Democratic Sentinel, Volume 9, Number 46, Rensselaer, Jasper County, 18 December 1885 — LAND-GRANT ROADS. [ARTICLE]

LAND-GRANT ROADS.

Points from the Annual Report of tli« Commissioner of Railroads. The report of tho Commissioner of Railroads shows that tho sinking funds of the Union and Central Pacific Railroad Companies, held by the Treasurer of the United States under the act of May 7, 1878, amounted to $8,500,897. On June 80, 1885,the Union Pacific hud to its credit $5,523,343, and the Central Pacific $3,038,403. Tho premiums paid on account of investments for the Union Pacific amounted to 8800,791, while the interest on its sinking-fund investments amounted to $210,558. In tho seven yeurs since 1878 only the sum of $8,500,807 lias boon paid into tho sinking fund, which has produced in interest but $437,524. This proves, in the Commissioner’s opinion, that tho law of 1878 can not accomplish the object intended, that of furnishing a sum sufficient to pay debts due from the Pacific Railroad Companies to the United States. It is therefore suggested that it might be alike advantageous to the Government and to the companies to substitute for the present law one fixing an annual or semi-annual payment by the companies concerned, which should extinguish their debts to the Government in a reasonable timo as proposed by the two bills introduced in the Senate last year by Senator Hoar.

The total debt of the railroad companies on Jan. 30, 1885, was $131,000,420, made up as follows; Union Pacific (including Kansas Pacific) : Principal $33,539,512 Accrued interest 35,111,924 Total debt $08,651,438' Central Pacific (including Western Pacific): Principal $27,855,080 Accrued interest 28,463,485 Total debt $00,310,165 Sioux City and PacificPrincipal 1,028,320 Accrued interest 1,059,025 Total $3,288,095 Central branch, Union Pacific— Principal 1,061,000 Accrued interest 1,741,800 Total 83,341,818 Tho total credits were $28,273,001, made up as follows: Union Pacific $8,830,288 Sioux City and Pacific 178,659 Central branch, Union Pacific 2,286,073 The balance in favor of the United States, but not due until maturity of tho principal, is $102,627,425, made up as follows: Due from Union Pacific $48,914,056 Prom Contral Pacific 44,488,877 From Sioux City and Pacific 43,10!),356 From Central branch, Union Pacific... 8,115,134 The excess of interest paid by the United States after crediting tho amounts reimbursed by the, several companies was as follows : Paid on account of Union Pacific, $35,116,924; on account of Central Pacific, 28,403,485; on account of Sioux City and Pacific, $1,659,695; on account of Central Branch Union Pacific, $1,741,890; total, $60,976,912, which, after deducting credits, leaves the excess of interest paid by the United States, $34,005,911. The Commissioner criticises the mode of keeping the accounts of the Kansas Pacific Railroad Company, saying that thoy do not give any approximation to the actual net earnings of its “unaided" part, 5 per cent, of which is due to the Government, and that tho Government has been receiving far less than its duo. The Commissioner points to tho fact that more than $2,1,000,000 credited to the Pacific roods now lies idle in the Treasury, a judicious investment of which would bo of groat benefit to those concerned. Ho tiiere/oro recommends that the attention of Congress be called to tho matter. He also suggests that tho Kansas Pacific, fcioux City aad Pacific, and Centra!, bronchia of the Union Pacific be included in the previsions of the law of Mny 7, 1878, creating sinking iundß for the Pa- ' cific roads.

Any young man who keeps philandering after the girls for mouths together, without coming to the point, ought to be summarily dealt with.