New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-25


the lack of necessity for one in this particular case.
The reports are summarized below.
THE SUBSTANCE OF THE REPORTS.
THE MAJORITY AND MINORITY SET FoRrh THEIR
VIEWS, BUT DO NOT YET BRING IEBiIIs.
IBY TELEGRAPH TO THE TRIBESE
WASHINGTON, Feb 24.-The Committee on the
Pacific Railroads has submitted to the House ma
orty and minority report the Texas and Pacific
Railroad bills. The majority report is substitute
for the several measures on that subject which have
been referred to the committee.
The bill itself, which has not yet been voted
on by the full committee, is substantially
identical with that introduced by Mr. Alex
ander III. Stephens, with certain amendments that
have already been reported. 1t provides that
the Texas and Pacific Railroad. when completed,
shall IT. the language of the committee, BE main
tanned and operated as an open highway and
postal and military route at Tair and reasonable
rates for governmental service, to be adjusted by
tho Secretary of War and Postmaster-Gene:al or
Secretary of the Interior in conjunction with the
proper officials of the road" 1t prohibits tic CON-
pany from entering INTO any combination, contract
or arrangement with any through transcOntinental
line for the transportation of freight or pas
sengers under penalty Of FORGETTING its charter;
and commissioners of the Government are
fully authorized to inspect the books
of this and all connecting companies, with view
10 ascertain or discover any infringement Of this
provision of the law, and for this purpose also
authorized to examine persons under oath. 1t pro
yides that rates for through freight and passengers
on the main trunk line and all connecting lines shall
be far and reasonable, and Congress is
empowered to regulate these rates and TO
exercise supervision and control the
management of the read. 1t was thought
10 Too ot
given over a road which the Government by its aid
and credit assists in building in order that its own
interest and that Of the public may be protected
against the TapaCty which corporations uncon-
trolled and without responsibility to any one have
shown themselves too prone to exercise toward the
travelling public and those who ship freight over
their lines
The bill further provides that all lines Of railway
now connecting OF which may hereafter connect
with this road shall be pat equality as TO all
consigned through business, and no unjust discrmi-
nation in charges shall be made by against either
aud that this road and all connecting lines shall be
operated under such regulations and restrictions as
to form one continuous line for freight and passen
gers. Remedies by immediate action in the United
States District Circuit Courts the part of any
person aggrleve ed are provided
THE PROPOSED SUBSIDY
The company is authorized by the bill TO execute
and deposit with the Secretary of the Treasury
struCtOn bonds at the rate of 500 600 per mile for
1150 miles and at the rate of $50. 900 per nile fer
go miles through the mountainous portion of the
fOute, said bonds 20 mature in fifty years and to
bear 5 per cent interest. Tho Government is to
guarantee the payment Of the interest on
these bonds but such guarantee is in no event to
extend beyond the period Of the maturity Of the
bonds. Whenever ten consecutive miles of road are
i.to1 mad Il
appointed by the President, who shall ascertain the
actual cost Of the same the Secretary of tie Treas
ury is authorized TO issue to the company the bonds
referred to. to the extent only of the cost of
EtrIctOn and equipment of such section, not TO OK
coed per mile the amount named in the act.
To indemnify and save harmless the Government
for this guarantee the following securities are pro-
vided:
Firstly-A first lien is given upon all the fran
cbses and property of the line to be constructed
security for the guarantee of the interest, ard
provide sinking fund for the ultimate payment of
bonds
Secondly--As further security, the Government
retains in its hands all that the company may
for the transportation of Government troops stores
and supplies and for mail and Geographic service.
Thirdly-The entire net earnings Of tho read if
the same should be necessary. are to be paid Oh the
guaranteed interest and to provide for the sinking
fund.
Fourthly-An the lands hitherto granted to the
company by the Government are to be recOnveyed
TO the Government the Government being thus
authorized TO throw the open ct once to settle
mcnt, and to sell the same under its own regula-
TONS at the price established by law for Govern
nent lands in railroad reservations, onc-hal: The
proceeds of the sale of said lands to be entered to
the company's credit on the guaranteed interest The
tiorc Of he will tbuc Ia
open at once to settlers. thereby preventing their
being withheld from settlement by any desire on
tho part of the company to speculate in the lands
The company will be thus interested in promoting
by facilities afforded IN the way Of transportation
and otherwise speedy sale ofthe lands and settle
mcnts thereon. Besides, it may be remarked that a
largo portion Of the lands within the reservation
bolt better adapted to grazing than to any other
purpose. Such lands vii! generally bo desired in
large bodies. With the Government ard the rail
road growing alternate sections as is the case under
existing laws it will he found very diiicult TO dis
pose of the same in bodies large enough to suit
purchasers. BIT with the title to the whole in the
Government all such embarassncpts IN tic sale of
such lands will be obyiatcd and the Government
will be thus relieved of all trouble and delay sep
arating the mineral lands which il reserves from
the railroad lands
Ffthly-As further indemnity against loss by
the Government, the company is required 10 execute
and deposit with the Secretary Of the Treasury
bonds at the rate of $4,000 per mile for tie 400
miles between Fort Worth and san Diego 10 be held
by the Government and sold st any time TO meet auy
default or deficiency by the company in paying the
interest guaranteed by tie Government
Slxthly--As an additional security first mort
gage is given TO tie Government on all lands
granted by the State Of Texas for road, constructed
~ said State, west Of Fort Worth.
ARGUMENTS TOR THE hill.
Having set forth the provisions OF the bill, and
explained them above, the committee goes 10
argue in favor Of its adoption The impoas bty Of