New-York tribune., 1878-03-05
THURMANS SINKING FUND BILL.
4 PLAN FOR SETTLEMENT WITH HE PACIFIC RAIL
EGADs-STT EARNINGS DEIINLD.
r.t.I-. IL. t. IL !

4 PLAN FOR sEIILEVENT WITH HE PACIFIC RAIL
EUADs-SET EAENINGo BEIINLD.
IGESEEAL rHLss DisrhTcnI
WAsuNcr0N, March I.-ihe following j., tie text
Of the important portions Of the Pacific Railroad
SINKING Fund B!ll. as reported by Mr. Thurman
from the Senate judiciary Committee to-day with
a recommendation forts passage:
BeHenqetd etc, That the net earning ne toned IN
the Act of sG2 OF said Pacific Elroad Companies. r.
speclivcv, shall be asccrtaneG by dcductiug from fc
gross amount Of their earnings respectively III" hc'-
rv expense actually paid WITHIN the year ~ operating
the sam. and keeping the same IN state Of rephr'
and also the sum paid ny them respectively within the
wear in discharge of interest Oh tier hrt h'Itsa'.
bonds, whose lien has priority over The H'h
Of the United States and excluding from eonsidea"h
all sums OWING paid by said companies Tespcc'Ft!
for interest upon any other PORTION OF hlr lhdebtu-
ness and the foregoing provision shall be deemed ana
taken am'ndmeat OF said Ac; o. l4Gl' - W.u a.
~ s4id kc' So. This section sho jUhc tcc; on the
j0tn day Of June next and be applicable t. an ,onpu-
tatons OF net ctiuiuG thereafter; t'' u ,''l' ",
any i-li OF the United Sldc~ or eitner q" fiU "Io'
companies, cSI-ting prior thereto. ,,,
SIC 2. 1uat the whole amount OF compensation "H'h
may from t0 time b" uuc 10 tHd a' tti'i ldIou
so,rt esl M tanned by the Uni,cd ~atc-, one
hall thereof to bc presently 02pc 10 me ida on o
tic interest paid ard Dr paid ~ the tn'cd -iat"S
uIGu tne n,iS ?" aud tbr Diner hall thereof
10 he turned into the sinking fund hereinafter provided
for the uses herein mentioned. - . . o,
Of tbc United state. SINKING fund, which shall Dc III
vested by the secretary of the Treasury u bonds 2 l
Unifed State, and the femi1nHal income Thereof siI
be in Ike manner, from time 10 tnr invested ~ hc
same shall accumulate aud bc disposed OF as hereinafter
Secretary shall rcrcr tie per band. Of tho
United states, unie7s. for good reasons 'lng to NM
auf which LIE ina report 20 Congress he snail, al any
tune. deem 1t advisable TO invest III other b0hda oi tNc
United states. -,
SIC Tnat there shall bc carried 10 the credit Of the
said fund the l~ DAY ot February In each year the
n,ealg of inc couUrnsdun for services hcTcnbciOTc
narnrd rendered for tic Government by said Central
JciAr Y ryud Company not applied IN the liquidation
M interest and ia adCitIOn thereto the said company
sha said day III cich Year pay mo ,l' i @ & ~
tLc credit o sad sinking uh, the sum oi @l'-UVOV"
or 40 much thereof Us shall Gt necessary u maze 'io
! pcr cent Of thc net CalhuRs "I iia. edu
road unvablc the United StAtcs HnJSf ha!d Hct Z"
iS5 aud tbe whole earned by 81 Is COMPENSATION
Tor sryces rendered the United states together WIN
the sum by this section required 10 ,c p.,u a." @
cnuaf IN the ay!ccate, 10 % per cent OI the WoIc |
earnings OF SAID railroad company. "scrralhcu anu u
fined as bereinbcfOIc prOydcd lor 'no !VSi it r%e
the 3iet day OF December III ~, n mo
alal carried To the crcdlt "t the su iunu "p ~ %
lsf day Of February cacn year, thc ohc-ndi =" ny
compensation tor services, hcreihbciOIc h"ilV, I -
for me Government sad Union Pacinc EaliOu N9ll
many not applied In the liquidation Of Interest," anu ~
addition thereto the said company shall, Oh ru ul ~
each year. pay into the Treasury 10 TIE cied VI siI
sinking fund.- the sum Of SSJO,OOO or as much lneico
as shall be necessary 10 make the per cehi
Of the net earnings OF It's said ROAD payable 10 Tue Uhtci
states under said Act OF 1862 and the whole sum earned
nv IT. as COMPENSATION for services rendered Tor TIE
Jf,fcd states together with the by this section re
ouired paid amounting IN tho aggregate to 20 per
cent of the whole earnings OF SAID railroad COM
nnv ascertained and defined hercpbeiorc provided
toI be wear ending the 3lst day OF December next
preceding. ~, ,,--..s !. ..t.s..,o.,i..
sTC o. That whenever it shall be made satisfactorily
TO appear TO the Secretary Of the treasury py either ol
s,d that 20 per cent Of Its net earnings, as
herenbeOre defined for any current year are oI W.T.
insufficient to pay interest Tor sucb year upon tne V
pations OF such company III respect OF which oD.atohs
here NAV exist ltcn paramount 10 that OF the Umt5d
STATES and that such interest has been paid out OF such