, 1874-12-14

l )
i'll fact, t1'at the Democratic party should bo
excluded from power.
esAs.~ss-s~rs.-.-~-
TIE PACIFIC RAILROAD EARNINGS.
Tho managers Of tic various Pacific Ilail-
| rontls evidently regard Tie Government s,1bsi-
dies in the light Of pure charity or, if not
TINT, MS so many "grabs," which, having
beon successfully gotten nway with, should
never bo surrendered or paid for il my form.
Having come from the Government, they
conclude tint no responsibility attaches to
them, and that they will recognize 10 de-
mantls TINT may DO made upon them in the
namo of tho Government. Hnying sappctl
MI the substance they hope to get, they treat
their own obligations in tho matter as if they
Ind never existed. Tho Secretary of
tho Treasury, in lis lato report, de-
tails the effort that Inns bcen mailo
by tho Government to secure tho payment Of
the per cent gross earnings of tic various
Companies, pledged after completion of tho
roads to be paid into tho United stntcs Treas-
ury. These Companies have treatcd nil de-
,nands in tho most contemptuous mnnncr.
Congress Mt the last session, by an act passed
June %, directed tile Secretary Of the Trens-
llry to ,nako n formal demand for tho + pcr
cent earnings OH tic Pacific Railroads, tho
Central Pacific, Union Pacific, Central
Branch Of the Union Pacific, Sioux City l.
Pncitic, Kansas l. Paciiic, aud Western,
Pacific Companies This act thus far
Inns Ind no fruits. The sccretary'a de-
mind has met with no response, though
he put the most favorable construction
upon the nets granting tho mid. Flo Inns con-
ssrucd this section to mean that the roads
shnll pay Il per cent on their net enr1,ings,-
TINT is, Tho surplus nfter tlotlucting the opcr-
completion Of tho roads dates from tho Inst
issue Of tho subsidy bonds. Not being nble
to get any answer from tho rairoads, nor any
satisfactory information from tho Interior
Department, the Secretary has taken the
Presidents reports Of tho different Companies,
and thcroupo,l estimates TINT these Companies
now owe tho Government $4,000, GOO under
tho subsidy agreement. This sun, it must
be remembered, ia to lo applied OIL the pri,l~
cipal of the Government bonds issued in
their al, and IL in addition to the 2o 900 900
in which they nyo already in arrears OH the
interest.
The nct passed last summer also authorized
tho Attorney-Goneral to commence suit
against these Companies for the q per cent
earnings due the Government, if tho Compa-
nies shall still be in dcfanlt sixty days after
lilo formal demand. The Secretary of the
Treasury reports that such demand Inns been
mnde, aud it is to he hoped TINT the suit will
bo brought promptly md prosecuted vigor-
ously i'll case of default. Congress may still
do something, perhaps, to assist in securing
the money duo the Government But a small
proportion Of tho enormous amount of cap
it'll stock issued by these roads was ever pnid
for. Most Of it was distributed in Credit-aro-
bilier schemes, mud mover brought dollar,
Tho following makes showing Of the aggrc-
gate capital stock OF these roads, as we COM
pilo it from Poor's Manual:
Cttnffa, stack,
Ceta H pasa iiss,,s,; u a13 o ono
centra! nracll Union raeiac............. l,uou6oo
a,omI 5,;,~ hat!I p.:c 9Ss92So 95
Total. Gl03, ,7T9 $50
III addition to thu above, tho Contral Pacific
has $59,GtE, 900 subscribed for. Now, if
Congress should pass M act similar to the
statutos existing i'll most Of tho States, re-
quiring TINT subscribers to the stock Of na-
tional corporations can be n,ado to pay up in
casll dollar for dollar Of their subscriptions.
tlloro ought to be forthcoming a sufficient
amount to pny oil the 50, 0o0, 900 which have
accrued from tho per cent earnings aud the
$40, ,000.D00 Of interest which the Govern
ment Inns been forced to pay. At MI events,
tltcso Paciflc Companies should bo followed
up by every avenue which tho law openB, or
may be made to opcn, to adefrauded ind out
raged Government.