, 1873-01-15

TO retain hali OF tno lhtcreat. NO 1rienu or hts,
no constituent of liH, no colleague Of hfB, know
anything about tho Crodit l1obiltor or held stock
In any Of thoBo companies
Ii, common, consont, Alr. Randall'a amend-
mont substituted, Us offered by Mr. 111DDARD:
ps9ysa sass9 : 1ss 5;asse@y sssss!ss, saa s%l
duo % to etther Of tho rscao Ralroad Companies en-
United staes for transportation Of troops, supplies
Nails or otherwao. to tho payment OF tho indebted
a s
for tho benefit q @ a',ch Company. -,
hard's amondtnont, by adding to IT the .provigo,
that tho repoa1 shall not take oifect until the At
tornoy General Blall certify to the Secretary Of
tho Treasury that such Railroad Conlpantes aro
linble to tho Government for any amount Of in
terest paid by tho Government on the bonds is
sued III MD Of snoh Companies. |
A1r. HUBBARD smoke In support Of Ills amon1-
Mr. D1oKEY defended tho action Of tho COM
mttoe.
1Ir. WILLARD advocatedhrr Hibbard amend
Mr. KELLEY opposod tho amondment argyll
ing that thoac who bought tho bonds Of these |
Pacific Railroad Companies bought them untler
tho Congressional guarantee. that but half |
of tho earnings Of tho Companies from tho Gov |
owned 4 share Of stock in tho Credit Mobiior,
but 1t WAS not Ills fault TINT le did not own ton
Hllarou offered him. His poverty, not hiR will, |
consented to lot these sharea pass him. II
Mr. KERR said ho had thoroughly investigated |
tho subject and hatt come to tho opinion that |
tho duty Of those Railroad Companies to pay |
interest on thsir bonls Tas pe5feosy clear m
Soc SECTION ion Of Of a IL IN net IT, admitted Of no doubt
was under tho fifth section Of tho aot Of tho I'd
Of July, 1861 that this right was claimcd
on tho part Of tho Companies, but 10 con
tSaa'a ss ter that Of fss fo 'sSss GRy sas'
timo for completing tho road was
extended. But If this position in that respect
was not qnito strong, ns he admitted TINT IT, Tas
A1r. Hibbard should bo adopted under tho re-
served right to auona, alter, or repeal the or1gt"
Mr.. Kellogg opposed tho amendment. He
said only the exctomont Of tho hour would lead
tho monlbera to yoto for n1r. Hbbard'a nmend-
mont It would be tantamount to d repuliation,
he eeSt 9na 1aa On ~ Me
| ba-lg a!aendmont, a.:1 against TINT orored by
| Mr.. Wheoler. Ho iutimatoa that the opinion Of
tho prouont ATTORNEY, General 3, was j.; known own
that tho adoption Of Mr. Wheoler's a'nond-
mant would DO simply confirming that opinion
Of tho Attorney General. Tho Honee would not
ropcelod tho ninth section Of the Army. Appro::
rriation bill OF 1871, hut wont stop farther and
sustained the action Of tho Secretary Of tho
SIr. SARGENT opposed n1r. Hibbard's anaond-
nont. The result, # not the motive Of the agi-
tation against tho Union Pacific Road, was to
| infect the stock market. .:
Mr.: spEEn regarded as healthy sign tho
| RonsitiyoneBs shown by tho momborB In regard
| to thoir connection with railroad corporhtons..
It would laye boon we'll for tho people If Tint
CONSTITUENCIES had existed ten years ago:
eSeenco to thor I Sshosts L could not b bo e
MED that they had had In this House, and in the
| geuato, many members who were moro faithful
to them than to tho people.
A1r. BECK docInred that the whole object at
the bottom Of this agitation was schcmo for
| tho bone1t Of d combination Of tho first mort
gago bopdholdorn, who who would foroolone tho
mortgage, buy in the Road, and cheat tho Coy
ornlnont aud small bondho1dera and stock
LolderH.
AIr, KERR, in answer to Mr. Beck, denied that
tho first mortgage bondholders could forec1oBe
their mortgage aud sell out the whole property
Of tho Companies. Congress had reserved 10 TO
bonds Ind boon issued and purchased subject to
thnt reservation.
hir. BECK repeated Ills apprehension that to
sue those Pacific Railroad Companies for sixteon
milliona Of dollars intercst due to tho Govern
u,ont would bo to drive thom into bankruptcy
and throw tho Roads into tile handa Of the first
mortgage bondholdors. Tint was the difficulty
which 1io wanted to avoid.
MIR. KENDALL (Neyada) supported Mr.: Hih-
estortionB aid oppressons praotised BY tie Gen.
tral Pacific RailroAd Company.
h1r. GARFIELD deBirod the House TO act go
a.. On tho ono hand, not to destroy thoae great
corporations, and Oh tho other hand, not to
mako them oppressive on the rights. OF the peo-
ple. Ten years ago both political parties woro vie-
ing with each ohor to socwlioh Should most onrn-
ostly advocate tho building OF tho PaoiAo Roads.
! He hoped that both political parties would now
sina a Gnna to thn Conpnnieg as we'll as to tho
, nooplo.