The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-12
WASHINGTON.
Aid In Constructing the Northern
Pacific Railroad.
TIE GENEVA AWARD.
Passage of the River and Harbor
Appropriation.

WASHINGTON, May II, 1874.
pebstoson the Geneva Award BAl-The
sRrovisfon Excluding the Insurance
Compa mics.
=. tne.senate the Geneva Award bill was argued
at ~reas length and an unsuccessful attempt was
maze 70 sit the bill out but the Senate, favoring
anrestralned and unlimited action, kicked against
this as 1t always does, and the DILL went over. II
AZ believed by Senator Ednunds, who has the Dill
IN charge, as well as Senator Thurman, that IL VIII
pass tomorrow without other amendment tnan
shat offered by Senator Thurman, except, perhaps,
rs senator Edmunds says, some few small amend
nenLs to protect certain classes. The Dill Is
the same as passed by the Senate at its last
session. In it's main features it seems unobjec-
s,onabe. The point OF controversy IN 1t ID the
provision excluding insurance companies, except
Tor the excess OF war losses paid over war pre-
mtums received. better understanding prevails
this year than last and there is strong feeling
that this provision works injustice, especially In
the case OF mutual Insurance companies.
Passage Of the River and Harbor APP
Precipitation Bill.
In ,he House, Mr.. Wheeler, OF New YORK, from
she Committee on Appropriations, moved to sus-
pend the rules and pass the River and Harbor APP
preparation bill. He stated that the bill had been
carefully prepared by the Committee on Commerce
and carefully revised by the Committee on Appro-
priations. 1t appropriated $45oo,ooo as against
SOL 900 last year. and made no provision for any
new work He defended the propriety OF his mo
ton, unusual as to an appropriation bill, alleging
that Congress had been in session six months and
that only one OF the regular appropriation bills
viz, the Fertilization bill-had become law. The
Army and Navy Appropriation bills were still
hanging between the two houses. He then cited
numerous other bills, Post ONCE, DIPLOMATIC &c.
Mr. O'Netn, OF Pennsylvania another member
Of the Appropriation Committee opposed the mo-
ucn, and argued that the House had time enough
to 60 the bill, item by item. 1t should not be
done under the speed OF hurry and warm weather.
The bill was tnen read in full, and on the motion
20 suspend the rules and pass the blu the question
agreed to- ana the the biII was passedMyeas. iss;
nays, So. The following are items OF the ap.
propriation improvements at Dnnkirk n. 4,
Futneyville and Waddington, N. T., each, So 600;
Tor the removal OF distractions at He'll Gate
SOS, 600; examination and surveys and incidental
repairs, $4,000 Appropriations Tor large num-
Der OF rivers and harDors were also made.
The Bill to Aid the Construction OF the
Northern Pacific Railroads-HOlders OF
the Northern Pacific Scven-Thirties.
The bill to aid the construction OF the Northern
Pacific Railroad introduced IN the Senate to-day
by Mr.. Ramsay, authorizes the company to issue
I'VE per Ccut LuIty ytai kolu JULIUS W TIC CALcut
OF $4,000 mile for the length OF the road built
and to be built These bonds are to be delivered
10 the Secretary of the Treasury and to remain In
his possession. Whenever twenty additional miles
OF road and telegraph line are built and equipped
and certified TO by the government commissioners
~ being complete and ready for occupation the
Secretary OF the Treasury shall. in the name Of the
United States, make this Endorsement on the
nve per cent bonds-"The United States
OF America hereby guarantee to the holder
OF this bond the payment Of the interest
per annum ACKNOWLEDGEMENT on the LIST day
OF January and the LIST day Of July in each year
TINS bond At maturity. The Northern Pacific Rail.
road Company has delivered to the Secretary OF
the Treasury, as collateral security, bond OF like
amount, bearing interest at seven and three
tentns per centum per annum, secured by the first
mortgage OF the said company on its entire road,
be TO the holder thereof When the prior lien OF
the government Of the United states shall have
pany OF the Interest on All the bonds so guaran-
teed the Secretary OF the Treasury shall pay
sut these guaranteed hve per cent bonds
20 the railroad company as follows
whenever twenty or more continuous miles
Of road are constructed, equipped and
ready for operation $40, 900 OF bonds per mile
to be handed over to the company, and at the
same time $4,000 worth in amount per mile are
government for prompt payment by the company
OF the guaranteed interest. Az further security
70 the government simultaneously with the de-
livery TO the company OF the $4,000 per mile OF the
nve per cent guaranteed the company shall de-
liver 10 the Secretary OF the Treasury It's seven and
tnree-tenths first mortgage ponds In the proper
ton OF $4,000 of the latter to $4,000 or the
former. For further security and for additional
railroad company turns over to the government
Its entire land grant, acquired and to be acquired
s De IN ,inG Dy aae government ana oy
tiers only at 81 30 an acre, subject, how
ever, to the vested rights and equities OF third
sorfio Eor fiirfh ar cnrttv fvvtea
and fifteen days before The guaranteed interest
shall lal DUE the railroad company snail pay iuto
road for the preceding six months and any sum
besides necessary TO make up the interest. For
and tse earnnys Of It's road prove s 70
provide for the interest on the guaranteed bonds,
the secretary OF the Treasury may sell enough OF
the $4,000 per mile retained by him to meet the
interest After that, II there shall remain sur
plus in the Treasury arising from land sales and
net earnings the Secretary shall pay 1t over 10 the
company Till the end OF 1883. Thereafter such sur
plus shall be paid into the companys SINKING
Holders Of sae gNorrnern ue pace
issued prior to this act can have them exchanged
at the Treasury, dollar Tor dollar for the ives with
the interest gaal anteed, from and alter July l,
1875 IL the exchange be made before that day; Il
madesaiter That DAY they get the guaranteed in
ferest rom and including January or July next
following the exchange. The seven-thrtes thus
exchanged are retained by the goverDment as adj
secure 1he payment OF the principal OF the guar
anteed Gves the government VIII hold all the
compaDy's seven-thirty bonds deposited in the
Treasury when the lives are issued for c0nstruc-
zion and that get there on exchanges; also a sink
ing fund 10 be established, TO commence January,
1882 OF one per cent per annum OF all bonds issued
under this act, TO which shall be ADDED the sur
pluses ia the Treasury arising from the sales OF
the company's lands and the deposit OF It's net
earnings. The sinking fund is TO buy up the
guarantced fyes. They are 20 be cancelled In the
Treasury as bought, but the railroad company to
continue 10 pay interest on them the same as Ii
they we're not cancelled. The act extends the
timesor the construction. BY December 81, 1875,
and every year thereafter, 100 miles shall be COM
Dleted OF which at least forty snail be west OF The
Rocky Mountains and the whole road be finished
by July a. 1884. The seventhi4tles remain the first
lien onhe road, aId the rights OF their holders re-
main Untouched TIE act restores about so, 600 900
,Of acres Of pubic lands to the government, TO be
diaposedsof 10 actual settlers at the price now lin
tted by law Tor the adjoining pubic lands The act
further provides that Congress may fix and de-
sternine the fares, tolls and charges be paid for
she transportation OF persons and properly this
trailrcad or any part oflL