Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1876-05-12

and The date Of thslr maturity, and 10
argue that credits bald by the Govern.
mert. and belonging TO this company
for bona 6de services rendered, can be
arbitrarily withheld because Of An un-
matursd Indebtedness held against said
company, would establish q precedent
that every business man in the country.
as a matter Of self.protection. would be
bound to rspudiats. This course would
naturally suggest itself outside OF the
late decision Of the United States Su-
preme Court, which, to our mind. set
tied the dispute beyond all question. by
giving 10 this company all the benefits
that may arise out Of the time between
this date and the maturity Of the bonds.
A proposition. however. comes from the
Central Pacific Railroad Co. to make the
payment Of this indebtedness much easier
to the Government than is stipulated BY
the terms OF the contract; in other words,
to pay IL before II natures, by the estab-
lishmsnt OF q sinking fund. "either in
the hands OF the companies or Of tho
Government. which will. by . series OF
half.yearly contributions and their re-
investment, <~rtinguish the debt within .
reasonable time. without loss to the Gov
ernment injury TO the preferred credit
ors. or expressing the companies" In
addition TO this Il will remove forever
tho railroad companies from the
choked channels OF legislation aud
the courts"
Tho proposition; to condenss IL AZ
much a. possible. IL TO convey and re-
lease TO tho United States all the lands
in the State Of Nevada and Territory Of
Utah which were granted to said CON-
pany. and these computed at - 30 per
acre. and the said amount carried 10 the
credit Of tho sinking fund (Which, 1t Is
estimated. will aggregate very nearly two
thirds Of the entire amount OF indebted
ness to the Govsrnmsnt). with q pay
ment Of one million dollars cash and the
balance divided into ssmi.annual pay
msnts, with interest thereon. until the
whole amount shall be paid. This
covers, in substance. the proposition
| of the Central Pacific Railroad Com
pany 10 liquidate its portion Of tho Dor
rowsd capital Of the Government; and il
sUikts NJ VIM tuo oo'otuuaohs oaoeie
accept IL. not 30 much on account OF the
payment Of the debt. hut because Of the
settlement 81 the question. Twenty-Five
years hence. when the people will be
better able to estimate the benefits OF
these great thorougfares to the Pacific,
they will look back on our present wrang-
lings with these roads with astonishment
and wonder why we ever made the loan
Of the Government credit for their con-
struction a matter Of dispute at all. but,
ON the other hand. why 1t was not long
since passed to the credit Of the good
the whole people have enjoyed on ae-
count Of them. We 80 further. and be-
lisve that II every dollar invested by the
Government were sacrificed to-day. 1t
would be cheap compared to what tho
general public have enjoyed. and what
10 guaranteed TO the future by the con-
struction Of these great outlets to the
Pacific. The subject il IN important
one. and we trust Il will be settled TO the
mutual aud honorable accommodation
Of all differences, so that the rights Of
all parties shall DO protected.