The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-30

Francisco that TO conform 10 lis charter
ments 465 additional miles OF road muo be com.
peted before the 4th Of July next. He Analysed the
nnapciai condition OF the Central Pacnc Com
pany, as shown by reports flied with the
California Board OF Transportauon stating that they
show that the company expenditures during the past
two years have been upward OF S. 900 OF
its receipts that floating ndeDtedu ness has been
Increased during the past twelve months S. $50 00o
and he charged that the two comrapics with 1926
miles OF road. capitalized at Sll0.500 per mile,
and ourdened with a cumulative interest bearing
debt OF Sl3S $4,000, OF which 49, 900 is floating
deet, and with capital stock account oil upward Of
SOL 000 900, have not the financial strength and can
not command he confidence OF Capitalists sufficiently
to enable them TO construct the l. 200 miles OF road
from Fort Yuma to Fort Worth, or even the 600 miles
between Fort Yuma and tho Rio Grande. with private
capital alone. He also charged that IN the printed
financial reports OF the Central Pacific Company i,s
Indebtedness was stated at $s4, 000, 900 which lie
really $25. 900 less than 1t actually u.s. He
charged that the original estimate OF the Central
Pacific line OF 757 miles only $56,50o per
mile, and was reported by Messra Hunting.
ton, Stanford, Hopkns and Croker 10 Congress;
that II had by consolidation Increased It's
mileage TO miles, and the OF It's con-
struction had been increased 10 SllS.l40 per mile.
He urged that the govern would have no better
opportunity than now TO establish as a precedent
its right to regulate transportation rates on all
railways that have received or shall receive
government legislation, and that even II the
Southern Pacific Company should agree TO
give to the government the power TO regulate
their transportation rates. agree ment could not
be enforced Tor the that the State OF Cafor-
mia claims exclusive legislation in these matters and
ne charged that these gentlemen in ucting and
operating their Ines had always relied upon their
State charters 10 protect them from Congressional
legislation. He closed with tho questions:-
Ftrst-Does not the pubic good require that Con-
gress snoula oonnfm he grants and franchises given
10 the Texas and Pacific Company, ana especially
transfer them to the Central and mon Pacific monop.
olyY
really desires an independents line the
parallel which would compete with lis present line
The forty .irst parallclf
ThTd-Could they build 1t on private capital alone?
FourM-Would It not he unjust TO transfer the
Company alter mas completed 444 miles OF It's road
without government aid TO tho Central Pacific Com
plny, and especially until that company has itself
complied with the law requiring II to complete
tnuous l'Ie from San Francisco 10 Fort Yuma and
Fort Mohave?
Fyh-Ough. four private citizens of California TO
control Two transcontinentai railroadsf
Strth-Would not u competin 1ino built at the low
est possible cash cost with mont capital obtained at
the lowest possible rate OF interest," be Tor the public
goody
Sepenth-Does not the Texas ana Pacific bill secure
Congress oil transportation rates, ana hualiy u road
that shall never become monopoly, hut be open for
all time TO ali without discrimination IN charges
against any!
Tho Southern Pacific side OF the question will be
hoard on Thursday.
THE COINAGE OF TRADE DoLLARs-EMBARRAss
MENr OF THE TREASURY DEPARTMENT
The Treasury Department Ia embarrassed as TO the
proper course to DO pursued in relation the coinage
OF trade dollara The demand Tor these COINS at San
Francisco Tor export to China is quite active and
expected to continue Till tho last Of April. The
law requires this demand TO DO met, but
At the present price Of the silver and
gold value OF the greenback dolisr trade dollars
can be placed in domestic circulation at profit OF
from three to four per cent to OF silver bullion.
portion Of the San Francisco Mint coinage OF trade
dollars Is coming East, and bdllion dealers in Now
York and elsewhere In the East demand that tho Phil
ndeiphia Mint shall De opened for tho coinage.
They claim that although the trade dollar is not
legal tender, people willing to receive par
ity with greenbacks because it is intrnsicaly tho
most valuable silver dollar cxtant, beng seven
and half grains heavier than tho old silver
dollar. TAe Cabinet decided to-day that ths
coinage al the trade dollar should be resumed as.the
Philadelphia Mint. The,conags will be continued at
San Francisco and Carson, and all thrco miuts will
have work sufficient TO keep them fully employed un-
I'll Congress acts definitely on the silver question
The director OF the mint considers Important to
retain tho present skilled force OF workmen at tho
in OF pending legislation in relation to Sill
yer coinage.
LAwLEss CONDITION OF AFFAIRS ALONG THE
LINE OF THE UNION PACIFIC RAILROAD.
The Secretary Of the Interior has received letter
from prominent citizen Of Utah giving an account
OF the deprcdaors OF the contractors for
timber OF all kinds the Onion Pacific Railroad Com
pany, and which states shat these depredations arc
committed all along tho line, and that hundreds OF
thousands OF railroad es shores for Sheds cord
wood logs aud timber oil taken from government
timber lands, line tho Union Pacific Railroad
track all tho way from Tic Siding 10
Ogden, and that those depredatious amount
10 millions OF dollars annually. This correspondent
also states that the contractors have established a
system OF peonagc similar to that Ia Mexico in which
scores OF honest, ard-workng, sober and faithful
are beng oppressed, IN violation of every right
belonging to free In tho United Statos and gives
an Instance In which Of these men demanded his
rights, and, being refused ana insulied, shot and
killed sub-con ractor named Dawson, aud was his
turn killed by bookkeeper named Snod srass, with
an iron poker.
PAINTING ACCEPTED BY CONGRESS.
Both houses OF Congress have passed joint rcso.
luton accepting a picture by Frank B. Carpenter
representing the signing of the proclamat ionSof
emauci patton IL is the gift OF Mrs. Elizabeth
thompson, formerly OF Boston, and now OF New York.
ana purchased by her from the artist for this OK.
press purpose at cost OF SIS, OOO The 18th Feb.
ruary the limo fixed Tor lis formal presentation, Is
the anniversary OF tho birthday OF Abraham Lincoln.
PROPOSED INTERNATIONAL MONEY CONGRESS-.
The Senate Finance Committee to-day authorized
Mr.. Allison to offer with Its sanction, an amend
mcnt to tho silver bill, his provision TOR an intor.
national money conference to fix a common ratio OF
value Of gold aud silver The determ nation OF this
ratio Is not, however, . condition precedent TO tho
provisions Of the bill On the contrary the BILL II
enscted, Is to 60 into effect Immediately and the con-
ference, II agreed to, will be held subsequently,
PROCEEDINGS OF CONGRESS.