New-York tribune., 1876-05-06

Company repay the loan Of the Government to the
Company. be utilized in any agreement with the Com
paDyf
not expect in this letter to enter at length into
additional arguments fayoring the settlement 10 lhcue
the transfer OF lands to the Government, whcn can ne
better suggested when the Committee decide TO enter
tain the subject Briefly, however may suggest tnat M
the opening to preGmption OF homestead lands or tne
settlement like the Government lands OF several mohs
OF acres along our railroad line ran TO & gLay IN the
States nd territories TO impose unreasonable taxes upon
settlements which largely reduce the q the lands
to the company, will not operate against tne uonc
whatever TO the Government its second mortgage being
confined 10 the railroad itself so before the morlgage
natures the lands and their proceeds VIII nave pesn az
piled otherwise than in payment OF the United states
Although a credit of 100000 of of land at the
s Pal'e as G this latter fS @ Tf be thus
y before 1. is DUE its present value Is $50 1hs ~
less than 81 per acre is sufficient to meet it.
As the Company is thus willing to convey r 10 .pe r.
desired OF its lands the price Of ~ SO per acre. and 10
make in addition such annual sinking iuhd, noEo' p ppa
II this settlement is not agreeable to congress,
willing to consider any proposition which may oe uas We
by the Government, with disposition TO accept II II i,s
and its other obligations VIII permit nave 10 e. A.
press the hope that in no case VIII Congress Ien
the passage of harsh forcble or hostile measures
the Company. The Government has only q stronu
mortgage any blow at the Companys credit Is an ius
collecting its debt while whatever strengthens the Com
pany increases the Governments security ana lts
prospect Of ultimate reimbursement lhete a., S; III
many other reasons why the Government should uca
literally with the Company The Government ala 10 tle
Company assuming that its loan OF bonds Win nc
eventually repaid. is only the lands, from wnlch te ,o
pauy has 80 far realized $5,336,6fi O2. FOR thls oo
nation of only 100000 the Government mas secuicu
the construction a railroad 1,O3G miles long, giving
control at all times particularly In time ~ war Or
postal, military, and other pm poscs ,,, ,o-- 7,
The road required u be built by July L. lSo ~
was actually opened for traffic more than SIX years III
advance date, the last GOO miles blhS
and constructed between May, 1865 aud Nay lSo" tho
cash saving the Government Oh expense oi trSpoi
t,ion during this six years alone bcug more tha the
whole Government donation has produced 10 the 'on
pany this date and the total cash saving dullhE 'e
3O-year term of the mortgage being CERTAIN 10 pS
more than the amount the Government bonds l0ahcd
TO the Company. ,...,t,
This rapid construction OF the road during and directly
after the war; while the highest possible prices os lir
and material prevailed made the cost OF the road cnc
what IL would now cost to construct IT, ana Dnrdrhtu
the Company with boud indebtedness which II VIII re-
qure all resources 10 the Interest Oh anu 10 pro-
Vide suitable sinking funds; for while IL - paying rc
souable dividends stockholders who have purchased
their stock in the open market and upon The latin o lc
Government pledged in the acts OF l-b2 ana $50 y
uuon and engagements OF the United states proi
fcrcd by 1859 aud 1864 as Inducements 10
capitalists 10 embark In the hazardous undertaking Of
coiistructn railroad the Pacific they nave been
or may Dc construed by the supreme Court oi the
United states. this Company Is Wiling tn stand ~ OF u
/, willing 10 change them by cousrulns tu make reason
able PAYMENTS the Government upon 1T second mort
gage yc1rs in advance ~ the tins legally liked.
Believing 'nnt your committee VII deem the PROPOSE
lion of the Company fair aud reasonable have the honor
to be, very respectfully yOuIs,
SIDNEY DIILoS, President.