St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-24
RETLLY2s NEW RILL o. X.
Minority Indorses the Committee
Report on Pacific Railway Debt.

Minority IndOrses the Committee
Report on Pacific Railway Debt.
WASHINGTON. Feb 23.-Chairman
Reilly today reported to the house the
bill recently agreed by the committee
regarding the Pacific railroad debt
The reports say that since the action
of the house regarding the original Dill
the committee has given the bill still
further consideration. While a major
ity of the committee are still of the
opinion that the original measure re-
ported was perhaps the best solution
looking to an adjustment of the affairs
of the government with the Pacific
railroads that could be attempted, the
action of the house and the apparent
necessity that some action should be
taken by congress at this session, has
given rise to other propositions of set
tlement which the committee has care
fully considered. Representatives OF
the various companies have apeared
before the committee since the action
of the house, and expressed their anX-
iety to have some legislation enacted
looking to the adjustment of this in
debtedness to the United States. The
their Indebtedness by payment of the
principal sum of the subsidy bonds
seemed, the report says. to meet with
some favor generally, but the commit
tee has not seen proper to assume
the proposition of favorabIy recon-
mending an adjustment upon such
terms which involved the remission of
one-half or more of the government
claim. From statements made by rep
reSentatiVes of the various companies,
and from the investigation made by
the committee, it is believed that the
provisions of the present bill can and
will be carried out by the companies,
and, if so. in view of the fact that it
will save the treasury from being COM
PEELED to pay out the large sum neces-
sary to discharge the subsidy bonds at
maturity, and that the payment of
balance of governments claim under
terms of this bill is insured, and con-
sidering the great interests involved in
these properties by United States citi-
zens and others in foreign countries,
and the Importance and necessity Of
attempting to secure some plan of ad-
iustnent. the committee report the
bill agreed upon for the consideration
of the house.
The committee points out the neces-
sity in any plan of adjustment of
making provision in some way for the
first mortgage debt, and says unless
some provision is made for the settle
ment of the first mortgage bonds tho
claim of the United States would be
placed in great jeopardy, as in the
event of default of payment fore
closure proceedings may be instituted.
In judgment of the committee the new
bill absolutely secures every dollar to
the government against the compa-
nies. yet the feature of the present bill
that commends itself is that the treas
ury will be relieved from the neces-
sity of paying out the large sum nee
essary to discharge the subsidy bonds
at maturity. Representative Boatner
submitted a minority report heartily
concurring in the recommendation of
the committee that the bill reported be
passed, but saying that he does not
concur in the view expressed by the
majority that the recommitted bill was
more advantageous to the government
than the one now proposed.