The Providence news. (Providence [R.I.]) 1891-1906, 1897-01-08
Morgan Introduces Bill TO
Solve Problem.
Bitter Fight in the House
Over the Measure.
Monday Set for Vote on the Re-
funding BILL

Washington. Jan. 5.-The senate had
. long and busy session yesterday. pass
ing q number of bills on the calender.
including several amendments to the
law of navigation, and also the bill au-
thorizing the president TO reappoint To
the navy Commander Quackenbush,
whose case has occasioned much contro-
versy. Progress was Anade on the bill for
free homesteads on Indian lands. but a
final vote was not reached. Mr.. Platt
opposed the bill In a lengthy speech,
pointing out that II would cost the gov
ernment a loss Of many millions. 1t was
disclosed during the day that Represen-
tative-elect Edward r. Robins was the
author Of the letters f-om Havana read
ia the senate Wednesday. The other
Cuban development OF the day was "A
joint resolution offered by Mr.. Mills
fDem. Tex), declaring that the power OF
recognizing a new republic resides in
congress recognizing the independence
Of Cuba. and appropriatinS $4,000 for a
United States minister 10 the republic
OF Cuba. Mr.. Mills will speak on the res
olution next Monday. The senate ad-
journed until Monday.
Senator Morgan OF Alabama intro
settlement OF the Pacific railroad debts.
1t directs the appointment of board
OF trustees for the Union Pacific and
Central Pacific. and for the funding of
the debts of the roads. 1t authorizes
the secretary OF the treasury to issue
bonds OF the United States in such
amount as may be necessary for the re-
demption of the first mortgage bonds Of
the roads and in exchange for them
dollar for dollar. the bonds not to be
Otherwise sold. The bonds are to run
for 80 years, though II is to be optional
with the government whether they shall
be redeemed at any earlier or later date.
The bonds are not to exceed $1,000 in
denomination, and are to bear 3 per cent
interest. They are TO be payable to
bearer. the title to pass by delivery.
The secretary of the treasury is to
take immediate possession Of the lines
OF the road together with telegraph
lines. rolling stock and other property.
the roads TO be conducted as the prop
erty of. the United States by a board
OF trustees composed Of nine men. TO be
nominated by the president and con-
firmed by the senate. The office Of
Pacific railroad director Is to be abol-
ished. The bond provides for a sinking
fund OF l per cent per quarter OF the
bonds issued account OF the roads.
10 be Invested In government securities.
the fund to be used at the discretion os
tho secretary of the treasury for the
payment Of the Pacific bonds. 1t is pro-
yided that the Union Pacific and Cen
trail Pacific and their branches shall be
operated Jointly as one through line.
The amount OF stock is to be reduced
TO correspond with the value Of the
property. 1t Is expressly provided that
the United States shall not be respon-
sible for other than the bonded debts
OF the roads. No stockholder is to re-
ceive any dividend until the non bonded
debts are paid nor until the interest on
the bonds is paid. There is a declaration
that the property Is to be held In trust
to be administered for the benefit OF
creditors. to be restored TO the stock
holders when all the debts are paid.
Senator Morgan also reintroduced
with some notifications, his bill OF last
session, giving the court of appeals OF
the District Of Columbia jurisdiction
over suits brought by the United States
TO enforce its liens over these roads.
On motion of Mr.. Frye (Rep. Me- the
senate took up number of bills relating
to commerce and navigation. The house
bill TO amend the navigation laws was
passed with senate amendments. II
deals with the rules which govern vessel:
at sea and on the lakes and rivers. The
bill as passed lis a substitute for tho
house bill, but Is essentially the same
measure. IL provides for shipping com,
mission officers, for the shipment anc
discharge Of sailors; fixes ~ cubic feet al
the minimum space to be allowed eacl
seaman on a large veysel, and make;
minor changes in the regulation OF lights
signals. settlement OF seamen's estates
etc. The bill amending the laws relating
to American seamen occasioned lonl
and fruitless debate. which led Mr.. Per
kins TO characterize the talk as a TEN
pest in a teapot" whereat Mr. Hill pro
tested against calling the senate tea
pot" The bill was finally laid aside, ant
at $3.50 D. m. the senate held a brief exec
utive session, and soon adjourned unit
Monday
The Pacific railroad funding bill. whicl
Is considered the most important piec
,flegislation which will come before con
gress at this session. came up yester
day in the house under "a special order
which allows two days for debate unde
the five minute rule. with provision for
final vote on Monday next. There was
great deal OF interest in the measure
and the members gave all the speaker
very close attention. A huge map OF tn
roads, with their feeders. was hung on
frame erected In the area In front OF th
speakers rostrum. and served 10 illus
trate many OF the points made. Their
we're only four speakers yesterday. MI
Power (Rep. VIZ, the chairman OF th
Pacific Railroad committce. who opene
with an EXHAUSTIVE, fwo-hour argumen
In support OF the bill: Mr.. Hubbard (ReI
MOI, the minority member OF the com
inittee who has charge of the opposition
and Messrs. Grow tRep. Pa) and BE
(Dem Tex. }, who spoke respectively fo
aud against the measure.