New-York tribune., 1875-02-13
BANKING AND FINANCIAL
CINCINNATI MUNICIPAL $40 PER CENT BONDs.
limited amonnt for sale by
KUHN, LOEB d Co., Bankers, 81 Nassau-st.

TIE PACIFIC MAll-PUN1sH1NG THE PRESENT MANA
GERS FOR THE ACTS OF OTHERS.
The following letter from one of the Directors OF
the Pacific Mail Steamship Company to the editor of
The Sun gives the Company's version of the present
controversy
| To the Editor Of The Sun:
SIR: AS old merchant have always deprecated
hasty action As legislator 1 would deprecate hasty
legislation Injustice often results from the latter
loss the former. These thoughts suggest them
selves in view OF recent Congressional legislation in the
affIirs OF the Pacific Mail Steamship Company
As as the committee Of investigation was ap-
pointed, the fact became puOlic that nearly million
OF dollars had disappeared from the treasury Of the
company, for which there vouchers other than
false entries the same in the loan account OF
the company. Proof OF private contract between a
former OF the company San Francisco and the
former President Of the Pacific Mail Steamship Com
pany obtained by the committee from the witness
Irwin and the admission also that said President had
him his intention ST able to return this money
the company. Indirect this evidence 1t salts
fed the company that their theory, namely, that very
large portion of the money thus abstracted had been
stock specuatiOns and not used charged, 10
influence legislation in Washington was correct Every
fact brought out IN the course or the investigation CON
hrmed this view.
Hasty legislation on the question of the new contract
cihc Mail Steamship Company, however, used inhuen-
a Journals TO assa the company reieratiug the un-
proved charge OF fraud the inception of the
Representatives IN Congress could not Withstand the
pressure brought to bear p0n them by their cOnsft-
ents, who iunOcently believing all they IN print,
warned them TO keep their skirts clear OF this great
scandal. No matter, therefore, what might have been
the convictions OF these individual representatives,, the
merits Of the could not weigh against their political
future which advocacy the justice OF the claim Of
the Pacific Mail Steamship Company for extra comDen-
saton for additional mail service might lmper Vote
against the subsidy and no explanation would be neces
sary. Vote favor OF the company, for delay, that
justice might be done, mglt be construed into admls
OF being implicated III the fraud charged III Oh
tanning
against the Representative so voting without hearing
No doubt there to-day in the House OF Represen
tatives than majority regret the necessity
OF tho vote ney have recorded against the interests of
this great American ne which, with proper encourage
ment while would i'll the construction its vessels,
necessary for the increasing business between the East
ern and western hemspheres, have given employment
TO thousands OF American labOrers III the mines the
shipyards, and the workshops, would also have upheld
the old flag ON the great routes on which their vessels ply
The whole country has been misled by the word
sidy This term as applied TO the overland railroads
(Which for their selfish interests have combined In the
effort to destroy company with which they cannot
successfully compete in businessl is cerrec as the
United States Government loaned them It's currency
bonds 10 build their road and they today heavily
in default TO the Government-n interest only many
millions But 1t IS not applicable to the contract with
the Pacific Mail steamship Company, which ia as
the lowest bidder on contract for additional compen-
sation for additional mail service.
The Pacific Mail Steamship Company have expended
millions on iron ships TO carry out in good faith their
contract with the Government and are ready do
SO for the compensation agreed upon. Now let for
one moment compare the price which the United States
has contracted 10 pay for this service with
the prices PAID by other governments to their subjects
For ~ and home 10 600 miles the United States
81 0G6, {2 63
England for IS ~ mile SS2760
thab the United ststes.
France for the service 81 4S $50 per
than the United States.
France and England have reaped the benefit from the
amounts thus expended the mercantile marine in
holding now that supremacy on the ocean which it
should be the pride OF American contest New
York in her great commercial relation with China and
the East especially interested in Of this
great and only American line. Why Leading metropOl-
tan journals should lend their influence ujure this
enterprise is beyond the comprehension of the writer
r. L. TALCOrr.