Los Angeles daily herald., 1876-03-12

risk so slight, and the benefits to be
derived SO great, why do they not car
ry their bonds to the great money
marts, where capital is evsr awaiting
investment at profitable rates of inter-
est? Why seek an endorsements from
Government If the pecuniary charac-
ter of this investment is SO highly ap-
preciable? Ifsuch be the fact thereis
no need of subsidy, There is not cap.
italist in this country nor in Europe
that would not lump at the chance Of
an investmept.xE No, Mr.. Chairman,
it Is because capitalists have no faith
in the ability ofthis Texas and Pacific
corporation to fulfill their promises
to- complete the work unaided by this
subsidy, and do not come forward and
support it with their means, that these
them in their scheme. e.. s
should not be regarded in the light Of
a subsidy. do not accept as true the
argument that the Government will
never be called upon to pay a dollar Of
its guarantee. True, it may not, but
our experience hitherto has been diff
ferent. Gentlemen tell you that the
security is ample, that the Govern
ment in indorsing these bonds runs no
risk. That the benefits to be derived
etc., more than compensate. the Coy
ernment, and we hear no end OF such
sophistry. would ask those gentle-
men if the security is so ample, the
risk so slight, and the benefits to be
derived SO great why do they not car
ry their bonds to the great money
marts, where capital is ever awaiting
investment at profitable rates of inter-
est? Why seek an Endorsement from
Government if the pecuniary charac.
ter of this investment is SO highly ap-
preciable? If such be the fact there is
no need of subsidy. There is not q
capitalist in this country nor in Eu-
rope that would not jump at the
chance of such an investment. No,
Mr.. Chairman, it is because capitalists
have no faith in the ability of this
Texas and Pacific corporation to fulfill
their promises-to complete the work
unaided by this subsidy, and do not
come forward and support it with
their means, and these gentlemen ask
the Government to aid them in their
scheme. " - St19a
For the past fifteen years this Gov
ernmept has little by little departed
from those principles which for SO
many years were the peoples safe
guard against the power of combined
capital, and corporations fostered by
the Government. We have aided this
project and that project, and we have
lent our credit to this enterprise and
that enterprise. Sometimes it was on
one pretext and sometimes on another.
If it was not military necessity, It
was for something looking to the anne
Iteration of the freedmen If it it was
net to insure equal rights and tre-
share of happiness and pros
perity to everybody, it was something
which was intended to preserve the
supremacy of a certain political party
against the natural complexion of the
ballot-box. Gentlemen, it will not do.
The time has gone by when we can af-
ford to trifle with public opinion. The
people are aroused, and they will have
no more of it, and they expect a re-
formation at our hands. They sent us
here for that purpose, and they de-
mand that we do our duty.
In conclusion, Mr.. Chairman, will
repeat what I have before said, that
all things being equal, and were both
roads being built under the law as it
now stands for the lands, many Of our
people would not have objected that
the Texas and Pacific Company should
completes this road to the Pacific
ocean, but in the position that COM
pany now are, the character of the bill
they are urging before Congress, and
the nature Of the assistance they are
seeking from the Government lead me
to the belief that they are disposed to
look with more favor upon the plans Of
the Southern Pacific Railroad Compa-
ny. The reasons for this are : First,
our people are familiar with the fact
that what the managers of this COM
pany have hitherto undertaken to per-
form they have carried to successful
and speedy termination. Second, be-
cause they are opposed to subsidy in
any form whatever. Third, they do
not want any consolidation Of the Tex
as and Pacific and Atlantic and Pacific
charters, for they have hopes that both
roads may ultimately be built. Fourth,
because we believe that the lands al
ready granted by the Government af-
ford sufficient basis for credit to build
the road, without the necessity OF ask
ing any further aid from the Govern
ment; and, Fifth and last, because they
put but little faith in any theory Of
competition in the management OF
these great lines that will tend in the
slightest degree to relieve them Of the
evils now complained of. For thatre-
lief they will seek other measures than
that hoped for in the establishment Of
rival companies. .'t