The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-12-14

80 NEUTRALITY-SUSPICIOUS.. 2,7l6,22l
The commissioner says his fund has evil
IDENTIFY not accomplished the result anticipated
and since April, 1851, may be regarded as having
practically failed for want of suitable invest.
menL In view of the low rate OF interest re-.
turned from the investments made by the seCre.
tary of the treasury, | deem II my duty to re-.
commend that section of the act Of May T. ISIS,
be amended to authorize the secretary of the
treasury 10 invest the sinking funds in first
mortgage bonds of the companies, or such bonds
rs have been issued 10 them by the United
states, or In other good and sufficient sscuritCs,
IN convert the bonds now he'd by the treasurer
OF the United States In said sinking funds into
money at market rates and invest the same In
like securities AS many doubts have been ex.
pressed as To the ability OF the companies 10
meet their indebtedness at maturity, aud rs to
the efficiency of the provisions for the sinking
fund. deem Il proper TO suggest whether 1t may
moi be profitable and highly desirable with
tho consent of the companies to change
the form OF their Indebtedness from The
running book account into "A settlement and 40.
tuNi delivery of interest.bearing bonds for the
amount found to be due at convenient time,
say July |, 1855 at which time onehalf Of the
interest will have been paid by the United
states Let the ascertaincd amount be divided
into, say, one hundred, semi annual Install.
merts each TO be represented by n redemption
bond, one payable each six months, together
with interest upon the whole unpaid remainder
of the debt the lien to remain us tits
The report says the adjustment OF railroad
rates Is one of the most difficult and deiicat3
questions Of modern times, aud 1t Is especially
In tho United States where every
trunk line runs through several states, each In,
dependent within its own jurisdiction, and jeal
Gus of ell interference by the general govern.
ment The enormous extent OF this Interest and
the rapidity Of It's growth, both In increase OF
mileage and Tonnage, demands that It's relation
to the puhlic shall be under some ludiclOus legal
CONTROL Rates and Determinations are not en-.
tlrely within the arbitrary determinations
of railroad companies. They are subject 10
which they can moi, contro';
upon the ocean, upon the lakes, ana
upon the rivers. The great lakes and rivers, so
peculiarly advantageously located AZ To trade,
with their numerous far.reachlng and widely
extended navigable tributaries, carry water
competition into almost. every, portion OF the
country, with the effect Of so reducing the gem
cral rates that the United States enjoys the
cheapest railroad transportation In the world
As yet no Just basis OF general Application FOR
the adjustment Of rates and discrimination has
been found, and II Is undeniable there are hard
ships neither few nor small arising from exist
ing determinations often arbitrarily imposed
witch affect dlsastrously the local trade u non.
competing points. There Ia q growing and
clamorous demand among the people that rail.
road management shall be subjected 10 the re-
straints of law. nor Is railroad management ad.
verse TO reasonable control. IL has become q
necessity that wars OF rates shall be con-
trolled in the interests OF the people and roads
such wars unsettc, within their operation,
commercial values, afioraing sudden aud unrca-
sonable profits TO a few and sntaillng heavy
losses upon others.
me railway commissioners appointed In
twenty.oue states, the terort continues exercise
n heaith ril IN huenec over railroad management,
But railroad transportation strictly sonihod
within the state Jurisdiction In so limited that I,
leaves mo rial difficulties unsolved aud nearly
unDgie.ed The power OF congress over the
.lole subject can hardly be questioned. Tho
sunr,nae court VI Illinois comedies H. and tho
snpr, me- court OF the United States seem TO rem.
der Il indisputablc. commission ; recon-.
mrnded 10 take into consideration the whole
unestlou and report 70 congress the facts rcccs.
sary Tor Intelligent and efficient action upon the
subject The commissioner speaks OF the un.
M csssary aud dangerous dlsslmilarity Of rail.
way SIGNALS, and recommends The adoption OF
uniform system. A review In detail Oh 'he