New-York tribune., 1886-04-27
GIVING THEM MORE TINE.
A BILL TO sUPERsEDE THE THURMAN ACT.
REPORT OF THE HOUSE COMMITTEE on PACIFIC
RAILROADS.

REPORT THE HOUSE COMMITTEE On fAtlfie
RAILROADS
WAsuINGTON, April 2G.-Mr Outhwalte, OF
Ohio from the Committee on Pacific Railroads. reported
bill to the to-day to amend the various Pacihc
railroad provide Tor settlement growing out OF
The issue of aid In the obstruction OF said rail-
roads and to TO the United states the payment oi
all indebtedness OF certain Of tic compaaies therein
mentioned. Tho bill prov ies tGat tao payment OF inc
Indebtedness OF The subsidized roads be authorized and
required terms ani conditions and in manner
hereinafter provided, that tho average date OF
maturity OF the n~iaments which the debts shall DC
arranged To he paid shall be October !, l9~l' -,
The scope bill - TO fund the total amount OF primer
pal aui interest nat shall nave been paid by each one o
these companies tEeir subsidy bonds TO me Unite
states at their maturity. From TINS amount deduc INC
payments bond and interest accounts that shl!
have been pad by each company To October j. l5sG;
also find the actual value 0i the amoui "a In the shkns
fund belonging To each company having one on a
be fixed I'm agreement between the Secretary
o the treasury ana the presueht ol the cOnP'S &
estcd compute Interest INC value at the rate o per
cent from that fixed day until tho average date of ma
turlty oi me SUBSTITUTE bonds ana subtract the a9up
OF this sinking lni and interest from the amount OF Tue
debt ana nterest ch1rtoAD,9 "ga,hst .no ., com ,c
Panyi compute interest on the reihdlbHtr OF TN.
dent and interest. after making deductions at
as viii Se the avergie OF date Of Ito sent-annl pay
ments add ths terest 10 the remainder Of Inc debt
40 equal parts. company pay the first these
equal instalments April l. 1887 and another even pay
,nt of ,st inst,inent is ay-n,ne wears bovond the
OF maturity Of the substitute bonds an average
extension OF the whole debt OF years beyond
IN consideration OF the extension thus grauted al the
earnings OF The road by Government trans pOrIDn upon
any roads owned. leased or operated by the company
shall applied 10 the payment Of the current naiu ruS
instancnt; and no money shal be PAID b. the Govern
transportation service OF KIND the
aided unaidcd roads uutIl the inStalments next
.uf ng shall be fully paid.
purpose OF the extension proposed Is 10 bring the
seml-anBual payments sufficiently wlthIng the abilities
Of hc companies to render such payments entirely GER
tan and cannot. I'm the opinion OF the committee, be
any vital oOnseq to the company whether the
debt b" paid III sixty Or seventy years, so long as
its ultimate payment be secured Tho ne
ccssity OF extension further appears from the fact
Luat the first mortgage aud subsidy bonds mature ~ ne
sane and the nrst mortgage bonds having proriy
~ on be paid before the Government can Sec iro
anything Such payment would 80 strain the rcsOu"ces
the company that IL extension he gwen, proOdnli-
tics that foreclosure of first mortgage bonds ana
extension OF this debt TO the Government would oi ~.
unless prepared to for the Cen
tra Branch. Union Pacific, l,GoOuOO; Tor the u on
Pacific including Kansas Pacific. 900; for the
sioux Cy auI Plcnr. ~ 81 900. and for the Central
Pacic 900 to cover the debt and interest OF
The mortgage. which has priority over the Governments
Tho comm. tec submitted uumDrr OF tabuatcd state
monts exhibiting the present condition OF he finances
roads, which II appears tnit me approSl-
nate total annual payment from tho companies u me
Government under tue terms OF the act woGd DO $751;
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