Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1876-06-03

scriptions fer tho SEHrrHEL and collect for
tie same In this town. All persons In Eu-
Yoks ewing for su~bScfiptions will make
payment to him.
SENATOR EDMUND's CENTRAL
PACIFIC BILL.
On Sunday last We gave . short syn
spsis of the facts Of the present rela.
tons Of the Central Pacific railroad
with the General Government. We
explained the existence Of first mort
gage upon the franchise Of some $780,
oOo, 900 and the nature of the Govern
mon mortgage OF some $2S 900, 900, sub.
jecs to the frst lien. We rehearsed
the "Iows cass,'recently decided by the
Supreme Court, wherein it was ruled
that the company was not required to
pay interest until the maturity Of the
bonds, that is until 1890: ct which time
the company would Do indebted to the
United states in some 460,0oo,0 900. We
is.ended to resume the subject in our
next issue, but were unsble to do 30.
Not long since Senator Edmunds. Of
Vermont, introduced, - measure Of
compromise proposed BY the Central
Pacific, . bill. the intention Of which
~ to secure the Federal Government
In it, claim against the Central Pacific,
and at the Same time enable the road
10 continue in operation. The provis-
ions of this bill are substantially -
follows.
First-The railroad to return to the
Government all of the land granted to
tho railroad in the State Of Nevada and
Territory of Utah. These lands con.
sist of the 0dd-nuinbered sections for
twenty miles on each side of the line
OF the road. about $500, 900 acres.
They ara To be computed ut the same
price that the Government asks set
tiers for the adjoining YER sections,
that Is TO say, ~ SO per acre. Where
the railroad company has sold any Of
the lands, ell sums received for them
in exceS Of So SO per acre., are also to
be paid into this sinking fund.
Second-There Is further 10 be cred-
ited to this fund the cost Of
transportation OF mails, troops. public
stores, etc., which has boon retained
from the road under the act Of March
8, 1873, and II on . settlement, this did
mot on the 3lst Of December, 1875,
equal 81 ,0O0, 600, the railroad company
Is TO pay into the United States Treas.
ury IN amount that will make 1t equal
that
Third Tho railroad company Is
further to pay into the sinking fund,
semi annually, in money or bonds Of
the United States, IN amount which,
added to the value OF the lands and
the sum found 70 be due for t~rsnsporta-
ton, shalt b sufficient to pay the
bonds and interest, on the day the last
bonds become duo that were issued in
aid Of the construction Of tina road.
Fourth-The creation Of this sinking
fund shall not release the present
mortgage lien, which the Government
now has on the road, but it is to con.
tinue in full force until all the bonds
and interest are fully paid.
This whole matter Of the relations Of
the Central Pa.ific to the United States
IS Of vital importance to the material
interests OF Nevada, and . considera.
ton Of this measure il demanded At
the hands Of . Journal devoted to the
interests Of Nevada. In considering
the matter we premise that we will be
Is brief rs its importance permits, and
that We will regard the matter solely
from . point of view ca lculated to pre-
sent In their rue light the interests Of
the people and mines Of Eastern
Nevada - a6setsd by the measure.
There exists. and for years has existed,
gsrsral feeling In this State that the
Central Pacific Is 3 monopoly which
BY unjust determinations in freights
and fares has imposed great burdens
upon our mining interests. Whether
such opinion be or be not well founded
It Is plain that in q matter Of business
affecting our future all sentimental.
ism should be laid aside, and VI should
consider the proposition solely ~ .
matter Of business.
Let It be borne In mind, then, that
provided no law be enacted establish.
fishing some such compromise as IL
contemplated by the Edmunds bill,
the Central Pacific will at the date of
the maturity OF its second-mortgage
bonds be indebted TO the United States
IN some CSC, Ooo, 900, and that to secure
possession nnder foreclosure the
United States must first pay in coin
some $50, o0O, 900 to extinguish the prior
lien; that is, the property will stand
the Government in some go, 900, coo.
Now, no one believes that this franchise
at that date will be worth ons-half that
sum. We all hope that before twenty
years are past there will be At least
three iron trans-continentsl roads in
full operation, and each one will d.
minish somewhat the value OF the
Central Pacific franchise. Moreover,
although we may all differ in III views
COuNarniaO TIA nunat;on ~ N,ukopua1