The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1877-11-23
GEN. BANKS, SCHEME.
A New Plan for Promoting Public I'm
provements.

A New Plan for Promoting Public I'm
provements.
A most novel measure has been intro
duced in Congress by N. p. Banks, of
Massachusetts. It's object is to extend,
facilitate and cheaper land and water
transportation of frelghts and passen-
gers and to promote industry and labor
without further appropriation of public
property or an increase of the public
debt. 1t provides that the President of
the United States shall cause to be paid
into the treasury, to be held as n reserve
and separate fund, all moneys or other
form of Indebtedness due, or that may
hereafter become due from the several
Pacific railways or any other railway cor
porations according to the terms of the
several contracts, with the interest that
has accrued thereon. This is to be held
as a distinct and separate fund, to be
used in aid of the improvement and con-
struction of such railways, canals and
levees as may by Congress be deemed
necessary to enlarge and cheaper the
transportation of freights and passen-
gers in the several States and Territories
and with foreign countries. All pay
ments by said corporations as may after
ward be received shall be passed 10 the
credit of the general fund created by the
provisions of the bill and invested in
bonds of the United States bearing the
same rate of interest as other bonds of
the Government. When the bonds ma
ture they are to be replaced by other
bonds OF the same character and for the
same purpose. Whenever any appro-
priation from the general fund shall be
made by Congress for the purpose indi-
Gated, the President is to cause proper
and sufficient securities to be given by
the corporations or parties receiving the
same for its repayment, with interest, at
such rates and periods as Congress shall
specify. Whenever any appropriation
is made for the parp )ses mentioned,
which shall promote the general interest
conformity with that of the State in
which the improvements may be estab-
lished, or through which they may pass,
special provision may be made by Con-
gress for the payment of any interest
that may have been advanced from the
fund by special assessments or taxes upon
the trade or commerce interested and
benefited, or upon the lands
or other property that may
have been improved to reim-
burse the Government. The corpora
tons taking advantage of the act are
required TO make semi-annual reports of
their operations to the Secretary of the
Treasury, who in turn is to make an an
nual report Of the transactions OF said
corporations and other information which
may tend to show the. true character OF
the various enterprises, together with
such recommendations as may by him
be deemed expedient and proper. Upon
the passage OF the act the Secret Ary OF
the Treasury is directed to report to
Congress the character and amount OF
Indebtedness to the Government on the
part of the several corporations referred
to, and to take proper measures to secure
the payment of the same into the treas.
ury of the United States accounting IL
the conditions of the several acts under
which the Indebtedness has been In
Cured.