The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-08
They Are Haunted. However. by q
Are Playing n Bunco Game.
DEBATE BEGUN In THE HOUSE
POWERS CONFIDENT THE
MEASURE WILL BE PASSED.
Majority of the Indiana Delegation in
Favor Of Ex-senator wilIs's Late
est Cuban Resolution.
Special to the indianapolis Journal.

Special TO the Indianapolis Journal.
WASHINGTON. Jan. THE House to-
day took up the Pacific Railroad funding
bill and il was discussed at length. A can
vass of the Indiana delegation reveals
majority OF members Ia favor Of the bill.
the view being taken that as a business
proposition an extension of grace for the
payment of the companies indebtedness TO
the government is the only reasonable
way out. Chairman Powers. who has the
bill in charge. says it will pass by forty
majority Messrs. Hepburn, OF Missouri.
and Mcguire. OF California, who head the
opposition, boast they have it beaten by a
substantial vote. No two OF the half dozen
canvasses taken agree.
An apparently formidable lobby is at
work in favor of the bin and these parlia-
mentary agents are very industrious in
their efforts to secure votes. They are
haunted, however by a suspicion that they
are victims of a bunco game and az they
are working almost wholly on contingent
fees, payable only IN the event OF the pas
sage of the BILL they very anxious To
know whether the companies really want
the measure TO become law. They have
heard a great deal about the secret desires
of the men who are behind the scenes to
have the funding proposition defeated.
while appearing 10 work very hard for its
passage and they anxiously inquire for in
formation the subject from every one
they think can give them light. They are
confronted with the fear that they be-
ing made fools of in this matter, and that
the men who are employing them are
laughing up their sleeves at the position in
which they are placed-that is. working for
bill foreordained to defeat and struggling
for fees they can never get
Representative Faris. of Indiana, will
| speak tomorrow I'm support of the bill. He
| will make a lawyers speech treating the
subject largely rom legal standpoint and
making deductions therefrom going to
| prove that the interests of the people will
be best served by granting the extension
| asked. the other alternative presented be-
| ing foreclosure and governmental owner
ship and control. The latter prospect is
viewed by AIR. Faris with horror.
VOTE TO BE TAKEN MONDAY.
| The bill, which is considered the most
| important piece of legislation that will
| come before Congress at this session came
up under a special order which allows two
| days for general debate and one day for
amendments and debate under the five
minute rule with provision for a final vote
|
OF interest in the measure and the men,
bers gave all the speakers very close at
tention. A huge map of the roads with
| their feeders was hung on a frame erected
| i'm the area in front of the speakers ros-
| trum and served TO illustrate many of the
| points made. There were only four speak
| eTs to-day. Mr.. Powers fRep.. Nermont).
| the chairman OF the Pacific Railroad COM
mittee; VINO opened with an exhaustive ',,
| Mr.. Hubbard (Rep.. Missouri, the minority
member of the committee. who has charge
! Pennsylvania) and Bell Dem., Texas. who
spoke. respectively. for and against the
! measure
| In his argument Mr. Powers gave an ex-
haustive history of the Pacific roads. He
| described the necessity which existed in the
| early Cos for transcontinental railroad:
| the difficulties which beset the undertaking
| at a time when the South was ablaze with
red war, the hopelessness of private capital
| being able TO accomplish anything without
! government aid and the determination OF
the government TO back the hazardous en-
| terprise by large grants of lands and by
| guaranteeing the bonds of the road up to
s1e.0 per mile far the Sierras. and
So. 600 for the distance across the noun
| tainS. The government was TO take first
mortgage to insure the repayment OF the
bonds granted. But with this aid
granted by the act OF 1867, the projectors
were unable to go ahead. and 10 permit
them TO raise money. Congress. at their
licitation. in 1864 allowed them to place a
first mortgage under the governments lien
and of an equal amount. He reviewed the
difficulties which beset the projectors to
the eastern terminus owing TO the compe-
tition of the several cities and how II was
settled eventually by the construction OF
branch lines. The Supreme Court had de-
cided that the governments second mort
ga ge now rested only upon that portion OF
ths roads actually aided. He sketched the
great hardships involved in the consumma-
ton of the work and the bountiful fruits
which flowed to the Amer can people from
opening the continent 10 civilization. IL
strung towns along its line like beads: IL
| ,f . flae
ernment should lose every dollar OF the
debts of these roads IL could credit itself
and the American people with ten times as
much i'm dollars and cents as they aggre-
gated.
PROVISIONS OF THE BILL
| The plan whicn the Pacific Railroad Com
pany proposed. he said. was TO extinguish
the remaining debts of these companies by
| periodical payments. with interest on the
deferred payments at per cent. These
debts the bill provided should be secured
by second mortgages made by the COM
panies which shall embrace not only sub
sidized parts OF the roads on which the
government now has second lien. but also
| all their branches terminals lands and
| equipments TO which the lien OF the gov
| ernment does not now extend. The bill
| provides for the issue Of the company-s
bonds for the governments balance OF Sllz.-
600 600 at per cent ard for annual pay
ments by each company on account OF
|, | principal $363.U0e annually Tor ten years,
| $50 600 for ten years and the balance at
| the rate of $4,000 annually.
To a question whether he regarded the
bill as a judicous and proper arrangement
. | Mr. Powers replied with decided affirma-
, | tive The government. he said. must act.
| III II took the road IL would have TO pay
off over s6l 900 600 OF first mortgage and
; would get only an inside road without
| terminals The property would De at the
, | mercy OF the owners OF the terminals. IL
. | the present bill passed the government
! | would get its money out OF the roads and.
, II Obliged eventually. TO take H. would get
| a railroad and not part OF one The COM
mittee bill squeezed the roads TO the last
cent The question was whether the gov
ernnent should undertake TO collect It's
debts or throw them away and not one OF
a tight between Huntington and SutrO.
MIR Hubbard led of for opposition and.
? like Mr. Powers. plunged at once into the
business aspects of the question. lie as
serted that the company was willing TO
cCncede better terms than the committee =
: biIl and that the bin offered neither a
, gcod nor a safe settlement for the govern
ment The committee. he claimed. had re-
iected A bill 100000 better for the gov
eminent than the present one and he Went
elahOratey into several propositions the
road had made 10 prove his assertiNnS
Mr. Bell a member OF the Pacinc Rail-
road committee. then took the iloor. also
In antagonism TO the measure. lie oegI