The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-01-15
XLIId CONGRESS :.
SENATE.

Mr.. COrbett from the Committee on Finance
reported bill to amend the national currenc,
| act which passed. 1t allows Natiooal Bank
to loan to any individual or corporation ten pc
cent. upon their surplus profits, as well as up
| on their nominal capital
Messrs Harlan and Logan presented memo
rails of soldiers urging the passage OF the
| House bill granting 100 acres of land to hon
orably discharged soldiers. 1t was stated that
| the OIL would require 800, 00O, 900 acres.
| MT. sherman, from the Finance COMMITTEE
MADE report with resolution declaring that
the secretary OF the Treasury has no power to
Issue notes Tor any portion of the S44 100000
| cancelled currency under the act of June 1866
| Placed on the calendar.
| A resolution was passed that the Judiciary
| Committee enquire whether each State has not
now full power over railroads therein, iLclud-
| ing the rates of freight and for passengers.
The Agricultural and Arts College bill was
debated at length, Messrs. Morton, Thurman.
Sherman, Pratt, Trumbull, Window and Cas-
serly opposing it, and Messrs. Morrill, of Vt,
Paterson, Boreman, Sargent aud Corbctt adyo-
eating it.
Several amendments were offered and re-
jected and the bill passed-yeas 80, nays IA.
Mr. Logan, from the Military Committee re-
ported without amendment the House bill pro-
viding for the establishment at Rock Island Of
military prison.
Adjourned.
HOUSE
After passing three western bills the House
went into committee and took up the legisla-
tive appropriation bill. The pending question
was on MIR, Randalrs amendment prohibiting
the payment of transportation for mail or
troops to a railroad while in default to the Gov
eminent for the interest on bonds
Mr.. Beck of Ky. defended the action of the
conference committeesof 1872 upon the section
relieving railroads, saying that the conferees of
the House desired it struck out, but the Senate
conferees insisted on it; that it was argued in
the Spnatq and iusiSfai Inv to o
when before the House he (Beck) called the at
tention of the House to it as Objectionable, but
no one in the House opposed it or called for
division upon it, and intlmated that the present
Mobilier.
After further debate Mr.. Randalfs amend
ment was withdrawn aud one by Mr.. Hubbard
of N. 81. substituted: "That the section Of the
army appropriation bill approved March 81,
1871, is hereby repealed, and it shall be the
duty of the Secretary of the Treasury to apply
all such sums of money as are now or shall be-
come due to either of the Pacific Railroad Com
panies embraced in the provisions of said Sec
ton, from the United States, for the transpor-
tation of troops supplies, mails or otherwise, to
the Indebtedness of such company to the Unit-
ed States for the interest paid by the United
States on bonds issued for the benefit of such
company.
MI. Wheeler of New York, moved to amend
Mr. Hibbard's amendment by adding to it
provision that the repeal shall not take effect
until after the Attorney General shall certify
to the Secretary of tht Treasury that such rail-
road companies are liable to the government
for any amount OF interest paid by the govern
ment on bonds issued in aid of such companies.
Mr.. Hubbard of N. H. spoke in support of
his amendment
Mr.. Dickey of Pennsylvania contended that
the section was in strict conformity to the law.
Mr.. Willard of VT, advocated Mr.. Hibbard's
amendment and was not prepared to give rail-
road companies any more than the strict letter
of the bond.
Mr.. Kelley of Pa, offered an amendment
arguing that the bonds of these Pacific railroad
companies were guaranteed by Congress and
that but half of the earnings of the roads from
the government should be withheld. 1t was
only his poverty that prevented him owning
the ten shares of the Credit Mobier offered
him.
Mr.. Kerr of Ind, said that it was clearly the
duty OF these railways to pay the interest on
their bonds, under the law of July, 1862, but
under the fifth section of the law of July, 1864,
the companies claimed the right of paying the
interest out of the earnings from government
transportation, but he commended that that sec
ton was only operative for four years, the time
extended for the completion of the road He,
however, favored Mr.. Hibbard's amendment
MIR. Kellogg of Conn.,, opposed the amend-
ment, saying that its effect would be tauta-
mount to reputation and would fall on the in
nocent holders of bonds.
MI. Holman of Ind supported Mr.. Hibbard's
amendment, and opposed Mr.. Wheeler's saying
that the House would deal fairly with the
country unless it repealed the 7th section of
the army appropriation bill of 1871, and also
sustained the action of the Secretary of the
Treasury.
Mr.. Sargent Of Cal, opposed Mr.. Hubbard s
amendment. The result, if not the motive. of
agitation against the Pacific road was to affect
the stock markets.
Mr.. Speer of Pa, regarded it as healthy
sign the constituencies shown by the members
in regard to their connection with railroad COR
porations. 1t would have been we'll for the
people II that sensitivencss had existed ten
years ago. These railroad corporations had
thought themselves strong enough to take Con-
gress by the throat and demand obedience to
their behests, and it could not be denied that
they had in this House and in the Senate many
members who were more faithful to them than
to the people.
| Mr.. Beck of KY, declared that the whole OBJ
| ject at the bottom of this agitation was q
scheme fvr the benefit of first mortgage bond
| holders who would kforeclose the mortgage, buy
| in the road and cheat the government and the
small bond-holders and stockholders.
Mr.. Kerr of Ind, denied that the first mort
| gage bond-holders could foreclose, as Congress
had reserved full power over the roads.
Mr. Beck of KY, repeated his apprehensions
\ that the result of suing these Pacific railroad
for the S16, 100000 due the government would
| drive them into bankruptcy and Il row the
roads intothe hands of the mortgage bond-hold-
| ers.
Mr.. Kendall of Nevada supported Mr. II b.
bard's amendment and acclaimed against the
extortions practiced by the Central Pacific Co.,
| which had received in subsidy S1S4, 600 a mile,
and whose net profits in 1871 and 1872 were
| $2,677 ,299.
Mr.. Wheeler's amendment providing for the
decision of the Attorney General on legal points
was lost 46 to 81.
Mr.. Hibbard's amendment on the motion Of
Donnan of Iowa, was amended so as to read
That the section of the army appropriation Of
March Sd, 1871 is hereby repealed" As thus
amended it passed without division.
An amendment that no Judgment of the
court Of claims be paid on account of monies
seized from rebels was rejected.
The committee rose and reported the bill t.
| the House.
| After some contest over the question of rails
ing the salaries of clerks employed in the House
the House, without coming to a final vote OF
that question, or on the Pacific Railroad ques
ton, or any of tho amendments adopted il
Committee of the Whole, adjourned