Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1896-05-07

legislative. executive and judicial ap
preparation bill WAS adopted. Tn.
bill was sent back to conference. The
house then resumed consideration Of
the Pickler general pension bill, Bart
lett, democrat, Of New York, speaking
In opposition.
Grosvenor, republican, Of Ohio in
dorsed the bill. He admitted the sec
ton granting pensions to confederate
soldiers who deserted or Joined the
union army ninety days before Apo.
mattox might lead to abuses, but be
argued there were several parts of the
south In which loyal union men were
forced into the confederate army.
Kerr criticised the action Of the ad.
mintstration regarding pension mat.
tiers. and said the crusade against old
soldiers has been designedly and with
generalization.
The minority report of the Pacific
railroad bill was submitted to the
house. 1t deals exhaustively with the
financial conditions of the companies
concerned in the proposed funoing
plan. 1t argues that the majority bill
should not be adopted, for three req.
sons:
First-The committee has not learn.
ed enough of the affairs of the debtor
companies to be able to tell the house
what is best to do.
Second-The companies made offers
a mi NIT 4 n 1>n,1 ~
eddy ready to concede terms very
much better for the government than
those embodied IN the bill.
Third-The propositions in the bill
are neither good nor safe for the gov
eminent.
Under the first head it is contended
that most of the parties who appeared
before the committee we're interested
in railroads; that every disinterested
voice advocated foreclosure proceed
ings, not with view that the govern.
ment should operate the roads, but to
protect the government as prelimin-
airy step. It is not considered whether
the government has lien on all the
assets under the Thurman act, either
in view of acceptance of that act by
the companies, or as matter of law.
The extent of the lien of the COVER
ment otherwise is ia much doubt.
The report compares the statement
of the Central Pacific earnings, made
by its attorney (Tweed,) with the
statement in POOr's annual from 1890
to 1894. In the first year Tweed's
statement was 1896, 900; Poor's &c, OOO,-
COO. In the last year, Tweed's was
S144, 600; Poor's s5,O0O,000 The report
declares there is no assurance the bill
will be carried out, because both COM
panies are insolvent and their under
takings are idle; that SO far as the
Union Pacific is concerned, it is an
option to the company's successors
unlimited in time and binding on the
government. Assuming that the sink
ing fund provided in the bill would
pay the Union Pacific debt in eighty
one years, the report asserts that the
company would pay S1OOO0O,O00 in
principal and interest, while under
the company's first offer it would have
paid in interest during the same time,
on $50, 100000 of per cent. bonds,
100000. The offer the committee
rejected is said to be $4,000. 600 bet
ter than the bill under which it is held
the Union Pacific company will prac-
tically never pay the government a
dollar in money.
The report concludes that the secre.
tary of the interior, having held that
the government claim is good and
should not be discounted over 20 per.
cent, the attorney general, assisted
by Governor Hoadley, having drawn a
bill to determine the government lien,
which bill is supported by Brice and
Morgan, when the government direct
ors have said that the roads are worth
much more united, ohave plan to
unite them. and assure congress that
capital is waiting to bid for the prop
erty in that shape, it would be unwise
to pass bill which declares the gov
eminent lien to be limited when the
Thurman act said it should not be.
The bankruptcy bill was under dis
cussion in the house, and Bailey Of
Texas gave notice that he would offer
q substitute bill.
Culberson, of Texas, ex-chalrman of
the judiciary committee who has
always heretofore fought every bank
ruptcy bill containing an involuntary
system says that he would vote for
the pendinf measure. He extolled the
bill as the best ever presented to con-
grese. Culberson's remarks we're
loudly applauded by the friends of
the measure.
The speakers were Daniels, repub-
lican of New York, Ray, repu blican OF
New York, Burton, republican OF
Missouri and Culberson, democrat of
Texas in support of the bill and
Stride, republican of Nebraska, Terry,
republican Of Arkansas and Bailey,
democrat of Texas, in favor Of the
voluntary system, and Graf, repub-
lican of Illinois, DeArmond, democrat
Of Missouri, Bell, populist, Of Gallo
RADIO, and Tracey, republican OF Mis-
sou1i, against any bankruptcy laws.
Nebraska Democratic Conven tion.
LINCOLN, Neb. -[Special.] The sill
YER element Of the democratic party
NJ Nebraska held their state c0nven