The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-12
THE PACIFIC noAps.
Resolution introduced by Wr. Pcttf-
grew-The Compnnics' Proposition.

Resolution introduced by Mr.. Petit
grew-The Compnnics' Proposition.
WASHINGTON, Feb. H. Following is the
concurrent resolution regarding the PACING
railways, introduced By Senator Pettigrew:
Resolved, That the President is hereby
required to employ counsel for the purpose
OF bringing suit against the directors and
stockholders OF the Union and Central Pac-
fic railroads, who received the stock of said
roads without paying cash for the same:
and stockholders of said roads such sums of
money as were stolen BY them or diverted
or controverted to any unlawful purpose and
therefore not placed In the sinking fund as
required by law, and the President Is here
by authorized to pay to said attorneys the
sum OF 5 per cent. of ali sums recovered
from said directors or stockholders. The
Encouragement Is also to foreclose the
mortgage on the roads at the earliest pos
sble date. and to take steps to pay off the
prior encumbrances on said roads, and to
use the sinking fund for the purpose of as
certaining the amount of money belonging
to the Union Pacific and Central Pacific
roads that had been invested in branch lines
and the amount of bonds and stock of other
companies now the property of said roads,
and to take steps to secure the government
interest therein; TO ascertain The amount OF
land now the property OF said roads, and
recover the same and protect the govern
ent interest in connection herewith.
For the purpose of carrying out the pro-
visions of this resolution the sum OF 100000
is hereby appropriated out OF any money in
the treasury not otherwise appropriated
me House committee OH f'acliic IdlircduS
gave a hearing to-day to representatives OF
the companies. f. Eilery Anderson,
cever and government director of the Union
Pacific; a. A. II. Boissevain, who repre-
sents large foreign holdings of the same
company, and C. II. Tweed. of the Central
Pacific, presented the proposition of the cor
porations to settis the government debts by
the payment OF the principal thereon. an ar
rdngement by which the Union Pacific
would pay the United States about $4,000
O00. and the Central Pacific about SCI 600. COO
Representatives or large interests in New
York city have communicated with Chair
man Reilly. among them President Fitzger-
aid, OF the Mercantile Trust Company. and
J. Il. Morgan, member of the reorganiza-
ton committee, whose dispatches were read
to-day, asserting that d bill authorizing the
Secretary of the Treasury to accept cash
payment of the principal OF the Union Pacl-
tlc debt in full satisfaction OF all claims upon
II would be accepted and Carried out by the
company. The. proposition was formally
made by Mr.. Boissevain fol- the Union Paci-
fic to-day. Mr.. Anderson said that the re-
commital Of the Reilly bill by the House
10 give the executive branch OF the govern
ment any instructions as to the protection
or government interests, left the whole mat
ter In a very unsatisfactory condition. The
was not prepared To make the same propo-
sal In behalf OF that company, but said If
the parties who might advance the principal
or the debt could be protected by holding
vances the same terms could be carried out
by the Central Pacific Such security was
necessary, In his opinion, on account OF ex-
lien. The result OF such a plan, he argued.
wouio De 70 protect the government against
Its obligations to pay the currency skies.
The President to-day appointed J. II. Nell
director of the Union Pacific Railroad