Show PACIFIC AftAS PRUDEM FEDERAL OWNERSHIP OF THE KANSAS PACIFIC President Will Direct That the Necessary Neces-sary Deposit Be Made to Qualify Government as a Bidder The Union Pacific railway main line was sold under the decree of the United States court for the district of Nebraska on the let and 2nd of November this year the amount duo the government consisted con-sisted of the principal of the subsidy bonds 27236312 and the accrued interest inter-est thereon 13121171175 making the total to-tal indebtedness 5844822375 The bid at the sate covered the first mortgage lien and the entire mortgage claim of the government less interest The sale of the subsidized portion of the Kansas Pacific line upon which the i government hold a second mortgage lien has been postponed at the Instance or the sovrTiiment to Dec 16 1897 The debt of this division of the Union Pacific Pa-cific railroad to the government Nov 31 1S97 was the nrincipal of the subsidy bonds 6303000 and the unpaid and accrued ac-crued int rest 6tC668033 making a total of 12929eM KANSAS PACIFIC YIELD The sale of this road was originally advertised for Nov 4 for the purpose of securing the most public notice of the I event of the postponed sale until Dec 10 and a second advertisement of the I sale was made By th > j decree of the I court the unset 1iice of tne sale of the Kansas Pacific will ytold to the govern I I meat the sum of S25fttuuo over ail prior liens costs and charges I no other or I better bid Is de this sum i all that It the government wU receive on its camj of nearly 13000000 The government has no Information as to whether there vlll be other bidders or another bn than the maximum amount herein stated The question presented I pre-sented therefore is whether the government govern-ment shall under the authority given K by the act of March 2 1S94 purchase or redeem the road in the event that a bla Is not made bJ private parties covering I the entire government claim CONDITIONS 1o qualify the government to bid at the sales will require a deposit of 900 O < as follows Li the government cause 5500000 and in eachof the first mortgage causes 2O and In the latter the deposit de-posit must be in cash Payments at the sale are as follows Upon the acceptance of the bid a sum which with the amtunt already dopos Ha shall equal 15 e cent of the bid the balance in installments of Z per cent 3 40 and 5 dajs after the confirmation of the sale I The lhn on the Kansas Pacific prior to J that of the government on the SOth of I i July 159 principal and interest mounte to S74nOSS 11 The govern ment therefore hould it become the lushest bidder will have to pay the amount of the frt mortgage len GOVERNMENT A BIDDER 1 I believe that under the act of 18S7 itt it-t has thc authority to do this and in the absence of any action by congress I shall direct the secretary of the tress urv to make the necessary deposit n required re-quired by the court s decree to qualify as a Wddc and to bid at the sale a sum vv nicli will at least I equal the principal of the debt due the government but suggest sug-gest in order to remove all controversy that an amendment of the law be immediately I imme-diately passe explicit giving such I powers and appropriating in general I terms whatever sum is sufficient therefor I I s important 1 matter a the government gov-ernment becoming the probable owner of railroad property which it perforce must conduct and operate 1 feel constrained to lay before congress these facts for its consideration and act before the consummation con-summation of the sale I is clear tom to-m mind that the government should not permit the property to b sold at a price which will yield less than one half the principal of its debt and less than onehf of its deMo principal and interest The government rather than accept less than its claim should become a bidder and thereby the owner of the property and I submit this to congress for action acton Congressional Library I The congressional library provision for which was provided for bv the act ol t h8 t sn I congress approved April 17 18aS has been completed and open to the public It I should be a te of congratulation that I through the foresight ana munificence of congress the nation possesses this noble treasure hous of knowledge I Is I I earnest to b hoped that having done so much toward the cause of education congress wil continue to develop the I library in ever phase of research to the I 1 end that it may not be only one of the most magmnccnt but among the richest I I and most beautiful libraries in the world |