of the count, and to lessen the respoctand confidenec of the people in their great charter of freedom. If. however, amendments are to be madeto the constitution, chungin the basisof repro sentutionand taxation, (and lie did not deem them at all necessary at. the present time, )he knew of none better than a simple proposition. embracedin afew lines, making in each State the number of qualified voters the basis of representation, and the value of property the basis of direct taxation. such a proposition could beembracedin the followmg terms: “Representatives shall be apportioned among the several States inwghtoic the number ine cf l qualified itvhointertsin eachState.” Direct taxes shall be apportioned among the several Stateswhich maybe included within this Union gecording to the value of alltaxable property in each tnfe. "An amendment of this kind would, in his opinion, place the basisof representationand direct taxation upon correct principles. The qualified voters were for the most art, men who were subject to draft an enlistment when it was necessaryto repel invasion suppress rebellion, and quell domestic violence and insurrection. They risk their lives, shed their blood and peril their all touphold the Governmentandgive protection. security and value to property. It seemed must that property should compensate for the ben efitsthus conferred by defruying the expenses inci de“n Stutochitasnparomteecntdiomneanntd. The President. Also suggested. would removefrom Congress all issuesin referenceto the political equality of the juces. It would leavethe States to determine absolutely the qualifications of their own voters with regard to color: and thus the number of Representatives to which the would be entitled in Congrs would depend upon t a number upon whom they conferred the rilhtof suffrage. “The President. in this connection. expressed the opinion that the agitationof the negro franchise question in the DistCol at this time was the more enteringwedgeto the agitation of the question throughout the States and wasilltimer]. nnen led for, and calculated to do great harm. He believedthnt it would engender enmit. contention, and strife between the 2 races, an lead to a war befwconi them which would result in great injury to both and the certain extermination of the nclrlropopulation. precedencehe thought. should be given to more)mpertent and urgent matters. legislation upon which was essentialfor the restoration of the Union. the peace of the country, and the prosperity of the people.”