The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-30
Washington.

WASHINGTON, January 29.-The House
Committee on the Pacific Railroad to-day
heard the argument OF Mr.. Bond, vice
president Of the Texas and Pacific railroad,
in which he charged the Southern Pacific
railroad with being simply an extension OF
the Southern Pacific for the purpose OF per-
petuating its monopoly as against the peo-
pie and Government Of the United States,
and as an obstruction to the building Of the
Texas and Pacific. The companies con-
Joined controlled, he said; nearly twenty
four hundred miles Of railroads in Califor-
mia, and those roads are virtually the pro-
perry Of four private citizens Of that State,
who have divided among themselves
since 1878 eighteen and a half mill
lions OF dollars in, the shape OF dividends
on its watered capital. These roads owe the
United States to-day nearly forty-one mill
lions Of dollars, or nearly forty-seven thou
sand dollars on every mile OF road they
operate. The interest on the Government
advances to the Central Pacific is twenty
eight hundred and ten dollars per mile Of
its road, and is in strong contrast with the
showing of the Texas Pacific Company,
which asks for guarantee ofspnly thirteen
hundred and eighty dollars per mile on the
bonds proposed to be used. He argued
that the tr..e financial inwardness q this
Central Southern combination shows that
during the past two years the expenses
of the Central Pacific Company were
more than five million dollars in excess
of the receipts, and that the last year its
floating debts had swelled nearly six millions
more, as the reports filed with the Califor-
min Board OF Transportation will testify.
The two companies, he remarked, had not
the financial bottom, even il they had the
desire, which he said nobody believed they
had, sufficient to construct twelve hundred
miles of road on the thirty.second parallel,
which would inevitably come into competi.
ton with their already constructed line on
the forty-frst parallel. He continued his ar
raignment Of the Central Pacific and other
roads, showing their immense cost ermlle,
their subsidies, their large debts, and ina
bility to pay the same or the interest
thereon. He said they could not command
the confidence Of private capital to build
the 1900 more miles OF road they are now
seeking to build from the Colorado east to
Fort Worth, or even the 600 miles east to the
Rio Grande. He maintained that Congress
should be vested with the power to regulate
the TRANSPORTATION rates Of railways that
seek its aid. He did not think that the pub
lie good required that Congress should de-
nude the Texas and Pacific railroad OF its
franchises, which the Central Southern COM
bination prays it will, and give them over
to their undisputed possession.
He contended that the Texas and Pacific
railroad bill secured to the Government and
the people the cheapest transportation pos
sible, and left the fixing OF rates with Con-
cress, where it belongs, who would see to
it that that highway should thus be made
for the Government and the people, and be
open to all for all time, and without dis
eliminating charges against any.
Mr.. Bond was listened to with close at
tention by nearly full committee.
VARIOUS ITEMS.
The Senate to-day in executive session
confirmed Balckey as receiver OF public
moneys for New Orleans; Ray as receiver
of public moneys ut Monroe, and Badeau
as postmaster at ThibodeauX, La.
General P. NJ. B. Young, OF Georgia,
was to-day appointed by the President
commissioner to represent the cotton States
at the Paris Exposition.
The Finance Committee Of the Senate
have authorized Mr.. Allison TO offer an
amendment to the silver bill fixing the re-
lative value Of gold and silver.
John Knox, Comptroller OF the Treasury,
argued before the committee in favor OF the
remission Of the tax on insolyent banks.
The full Committee of Ways and Means
will hear their subcommittee on Thursday.
XLVTH CONGRESS--Second Session.
WASHINGTON. january 80, 1878.
SENATE.
Mr.. Wallace addressed the Senate in favo
of the silver bill.
u0I1sE OF REPP PERSONALITIES.