Daily Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1876-1884, 1878-01-27

more than four times that amount.
Under the plan proposed, interest
would be paid each six months by
the Texas Pacific Company, while
the sinking fund would gradually
redeem the principal and leave the
road ultimately without debt; that
under the power reserved to Gov
eminent to regulate rates so as to
take care of the actual capital, these
rates would annually be reduced
to the great benefit Of the Govern
ment and people and that the Gov
eminent alone would save $780,
600 yearly by the building
of the road, more than the entire
interest on the bonds, IL it never
earned q cent. Scott claimed that
the Central Pacific Company had
no intention to build line to COM
pete with themselves, but merely
offered to build the road to prevent
the construction of the Texas Pa
cific. They were not bound to build
mile and, if their bill passed, could
simply sit still six years and dur
ing that time monopolize the en-
tire traffic across the continent and
tax it as GENEROUSLY as they were
doing now. Without any action
the Texos Pacific Company had
spent $4,000, 900 in good faith and,
had it not been for the panic of
1878, would have had the whole
line nearly completed by this time
and under the aid proposed would
complete it by the year 1882.
al ,x,ftl o.
to the Committee to look at the
question not in the light of techni-
calities, but on the broad ground of
of the interest of the whole
country and expressed his oonvic-
ton that every member of Con-
gress who aided in securing this
great highway on basis just to
| the people and the interest of the
Government, as competing line
! between the oceans, would, in after
years, regard IL as one Of the proudest
achievements of his political life.
The Committee then adjourned
until Tuesday, when the arguments
will be concluded.
The Mexican Border Troubles.
WASHINGTON, Jan. 25th.-The
Texas border troubles occupied the
attention of the House Committees
on Foreign Affairs and Military
Affairs. Major Price, of the Eigth
Cavalry, testified before the Com
mittee and J. G. Tucker, who was
before the Foreign Affairs Com
mittee yesterday, testified at great
length before the Committee on
Military Affairs. A large part of
his examination was directed to
show the lawless condition of So
ciety in the Rio Grande counties of
Texas ard that the people in border
towns of Mexico are kept in good
deal Of alarm and irl ita-
ton by the staggering officers
of the Texas State troops and
some United States subaltern Off
GERS INDUCING in wild threats of
invasion and conquest. Tucker
acknowledges furnishing arms and
ammunition to Diaz when he was
preparing his revolutionary move
ment. He likewise admitted the
payment of q certain sum of money
to Ford on behalf of the Mexican
Government. Ford has been be-
fore the Committee of Foreign AT
fairs. He is Familiarity known on the
border as "Old Rip" He bad held
public meetings an! declared that
he was authorized to raise regi-
ment of State troops.
.Tsade Dollars shipped East.
WASHINGTON, Jan. 26.-Over q
million trade dollars have been
sent East the present month for
domestic circulation. The profit
in shipping trade dollars to East
ern States is 8 per cent. Secretary
Sherman has tho matter under
consideration and it it probable
trade dollar coinage will for a
time be wholly suspended.
Fesdiug the Finance Committees.
| WASHINGTON, Jan. 26th.-Secre-
tary Sherman on Monday will en-.
terrain at dinner the members of
the Senate and House Committees
on Finance and the leading officers
Of the Treasury Department..
Grain and Provision Market.
! CHICAGO, Jan. 25th.-The grain
market has been excited at times
and unsettled throughout the week,
and dealers have anxiously looked
for European war news. The gen.
eral opinion prevails that England
would not interfere and according
ly there was downward turn I'M
til her apparently bslligersnt atti-
tude caused strong upward move
ment, which eliminated on Friday.
To-day the lowest price for the
week was current. In wheat the
interest seemed to preponderats
and with the aid of favorable for
eign nsws, succeeded to-day in
beating down prices materially.
Sales for February 1O2@l065 coin.
| Manipulators have also kept a
close watch on London corn quota
tions; while the corn market has
been less animated and unsettled
than wheat, especially on Friday,
to-day there was decided
weakening, with sales at 39a@4le.
Oats have been dull and unprofit-
able in a speculative sense, having
followed the course Of the others in
small way, with sales for Febru=
airy 2S5@244. Rye and barley have
been less affected than the other
grains by bull rumors because,
being dependent on the whisky
market for their buoyancy, they
| have yielded to the pressure
the shadow which is now resting on
the distillery industry, and have
weakened to the lowest prices that
they have been quoted at for
months.
Provisions have managed to keep
up prices unusually we'll under the
heaviest packing business that has