The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1880-02-05

Significance OF the Bill in Congress
Relating TO the Same,

In the proceedings of the United
States senate, as published yesterday
morning in the LEADER, the following
passages of local interest occurred:
On motion of Teller, a bill granting
right of way through public lands to
the Cheyenne, Black Hills and Mon
tana railroad and telegraph company,
was taken up. The second section u.
thorlzes the company to raise money on
mortgage bonds.
Edmunds thought that as the corpo-
ration was organized under the terrific
rial laws of Wyoming, permission Or
prohibition to issue bonds shonld come
from the territorial legislature and not
from congress, and OH his motion the
second section was stricken out.
Teller said that with the second Sec
ton stricken out, probably no capital
lists would care to invest money in the
enterprise. The bill would be useless,
and he therefore moved its recommit-
tai to the committee on railroads.
Agreed to.
The road referred to is the newly in
corporated Wyoming, Montana and
Pacific, to which Laramie county has
just voted $500, 900 in bonds. The COM
pany is incorporated under the general
Incorporation laws of Wyoming. The
recent legislature passed two bills relat-
ing to this road, viz: San act author
fling the board of county commissions
ers of Laramie county to issue the
bonds of said county to the Wyoming,
Montana and Pacific railroad company
and San act authorizing railroad COM
panies to mortgage their property, issue
mortgage bonds, consolidate connecting
lines, and for other purposes" The
last bill, while general in its character,
was passed for the benefit of the new
road. No matter what fate may be.
fall the bill in congress the road is not
endangered. 1t is fully incorporated,
as stated above, while as to the right
Of way, it has that already by virtue OF
Senator Stewards right of way bill,
which grants land to new railroads
when built over the public domain,
We believe that the provisions Of this
bill are a cession of roadway two hun
dred feet wide, a plat of six acres fol
each station, and the right to all kind:
of building materials adjacent to the
line. We may say, in passing, the
Southern Pacific road is being extend
ed under the favor Of this bill.
What is desired by the bill champi'
opad by Sapafor TaIlar 10 fha outhor
ization by congress to the company tc
mortgage its property and issue mort
gage bonds. The company has this au.
thority already from the territory, a.
stated by Senator Edmunds. But il
order to improve the value of thu
bonds, congressional sanction was de
sired. This is all there is about it
The fate of the road is not linked with
that of the bill in congress. 1t will bt
built, at all events. The bonds can bt
sold.
Mr.. Teller's remark that mo CAPT
talist would care to invest money in the
enterprise, was rather strong, and ev
identity sprung from his disappoint'
ment over the defeat of the second sec
ton of the bill. The bonds will be per
fectly good when issued, and rather
than have them fail, if ever such i;
contingency was probable, Jay Gould
would doubtless endorse them himself
and that ,could make them gilt edged
Mr.. G. is determined that the road
shall be built, and 10 small obstacle
will deter him.