Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1889-05-11

enforced, while Section of the Act, which
Is the only remaining section. provided for
the manner of investment of the sinking
funds accumulated in the Treasury under
the Thurman Act.
In pursuance of this Act the Commission
was appointed and the investigation made,
and on the 18th of January. 1885, the Pres
ident of the United States, in q message to
Congress of that date, transmitted the re-
port OF this Commission, and also the re-
port of the minority Commissioner, the
three Commissioners having been unable
to agree as to the manner in which these
railroads should be treated respecting their
Indebtedness TO the United States, or TO
unite upon the plan best calculated to se-
cure the payment of such indebtedness.
These two reports. and the accompany
ing message of The President, became the
bases OF further action by Congress looking
TO the accomplishment of the great purpose
indicated, namely, The ascertainment of the
present raiue of the Indebtedness of these
companies severally included in this legis-
lation and in these reports, the funding Of
the same, and the creation of such means
as would result in its security and ultimate
payment. The initiatory step in this pro-
ceeding was taken in the Senate on the 18th
day of January, 1888, by the raising of Sc
lect committee of this body, composed of
five Senators, and which, on January %,
1888, was increased to seven.
In pursuance of this order of the Senate,
the following named Senators were
designated: Messrs. Frye Chairman J,
Dawes, Hiscock, Davis, Morgan, Butler and
Hearst, and to which select committee the
message OF the President and accompany
ing reports were committed.
This committee, it will be observed, was
not raised for the purpose of considering
simply the Indebtedness of the Union Paci-
tic Railroad Company, was not raised for
the purpose simply OF considering the in
debtedness of the Union Pacific Railroad
Company and its branches. but it was
raised, as the record shows, for the purpose
of considering this whole subject and re.
porting upon it.
This special committee subsequently, en-
tered upon their work, and on the 31st day
of July, 1888, to the surprise of many, re-
ported to the Senate bill with an accom-
pauying report which bill provided for the
ascertainment of the value of the indebted
ness of the Union Pacific and its branches
the Kansas Pacific Railroad Company, and
the Central Branch Pacific Railroad Com
pany only, but did not include or make any
reference to the Central Pacific.
That was omitted entirely. The com.
pany representing the company and its
branches that is indebted to the Govern
ment in sum nearly equal in amount to
that of the company that the committee
has dealt with has been silently, for some
reason, ignored; and not only that, but
seven long months have transpired since
this select committee made its report with
reference to the Union Pacific and its
branches, and yet it makes no sign what
ever in reference to the other great contro-
versy in which the Government of the
United States is so largely interested
Following is statement of the bonds
issued to these companies:
To Central Pacific ...............,...S 25 SS5 100
To Western Pacific. 1870, $50