River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1873-10-21


buried beneath almost hopeless debt, and their
G prosperity greatly impaired or destroyed
With the many examples Of this kind which
the state atfords-hrst, IN the ruined farm mort
gagors, and next In the embarrassed and PROSTATE
towns-it was reasonable TO expect that the people
would be more cautious about involving them
selves In debt beyond their reasonable ability to
pay. But such appears not 10 be the TACT and as
near as | can learn there haze been as much reck-
lessness as ever during thu past year in voting
such bounties. The disposition to create debts
for future generations 70 pay, appears 10 be uni
, yersal.
While there may he no great objection 10 any
community taxing itself each year TO a limited
amount IN aid Of such public improvements as
the majority may deem necessary Tor the public
weliaro-to saddle posterity with heavy debts for
a doubtful benefits, can only result In TepudiatiOn
, and disgrace, AZ a Temporary measure ~ ssieiv
| recommend the passage OF law prohibiting any
town, county or city from creating any debt in
aid OF any railroad or public Improvement, In ex
cess OF i've per cent. OF the assessed value Of
the property Of such town, county or city, and
tina. an amendment 10 the constitution TO the
same effect be submitted TO the people at the ear
iiest possible moment.
The Legislature has twice proposed and
adopted the amendment suggested by me,
but by some oversight omitted to pass the
necessary act providing for its submission
to the people. The next Legislature will
no doubt provide for it, when | hope that
the amendment will be carried by an
overwhelming majority.
THE CREDIT MoBuIER.
Some time since, one of our Senators
delivered a speech in the city of James.
vile, wherein he undertook to defend
what is known as the Credit Mobilier
Company, and the recent act of Congress
| increasing the pay of its members AS
a prominent and leading Democratic
| paper Of the State has persisted in repre-
! senting me as n defender of the Credit
| Mobiller, and as the Senator used my
name in his speech on the back pay
! question, deem il proper to notice both
OF those subjects, and TO say that entirely
dissent from the position of the honora.
Bile Senator.
There has been great deal of virtuous
Indignation OF late over the Credit Mobi
lier, but the trouble is, it comes too late
for any purpose except TO destroy GER
tain public men. / endeavored to
arouse Congress and the public five
years ago, when a remedy could have
been applied to the existing evil. This
whole matter was fully shown up by me,
in speech of an hour and half in
length, delivered in the House of Repre-
sentatives on the Goth day of March, 1868.
1 hold copy of that speech in my hand,
published in pamphlet form, and the title
page reads as follows:
Speech of the Hon. c. c. Washburn, of
Wisconsin, delivered in the House of
Representatives, March 20th, 1868, on the
joint resolution providing for the regula-
ton of fares and freights over the Pacific
railroads, and reviewing the action of the |
Pacific Railroad Companies, and the laws |
OF Congress thereon, by which sixty |
millions OF dollars Of Government bonds, |
and territory twice the size of Great |
Britain and Ireland have been given TO /
mammoth corporations, without any SC |
curity 10 the government or the public
three millions six hundred thousand |
dollars of which was without authority |
of law.
was elected to the 10th Congress in |
the fall of 1866. The regular session of |
that Congress began in November, 1867. !
NY attention was early directed to the
legislation upon the Pacific Railroad. |
investigated the question and became sat
isfied that the most stupendous frauds
were being perpetrated there, and fully
exposed them on the floor of the House.
| was constantly interrupted during the
speech by the friends of the road. My
investigations satisfied me that the legis-
lation Of 1854, by which the government
was deprived practically of all security,
was carried by fraud and corruption.
Though vigorously opposed by few
/ persons, the job was so we'll setup that the
4 ayes and noes could not be obtained on
| the passage of the bill | demonstrated
/ my own satisfaction at least, that the
bsidy given by the government was am.
le to build the road, If honestly employed
TOR that purpose, yet found that the gov.
eminent was left without any control over
the road, and really without any security
for its advances. At that time the road was
but Just begun and but about $4,000 600 of
bonds had been advanced. Before going
further, | insisted that the government
should have some security aud retain some
control over the road. With your permits
sion, | will read few passages from that
speech, from which you will discover what
view | then took of this subject The
opinions | then entertained have been
changed in no degree since that time |
was we'll aware then of the hazard | in
CURED In attacking this powerful and I'M
scrupulous corporation, declaring, as |
did, "that IL not controlled then, il would
successfully defy all legislative control
thereafter. That IL would possess power
that would make and unmake presidents,
senator's members of congress, governors,
legislatures and judicial officers of states,
and endanger the liberties OF the people. a
power that can and will force every inter
est of the country 10 pay tribute as the
price Of It's existence"
ACTION or CONGRESS ON PACIFIC RAIL
WAY
In this speech, reviewed the action of
Congress upon the subject OF the Pacific
railroad, and showed that under the orr.
ginal net passed in 1862, " the government
was To have a first mortgage ON the road
10 secure its advances. twenty-five per
cent of the bonds on part OF the line,
aud fifteen on the rest were to be reserved
until the road was completed, The price
for the transportation of government
/; freight and passengers was To be applied
! in liquidation Of the bonds, and five per
cent of the net earnings were also 10 be
! set aside for the same purpose. The
! amount of stock held by any one man
] was limited to two hundred shares"
} then went on further 20 say, parties were
r not long found wanting 10 avail them.
selves OF this act II has already been
:. seen that TO complete the organization It
y only required two thousand shares TO be
!. subscribed, and one per cent on dollar,
= or twenty thousand dollars paid in, 10
y perfect the organization. Parties were