CONGRESS, CONGRESS, CONVENTION OF THE PROTESTANT EPISCOPAL CHURCH, WASHINGTON, D. C. JANUARY 26, 1907.—Referred to the House Calendar and ordered to be printed. Mr. OLCOTT, from the Committee on the District of Columbia, submitted the following REPORT. [To accompany S. 6338.] The Committee on the District of Columbia, to whom was referred the bill (S. 6338) to amend section 2 of an act entitled "An act to incorporate the Convention of the Protestant Episcopal Church of the Diocese of Washington," report the same back to the House with the recommendation that it do pass when amended as follows: On page 2 strike out all commencing with the word "some," in line 22, down to and including the word "securities," in line 24, and insert in lieu thereof the following: bonds of the United States or of the District of Columbia, in first-class State or municipal securities; in first mortgages or first deeds of trust on real estate not exceeding sixty per centum of the value of such real estate, or in the first mortgage bonds of any railroad corporation which has for five consecutive years immediately preceding such investment paid dividends on its common stock. The corporation named in this bill had asked that they be given authority by the terms of the Senate bill to invest endowment funds in "some safe and profitable stocks, real estate within the limits of the said diocese, mortgages, deeds of trust, or other securities." The committee, in consideration of the bill that has been passed by the Senate, believed that this power of investment of trust funds was entirely too broad and have inserted in lieu thereof the amendment appearing above. The bill has been submitted to the Commissioners of the District of Columbia, who recommended its passage, as follows: OFFICE COMMISSIONERS OF THE DISTRICT OF COLUMBIA, Washington, January 18, 1902. DEAR SIR: The Commissioners have the honor to recommend favorable action upon Senate bill 1845 "To amend section 2 of an act entitled 'An act to incorporate the convention of the Protestant Episcopal Church of the diocese of Washington,"" which was referred to them at your instance for their views thereon. Very respectfully, Hon. JAMES MCMILLAN, HENRY B. F. MACFARLAND, President Board of Commissioners District of Columbia. Chairman Committee on the District of Columbia, United States Senate. Section 2 of the act referred to is as follows: That the said corporation shall have full power and authority to take and hold subscriptions, contributions, donations, grants, devices, or bequests, in money or otherwise, for the purpose of creating a permanent fund or endowment for the support of the episcopate in said diocese, which heretofore have been made, or which may be made for such purpose, or to or in behalf of the various associations and societies for religious, missionary, charitable, or educational purposes, now existing or hereafter to exist, under the jurisdiction, control, or sanction of said convention within the limits of said diocese, annual income from which shall not exceed one hundred thousand dollars, and the same to invest and the proceeds thereof to apply for the purposes aforesaid as may from time to time be deemed most expedient, and to appoint, in its discretion, an executive committee or other trustees, boards, or agencies, by whatever name or names they may be designated, to administer such funds or property in such manner and from and with such authority as the said corporation shall from time to time prescribe: Provided, however, and always, That in such administration the respective funds shall be kept distinct and separate; that each fund shall be held liable only for obligations that may have been incurred in its own proper behoof; and that the principal sum or amount of such subscriptions, contributions, donations, grants, devices, and bequests for permanent endowment of the episcopate shall be at all times invested in some safe and profitable stocks, mortgages, deeds of trust, or other securities, and the expenses of administering the same, the salary of the bishop, and other charges shall be payable and paid only out of the annual interest, dividends, or profits thereof. Section 2, when amended as recommended by your committee, will read as follows: That the said corporation shall have full power and authority to take and hold subscriptions, contributions, donations, grants, devises, or bequests, in money, real estate, or otherwise, which heretofore have been made or which may hereafter be made for the purpose of an Episcopal residence, diocesan house, church colleges, church or parish schools, churches, or mission chapels, and for the purpose of creating a permanent fund or endowment for the support of the episcopate is said diocese, and to or in behalf of religious, missionary, charitable, or educational agencies' uses or purposes now existing or hereafter to exist, under the jurisdiction, control, or sanction of said convention within the limits of said diocese, the annual income from which shall not exceed one hundred thousand dollars, and the same to invest and the proceeds thereof to apply for the purposes aforesaid as may from time to time be deemed most expedient, and to appoint, in its discretion, an executive committee or other trustees, boards, or agencies, by whatsoever name or names they may be desig nated, to administer such funds or property in such manner and form and with such authority as the said corporation shall from time to time prescribe: Provided, however, and always, That in such administration the respective funds shall be kept distinct and separate; that each fund shall be held liable only for obligations that may have been incurred in its own proper behoof; and