Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1886-06-18

the working Of the committee plan, Mr.
Cultivate took the case of the Onion
Pacific Company Is payment for six
months would be S903,617 03. The pres
ent worth of the Indebtedness he stated to
be $50, S97 ,9S5 30. He then took the in
terest on that present worth for six months,
and found a sum sufficient to pay that in
terest on the present worth and $4,000
TOWARD liquidating the principal. That
is, the very first payment, he stated, would
have that effect. When the $4,000 is
applied toward paying the principal, the
next computation on the remaining prin-
cipal produces less interest, and the
amount which will go toward reducing the
principal becomes greater, and so ON to the
end of the payments, when the total IN
debtedness would be extinguished He
pointed out, finally, that the bill preserves
the liens and all rights of the Govern
ment, and extends the liens to the branch
lines, all operated lines, leased lines, roll
ing stock, telegraph lines, and all other
property The admission was made by
the speaker, that in the case Of the Central
Pacific Company the demand under the
bill would be greater than the net earn
ings of the company would justify, but the
compensation due it annually from the
Government for service rendered would
amount to half the payment required,
hence the company could meet it. He
referred also to the provision allowing the
companies to refund their own debt which
falls due contemporaneously with chat of
the Government. This refunding, he said,
if accomplished at per cent, would, by
the saving Of per cent, enhance the
the Government security by that much.
In the rnnnng debate that followed, the
committeeman, defending his bill, added,
that while the proposed extension is APP
parently seventy years, it is in fact very
much less, for as the payments are to be-
gin eleven years before the debt is due
$3.50 the companies should have eleven
years at the end, or twenty-five in all, and
twenty-five from seventy leaves forty.eight,
and averaging that gives, if they antici-
pate their indebtedness, only an average
extension of twenty-four years. He also
added that under the bill when the pay
ment should be consummated, the com
panies will have paid about sl2o00,O00
more than their total original indebted
ness. 1t would be interesting to follow
his argument more extendedly, but limita-
tons of space forbid it at this time.
No ONE except those on the inside
knows how newspaper lies grow when once
started. But only the few of the insiders
know their genesis. As an example of
how falsehood is born unknown, and -four
isles as a green bay tree here is the Grass
Valley Tidings, which we acquit in adj
vance of any origination Of the story or
willful misrepresentation, saying that at
the consultation at the State Capitol be-
tween the Pathological Commission and
such people as came beforeit the lawyers
did most Of the talking" And then it
breaches a sermon from that text. The
truth is, there was but one lawyer before the
Board, and he through but one session, and
what he said was based on his prior expo
rience as a newspaper man, though he has
now condescended to the position of an at
torney So that " lie" must hang its harp on
the willows. But how did it get its life,
who originated ii, and why? Mark how
it will grow by accretion with the types.
Pretty soon we shall see it in Eastern pa
pers as a statement that the consultation
was between the Commission and the mem
bers Of the bar