The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-05-27

IN UV
tIon OF the subject IN ali bearings which have
~ e. MN re two srses eomoanss vS,ch
embrace the rosransfer 20 the governments Of portion
Q, the lands granted % the companies ~ AID
in thereof Of tho value OF the
lands rsconveyed a. g 50 per acre, and the oy
Treasury as WILL with the interest credited and
mulasing thereon create sinking fund sufficient TO
i'quidass the balance OF the Indebtedness a. tho
Referring % the necessity OF settlement the COM
mittee say
Every day that such settlement Is deferred makes
IL more difficult or accomplishment and the terms now
Of The desire Of the to avoid con
tinuous litigation and assaults upon them than Of
intention 70 fully pay their dsbs % the government
consent 10 consider land propositions, and not
70 insist upon semi-annual money payments
sufficient create sinking iund which would meet tho
bonds and interest at maturity, the companies
say that they cannot undertake 70 pay In money sums
sufficient create such . sinking fund. They urge
with much esrnestness TO require them provide
. SINGING fund which will pay the whole or The govern
ment second mortgage bonds immediasey ~ maturity
would be unjust unless they also lard aside sinking
fund sufficient 70 pay at maturity their hrst mortgage
bonds and that provide both these sinking funds
would exceed their present and anticipated available
Al the time these railroads were incorporated and
BY Congress their construction considered
! national necessisy be provided for almost any
possible cost proposition thcn to make them such
. donation AZ results from the present recommended
tion would very hkcy have met with universal favor
and your committee may ask the question whether
the government may not be constrained now by Iorce
one time under the desire for the Of
. road, have willingly adopted
In conclusion, tho report SAWS
The new agreement being, the whole, advan-
tageous for the companies II Is fair 10 presume that
they will be both able and willing carry IL into
cuton faithfully. Should they not be so able, how
was before Il will have received all the payments
which will have been made up TO the time ofthe failure
OF the companies and can resort to IL second mort
gage llen which has been In no way waived cancelled
released except TO the extent OF the partial pay
ments made by tho companies with which the latter
In any event entitled 70 DO crcditcd.
SENATOR VESTS BILL YoR THE CREATION or 4
SINKING FUND
The bin reported to-day by Mr. West, from the Senate
Committee on Railroads. ITO create sinking fund for
the liquidation OF the government bonds advanced
the Union Pacific Railroad Company and tor tho settle
mcnt Of tho claim Of tho government on account Of
said bonds" authorizes and DIRECTS the Secretary Of
the Treasury receive from the said company con-
vsyance and release Of 900 land hereto
fore granted to IL westerly OF tho hundredtn
meridian ana to credit and apply tho sum
OF 000 computed DO the value thereof to tho
extpgushnent OF that OF tho claim OF the gov
for The principal OF tho government bonds adj
yanced to the company; this credit to BE- conditioned
however, upon tho fulhment Of the conditions here
matter described
The Secretary OF tho Treasury is also directed to
carry tho credit Of n sinking fund for the payment
Of balance OF the principal Of said bonds and OF tho
interest thereon tho amount due the company and
now withhold for government transportation up to the
3lst OF last December which, II not amounting TO
81 0o0 shall be made up by the company to that
sum- and "any exceeding said 600 600 Is 70
be forthwith paid 10 said company"
The fourth section Of the bill provides that he said
company shall pay semi-annuay, on the LIST day OF
April and October In each year. into the Treasury Of
the United States such approximate and not
ceeding $s7s 0o0 either in lawful money any Of
the bonds and securities OF the United States govern
ment At par, shall with interest thereon IS herein
after provided be Sufficient when added 70 the other
sums 10 the credit OF the said sinking fond to pay
on and extinguish tho balance OF the claim
for the government bonds advanced as Aforesaid, with
six Dor contum interest thereon from their respective
dates up the maturity Of the last bonds issued to
said company The interest all sums placed to the
credit OF said sinking fund shall be credited and added
thereto semi-annuay, II the rate Of six per centum
per annum-"
The nth section provides that tho payments 50 to DO
made by SAID company shall DO tn lieu Of all payments
tho various Pacific Railroad acts In relation the
imbnrsement 70 tho OF tho bonds issued
the said corporation except that the company shall
still be required until said bonds and interest
fully paid, keep It's limo In repair and perform
vice for the government giving II priority OF use
when demanded, at fair AMI reasonable rates OF com
pensaon not exceeding those paid by private parties
which charges shall BE- paid in cash.
The bill further requires the company TO provide for
and pay the principal and interest," and maintain sinking
funds for any and all land grant and sinking bonds
issued upon tho security Of mortgages covering tho
lands which arc to b conveyed to tho government
and to pay TO the trustees under said mortgages
amounts su6icent TO release al these lands from
gage claims last they may be sold by the govern
ment
The other sections Of the bill provide that the gov
eminent mortgage on the company's franchise and
property shall remain in full force until the company
shall complied with the foregoing requirements;
that the company shall be allowed any time pay
TO the government in lieu OF any remaining semsn-
nual payments their present value, computed at six
per contum interest," and bill shall not be operative
unless accepted by the Union Pacific Railroad Company
within four months from tho date OF enactment by
the votes OF the directors and stockholders 1t regular
meetings duly called.
CENTRAL PACIFIC RAILROAD SINKING FUND.
The bill reported from tho same committee to-day, rel
atve TO the Central Pacific Railroad and the Western
Pacific Railroad, nov part OF It, contains essentially
the provisions, with the exception that the
o0oo OF land 10 be conveyed by this company
10 the government described being In Utah and
Nevada, and that the money payments on account OF
tho sinking fund b $A2s 900 every six months
instead Of $s75, 600
THE DIArNE OBSERVATION-DISCLOSURES W.T.
MISSES TESTIFY TO EACH orHxRs cHARAc-
TER ron TRUTH AND vERAcrrr-MR
BLAnx's srATzMxST-THE MYSTERIOUS
PACKAGE CONSISTS OF A NUMBER OF MAPS
RErTERAr1oN UNDER OATH OF HIS SPEECH
IN THE HOUSE.
The Sub-Judciary Committee met this afternoon and
recalled Asa p Robinson who testified that he had
,ead the tcsiimonv OF Amos Curry before the commit