that the principal sum or amount of such subscriptions, contributions, donations, grants, devises, and bequests for permanent endowment of the episcopate shall be at all times invested in bonds of the United States or of the District of Columbia, in first-class State or municipal securities, in first mortgages or first deeds of trust on real estate not exceeding sixty per centum of the value of such real estate, or in the first-mortgage bonds of any railroad corporation which has for five consecutive years immediately preceding such investment paid dividends on its common stock and the expenses of administering the same; the salary of the bishop and other charges shall be payable and paid only out of the annual interest, dividends, or profits thereof: And provided further, That unless this amendment shall be accepted by resolution of the convention of the said diocese at its next annual meeting, and a copy of such resolution of acceptance, certified by the secretary of the convention, be filed for record with the recorder of deeds of the District of Columbia within sixty days thereafter, the same shall become void and of no effect. 2d Session. No. 6752. RIVERS AND HARBORS APPROPRIATION BILL. JANUARY 26, 1907.-Committed to the Committee of the Whole House on the state of the Union and ordered to be printed. Mr. BURTON, of Ohio, from the Committee on Rivers and Harbors, submitted the following REPORT. [To accompany H. R. 24991.] The Committee on Rivers and Harbors, having had under conside ation House bill 24991, files the same, and respectfully reports thereon recommending that the bill do pass. The measure carries in cash appropriations $35,181,612 and in authorizations for expenditures under continuing contract appropriations which may hereafter be made a further sum of $48,634,526. The following statement gives the amounts of appropriations and authorizations in recent river and harbor bills. The aggregate of appropriations and authorizations is larger than in any preceding river and harbor bill, although the act of June, 1896, contained a larger amount of authorizations. There are several distinctive features in this bill: 1. Provision is made for completion in a much larger proportion of the projects than in any preceding measure. 2. The total amount necessary to complete the unfinished improvements, which the committee regards as most important, is provided by appropriation or authorization if completion can reasonably be expected within four years from July 1, 1907. Also upon large projects, where the amount required to finish the work is necessarily indeterminate, such as in the three divisions of the Mississippi River, provision is made for an equal time. 3. New projects are not adopted unless provision is made for completion. 4. In the case of rivers and harbors of secondary importance a somewhat larger amount than in former acts is appropriated for a considerable number of the most promising improvements. In providing for the completion of new projects a radical departure from former methods has been adopted by the committee. It has been thought best to undertake no new improvement unless the whole amount required for its completion, whether the project involves large or small expense, is appropriated or authorized. This policy has been followed with barely an exception. It is believed that the advantages of such a method are sufficiently obvious. Assured results will be obtained at an early date by the completion of the improvement. More substantial benefit will be conferred by selecting the most deserving projects and avoiding the scattering of appropriations. The expense for each improvement will be very much diminished, because work can be more advantageously and economically prosecuted if the whole amount necessary to complete is made available. It is also true as a practical fact that when the total expense is to be provided at one time more careful consideration will be given to a proposed improvement and the question of its adoption more intelligently considered. The rule has been followed that between two projects equally deserving it is better to complete one than to make partial appropriations for both. Sixty-eight million seven hundred and seventeen thousand three hundred and ninety-eight dollars of the amounts included in the bill are for improvements of considerable magnitude already undertaken by the Government or for further improvements in connection therewith, where increased traffic requires additional facilities. The following is a list of appropriations and authorizations of this kind in which a division is made into two classes: First, those aggregating $1,000,000 or more; second, those aggregating $200,000 or more, but less than $1,000,000. FIRST CLASS.-$1,000,000 OR MORE. Cash. Authorization continuing contract. Lock and Dam No. 26, Ohio River (to complete) Harbor at Boston, 35-foot channel (to complete) Delaware River, below Philadelphia (to complete).... Channel from deep water in Hampton Roads to Norfolk. Black Warrior, Warrior, and Tombigbee rivers. Southwest Pass, Mississippi River, below New Orleans (to complete). Cleveland Harbor Ohio River, general improvement and completing unfinished work on locks and dams St. Marys River at the Falls, additional lock and duplicate canal (to complete) Detroit River, alternative channel (to complete) 2,000,000 Mississippi, from head of passes to mouth of Ohio River 4,670,950 Mississippi River, between Ohio and Missouri rivers Mississippi River, between the Missouri River and Minneapolis. 500,000 Mouth of Columbia River, Washington and Oregon (to complete) 1,500,000 Total......... 14,774, 210 36,670, 460 Total of appropriations and authorizations, $51,444,670. |