The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-03-11
4 COLOSS JOB.
The Sinking Fund scheme Advocated by the
Paciac Railroad Lobby.

WASHINGTON. March 9.-As heretofore in
dicated. the Union Pacific AMI Central Pacinc
lobby will. through the medium Of the Senate
Committee on Pacific Railroads. report on
Monday neNtthe hill which they expect to sub
stitute for the ono reported unanimously from
the Judiciary Committee. The main features Of
this lobby bill are as follows: The transporta-
ton account with the Government up 10 April
/. 1878. is to be transferred to sinking fund.
Tho sum held by the Government, II is
claimed. will then amount to about three
million dollars. which must be- invested
in six per cent. bonds and tho interest
seini-annuallv invested in like bonds. The
railroad companics are to add Al 900 900 on oct.
/. 1873. and thereafter sl0O0Oup annually in
semi-annual payments. The snake in this bill
comes in right here. it being provided that this
81 .uuOO 600 year is Ia bc in lieu of the five per
cont on net earnings AMI all claims of the Gov
crnmont agnin-, the TRANSPORTATION account.
In other words. in consideration 81 this
il.oououo. 10 bee paid in scmi-annual install
monis cvory year by the railroad COM
panios. the Government is 10 release
tho five p"r cont on the not earnings.
and nay them whatever they choose a. charge
for military and all other transportation. The
yearly transportation account of the two com
rani"s with The Government is now according
tothc report Of the Judi 'ary tnnmitteo. ~ 2i2.-
~. The ilvr pr cnut on the Mt earnings If
inc two Companies HIS averaged Z r four years.
accord M to the report " tho judiciary Come
mlit.r. sj77lt2 Therefore. thu Government
W. to accent 'li- t,rnfa-ifiar ~ rlu,l,. iu
| ~ lo reported from the C1mmiW-f' ON paoin,
| Railroads. u would SURF ulrr annually - So
10. and re'ciV" 90 Lou III ,r'ni. only Il uununi.
/ hut tins is not an. Tho hill "owu.i- IA" Cow
eminent TO compound N" interest ON fhe money
=" D" PAID hy the ra .roi "pmranl,s, while their
| simple iii,.r..t oniv. inns. Wits H.. Govern.
mont pass Oh" interest on '54.uunuuu OF th"
-"eni muucag" nnn = 49, %" railroad com
| panic amounting e. sl.inn'" y"tr IL i- 20
r"srly' no fniHrt = con- ihN-f nat rest pawn MT
! hui The raiirund eoiupanl,- are TO- have thr in-
| ter - on thclr piN Uent- conn uun ted. - 1890.
| amount 90 nearly sluUupnoup II the interest
On So nnn 900 from the time no aid was grant.
| eel the railroad Doupnun- % 1900. il uaid. their
/ inirl'".'n' - 10 the Government would amount
Tn'- plain statement ~ tho case shows what
monstrous Job TIA" Pacific Rliiroad Committee
! OF the Senate has faihrrcd. Even by Compound
inc tn" inter - on q 'ir payments they will not
| =" ave ln lWN' 20 : i'ln WIN ~" ''V"rnm"ni
aui an rms hil prNNIl,s tnut tueN shall have
| wv n'y hN' years t'nE'r, hurht mos iW'ntv-
! Nv }"nfs ii"y generously ayr 49, iny six pr
cont. nat r'si "u ihr amount ''uf after the
amount Of ih' sin SIM i1nd "a 1000 : teiuJr d
! from th' sum they owe inH GOV rnin'nt THIS
! lll provides un authority NV which Me in
! l"''ei noss - tho GoN'run!'nf To- tho roads on
/ Apr.. ei..l o. a-c"i'anrd. ngr d 70 spool -
! u-'inE ting aerouu'~ un Aprii t. 1904 shall boz
dis .hHreei both SUBJECTS certain 10 lnad bro
/ - oui norfsa l- mad" los providing that in
P cus.' the comp MICS al.r-r Co. MAKE zine payments
pres triurd boa the h.ll. such agreement shall
enter into ana form part 81 ID" second mort
| = e". and upon default Of any such payments
/ ID" Governm"ni -hall have the power OF fore
! ciDs'nE IA" mortgage.
: TIL report VI l'h accompanies this hin 10 not
! yet complete II rs devoted 90 "a calculation OF
! tho amount which "a" payments oi III" compa-
nl"- viii reach ly Use of Compound interest and
| an ar-Gnls nt in favor of the plan prof. l-ed by
! "a" hill. ~ business arrangement winch can
/ Zee ma l"wi'h tn companies. The Propositions
/ - turn waste lands Of Oh the Government Is
! Sirl Ken on.
the report on ihr Northern Pacific bills of
| which three urr before TIA" subcommittee. viii
| not he completed before next week. SO tur.
| senator Mitchell. "a" Chairman. has not oh-
tanned port IN favor of his hil for cuu-iTur-
INK the road - Salt LAX on the North
ern Pacific land grant The subcommittee
! rs IN favor ol .ttrstiug the method
~ which tho Northern Pacific sells liz
| lnls under tn' charter. sous g. throw them
open e. 40 tld 'ftlomoni. and turn thu rro 'rels
| Oi their sal" INTO ia" lnIt.l : ,t"s Treasury.
/ whore il VIII Dee h'iI in trust ~ u sIukIns fund
forth. incl 'fni In'-- nt thr road II ALSO iaNur~
thr clause requiring construction On h1tn end
ul t." mo and practical advance from the
! western cu !. Mitchell - sfIll ~Auguiu' of the
~ue .'e- ~ his rArm". Hui may succeed in
obtaining, ~ compromise. concessions Of
/ value t. cu~tHln or gnn toni a report "a
favor oi h, blil as introduced l. not Considered
7 IrDDaile.