The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1882-12-16
u. s. Railroad Commissioners Report.

u. 3. Railroad Commissioners Report.
rwtDrr WASHINGTON, December 10.
In the annual report Of the Commissioner OF
Railroads for the fiscal year ended June 30,
1882, the Commissioner SAYS:
The unpreccdent construction of railroads
the present year deserves very thoughtful
consideration. The Pacific companies are
rapidly extending their lines to secure the
trade in rapidy-developing sections, or make
through connections with important distribute
ing points, which VIII ultimately be of great
value TO the main lines. The money applicable
to the repayment of interest,"" Ave per cent.
of the net earnings, and sinking fund and its
requirements, derived from transportation re-
ceipts, will be sl6s0l,On The total cash pay
ments to December 81, 1881. required from the
companies, in addition TO the retention of the
entire compensation for services, are: Gem
tral Pacific, 81 2s2, 1854; Central Branch Union
Pacific, Sl,95j; Union Pacific, S90l,S37; total,
e., 1Sj,454 The total Indebtedness of the
several subsidized Pacific railroads to the
United States June 30, 1855, was: Union Pacific,
principal, SS8,5S9,5ls; accrued interest, $780,
0sO 99S; total $63 620,5i0; Central Pacific, prin-
cipal S27 $50 $50: accrued interest, S2i 2s5, 1888;
total s52,1IO,sl3; Sioux City s. Pacific, princi-
pal 800; accrued interest 81 ,il5 Az; total,
S3043,167; Central Branch Union Pacific, prin-
cipal. $l600,0J0; accrued interest $l,50l, S0S.26
total, $310l, S0s2G. Transportation services
performed and money paid into the Treasury:
Union Pacific, $l2,36O,60]; Central Pacific,
$6,OOI,665: Sioux City s. Pacific, $e5,27s; Cen
trail Branch Union Pacific, $13l,56o; total, slS,-
592,lO'. Balance I'm favor of the United States,
but not due until maturity: Principal, 1895,
1899, SI03,3l4,7S8 The sinklng-fund accounts
amount, June 90, to $s,7le,22L The Commits
sioner says:
This fund has evidently not accomplished
the result anticipated, and since April, 1881,
may be regarded as having practically failed
for want OF suitable Investment In view of
the low rate of interest returned from the
investments made by the Secretary of the
Treasury, deem it myiduty to recommend
that Sec. 3, act of May Z, 1878, be amended so as
to authorize the Secretary of the Treasury to
invest the sinking funds in first-mortgage
bonds of the companies, or such bonds as have
been issued to them by the United States, or
in other good and sufficient securities, and
convert the bonds now heldsFby the United
States in said sinking funds into money at
market rates, and invest the same in like
curities. As many doubts have been expressed
as to the ability of the companies to meet their
Indebtedness at maturity, and as to the Elf
cheney of the provisions for the sinking fund,
deem it proper to suggest whether it may
not be profitable and highly desirable, with
the consent of the companies, to change the
form of their indebtedness from running
livery Of Understanding bonds for the
amount found to be due on a convenient day,
say July J. 1882 at which time one-half of the
interest will have been paid by the United
States; let the ascertained amount be divided
into. say, one hundred semi-annual INSTALL
ments each to be represented by redemp-
ton bond, one payable each six months, with
interest upon the whole unpaid remainder of
the debt, the lien to remain as 1t is.
The report says:
the most difficult and delicate questions of
modern times, and 1t is specially complicated
| in the United States, where every trunk line
runs through several States, each independent
within its own jurisdiction, and Jealous of all
| interference by the General Government. The
enormous extent of this interest and the ra-
pidity of its growth, both in increase of mile
1 age and tonnage, demands that its relation to
the public shall be under some judlcious legal
| control. Rates and determinations are not en-
| trely within the arbitrary determination Of
| the railroad companies. They are subject to
| competitions which they cannot control upon
| the ocean, upon the lakes and upon the rivers.
| The great lakes and rivers, so peculiarly adj
vantageously located as to trade, with their
numerous far,reaching and widely-extended
navfgable tributaries, carry water compe-
tton into almost every portion of
the country, with the effect of so reducing
general rates that the United States enjoys
the cheapest railroad transportation in the
world. As yet no just basis of general appli-
cation for the adjustment of rates and discrim-
| nations has been found, and ii is undeniable
| that there are hardships, neither few nor
small, arising from existing determinations,
often arbitrarily imposed, which affect dsas-
trously local trade at Don-competng points.
| There is a growing and clamorous demand
among the people that railroad management
shall be subjected TO the restraints of law;
nor is railroad management adverse to rea-
sonable control. 1t has become a necessity
that wars of rates shall be controlled in the
interests of the people and the roads Such
wars unsettle, within their operation, COM
mercial values, affording sudden and unrea-
| sOnable profits TO the few and entailing heavy
losses upon the others.
The Railway Commissioners appointed in
twenty one States the report continues, eX-
ercise healthful influence over railroad man.
agement But railroad transportation strictly
confined within State jurisdiction is so limited
that it leaves the real difficulties unsolved and
nearly unaffected. The power of Congress-
over the whole subject can hardly be ques-
toned. The Supreme Court of Illinois con-
codes it, and the decisions of the Supreme
Court of the United States seem to render il
indisputable. commission is recommended
TO take into consideration the whole question,
and report to Congress facts necessary for in
telligent and efficient action upon the subject"
The Commissioner speaks of the unnecessa-
ry and dangerous dissimlarity of railway sig
nails, and recommends the adoption of uni
form system. A review in detail of the opera
tons of the Pacific roads mentioned closes the
report. The estimate of the expenses of the
RAILROAD office the next fiscal year is $4,000.
RpnOrf Of tha COn misSiOnar Of Pensions