, 1873-12-05

We now 1.-Two aaUarnucea that tho rtimored raid
on Congross by tho Northern Pacific and To1us
L. Pacific Railroads to soo1ro tho Government
guarantee Of their bouds vill certainly DO mado
during the prcsontaossion. Whou it comes, 1t will
come with al the force Of perfect organization,
powerful lobby, thorough familiarity with all tho
approaches to Congressional favor, and Of dog
porate necessity that will stop ut nothing ossen-
tial to success It will also And Congress III
domorallzel condition, NOT at all suited to fight
against propositions that layo money III them.
Crowded with sa2ary-grabbors who havo no hope
Of ro-eection, and groggy with tho roaults Of
tho fall election, which betoken tie breaking up
Of tho Ilopublican party, tho majority OF tho
rroeent Congress- will probably DO moro deaf to
public opinion than its predecessor.
We can see but ono way in which this movo-
mont may 10 successfully resisted. A combi
whether railroads OF steamships, corporations or
individuals, In similar domand upon Congress-
for Goyerbment indoraement might bring tho
reductio al absu,uuna to bear 30 forcib1y as to
produce confusion in tho ranks Of tho subaidy-
Loggars. There nro other institutions Ia tho
land, other railways, and even othor Pacific rail-
ways, that aro just as much In mood Of Govcru-
nent assistance 80 Northern Pacific aud Toxas l.
puciflc, and whose claims aro outitlod to equal
consideration. Tho KanHas Pacifc Inns dofaultcu
on Its t1rBt-mortgago bonds, having defaultcd
on the second mortgage from the bogin-
ming, md tho Central Branch Union Pa
cif1c is said to bo in bud way. These
| aro existing institutions, tho maintenance OF
which is certainly as important rs tho building Of
| now lines for which there Is no prosent demand,
would only add to the present amount Of arrear-
| agcs. II the Government proposes to continue
| tho subsidy business, 1t is In every way wiser
that 1t should take stops to protect Its own 60
curty AZ second mortgagoa thau that 1t should
eu!nrgo its e1ioting liabilities. II auy moro riak
is to be takan In railroad enterprises on tue part
Of tho Government, It Is better to bolster up
thoae concornn In which Government capital 10
already invested, with tho hope OF thereby got
ting 1t nll back, than to distribute tho public
moneys among new railroads. nut why stop
With eo-callcd Pacific railroads7 Tloro aro
scores Of railroad enterprises throughout tho
! country that arc tu the sumo condition % tho
Northern Pacific and tho Toxas Il Pacific. Why
should .he Government become responsible for
tho debts OF the latter and not for the dcbts Of the
| former? There is tho Rockford, Rock Island
l. 81. Louis Railroad, for instance, which, q
couple Of yosra ago. had to scalo ts indebtedness
by ylstualropudlation OF one-halt OF what 1t
owed. Its bonds were held abroad, md tho
holders consented to code one-half Of theil
| claims In order to make sure OF the other half
This proceeding waa highly detrimental to Amor
lean credit abroad, aud was one Of a sorlea oi
like circumstances which lavo rendered 1t iul
possible to negotiate American railway seouriticI
in Europe at tho present time. Why should no
the Government rather step In and rescue th'
Rockford, Rock Island l. st. Louis Road from
such humiliation than advance 1nonoy to hoil
Jay Cooke Il Coz Tlloro Ia tho Gilman, Clln
ton L Springfield 1snilroad, which is in desper
ato condition, knocked about IN game Of shut
tlccock between Courts, Receivers. Trua
toes, Lesaeea, Creditors, etc., etc. Their
are aoms counties and towns klonl