The herald., 1897-01-11
ONLY TWO ALTERNATIVES
Refundipg or Foreclosure Of the Gov,
ernment Liens
More Than q Hundred Million Dollars b
Involved
Action in the Senate Will Depend on the
Disposition of the Railroad Bill
by the House-The Gu
ban Question.

Associated Press Special Wire
WASHINGTON, Jan. 10.-The fate OF
| the Pacific railroad funding bill, which
| was debated three days in the house last
week, will be called tomorrow, when
the measure with the pending amend
ments, will come to vote under the
special order under which the house Is
proceeding. The bill involves the set
tlement of the 112 2000, 900 of Indebtedness
of the Union Pacific and Central Pacific
on the basis of an extension of over 80
years at 2 per cent, with an annual ex-
tinguishment payment on the principal
at the rate of S365,000 for the first ten
years, $5S0000 for the second ten years.
and $75e,O00 for the remaining years. It
involves as the alternative of its de-
feat the probable immediate foreclos-
ure Of the governments liens and the
sale of the property. 1t is the culmina-
| ton of the struggle which has gone on
in congress for a dozen years to secure
some sort of an adjustment 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 active, and the result is await
| ed with intense interest. Each side to-
night claims that it will be victorious
tomorrow. Both sides have made polls
Of the members, upon which they base
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
that if the Union and Central Pa
cific will discharge the first mortgage
indebtedness of $61, ,OO0, 900, so as to adj
vance the governments lien to a mort
gage, the government will agree to an
extension of the debt at low rate OF
interest.
The Harrison substitute provides for
the creation of a committee, consisting
of the secretary of the treasury, secre-
tary of the interior and attorney general,
for the settlement of the debt on basis
fair to the roads and just to the people.
After the funding bill Is disposed OF
the house will proceed with the consid-
Grafton of the appropriation bills until
Saturday, which will be given up to
eulogies on the life and character and
public services of ex-Speaker Crisp.
The Indian and military appropriation
they are disposed of the agricultural
bill will be brought up.
IN THE SENATE.
The course of the senate this week
will depend largely upon whether the
Pacific railroads funding bill passes~the
house, and whether Senator Cameron
will call up his Cuban resolutions. Mr..
Cameron's friends expect that he will
be in his seat Monday, and that when
he returns he will Indicate his desire
as to the resolutions on the Cuban ques-
ton. If he decides to press the resolu-
tions there will be determined effort
to aid him in this direction, but in any
event there are likely to be a few speech
es on Cuba. Senator Mills has announced
his purpose to address the senate on
the question tomorrow. and it is under
stood that Senator Davis is preparing
a Cuban speech.
The Pettigrew free homestead bill
is expected to reach vote on Monday
or Tuesday, and it is to be followed by
the Pacific railroad bill If the latter
passes the house.
Senator Colium, who will have charge
of the legislative. executive and judicial
appropriation bill. said today he ex-
pected to be able to report that measure
by the middle of the week, and that he
would ask the senate to consider it as
soon as reported.