Rensselaer Republican, Volume 20, Number 18, Rensselaer, Jasper County, 5 January 1888 — THE PACIFIC ROADS. [ARTICLE]

THE PACIFIC ROADS.

Hcommendationß of Committee <rfTi>«>>lry —Mejority and Minority fteparti. ’ The following is a synopsis o! the reports on the Pacific roads, which will be submitted to Congress. The majority report recommends: That the time of payment of the debt due the Government be extended for fifty years, but that the road shall execute a forma! mortgage to the Government, which new has only p statutory lien; that the debt be funded at 3 per cent, per annum, pa/able semiannually directly into the United States Treasury, but that the roads shall have the privilege of taking up any part of the debt in advance; that the President shall be empowered to appoint one trustee .xfid -the roads another, who shall have control of the investment of the sinking fund and other matters; that the roads shall provide for a sinking fund'of 1 per c eenV annually upon the t,Qtal amonnt of- the debt to the Government for ten years, and that the trustees shall then provide for the proper per centum of payments to the sinking fund so that the debts shall be paid by it at maturity; that the boards of directors of the two roads shall consent and agree that the law department of, the United States shall be vested with power to bring any suit, criminal or civil, in behalf of the roads. ' The minority report of Commissiqpbr Pattison is radically different frorq that of his associates in respect to-WA recommendations for action Of Congress. His report begins with fi- sweeping arraignment Of former officers of the Union Pacific and the present management of the Central Pacific, whose malfeasances, diversion of the money belonging to the stockholders of the roads and deliberately fraudulent appropriation of Government bonds, are pointed out. He says'that it is now not a question of payulent of debt to the Government, but of punishment of; these criminals. He recommends, as a preliminary step, z tbet yffe Goverpqaeny shall institute suit ' in Jme courts tfr" have the bftth roads forfeited, and for the appoint/ment of a receiver. He suggests that the the forfeiture of charter, shall be offered for sale, and h£Heyes that they will be bought M by I Stockholders- The minority report is not accompanied by a bill for Cpfigress.