The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1873-10-09

buried beneath almost hopeless debt, and their
prosperity greatly impaired or destroyed:
the state affords-first, IN the ruined farm mort
gagors, and next In the embarrassed and PROSTATE
od he eanous - about nVoyng them
selves in debt beyond their reasonable ability to
pay But such appears not to be the TACT, and as
near as can learn there has been as much reck-
lessness as ever during the past year in voting
such bounties. The disposition to create debts
for future generations to pay, appears to be uni
while there may be no great objection to any
community taxing itself each year to limited
amount in aid of such public improyeme nts as
the majority may deem necessary for the public
welfare-to saddle posterity with heavy debts for
doubtful benefits, can only result in reputation
and disgrace. AS temporary measure Of safety,
town county OF City from :, creating any debt in
cess of five per cent. OF the assessed value of
the property Of such town, county OF city, and
aas an nc to the the an e
Hest 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 MoBILIER.
Some time since, one of our Senators
delivered 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 a defender of the Credit
Mobilier, and as the Senator used my
name in his speech on the back pay
question, deem it proper to notice both
ofthose subjects, and to say that entirely
dissent from the position of the honora-
BILE Senator. Ie.
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. I endeavored to
arouse Congress and the public five
years ago, when remedy could have
been applied to the existing evil. This
whole matter was fully shown up by me,
in a speech of an hour ard half in
length, delivered in the House of Repre-
sentatives on the Goth day of March, 1868.
] hold copy of that speech many hand,
published in pamphlet form, and the title
page reads as follows: ".
Speech of the Hon. G. G. Washburn, of
Wisconsin, delivered in the House of
Representatives, March Goth, 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 to the government or the public
three millions six hundred thousand
dollars of which was without authority
of law.
l was elected to the 40th 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
isfed that the most stupendous frauds
were being perpetrated there, and fully
exposed them on the floor of the House.
I was constantly interrupted during the
speech by the friends of the road. My
investigations satisfied me that the legis-
lation of 1864, by which the government
was deprived practically of all security,
was carried by fraud and corruption.
persons, the job was so well setup that the
ayes and noes could not be obtained on
the passage of the bill. 1 demonstrated,
to my own satisfaction at least, that the
subsidy given by the government was am
pie to build the road, if honestly employed
for 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 $6,00O,000 of
bonds had been advanced Before going
further, l insisted that the government
should have some security and retain some
sion, will read a 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. l
was well aware then of the hazard l in
CURED in attacking this powerful and I'M
scrupulous corporation, declaring, as
did, "that if not controlled then, it would
successfully defy all legislative control
thereafter. That it would possess a power
that would make and unmake presidents,
senators, 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
s~~>
price of its existence" b.. 3D..
ACTION OF 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 act passed in 1862, " the government
was to have a first mortgage on the road
to secure its advances. twenty-five per
cent of the bonds on part of the line,
and 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 to be
set aside for the same purpose. The
amount of stock held by any one man
was limited to two hundred shares" l
then went on further to say, parties were
not long found wanting to avail them
selves of this act 1t has already been
seen that to complete the organization it
only required two thousand shares to be
subscribed, and one per cent. on a dollar,
or twenty thous md dollars paid in, to