New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-21
THE LAND GRANT RAILROADS.
A NEW TEXAS AND PACIFIC BILI-THE RESToRA-
TON OF 100,000O0O ACRES PROPOSED.
LEY TELEGRAPH TO LIE TRIbuNR.l

A NEW TEXAS AND PACIFIC BmL-THE REsToRA-
TON OF 1OO,OOO,O0 ACRES PROPOSED.
IBY TELEGRAPH TO THE TRIBUNKl
WASHINGTON, Feb 20.-The subcommittee
which has at work for several weeks maturing the
Texas and Pacific Railroad Bill made its report the
full committee this morning The basis OF Its labors
the bill introduced by Mr. A H. Stephens full synopsis
of which has already been published
One OF the most important amendments recommended
by the subcommittee requires the Texas and Pacific
Company to surrender TO the United states It's entire
land grant amounting to about 18000000 acres to be
disposed follows The lands TO be sold by the United
state, Government at the minimum price OF 81 25 an
acre and oneha the proceeds 10 be paid into the Treas
ury of the United States The residue OF tho proceeds
also TO be held by the Secretary OF the Treas
ury to tho credit Of q sinking fund from which
TO pay interest and principal OF the companys bonds
at maturity. The object Of this amendment 10 twofOld
first to reduce the amount OF land granted to the road
by oneha and second to facilitate the sale OF the
lands after the road is completed. Great trouble
has been experienced In the disposal OF lands
within the limits Of railroad grants. The companies
themselves have, In some instances, mortgaged
Them and have thus been unable TO give clear
titles and this has often deferred persons from purchas
ing large proportion OF tho lands on the proposed
line Of the Texas and Pacific road also only fit for
z,ng and TO be OF any value must be owned in large
fracts II alternate sections are held BY the Govern
ment ana q railroad company the dincues OF securing
nch large tracts greatly Increased not OF course,
eIpected that the SINKING fund created In this way will
w Inotber amendment Of the bill recommended by the
subcommittee provides that the Government shall re-
tain all sums due TO the railroad company I0r tne Trans
fer of troops supplies mails etc, and shall apply such
sms 10 the PAYMENT of the interest on the cOnpanys
bonds which are guaranteed. IL there any balance re-
ainng after this has been paid IL also - 10 DE
carried TO the sinking fund already mentioned Inc net
earnings OF the road also dedicated 10 he
OF interest and per cent OF the earnings Is 10 pe
added 10 the SINKING fund.- The company VIII De allowed
TO retain the remainder OF its net earnings after these
payments have all been made
This bill, with perhaps some other amendments that
may be made by the full Committee on the Pacihc ha'
foad will probably be reported TO the House later In the
session. ,
The House Committee on Public Lands today agreed
TO report TO the House bill for the forfeiture OF az
land grants made TO the wing named railroads. with
RECOMMENDATION that i be printed for the conside5a'
fion of the committee Northern Pacic Texas Pacinc.
Atlantic and Pacific, Oregon Central. Hastings aud Da-
kota st. Paul aud Pacific (st. Vincent extension
and Branerd branch), Wisconsin Central North WiscO
SIN HoughtOn and Oltanagon Detroit and Milwaukee
Little Rock and Fort Smith, st. Louis ana Iron Noun
tain New Orleans, Baton Rouge and vcksburs, North
Louisiana and Texas, Florida aud Gulf Ceatra Pensaco
In and Georgia, Alabama and Chattanooga Coosa and
chattanooga Mobile and Girard. coosa And Tennessee