Show PACIFIC ROADS Senator Morgan Gives His Views On Their Reorganization WASHINGTON March 9Senator Morgan introduced in the senate a long document in the shape of a resolution embodying his ideas of a plan for the reorganization of the Pacific railroads I instructs the committee on Pacific railroads t report the bU Intro duced by Mr Morgan giving jurisdic lon to the court of appeals of the Dis trid of Columbia In cases brought by the United States involving government lens on railroads The resolution also instructed the committee to report a bill either a an original bill or an amendment amend-ment containing provisions for refund ing the outstanding government Pacific Pacifc railroad bonds held by bona fide owners own-ers who are not indebted to the United Staten and also the first mortgage bonds the refunding bonds to run for thirty years at the option of the government govern-ment and subject after ten years to be called in and paid by the United States i and to bear interest at the rate of 3 per cent The refunded bonds are to be held by the United States treasury and I be exchangeable for the old bonds They are to be secured as the present bonds are A sinking fund is provided for to be deposited by the companies at the rate of I per cent per annum to pay the interest in-terest of the bonds if not paid by the railroad companies Direction is also given for taking possession of the roads by the government under the provisions of the act of 1896 In that event the United States is to operate the roads a Its property the present board of dire tors In each road to be superseded by others consisting of nine citizens to be appointed by the president No preident person now an officer or a stockholder of the roads or of any railroad or transportation transporta-tion and telegraph company or a member mem-ber of congress or any official of the government is to be appointed on these boards The board of directors is to manage man-age the Central Pacific and Union Pacific Pa-cific and branch roads a one line and have power to fix rates No dividends are to be paid on unregistered stock and the stock Is all to be reduced to correspond with the value of the property pro-perty The functions of the present offi cers of the roads are suspended and the books papers contracts deeds etc are to be turned over to the new boards of directors on penalty of fine and imprisonment impris-onment for refusal to turn them over The document closes with a declaration hat the government is possessed in its own right of all the property of the Pacific Pa-cific railroads that it holds i a the means and instrumentality of national government and of interstate and international inter-national commerce but i is necessary the roads should be consolidated a one through line that the government will preserve the property as far a is consistent con-sistent with justice for the payment of all lawful debts and when the roads are al freed from debt will permit the owners of stock to share in the ownership according ac-cording to the value of their property |