The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1878-01-31

7 -
preme Court. The following jlro,
are impanelled: G. NJ. Bayley. J... ]
4. Bailey, Il. E. Bailey, p. W. Hrr
rick, John L. Renaud, W. z
Converse, Jr., Dlmestre, Contra
Boyle, Jert miaA Lincoln, Jas. Prince
colored, Richard Murphy. When tn,
court, during tie impanelling of tn,
jury, had exhausted its six peremptor,
challenges. the defense had tH o left
having only used ten. In compau,
with Sheriff Houston, Gen. An
de:sou, Deputy Collector of Customs,
visited the custom house to-day. HI
Is treated courteously by his prison
keepers.
At this hour, ten o'clock p. NJ ,
heavy rain storm prevails.
Bond on the Texas Pacific.
WASHINGTON, January 90. - TIL,
House Committee on Pacific Railroad
to-day heard the argument of Mr.
Bond, Vice President of the Texa,
and Pacific Railroad Company. Il
contained seven indictments with sew.
eral very serious counts, supported by
a strong array of figures, challenging
denial, against the Southern Pacific
Railroad, which he charged with being
simply an extension of the Central Pa
cific for the purpose of perpetuating
its monopoly as against the people and
against the government of the United
States, aud as an obstruction 10 the
building of the Texas and Pacific.
These companies COD joined, he said,
control nearly 2400 III les of railroad
in California, and are actually
the property of four private citizens of
that State, who have divided among
themselves since 1873 $1S, 500, 600 in
the shape of dividends on its watered
capital. These roads owe the United
States to-day upwards of SAL, 600, 900,
or nearly $4700 on every mile of road
they operate. The interest on the gov
ernme1t advances to the Central Pa
C tic is $3.50 per mile of its road, and
is in strong contrast with the showing
of the Texas and Pacific Company,
which asks for guarantee of only
$3.50 per mile on the bonds proposed
to be issued. He argued that the tinar :
cial lnwardness of this Central and
Southern combination shows that
during the past two years the
expenditures of the Central Pacific
Railroad Company were more than So
900, 900 in excess of the receipts, and
that the last years floating debt has
swtlled nearly Six millions more, as
the reports filed with the California
board of transportation will testify,
The two companies, he declared, have
aot the financial bottom, even if they
had the desire-whIch he snid DO
body believed they have-sgfficien to
construct 1900 miles of road on the
thirty parallel, which would
inevitably come into competition with
their already constructed line on the
forty-first parallel. Ee said the re Gu
ness of their finances, when We know
that they are trying 70 carry an inter
est bearing debt of $13S, OF, coo and
have capital stock account of over
SOL, 200, while their 1920 miles
of the road is capitalized at $119, 500
per mile. He charged that their
reports intended for their stock and
bondholders and intended as a basis
of their credit understated their IN
debtelness by some $23, 100000, ard
that the original estimates of the Cen
trail Pacific line were about $50, SOC
per mile, but they had by consolida-
tons increased the mileage, and the
cost of construction to an average OF
$11S, 600 per mile, saddliDg the road
with an interest bearing debt of $S6,-
$40 per mile. With such q sho wing
he said they could not c,mmand the
confidence of private capital to build
the 1900 more miles OF rad they are
now seeking to build from
the Colorado river cast to Fort
Worth, or even the 500 miles east tc
the Rio Grsnde. The revelation oil
these designs of private mouopolies,
he said, pointed the moral that the
general government could not want fol
better opportunity to establish q
wholesome precedent, hat Congress be
vested with the power to regulate the
transpoI ltion rates OF all railways that
seek its aid. Mr.. Bond summed UP
his argument by few per tiuent ques'
tons as to whethtr: L The public
good required that Congress should
denu le the Texas and Pacific Railroad
of It's franchise, which the Contra,
Southern combination prays it will, and
give them over to their undIsputed pos
session. 2. Does anyone believe thai
the Central and Southern Pacific people
want to raise up competitor to them.
selves? 3. Can they build unaided
with such show as above? 1. Would
it be right or just to strip the Texa.
and Pacific Company of its franchises
when they had built and are running
AS miles of road without the aid o.
the government and give them to the
Southern Pacific Company, especially
when that company has not itself com
piled with the law, which requires il
to complete a continuous line from
San Francisco to the Colorado river
5. Is it fair that four private citizenl
should own two trans-continepta
railways. 6. Would it be for the pab
lie veal TO have q connecting lini
built on a cash basis at the lowest cost
and with money capital obtained a
the lowest rate of interest. z. Does
not the Texas and Pacific bill
secure to tie government and th,
people the cheapest transportation
possible and take the fixing of thu
rates out of the hands of the mohopo'
lists ald place it where it belongs
with Congress who would see to i
that highway should thus be mad,
for the government and people tina
would be open to all for all tim
and without discriminating in charge
against sny. The argument of MIR
Bond was conceded to be a strong on
throughout, and commanded the close
even the absorbed, attention of near
ly full committee.
Combinations.
WASHINGTON, January 90 Baldeye
Receiver of public moneys, New Or
leans; Ray, Receiver of public uaourys
Monroe, La. (; Miss Roddy, postmis
tress. Forsythe, Ga Bandue, postmas
ter, Thibedeaux, La; Delcuir, Ney
Iberia, La.
Forry-nnh Congress.
HoUsE.-The proceedings were en-
tirelJ uninteresting.
SENATE.-B. II. Hill to-day procur
ed two hundred stand OF arms for tn
State of Georgia, from the Secretar!
of War.
Gen. Younger, of Georgia, was &c
day appointed commissioner to repre-
sent the cotton S.ates at the Paris ex
position.
Committee Items.