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3554 1 (1896)

handle is hein.usccsset/usconset32998 and id is 1 raw text is: 

54TH  CoNGREss,   HOUSE OF REPRESENTATIVES. I REPT 1497,
   ,d Session.                                           Part  3.




                     PACIFIC RAILROADS.


DECEMBER 11, 1896.-Committed to the Committee of the Whole House on the state
                  of the Union and ordered to be printed.


Mr.BELL,  of Texas, from the Committee on Pacific Railroads, submit-
                        ted the following as the

               VIEWS OF THE MINORITY.
                      [To accompany H. R. 8189.j
  The undersigned  a member of the Committee on Pacific Railroads is
unable to join the majority of the committee in recommending the pas-
sage of the bill (H1. R. 8189) reported by them, and herewith submits
his objections to the plan of settlement recommendcd  by  the com-
mittee.
  In order that the objections to the bill reported by a majority of the
committee may  be made to clearly appear, it will be well to repeat briefly
the history of the legislation authorizing and the circumstances attend-
ing  the building and  subsequent operation and  regulation of the
subsidized roads.
  The act of Congress approved July 1, 1862, authorized the Secretary
of the Treasury to issue bonds to certain companies named  therein,
which  bonds were to be a loan to them, and to secure the payment of
which, together with the interest thereon, the Government was to have
a first lien on the road bed, the property of the companies, to aid in the
construction of which the bonds were issued. No work was done under
this law.
  By  the act approved July 2, 1864, the companies were authorized to
issue first-lien mortgage bonds of even tenor, date, and amount of the
Government  bonds, and the lien of the Government was to be subordinate
thereto.
  The Government  was  to retain one-half of all the compensation for
services rendered it by the several companies, which sum, together with
an amount  equal to 5 per cent of their net earnings, was to be applied
to the payment of the said bonds and interest.
  Five companies accepted the benefits of the act. They were-
The Sioux City and Pacific road, which extends from Sioux City, Iowa,
  101.77 miles in a southwesterly direction, and to it subsidy bonds were
  issued to the amount of .........---------...................... ...... $1, 628, 320
The Central Branch of the Union Pacific, which extends from Atchison,
  Kans., 100 miles westerly, and to which were issued subsidy bonds to
  the amount of  .   .   ...-------------------------------------------------- 1, 600, 000
     Total ...................................................... 3, 228, 320
  As it is not proposed in this bill to legislate with reference to these
properties, it is not necessary to go further into details with reference to
them.
       I. Rep.  I-I

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