The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-01-24
From Other Sources.l
Work of the Senate Committee.

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A majority of the Senate committee on for
eign relations this morning ordered an adverse
report upon the resolutions requesting the
President to take the necessary steps to term
mate the Hawaiian reciprocity treaty. The
Senate committee on public lands has decided
to recommend the repeal Of the lumber cul-
ture act. Senator Ingalls, bill to promote the
efficiency of the general land office is ordered
to be reported favorably. 1t increases the sal
ary of the commissioner and creates the Office
of assistant.
Relating to Copyrights,
The sub committee of the House committee
on Judiciary today recommended the passage
of bill with certain amendments which
grant copyrights to citizens OF foreign couD-
tries. The action Of the Senate was on the
suggestion of the presiding officer recopsidered
and sthe resolution referred in compliance
with the rules to the committee on contingent
expenses.
The Ranking Question.
The Senate finance committee has entered
upon the consideration of various measures rel
alive to the basis Of banking. The two princi-
pal plans under consideration are the Sher.
man bill, which proposes that the banks may
issue circulation to within ten per cent. Of the
market value of bonds, and the Mcpherson
plan, which proposes that the limit of the in
crease shall be to the par of the bond, which
is ten per cent. more than ia now alio wed.
The indications are that the Sherman plan
will not be adopted. 1t offers greater advan-
tages to the banks than the Democrats of the
committee are disposed 10 vote for, while
some of the Republicans do not favor SO much
increase. On the other hand, the Republicans
will insist upon more liberal terms for the
banks than the MCPHERSON bill contemplates.
The expectation is that the committee will
adopt compromise between these two limits.
The friends of the banks are more encouraged
to think that there will bo some legisla tion.
The Senate committee is inclined to recon-
mend some practical bill, and it is now know
that the House committee is not SO hostile to
the banks az was at one time sup
posed. Some of the Democratic members like
Ermentrout of Pennsylvania and Hunt of
Louisians, take conservative views, and are
classed as friends of the banks.
The Debt of the Pacific Railr oads.
The bill introduced by Mr.. Edmunds to Sc
cure to the United States the indebtedness of
the subsiZed Pacific railroads in one of the
most important measures ever presented. Mr..
Armstrong, the commissioner of railroads, says
the total Indebtedness of all the subsidized Pa
cifc railroads on the 30th OF June, 1888, was
$102, ,376, ,312. For this amount the govern.
ment has no fixed obligation, but only gener-
al lien, created by the torms of the charter,
and payment has been arranged thus far by a
mere running book account. This, as near as
Mr.. Armstrong can estimate, will leave the
companies indebted at the maturity of the
bonds not less than $75,000,000. This, too, at
ter crediting them with all the sums in the
| sinking fund and all transportation accounts.
The Edmunds bill provides that the earnings
| of the companies for government transporta-
| tion over all lines owned, leased or operated
| by them, shall be withheld by the government,
and applied to the payment of the subsidy
bonds as they mature. The bill also requires
the companies to accept the Thurman act, the
| constitutionality of which they have always
contested. The bill authorizes ithe companies
to mortgage their property for the purpose 81
| anticipating payment on their first mortgage
bonds and the debt to the government, if pos,
sible. All the securities the government now
holds are continued, but are simply suspended
as to execution so long as the companies. shall
not be in default of the payment of the bonds
The effect of the bill will be to remove all the
vexed questions in relation to the Thurman
act, and will render the payment of the debt
certain. There is no law now in existance
that can secure the payment of this debt.