The national Republican., 1869-01-29
Our Washington Correspondence.
JAsuART ., 1880,

diately Interested in them are preparing to
urge the adoption Of the new principle OF ex-
tending Government aid to those involved In
the bill OF Mr.. Window, OF Minnesota, to aid
in the construction OF the Northern Pacific
railroad, from Lake Superior to Pugets
Sound, which that gentleman introduced into
the House on the 10th instant. They thus
sbandon the policy OF direct money subsidies
or the issue Of Government bonds. Instead OF
requiring the issue Of United States bonds, as
heretofore, for which the Government has no |
security except q second mortgage and one |
half the compensation for Government trans |
portstion, this plan provides that the United |
States shall guarantee the payment OF inter |
est only, on limited amount Of the bonds Of
the company, not to exceed one half Of the es. |
timated cost Of the road; which bonds are |
proposed to be secured by q ntst mortgage on |
all Its property, to be made to the Secretary |
OF the Treasury Of the United States, the CON-
psny being required to pay both principal and
interest as they become due.
PROPOSED sRcuRiry TO THE GOVERNMENT.
To Indemnify the United States for such
guarantee OF the payment Of interest, the plan
provides that all compensation for the trans
portation OF troops, supplies, munitions Of
war, &C., shall be retained for the Government,
for which, along the line Of this contemplated
road, the Government 10 now alleged lin the
QusrtermasterG Generals reportl to be actually
paying an aggregate OF six millions Of dollars
| annually. This sum 10 much larger than the
| aggregate Of the proposed guarantee as add
tional security to the United states, the plan
provides that In case OF any deficiency, the
Secretary OF the Treasury 10 empowered At any
time to order one-third OF the gross earnings
, Of the road to be paid into the Treasury Of the
United States until all such deficiencies may
be made good.
SECURITY TO THE BospHoLpERs.
The plan further provides that In order to
secure the payment OF the principal Of these
bonds, the company 10 required, in addition to
the first mortgage aforementioned, to pay
into the United States Treasury two per cent.
OF the gross earnings Of the road, to be In
| vested as a sinking fund for their redemption
at maturity.
THE PLAN FtsDs MANY FRIENDS.
IbelIeve l state not only fairly, but fully,
this new plan for aiding In the construction
OF railroads In the brief synopsis OF It write
above. Ia view Of the very general disposi-
tIon manifested by those who are here seek
log Government aid to construct railroads TO
concentrate their Congressional friends upon
II, 1t becomes matter OF public importance.
WHAT is CLAIMED PoR 1T.
Its claimed for It that while II requires the
issue of no Government bonds, and does not
Increase the public debt-whieh Is a point by
no means positively settled-I Apprehend II
SO extends Government aid as TO ensure the
construction Of the work without danger OF
adding to the public burdens or OF hazsrdlng
the public credit.
| THE QUESTION NOT YET sRTTLED.
Your readers will please stick a pin just
here, as upon this fact the fight 10 destined
| to be made. 1.-THE friends OF the plan make II
plain that It secures the Government against
being called on to pay the interest on the
bonds, as they substantially allege, there can
be no doubt that Congress will adopt It not
only In the case OF the contemplated road 10
| which Dir. Window proposes to apply II, but
| to all others over which the United States
will be likely to require much military or
other transportation.
GENERAL GRANTS ALLEGED VIEWS ON 1T.
1t Is being said, by those Advocating the
plvn, that 1t meets Gen. Grants appreciation,
which fact 10 urged by not few, to induce
its adoption by Congress with reference to all
the Pacific railroads now seeking Government
aid. know not on what authority II 10 SO
stated, whether 1t really does meet his sppro-
baton or not. That fact will, owing to Its
Importance, be thoroughly ascertained how.
ever.
NOT AN UNNECESSARY DOLLAR TO DE Afro
| PRIATED.
A man with half An eye eau now see pretty
clearly that Congress will appropriate less,
far less, money, for aught except the usual an
nual expenses OF the next fiscal year tn an ever
before oflate. TRUST that the retreneh ments in
this way will reach large agure-say twenty
or twenty-five millions In addition to the
twenty or twenty-five millions to be saved by
declining to vote more railroads subsidies in
the shape Of Government bonds.
AHoPEYuL STATE OF THINGS
The co ndition OF Congressional sentiment
and Congressional demonstrations in favor OF
retrenehment daily strengthens my conviction
that Government securities and Treasury notes
| aud, as a consequence, the national banks cur
rency will rise rapidly towards par, much
faster than Wall street, the gold gamblers or
the financial croskers are yet willing to admit
| YERBA BUEsA ISLAND.
This forenoon the House Public Lands Com
mittee considered the propriety OF the enact.
ment Of the bill granting Yerba Buena Island,
In the bay Of San Francisco, to the Central
Pacific Railroad Company, as a depot, on
which to build their necessary car and loco
motive shops, sc. The property 10 valued at
%, 600 900. The Senate, believe, has already
passed the bill. Mr.. MeCorkle, former mem
Der from California, was examined by the
committee to-day, on the part Of some one
claiming the island as his indiv dual property.
, The committee 10 understood to have come TO
the conclusion to report unfavorably on the
bill, which will Insure its defeat In the House.
, VIRGINIA RECONSTRUCTION.
The House Reconstruction Committee had
up the Virginia question again to-day, re-
examining Messrs. whittlesey and Baldwin
and also a eolored citizen Of Lynchburg, Va,
whose name l did not learn. As radical
meeting at Richmond yesterday appointed a
new committee OF thirteen to attend here and
drum to defeat the proposition to strike out
the Objectionable features from the proposed
Virginia State constitution, l presume the
Virginia question will continue before the
House Reconstruction Committee for some
time TO come.
RRCoNsTRUCTIoN IN GEORGIA.
The action OF the House to-day on this sub.
Ject vindicates my assurance made to your
readers weeks ago, that Congress would surely
require OF Georgia proper guarantees for the
observance of the reconstruction laws and the
fourteenth amendment to the Constitution.
Under this action Of the House, Georgia will
be compelled, In some way, to undue all she
has done repugnAnt to those laws and that
amendment, including, of course, the restoTa.
tion of the colored members OF her Legislature
unjustly and Illegally elected, and the expuL
sion OF such other members OF the body as are
not legally entitled to be In 1t.
The Georgia Legislature, by.the.bY, seem to
have "smelled" this "mice," as yesterday they
respectfully referred a resolution looking to
| tha NJ m n n