New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-26
TEXAS PACIFIC RAILROAD.
ARGUMENTS or COL. SCOTT AND Mr.. HUNTINGTON
BEFORE THE COMMITTEE.

ARGUMENTS OF COL SCOTT AND Mr.. HUNTINGTON
BEFORE THE COMMITTEE.
WASHINGTON, Jan. 25.-The Senate Commit
tee Railroads met this evening 10 hear arguments
upon the extension OF Government ala to complete tue
Texas and Pacific Railway. Col Thos. A. Scott appeared
for that line and Mr.. c. =. Huntington OF the Central
Pacific Road for tho Southern Pacific OF Cali
fornia Col Scott explained the safeguards which the
bill provides Tor the Governments guarantee OF interest
tie bonds and that the earnings Of the road would be
ample TO take of it, while the sinking fund provided
by the bill would take OF the principal the payment
Of which the Government does not guarantee. After
briefly referring to the advantages Of the thirty
second parallel line as competing highway,
and to the annual saving Of from S6,00O,OVO to
So 900 OO0 which its construction would insure to the
Government, he declared that enormous traffic be-
the Far East and Europe would be carried across
this continent if transcontinental road were built at
reasonable cost, ard traffic accommodated at reasonable
rates The commodities OF China Japan and the coun
tries Of the Pacific are now. he said sent by
longer route, simply account Of the exaciions
levied by the present road With the purchase BY En-
gland Of the scz Canal it has become necessity for
steps to be taken at to at rae. and afcOlnO
date trade when would not fail To enrich country.
lie said the Central Pacific Company. the Pacific
Nall line lad been bought up. Was at liberty to charge
any rates it pleased and d that inc pe" gpc5
year to the existing monopoly by reason
the law nat company could Increase e.. capital to
OOO and that until it earned 10 per cent its
nominal cost Congress could not regulate rs rates 50
that the binding of a competing road had become The
only practical means of controlling their charges.
Col scott also said that TIE measure at tins time OF d
Is important means Of TeYlNlng our DlS-
ness interests. lie stated that the Texas and Pacinc
safeguards nd the aid sought hut 10 impress upon
the fact that giving Mr. Huntington the control Of
the end OF the line IS IN ii l. giving hln tie con-
tru Of the whole line, and defeating tho-Neiy OBJECT
the hill lie spoke of the attempt made TO diseredit
the by CndcayOring t. connect II WITH banAfutt
corporations, aud invited the fullest investigations lie
claimed hat his Company comes In win clean hands,
KING hayet done which is tO tne true interest Ol
the Government ma the people, ana WOdIu never cOS'
tie Treasury dollar.
Mr. liant neton planned that the most neighborly re-
lanns between the Central and southern fdcnc on
California;: they lend each other rails, aud that the
southern Pa lite w0alI Central Pacific line to gcs
into san Francisco But tins dOcG not make them one
corpora Om. He also sta eel that the charges now made
on tIan,COntiuCutdl tIaihc arc not ne hSn as
those II since, but he could not remember
whether at tina time they were fixed by Arrangement
y la the Pacific Mail which Col OFT declared WAS the
case. He stated that they had rign "a bud 10 Fort
Yuma. aud objected 10 the Texas ana Pacihc DuhIhS
parable. 10 them, though II might De absolutely necessary
IL do SO to reach Diego lie stated that lie had gwen
many year. the building OF the Central racine anu
cciyed the most moderate returns nom Ms invest
mcnt, AID objected to any all being given by Govern
To build competing road.
Judge Kcnnaid of New-Orlcans followed on behalf OF
thu mortal committee appointed by tue 81 Ions Con
yrtou and 81 the City OF New-Orcaus he adyered 10
he unauuity with which the Convention had Endorsed
the bill prtseuted by the Texas and Pacific road
and said that hc hal examined Mr. HuntngtQns
bill! and his people would rather not nave the ROAD IMAM
lave butt MIR. HuniiD -tpns OASIS. Ihey wanted
competition, and looked upon that as more important
than any political question, and SAID that the Govern
urut wing created monopoly could not now say mat
was poweriess To correct the eyn IL had done lie
Committee adj Jurued 10 meet again next Tuesday.