The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-02-03
treasury of the roads during the last 30

treasury of the roads during the last %
years.
A long controversy followed over the
question whether the bill would extinguish
the debt in 80 years.
Reilly, standing close to Breckinridge'
was so emphatic in his gesticulations that
some of the members crowded about anu
the galleries craned their necks thinking
they we're to witness a repetition of the
Notwithstanding row of yesterday. At
this point an attempt was made to stop
the debate until Monday or Tuesday.
The leaders of both sides reed that it
was necessary to an intelligent under
standing of the bill, but Lane, democrat,
of Illinois objected. and Lockwood, demo
crat. of New York demanded the regular
order.
Mcguire accordingly proceeded, devot-
ing most OF his time to n discussion of the
alleged frauds by which he claimed Hunt
ington, Crocker, Stanford and Hopkins.
as directors, turned over to themselves as
stockholders $50, 900 profits. The time
was at hand when these men, or their es-
tates. could be reached. Fifteen millions
of Hunungton's money and Sl6,OOO,OOO OF
the estate of Leland Stanford could DO Sc
cured. Fifteen millions of Leland Stan
fords estate were now tied up TO satisfy
statutory obligation. Tho main object OF
this bill was to release the property by the
operation of law.
Weadock, democrat, of Michigan, in
reply. reiterated the assertion that the
bill reserved all rights and remedies
against the big Four" Tho bill, he
said, presented reasonable and business
like method of collecting the debt due
| from the roads.
Mr.. Terry offered an amendment re-
duiring the holders of first mortgage
bonds to wave their priority in favor OF
the United States when the companies
| made provision for the payment of the
first bonds as required before tho COM
| panies shall nave benefit of tho act.
| Reilly denied the assertion that the
amount of payments by the Reilly bill
had not an equal interest on the debt for
| 50 years at per cent.
| Beltzhoover replied that the effect of tho
bill was to extend the debt so years at >
per cent. and release the corporations
from paying the principal.
Lacey offered an amendment to that OF
Terry requiring the written consent OF
the holders OF the first mortgage bonds TO
conditions imposed by the government.
swanson called attention TO the fact
that the stock of the Union Pacific had
risen $1.50 n share since the debate began,
on the prospect of the passage of this bill.
The third and fourth mortgage indebted
ness also had value, yet 1t was admitted
the stock would not be worth n farthing
if tho governments mortgage was fore
closed Tho amendments of Lacey and
Terry were lost.
| Hudson, KANSAS, said il this bill
passed, this congress would go down e
history as the "boodlen congress, in
influenced by corporations and under tho
domination of the money kings.
Cannon favored the bill because
offered $4,000. 900 guarantee that the roa'
would live up to it's conditions.
Mcguire presented the concurrent reso
luton, protesting against tho passage o
the funding bill adopted by the California
legislature.
Hepburn challenged tho good faith o
the California people. He produced
telegram sent by Mayor Sutro OF Sal
Francisco, to the president which SAT-
that history would record Cleveland n
the great bencfactor of the human rae
, if he would send special message to con
gross recommending the foreclosure o
the Pacific railway mortgages. The Ia
cific coast, Hepburn contended, oppose
|
, Mcguire offered an amendment to No
RAGS motion excluding the Central Pa
: cifc from the operation of the act. Tha
! road should. he said, not be included /
, any scheme with the Union Pacific. Th
|, Central Pacific was California corpor;
a ton. The charter expired in 1871. 1t wa
!. leased to the Southern Pacific for 99year
: For these reasons compliance by the Gel
!, tral Pacific with the conditions OF tho bi
/ was out of the question.
Reilly, in charge of tho bill, occupie
the last five minutes in summing up Il
a arguments in favor OF tho measure.
I Boatner sought to have his substitu
i considered, when the house rose und
agreement with Reilly, but HepbuI
raised a point Of order and ho was cut o.
but the committee OF the whole, at i :
rose with the amendments of Mcliae al
g Mcguire pending.
The vote was first taken on that OF NJ
e guire to exclude from tho operation OF &
y bin the Central Pacific road. Ii was lo'
Il 81 to 126. That of McRae TO prevent q
E. payment of dividends TO stockholders
IS long as the governments debt remains
Ie undischarged was carried.
10 Boatuer then moved resolution to
commit it, The resolution cited the IA
% that the opportunity had not been give
10 to amend l. of the Is sections.
i. Turner then moved an amendment
e. Boatner's motion to recommit with
II structious to report back the bill authc
Or izIng the secretary of the treasury
accept S75.OO.OOO If paid within
e. months. IN full payment OF the debt d
re the government from tho Union a
es Central Pacific roads.
DR. HOVAS w .lPPED.