The herald., 1897-01-08
IN THE HOUSE.
The Funding Bill Argued, but No Ac-
= ton Taken.


WASHINGTON. Jan. 7.--Despite the
fact that the house today entered upon
the consideration of the Pacific rail-
road funding bill, the attendance on the
floor was not large. Great interest, how
ever, was manifested by those present
Maps showing the routes of the Pacific
roads, erecteS in the area in front of
the speakers roStrum, We're frequently
referred to by the speakers. Under the
spcial order adopted before the holiday
recess. the debate will continue until
Saturday evening and the voting take
place on Monday.
Before the debate began a bill was
passed to amend the act providing for
civil government in Alaska, so as to
create a surveyor general at $4,000 year
to perform the duties of register and
receiver general of the land office at
Stka.
The resignation of Governor Slack OF
New York as a member Of the house
was read.
Under the special order the house
went into the committee of the whole,
Payne of New York in the chair and
took up the funding bill.
Representative Powers made a long
speech, thoroughly reviewing the situ-
TO question whether he regarded the
bill as a judicious ard proper arrange
ment, he replied in the decided affirm
ative. The government, he said, must
act If not it would have TO pay over
S62 000,0 600 first mortgage, and would
get an inside road" without terminals
The property would be at the mercy Of
the owners of the terminals. If the pres
ent bill passed the government would
get it's money out of the road, and if
obliged eventually to take it, would get
a railroad, and not part of one. The
committees bill squeezed the roads to
the last cent. The question was Wheth-
er the government should undertake to
collect it's debts or throw them away.
Hubbard led off for the opposition,
and, like Powers, he plunged into tho
business aspects of the question. He
asserted that companies who We're Will
ing to concede better terms than the
bill offered were neither good nor q safe
settlement to the government The com
nittee he claimed, had rejected the bill
of S4S, 600. 1t was better for the gov
ernment than the present one He dis
cuSsed several propositions the road
had made to prove his assertion.
The government was to take first
mortgage to assure the payment Of the
bonds granted. But even with this aid
granted by the act of 1862 the proprie-
tors were unable to go ahead and TO
permit them to raise money. Congress,
at their solicitation. in 1864 allowed them
to place first mortgage under the gov
ernnlent's len. and to an equal amount.
He reviewed the difficulties that beset
the projectors as to the eastern termin-
us owing TO the competition of the sew
eral cities, and how it was settled ever
tualy by the construction Of branch
lines. The supreme court had decided
that the governments second mortgage
rested only upon that portion Of the road
actually ai1ed. He sketched the great
hardghips involved in the consuinma-
lion Of the work and the bountiful
fruits which flowed to the American
people from opening the continent to
civilization. IT strung towns along its
lire like bea0s; it made the states of
the west If TIE government should lose
every collar Of the debt of these roads
it could credit Itself and the American
people with ten times rs much In dollars
and cents as they aggre gated.
Proceeding, he explained the dement's
which reduced the estimated earnings
Of theS roads anade it unlikely that
they could meet the bonds when they
became due. The governments interest
in 1882 WAS estimated at So 500 600 At
that time the army and navy transpor-