New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-04-02
ARAILwAY IMPROVEMENT FUND.

rgp PLAN OF T. r HOUSE COMMITTEE on PACIFIC
p.uWAYs FOR AIDISG AND COMPLETING RAIL-
waYs-A LOAxiNG FUND PROPOSED.
[GLNgRAL PRESS DIsPATcH.l
WASHINGTON, April 1.-The report ct the
euiComuit tee Of the House Committee On Pacihc Raii-
uaysconst NJ Messrs. Cha IN .rs. Dickey a2d Eel
fo-don Nc CHAIN ,rs's bill 10 etc the syst IN OF
Pacific Raj ways" adcp ed Imam nosly oy the i'll
committee today The report wa aiterwrd pres Dted
in tue House and recommitted Accompany NJ the re-
rort ia subsritute for Mr. ChaimcTSs orig al Dill n
s,mm Try # the BILL W hica proposes radical dc
paTtnre frcm all former ihetHouS u I"io"o 'o-A'
in gwen he ewtth.
TIC bIn proydes that so much OF the land granted to
the south. IN Pacific. Atlantic and Pacific and the
Northern Pacific has not been earned by the com
NAMES named shall be forfeited to tic United STATES
The lands thus forfeited (said to be about 1O6oO)Oo0
acres, are 10 nc sold with the alternate sections coD-
ts,ous thereto by the Government for cash at price
MT less than So so per acre, and Onehaf OF the gross
proceeds shall be apart fund.- to be known as the
Pubc Improvement Fund 10 is provided however,
that nothing the bil shall be construed as interfering
port,on Of lands set apart are seected as nOe
ssteads compensation shall be made for the improve
ments put the division OF the funds arising from
0fher portions Of said lands" -, .a. 80 .h,oo
DO appointed by the President, that
ten miles Of of the above named roads have been
|ar,zng he Of the the Secretary OF
the Treasurv shall loan to the company from ITS In,
Ia. actual cost OF building and equpping so much OF
the road The loaned is TO be secured DIV tne
Hrst mortgage bonds of the company onethlrd to ne;
cao,a dine III ten years. One-third IN twenty. ana
cotbird in thir ycprs at gig per cent Interest.
The pubitc lands through which any railroad may be
hereafter In accordance with the PROVISIONS
Of any general special! act OF Congress fOr me space
~ An n % miles each side thereof IN the STATES an
Sr the snace OF twenty 20 miles each side Thereon
IN the territories Of the United States are declared 10 90
nbic Iproyfmcnt Lands and are TO be DISPOSED Of at
1nces not less than double the minimum price
er acre on said land aud hall or the Gross pTOceeus
N ali sales OF sail ancs. and all interest PAID Tor TIE u
OF said iund, shall become part OF tne o rnIlc
shlii the Dan from the fuad be In ex-
nsss of two-thirds OF the actual cash cost
ii he property morgaged to the United States to &C.
Snre The same This fund Is never un Ter any creun
stances Whatever directly indirectly 10 be used ior
ANY purpose other than those set f0rih Ill Inc act anu
otherwise ordered by law. . , ,,,a NJ,
AS the andgrant made to the Texas and Pacific Rail;
way Conoeny wiz expire Dy Limitation until Inc gu
OF March 1882 the bill declares that the forfeiture 81
lands granted that road shall not be enectVe unt
that date unless the company shall consent thereto by
che acceptance OF the provisions OF the act "
The report OF the committee Is long one, ana CLOSES
an follows: Your committee HAYS reason TO Dcheve
maj the Texas Pacific Road will accept the provisions
of this 0ct."