Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-10-23
ANOTHER RAID.

II
The telegraph announced . day or
two since that a project was on foot,
and a bill had been prepared by some
Minnesota gentlemen, to be introduced
at the next session Of Congress and
urged to Its passage, providing for a
guarantee by the General Government
of the payment Of interest on bonds Of
the Northern Pacific Railroad, now
issued or which may be Issued by that
company. The dispatch adds that the
Minnesota and Wisconsin delegations
In Congress are in favor o fand pledged
to support this new steal. 1.-THE sedel-
egations In Congress are In favor Of this
use Of the national credit, their place
Is In the lobby and not In the Halls of
Congress. Next to the rumored ef-
forts Of a ring Of spectators, headed
by Ben. Butler to have the debts Of
the rebel States guaranteed by the
United States Government, the move
ment Of these Minnesota gentlemen
can claim eminence for unparalleled
cheek and sublime audacity. There Is
not one single reason why the General
Government should use Its credit to
bolster up the ring Of Spectators who
are trying to build a railroad through
the trackless wilderness Of Dakota,
Montana. Idaho, and Washington
Territory. There never was good rea-
son for giving them the imperial roy
atty In land which they were granted
by our Government. Speculation is
the top, bottom and soul Of the whole
movement. The road 10 = quarter Of
a century ahead Of any legitimate de-
mand for its existence or use and 1t Is
Of absolutely no consequence to the
general Government whether this COM
pany or q future corporation with
more money and less cheek, shall build
it. The plea that 1t renders available
and enhances the value Of Government
land, Is all nonsense. The Govern
msnt Is not or should not be In n hur-
~ to part with its lands. Under this
specious plea 1t has already given
whole States to a few unscrupulous
spectators, and received no corre-
spending benefit. The proposition to
guarantee the bonds Of this railroad 10
monstrous. As we'll might any Of our
readers who had failed In business de-
mand that the general Government
should guarantee interest upon notes
which he had given, or proposed to
give. Where Is the difference? The
whole scheme Is q measur Of relief to
Jay Cooke & Co., and the few specu-
lating firms who holding bonds Of this
moribund company, are anxious
to realize thereon. II the interest
Is guaranteed, OF course the
bonds are saleable. Government
will pay 1t when due, bonds will flood
the market, Jay Cooke s. Co. will
resume and everything will be lovely
In the families Of the aristocracy,
while the bedeviled taxpayers Of a
generously Government will see their
earnings 60 into the pockets OF the
bondholders. We do not exaggerate.
The facts justify u assertion that
such a project is simply robbery and
but a repetition Of the grabs which
have become a prominent feature OF
Congressional legislation. The Gov
eminent Of this country should not
play the part of money or credit
lender. Its experience In that llne
cannot be said to be gratifying or even
consoling. Better pay Off our debts
keep up u credit /; redeem the $780,
600, 900 Of unpaid promises afloat ; re-
duce u expenses and get a balance
OF trade In our favor before We ven-
ture to loan our credit. Trust Is a
good dog, but pay Is = better one.
When the Government gets back the
interest it has paid On railroad bonds
1t has already guaranteed, it will be
time to consider whether the benefits
accruing were worth the trouble and
risk, and to look around for impecu-
NOUS and bankrupt firms In need Of
aid.