The New York herald., 1878-03-15

ascertained account Of carrying the mails
tee thought m would Id se ABOUT ST. 900 600 au. saen
company, and. therefore, the sinking fund would be
commenced on the 3lsr Of March with capital Of
$2OO0,OO The second section OF the bill required
each company 10 pay into the Treasury OF the United
States to the credit Of the sinking fund ST. an
nualy, In semiannual instruments, on tho LIST OF
April and October Ia each year, commencing on the
lst day o October 1878. such payments to continue
Mr. THURMAN. (dcm.) OF Ohio. Inquired OF his col
league u the purpose OF tho bill OF The Railroad Com
alter, amend or repeal the railroad acts unless the
companies should make default in their obligations
Mr. MATTHEWS replied II took from The governments
no rsht whatever. Continuing hts explanation OF the
bill he referred to the fifth section regard 10 the
acceptance OF the act by the railroad companies.
Mr. THURMAN said II the bill passed IL would DO ac-
copied by the companies. There need bc no alarm
about that.
AUTHORITY OF THE GOVERNMENT.
Mr. MATHEWS continuing his remarksl said the
bill OF the Railroad Committee did not embody the
propositions which had been urged by tue railrond
companies 1t was based, as all legislation on this
subject ought TO be based the con sent Of tho par
wlthout whose consent IL was his deliberate c,n
vction, Congress had no authority OF law, and the
government had no authority TO insist upon matters
tho performance Of which would violate an existing
contract between the parties He argued that the
government by the exercise Of its sovereign power,
could SO bind itself that 4. could not unooss
self Referring to tho differences between the
bill OF the Committee OF Railroads and that OF the
Judiciary Committee, no said the one proposed TO
alter a contract by contract, aud the other
act oi power and nothing else. One was a settlement
which was complete and final and put an end TO con-
ther in the way of legisation as II contemplated no
further necessity Tor leg sation, whereas the bill
ported ny his distinguished colleague lMr Thurman
from the Judiciary Committee did not pretcnd
10 DC full and hnal settlement He tMr. Matthews)
bslieved u tho bill OF the Judiciary Committee should
become n law 1t would bc the most deliberate attack
upon tho right OF property ana contract that he knew
oil In the annals OF legislation.
INTEREST ALLowKR
The bill OF the Railroad allowed interest
on the accumulat0ns OF the sinking fund at the
of per per annum while that OF tho judiciary
/
should be allowed TO make Investments under their
own control toward payment Of the debt they would
certainly make their money earn per cent inter-
est he urged that the bill Of the Judiciary Commit
tee instead OF collecting sinking fund Tor the solo and
exclusive use OF the government OF tho United states
In order TO extinguiHh the CLAIM OF the United states
against these companies II carefully collected sink
ing fund In respect to which the United States would
have no lien whstever except subject prior lien
OF the hrst mortgage bondhoiders Of tho road Tho
amount OF money required for tho sinking fund
be paid by the and those doing busi-
ness over the roads; II was tax levied by Congress
these roads. Suppose the tax be made burdensome
tho companies must increase their chargsA Would
that be good policyY Would be tor the good Of the
public or the benefit OF The government? lie then
spoke o legal questions involved, arguing that tho
bill OF the dciary Committee invasion Of tho
right OF property and OF control Hc quoted from
many legal authorities IN support OF his view. Tho
bill OF the Judiciary Committee declared what the
right to declare what should DO the not earn
hgs tpn u had 10 conlscate them all
Pending discussion Mr. SARGENT, OF California, in
States of California and Oregon ana Washington Tor
ritory Referred 10 the Committee on Public Lands
Mr. ANTHONY. trep) Of r. l., moved that when the
Senate adjourn to-day II be to meet Monday
Mr. THURMAN, oi OHIO. said tho Chairman Of the
judiciary Committee (Mr. Edmunds) anxious TO
DO heard on the Sinking Fund bill, but he
tanned at homo by sickness and no would be glad TO
have until Monday that he ght address the Senate
| then. Therefore ho (Mr. Ihurman) would vote or
the motion to adjourn over, but he hoped the Senate
would come TO determination tho bill boiore the
| end OF next week.
| The motion to adjourn over WINS agreed to by
rising vote-yeas A. nays 16
Tho Consular and Diplomatic Appropriation bill
received from the House of Representatives ana
ferred to the Committee on Appropriations.
The VICE PRESIDENT announced signature TO tho
| House pill Tor tho relioi Of William A. Hammond ate
surgeon General OF the Army, and now goes to the
President Tor his signature
Mr. MCDONALD, (dem.) OF Ind. called up the House
bill 10 authorize the granting OF American register
to foreign built ship Tor tho purposes Of the Wood
| ruff scientific expedition around the world.
| Mr. BURNSIDE, (rep) OF r. H. sad he. had received
some letters In opposition to tho BILL and he desired
| time TO examine II.
The bill was, therefore, laid over until Monday.
Mr. CnRIsTIANcY, (rep) OF Mcn., took the floor to
speak Monuay ON the sinking Fund bill, and tho
Senate, at twenty i've minutes to i've T. NJ adjourned
| until mat day