National Republican., 1884-06-19
THE HOUSE.

further conference was ordered on the post
Office appropriation BILL and Mr.. Townshend, of
Illinois: Mr.. Holman, of Indiana: and Mr.. Horr,
Of Michigan, were appointed on the part of the
house.
Mr.. Miller, of Pennsylvania, offered, as q qucs-
tion of privilege, Il resolution declaring james r.
Chalmers entitled to the seat from the second dis.
trict of Mississippi.
Mr.. Thompson, of Kentucky raised the ques-
tion Of consideration, and the house refused to
consider IT now-yeas 6S, nays l29
The Ohio contested election case Of Campbell
and Morey being then called up, the question of
consideration was raised by Mr.. Thompson OF
Kentucky, and the house also refused to con.
slider 1t.
TIE house then proceeded to the consideration
of the Pacific raltoad bill known as the Thur
man amendment bill.
Tho bill extends the provisions of the Thurman
act 10 the Kansas Pacific company, the Sioux City
and Pacific company, and to the central branch
of the Union Pacific company 1t allows the nyest-
mcnt of the sinking funds Of all the companies in
their own first mortgage bonds or any United
States bonds or securities, or their application to
the eNtinguishment of the Interest on the subsidy
bonds; itTequires half of the annual compeli-
sation for government securities To be carried to
sinking fund, and also the annual payment into
the sinking tuud of the following sums BY the
Central Pacific company and the Union Pacific
company, s2,0JOOOO each by the Kansas Pacific
company, s60O,0OO; by the central branch of the
Union Pacific, Sl5O,OO0; by the Sioux City and Pa
citlc company, sl50OO0; Tor as much of such sums
as will make the total annual payment to tho sink
OF the respective companles).
In case the residue OF the net earnings Is insult
ticient to pay the interest on the first mortgage
bonds. the amount necessary for that purpose
may be rcmitted
The companies are required to pay into their
sinking funds. on or before Jan j. 1855 the follow
ing sums (ess the amounts due TO them for gov
ernmeu seryieel The Genital and the Union Pa
cifc, each S5OOOOOOi the Kansas Pacific, $4,000 900;
the Sioux City and Pacific and the Central branch
Of the Union Pacific, S600O0O each. Ii forbids the
payment of dividends while the companies are in
deianlt ~ respect OF these requirements. The
sinking funds are to be applied, under section s.
TO the payment of the subsidy bonds at maturity
and, under section D for the protection and benefit
of the first mortgage bondhOldeTs The twelfth
section declares that the failure the part OF any
OF the companies 10 comply with these require
menls for six months shall operate as forfeiture
The substitute offered by the minority of the
Pacific railroad committee provides for tue extin-
guishment of the debt due to the government by
The issue by the companies of per cent.
sixty year redemption bonds.
Speeches were made by Mr.. Throckmorton OF
Texas, Mr.. Thompson Of Kentucky, Mr.. Post of
Pennsylvania, Mr. Jordan of Ohio, and Mr.. Cas-
sidy OF Nevada,
In the course OF Mr. Cassdys speech (opposing
the majority bill and advocating the minority
bin he said that he had before him the state.
ment of the government experts, who had inst
been examining the books of the Union Pacific
company AT Boston; and that the statement
showed that there was falling OF In the net
earnings OF that company Of 81 9s3,OOO for the Ave
months ending May 81, 1881, as compared with
1883; that the revenue and expenses Of the entire
system during the same period showed a deficit
OF S729,00O; that the company In order to pay its
July dividend would have to borrow or
TO draw from other sources Sl4O0,00O;
that the debt of the company on
nInrch 81 1851, dncudng capital stock,) was
t223 10000 and that its floating debt Qncluded in
the grand tolaQ was Sll40O,OO0, Tho Central
Pacihe company had complied strictly with the
lelter Of the law had paid every dollar required
under the Thurman act, and to-day was not u
dollar IN arrears TO the government. II had
besides sinking iund of its own, In which II had
some s6OO00OO, and with which 1t would dis
charge its first mortgage bonds. So that that cor
porallon came 10 ihls congress with clean hands.
There was no evidence that II sought o. wreck Us
property aud unload II on the government He
lrgped that Il would be wise to deal conSerya'
lively With these companies aud that the passage
Of the majority bill would have the effect of In
ereRsng local freight and passenger rates
Mr.. Hewitt, Of New York, said that he had not
intended to take part In the discussion, but the
subject was Of such vast importance 0nyolving
e00O00,0OO to bG lost or saved TO the gOyernmentl
that he would be doing less than Ills duty Ii h1
did MOI make use of the five minutes allowed
him. Two years ago he had called the attention
Of the house to the precarlous condition In which
thls great sum of money was placed and had
pggesIed as the result Of his examination Of tho