Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1884-02-26

ROADS.
81 $1O2.376.SO2
$123,s45,594
Debt minus credits. :.

OF the amounts of credits $4, O36, 7l3
is to the account of the Sinking Fund
provided by the Thurman Act of May.
1878. The payments Of all the COM
panies under that Act have averaged
Just $SO7, 343 o year. The Sinking Fund
was intended to raise a sum which at
maturity of the bonds lthey mature from
1895 to 1897 would be enough to pay
both the principal and accrued interest.
The yearly interest is $751; l0, but
the Sinking Fund payments are only
$SO7, 343. They therefore fall by s 1910
O67 q year to meet the interest account
alone; hence this Anderson bill to sup
plement the Thurman Act. Let US ap-
ply it to the Central Pacific. On the
Both of last June that cnmpany owed,
principal and interest, $40, 1922, GIL. 1t
had paid under the Thurman Act 49,
$50 a year from June 30. 1878, to June
80, 1883. Its interest account on the
original loan Of $25, SS5, 100 is 81, $50, l07
per annum. Its payments into the
Sinking Fund are therefore 81, los, pit a
year short of meeting its yearly debt of
interest account. It's payments by trans
portation services for the United States
have averaged about $3.50, 900 a year
from the completion OF the road till
now. Add this to the yearly Sinking
Fund Pigments, and we have yearly pay
ments of 1854, 800, which is $S5S, 2l7 less
than the yearly interest on the loan.
The Anderson bill compels the com
pany to pay in addition to what it has
been paying on Sinking Fund and trans.
portation account, not only this $685.,
2I7 per year, but as much more as will
in 10 years pay all the back debt OF
$45, 1922, 67l and all the accruing inter.
est from now till the bonds begin to ma
ture. in 1895. The yearly payments
would be as follows:
On interest account. ........$ s5s, 217
One-renth OF existing debt Of $45 ,322.-
'o52' 2o'
Total yearly payments-..............$5 IS. 800. 4s4
This is what the Anderson bill, if it
passes, will require the Central Pacific to
pay into the Treasury yearly from its ap-
prevail to the years 1859. 1t looks
like a cinching of the corporations, but
in fact it is not, and is not a whit less than
they deserve, or that they can afford to
pay. The dividends will not be large,
to be sure, but as three men and one
woman-all very rich-own all the stock,
nobody will be much damaged, but the
corporation will sing a lower and more
mournful key than has yet been heard
from it since its begging days of 1862
and 1864.
We reproduce the article without abb
breviation or change. II is excellent in its
main feature as condensing important in
formation; but we do not believe that a
fair-minded public will be pleased with
the spirit displayed in the last paragraph.
Never mind who the proprietors of the
Central Pacific railroad are, never mind
how disagreeable as persons the Chroni-
Gle may consider them, their rights as
property holders. about which there can
be no doubt, are sacred. The policy of
the Government by which they came into
possession Of 80 tremendous a franchise,
with enormous incidental acquisitions is
one thing, and their rights acquired and
guaranteed by law are another. 1t does
not affect the question whether the Gen.
trail Pacific is owned and controlled by
''three men and one woman" A single
person, or ten thousand persons, would
stand in the same legal attitude towards
the Government. Nothing is added to
the effect or cogency Of the Chronicles