The Caucasian. (Clinton, N.C.) 188?-1913, 1897-01-14
FUNDING BILL BEATEN.
Victory of Opposition Was Very DE cisive-
Majority of &C Votes Az ainst 1t.

Victory of Opposition Was Very DE ci.ive-
Majority off Votes Against It.
The fate of the Pacific Railroad
funding bill, wh3sh was debated three
days in the House last week has been
brought up and the measure
with the lending amendments. will
cou!e to a vote under the special order
under which the House is proceeding.
The bill Involves the settlement of the
$ll2,000,Hco OF Indebtedness of the
Union Pacific and Central Pacific on
the basis Of an extension of over
eighty years, at per cent, with an
annual extingui >hment payment on
the principal at the rate Of $3.50 900 for
she first ten years, $3.50 600 for the
tecOnd ten years, and $75O0O0 for the
remaining years.
1t involves. as the alternative of its
defeat the probable immediate fore
closure of the governments lien and
the sale OF the property. it Is the
elimination of the struggle which has
gone on in Congress for dozen years
to secure some sort of an adjustmen Mt
of the Pacific Railroad Indebtedness
on the basis of an extension, as it has
been apparent for long period that
the roads would default when the
bonds matured. The interests at stake
are gigantic. and the friends Of the
bill are straining every nerve. The
opponents of the measure are also &C
! tive, and the result is awaited with in
tense interest. Each side are claim
ing it would be victorious to-day
Both sides have made polls of the
members, upon which they predict
their claims.
Before the final vote is taken on the
bill the Bell and Harrison substitutes
both of which are pending, will be
voted upon. The former provides thai
if the Union Pacific and Central Pa.
cilic will discharge the first mortgage
Indebtedness of 61,000,OOO, so as te
advance the governments lien to s
first mortgage, the government will
agree to an extension of the debt at {
low rate of interest. The Harrison
substitute provides for the creation O
commission consisting of the Score
tary of the Treasury, the Secretary O
the Interior, and the Attorney Genera
for the settlement of the debt. on
basis fair to the roads and just to thu
government.
After the funding bill is disposed O
the House will proceed with the con
sideration of appropriation bills unit
Saturday, which will be given up t,
eulogies on the life and character AM
public services of the late ex-Speake
Crisp. The Indian and military ap
preparation bills are on the calender
aud before these are disposed of tn
J agricultural bill will be brought in.
The course of the Senate this wee
will depend largely upon whether tn
| Pacific Railroad funding bill passe
the House and whether Senator Cam
eron will call up his Cuban resolution:
Mr.. CamerOn's friends expect that b
r will be in his seat this week and tina
when he returns he will indicate hi
desire as to the resolutions of tn
! Cuban question. If he decides to pres
the resolutions there will be a deter
mined effort to aid him in this diree
ton; but in any event there are likel
to be few speeches on Cuba. Senate
: Mills has announced his purpose t
address the Senate on this questio
e Monday and it is understood that Ser
ator Davis is purposing a Cuba
e speech. :
o The Pettigrew free homestead bill
8 expected to reach vote not late
& Tuesday, and it is to be followed
the Pacific Railroad bill if the latt,
passes the House.
Senator Cullom, who will hay
!, charge Of the legislative, executiv
Il and judicial appropriation bill, sal
last week that he expected to be az
to report that measure by the midd
of next week and that he would a.
y the Senate to consider it as soon
:. reported.
!, WASHINGTON, D. c., Jan. 12.-Nev
was there more quiet at the beginnir
'e of the rOll-call in the House ths
&c when the final vote on the Pacific raj
~ road funding bill was taken. MeI
y. Ders dropped into their seats and f
8 the time being forgot to CONVEX
=: with their neighbOrs. Intensity
- interest was depicted on every fac
When the rOll-call was ended, and
was known that the bill was reject
&c by majority, the friends of the mes
u ure who had predicted its passage
H. to the last moment, were surprised
IN the decisive character of their defe
They had been led to hope from t
votes on the substitutes that the b
had more than an even chance of ps
- sage.
The Bell substitute provided that
y; the Union Pacific and Central Paci
2o would clear off the first mortgage a
- advance the governments lien t
'o government would extend the indie
edness at 3 per cent. 1t was defeat
lilo to 158. The Harrison substit,
nd provided for a commission to nego
he ate settlement of the debt. 1t v
rejected by the House by vote of
- RI Oh Nonv If tho morn hnps xra.o