The morning call., 1893-01-05

A New. Pacific Railroad
Commission.
FAVORED. BY MR.. HUNTINGTON
Five Good Positions Will Be Created,
and So 1t Is Expected to Capture
the Senators.
Special to THE MORNING CALL

WASHINGTON, Jan. 4-rhe first step to-
ward postpOTing the payment of the debts
due the Government. from the bond-aided
Pacific railroads was taken to-day, when a
bill was introduced in the Senate by Frye
Of Maine to provide for the appointment of
commission to deal with the roads.
1t was expected that the Senate Commit.
tee on Commerce would report the bill.
further extending the time of payment TO
100 years, but tie friends of the Pacific
roads. anticipating that there would be
very sireng opposition to this plan in the
House are now in favor Of the measure in
troduced to-day. The author of the bill has
always taken good deal of interest in legs-
lation of this character, and has always
seemed more friendly to the interests Of
Mr.. Huntington than have some of the other
Senators. Ii is therefore fair to presume
that he bin introduced to-day meets with
the approval of the three Pacific railroads
affected by il, VIZ: the Central branch.
Union Pacific; the Kansas branch. Union
Pacific the Central Pacific and the Sioux
City and Pacific.
Mr.. Boyd, one of the Southern Pac ifc's
Washington attorneys. says that nobody
ought to take exception to bill 10 appoint
q Government commission, composed Of
representative men from the three political
parties.
The full text OF Senator FIye's bill is as
follows:
Five United States Commissioners are to
be appointed. Their salary is to be $4,000
per year, travelling expenses. board bills
and contin gent expenses. They are to have
power to-examinee the books and papers of
the Pacific roads, and may employ experts
if necessary. Tho commission at all times
is to be under the control of the President
Of the United States. The terms Of Office
Of the Commissioners shall be for one year,
unless further extended by the Presi-
dent, and in no event shall their
terms be extended beyond two years
without further legislation by Con-
gress. Two of the Commissioners shall
be appointed from the Republican party.
two from The Democratic and one from the
Peoples party. They shall enter upon the
discharge Of their duties within ninety days
after the appointment, and shall devote
their entire tine 10 the work until it is
completed or until their terms Of Office shall
have expired. The expense of this COM
mission is TO be borne jointly by the rail-
roads, share and share alike, each company
paying such proportion of the total expense
as its share Of the Indebtedness TO the Gov
Pdness OF the three roads named in the act
The commission is authorized to and shall
ascertain the amount Of the principal
and interest due or TO become due to the
United States Government from the rail-
road companies that have received aid from
the Government in bonds, and when they
shall have asceTtalned the amount due from
each they shall make an agreement with
The companies and on behalf Of the United
States adjust and extend the same upon
such terms as TO time, rate Of interest and
security as they may in their judgment
deem equitable and Just, having due regard
for the interests Of the Government, the
financial ability Of the railroad companies
and to the conduct of their business in such
q manner as shall afford sufficient service to
the public without imposing such burdens
upon the people. and particularly upon the
localities through which the roads pass. as
30 reiar6 the developments Of the country.
The intention Of the act is to give the
commission complete authority TO settle
with the companies named. and TO refund
and extend their debts to the Government
subject only to the approval of the Secretary
Of the Interior and the President Of the
United States. provided. that all the ex-
listing rights Of the Government are to be
this act until its terms have been fully COM
Piled with by the railroad companies shall
be held to deny exclude or impair any right
or remedy in the premises now existing in
favor Of the Government"
In the event that the railroad companies
fail to comply with the terms of settlement
under the provisions Of this act, the rights
Of the Government may be enforced under
existing laws, as if this act had not passed.
The Commissioners, or a majority OF them.
shall have power TO compel the attendance
and testimony Of witnesses and the pro-
duetiOn OF books, papers. contracts and such
other documents as In their judgment are
needed, and to administer osths, and TO this
end they may invoke aid of the United
States courts. The acts OF the majority
are to be considered as the acts
Of the whole commission. All the money,
bonds, notes, mortgages, OF other securities,
real personal. or mixed. by the conditions
of any settlement under this net are to lie
paid by the railroad companies in liquida-
ton Of their debts to the United States to
the Secretary Of the Treasury who shall
receive and receipt for the same. keeping a
proper and accurate account of the same In
books procured for that purpose.
The act appropriates money to carry out
It's provisions. IL VIII De n0tleed that the
salaries Of the Commissioners are higher
than usual, These appointments therefore
will be much coveted, and the creation of
five STAT" Government jobs is expected TO
furnish an inducement to Senators and Rep
Iesen tatives who wish good places for them
selves or their friends.
NEW YORK, Jan. from WaIl-street
circles comes an interview with A. Ii.
BosseFain, representative Of foreign hold
ers of the Union Pacific Company. he says
there will be cash surplus at the end of
The year Of fully 81 10000 after the pay
ment of all the LIST of January coupons ann
the sinking fund. As an Indication of the
feeling abroad toward the Union Pacific.
BOssevain stated lie marketed 81, 504, $50 of
branch line bonds. chiefly in London and
Amsterdam. The upward movement of the
Union Pacific to-day was assisted by advices
from Washington. where Senator Frye in
troduced bill providing for the settlement
OF the indebtedness of the Pacific railroads
10 the Government.
COAST GnGCID