The Placer herald., 1872-02-24
FREIGHTS AND FARES-A LIE AFLOAT

fares and freghts on railroads. When Shan
non was elected Speaker, Boruck chief clerk 4,
and Sargent to the U. S. Senate, we felt
confident the Il. L. company had majority
of the Assembly, and from that moment
abandoned all hope of legislation beneficial
to the people on any question effectins inju-
riously tie monopoly. For these reasons we
have not thought proper to say much on the
question of reducing fares and freights.
Feeling that the company has pocketed the
Assembly Committee on Corporations, and
made its own report on this question, we pro-
pose to show where it has erred The sec
retary of the K. r. company, L. II. Miller,
gives, under oath, these figures to the Com
mittec: Total receipts of the road for 1870,
81 ,43S, $40 80; total expenditures for the
same year for operating, taxes, interest,
discount on greenbacks, and about $3.50 600
other expenses, not yet paid, making ST.
695 ,329 20. Thus showing the company
loser on operating its roads for the year
1870, the sum of $25G,3 1853 80. We have
before us the statement of the company's
fiscal agents in New York, Fisk & Hatch,
made Jan. 1st, 1872, to the bondhoders
Of the company, giving the receipts and dis
bursementa for the past eight years, includ
ing that of 1871. This statement must be
true, as the holders of millions Of bonds are
not the men to be deceived or trfed with, 4,
as legislative tools are. This statement
shows the gross earnings for 1870 to be ST.
995, JIG 18, and the operating expenses for
the same year to be 81, 1914 ,354 S4. Thus
giving the company S3,80O,761 "a clear
money on the years operations. This makes
difference between the company's state
ments to Legislature and bondholders of ST.
057 ,120 "a. Are its agents lying to the
Legislature or to the bondhoders? Again,
the secretary tells the Legislature that for
the year 1871 the total receipts were S9,-
S25 ,02S 20, and the expenditures for the
same year approximately, the accounts for
December not being all in YETI were ST.
156, ,563 32. Thus showing the net profits
for 1871 to be but 81 ,GGS, AGA 81. The
fiscal agents say to he bondhoders, the re
ceipts for 1871 were s., ,546, ,342 Is, and
the expenditures 81, 1925 ,42S IL; showing
the net profits for 1871 to be s. ,22O ,9l4 GA,
difference of 50, ,552 ,349 OF between the
statements made to the bondholders and the
Legislature for the year 1871. Here is gross
lying on the part of some of the company's
agents. The company can have no object in
making false statements to its bondholders,
as it is solvent and pays its interest on its
bonds promptly; but it might defeat re-
duction of fares and freights by misstatins
the facts to the Legislature. The reader
must draw his own conclusions. Another
table in the statement to the bondholders
gives the net earnings of the road for the
eight years at SIS 1852, POI %; total inter-
est paid on bonds, 81 1903 1886; surplus earn
ings over all expenses and interest, 81 ,SoS,
S65. The earnings of the road for 1872 are
estimated at $13, 750, 900, and the expenses
at less than so per cent, making the net
earnings for the present year over S6, ,o'o,-
900. This is queer state of facts. Here
are two statements, both made by agents OF
the company, and one gives the other the
lie to the tune of millions of dollars. If We
say it is all right for the company to stuff
Legislators with false reports, then what must
we say of the members that permit them
selves to be thus gulled ?-evidently they
are either fools or rascals. Reduce
fares and freights to one-half the present
rates, and by the Fisk & Hatch report ii
will be in better financial condition than il
now is by the Legislative report. We give
these facts, not that we expect they will ef-
feet members of the Assembly already com
mitted on the question, but as valuable in
may be induced to vote for men and mo-
things, in the future.
DEATH OF PHILIP LYNcH.-Philip Lynch
died at his residence in Gold Hill. Nevada
on the 18th instant, in his fiftieth year
Deceased was citizen of this county from
1852 to 1868, served one or two terms as
Justice of the Peace, and afterwards repre-
sented the county in the Legislature. H'
was connected with the editing and puolsh