Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1884-12-03

Total .$lo2. 934, 794. os
The sinking-fund accounts Of the Union and
Central Pacific Companies under the act of May
I, 1878, amounted on June 80, 1884, to So, os4, 0o9. 80,
s.. 4s5. $40. "A and the Central Pacific 2.6ts, s23.+s
Investments have been made in the funded-loan
bonds and currency SKIES as follows:
Union Pacific, principal. s2,27o. 900: premium
paid, sl72. $50 43; total, 81 443,ooo. 43. Central Pa
cihc, principal. 8, 500: premium paid. $179.-
SOL. 10: total. s, $50, 1863. "a"
There remains uninvested to the credit of the
Central Pacific, 1893. 1878; Union Pacific,
$500, 1891; total, s2,os1 ,s43. 60. which the Secre-
the several sinking funds may earn a reasonable
rate of interest.
The Secretary invites attention to the subject
of funding the debts of the several Pacific roads.
and renews his suggestion that the present
mode OF payment, being uncertain, be COM
muted to one Of fixed obligations having the
same lien. He SAYS:
1T is manifest that the act of May T., 1878. has
not adequately accomplished its purpose. It
would seem Of the highest Importance tn t
Congress take immediate and final action look
ing to the ultimate payment of this indebted
ness. Under existing Ii WIS the debt is steadily
increasing at the rate Of 81, 100000 per annum.
with this Indebtedness would be to authorize
the founding Of the debt on an extension Of
time, and to require the payment OF fixed
amounts at tni stated sfsI p sid0 the In c CONSIDER.
should be + quired to file assignments Of all
earnings already accrued for Government trans
pOrtatl0n over nom 8lueu portions OF tneu rOaQS.
All future earnings for like services over all
roads owned, leased. or operated by these COM
panies should be pledged by the ter ms of the act
to the payment Of the accruing installments of
the debt a. they mature.
If 1t be not deemed by Congress expedient to
thus fund the debt, the discretion OF the Sec
retarv of the Treasury az to the investment OF
the sinking fund which is now confined to 5 per
cent. United States bonds should be enlarged.
as the interest of the whole investment thus far
made has not vet equaled the premiums paid
for the bonds"
The Secretary expresses confidence in the
civil-service act, and says that the experience OF
one and a half wears has shown the system to be
q valuable one, and one that should have the
support of both the legislative and
the executive departments OF the Government.
The clerks selected do their work well, show
ing that the examinations have been business
like and practical, and disproving the belief
that prevailed to some extent when the act was
passed that 1t would be too technical to be
practical
The report reviews the progress of the year In
the Patent Department, the tenth census, the
geological survey, the Bureau OF Education, the
Yellowstone National Park, the Hot Springs.
! the Freedman's Hospital. the Columbi& lnsti-
tuition for the Deaf and Dumb, the Hospital for
| the Insane, the Architectural Department Of
| the Capitol, the new Pension Building, and the
| reconstruction of the Interior Department
Building. in all Of which q gratifying condition
IL shown to exist.