Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-08-09

State banks out of existence, and putting
in their place this national banking svs-
tenn. that we are all acquainted WITH Up
on whose laws does that system depend,
with its capital of nearly four hundred
millions of dollars, authorized to issue a
circulation ofithree hundred millions? Up
on whose laws do these banks depend
I Upon those of the Federal Government.
And now suppose the question is of put
ting some kind of restrictions upon this
great banking capital. Do you think that
the levy of a halt or one percent. upon this
three hundred millions of doltars-by a
levy ofionea per cent. you can get three
miIlions-would that have any effect upon
Legislation ?I leave you tojudge for your
selves. sseCcT-' - 49,.
Fellow citizens, another great element
of corruption, (because when you bring
around the Government these immense
moneyed and property interests, you cor
respopdingly bring corruption around it,l
another great new source of corruption and.
power around the Government at Wash
ington, is in the railroad system being now
conducted by Congress. What is it, you
may rightfully ask, and how much does it
involve? We came out of this war with
an enormous debt, and patriotism and ev-
cry consideration of sound policy required
the Government to husband it's resources
and economiZe in the strictest degree, in
order that the debt might be honorablv
paidG and the couHtry relieved at the earli-
est2day from the enormous burdens upon
it. Now this railroad system-I do not
mean the general railroad system of the
States, although you and have seen un-
mistakable evidences of q disposition and
desire in Congress to lay their hands upon
the entire railroad interests of the Union,
and make them depend upon Federal 1egis-'
lation for their continuation and support;
but / refer to that sy stem of railroads in
corporated for the purpose of constructing
,, railroad to the Pacific. What do you
suppose has been done in that respect?
Three railroads have already been incOr-
porated-the Union, the Northern, and the
Southern Pacific routes. l shall only re-
cur, in detail, to the Union Pacific road,
and from a public statement of their own
as to what they have got out of the Gov
ternment. Had you any idea that your
great debt was increased by millions, and
tens of millions, in the way of issues of
your bonds to these railroads? L suppose
/ you must have heard something of il, for it
I is published as an advertisement in all, or
almost all, the7papers. Let me look at it a
minute. Here is an advertisement for
( the sale of the first mortgage bonds of the
Union Pacific Railroad. Under the head of
| ..Means of the Company" they go on to
( state: -.
ESTIMATING the distance to be built by
the Union Pacific to be 1855 miles, the
4
cent. thirty year bonds to the company, as
the road is finished, at the average rate OF
about $2S $50 per mile, amounting to SAL
20S 000. Eg-F srI-
..The company is also permitted to issue
| its own first mortgage bonds to an equal
amount, and at the same time, which by
special act of Congress, are made first
mortgage on the entire line, the bonds
of the United States being subordinate to
4 them. M. -- .r trs
sThe Government makes a donation OF
| IL 800 acres OF land to the mile, amounting
to 20 032 600 acres, estimated to be worth
$50, 100000, making the total resources, ex-
elusive of the capital, $llS4l6,00O; but the
full valueof the lands can not now be re-
allied. 10. -f,.rf f.. .1-~
s.The authorized capital stock of the
company is one hundred million dollars, ot
which five millions have been alreahy paid
in, and of which it is not supposed thai
more than twenty-five millions at mos
will be required. -at
sThe cost of the road is estimated by
competent engineers to be about one hun
dred million dollars, exclusive of equip
ment." - 4..- 20
In addition to this Union Pacific Rail-
road, they have authorized already another
to the south of it and another to the north
and have made the same grant of lands tC
each of these, but only to one of them any
advance of bonds, and that much smaller
amount. than to the Union Pacific. l an
informed by those who profess to have
knowledge, that the roads already author
lied and those projected, will amount tC
an extent. OF eight thousand miles, to be
built upon the same terms. The conse-
quence is that this government of ours ha:
undertaken projects which, it carried into
effect, as they will be, unless they are eX-
posed, will require an Increase of youl
| n 5aht in of mn
will give away of the public lands Of thi;
country to these corporations, at present
estimates, ninety millions of acrcs-and tC
complete the residue. of it, the Lord only
knows how much more. Now, dont't un-
derstand me as being opposed to the Pacific
Railroad or any other railroad. Bnt ievel
since our experience in this State underline
plunder law, have noticed that when the
government comes in and lends its bond:
on the credit of one of these companies the
outcome is that the government pays thu
debt, and some loyal patriot gets the work
That is just what you may expect from
this system of railroads. The outcome viii
be that the forty-four millions upon -th
Pacific Railroad will finally absorb tn
road to pay the first mortgage, and tn
| government will be made to pay its bonds
There is given thirty millions of dollars
worth ofland in alternate sections OH eacl
side ofthe road through strip of cou1tr.
nIIy rhlleS -Wlue' DuI you ludy Say vi
makes the rest of the land worth S
much the more. Just conside
another thing, however. Do you recol
lect that few years ago Senator Wade wa
particularly instrumental i'll distributin!
among the several States an Agrlcuitura
College fund, a grant of how many million
| know not, of the public land to each o
the States according to their representation
in Congress, for the endowment OF Agri
cultural Colleges. What has been the out
come OF all that? If you have noticed tn
newspapers you must have observed tina
these lands have been bought up frou
States by Spectators at from fifty to sixt
cents an acre. What is the outcome Of a
this p That you simply give to the Union
Pacific Railroad thirty millions OF you
land in order to increase the value of tn
alternate sections. upon which these gen
tlemen who hold Agricultural College scri
will set down their warrants for the bal
ance. If there is any one thing on the fac
of this earth that the Government shoul
have been careful not to squander, it wa
this great fund of public land, better tina
money thousand times. Your children
as they grow up, will want to go to tn
West. 1.sWestward the star of empire take
its way.n They will want to 90 there upo
cheap and fertile lands. The men who com
to our borders from foreign countries wi
| want to go there and settle there, and thu
they become an inexhaustible mine {
wealth to this country. The moment the
are upon your lands and cultivating ther
they add vastly to the taxable property
the country. They build up populatio
with whom republican institutions can b
more safely intrusted than with any othe
class of people. But within a few yeal
past we have seen this immense fund squar
dered away upon corporations and tavoI
ties, so that now the poor mans boy VIII
makes his way to the borders, instead {
going to the land Office, must hunt up SON
\ loyal gentleman who has become the owr
er or the director of the Union Pacit
Railroad if he desires to buy any LAM
Applause.l But again, L object to tn