The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-05-29
JAY GOULD AND UNION PACIFIC.
His Desperate Attempts TO Control Congress
-t:ouIds Fortune ut stake.

To THE EDITOR OF THE SUN-Str Disap-
pointed In getting favorable report from the
judiciary Committee OF the House in regard to
the swlndllng project Of reconveying the Union
Pacific lands to the Government at the rate OF
$3.50 per acre, Jay Gould has turned his atten-
tion to the Senate Committee on Railroads.
They have reported bill to the Senate In which
this land project Is mentioned favorably, and In
which II Is recommended that 100000 OF acres
DO received back from the Union Pacific Rail-
road and that the corporation DO credited with
$4,000 900 therefor. Senator West has the credit
OF reporting this contemplated swindle Of Jay
Gould's to the Senate.
II seems hardly possible that men can be
found in Congress who possess assurance
enough to endorse such a barefaced fraud. IL
cannot be doubted now that Gould has been
distributing money and privileges on the stock
market largely at Washington, and that des-
perate effort Is being made to buy profitable
contract for the Union Pacific Railroad through
Congress.
IL Is certainly very bold aud reckless move
on the part OF the committee OF the Senate, In
the face OF tho exposures which have been
made lately Of Gould's attempts, that they
should now bring up for the approval OF the Sem
ate the very measure which originated In the
brain OF jar Gould, and which was presented to
These lands which the Senate Committee on
Railroads have recommended shall be taken
back by the Government at a price OF $3.50 per
acre. are among the most barren aud worthless
on the face OF the globe. The good lands which
the Union Pacific Railroad possesses are not ia
the tract which II Is proposed to convey back to
the Government. This can be set down as an
axiom. that any lands which Jay Gould is willing
TO return to the Government at any stated sum
are not worth II. fthe lands were worth s250 per
acre he would keep them on hand and sell them
at higher figure TO private parties. These lands
n "A H.. 10 al
prising II the Union aud Central Pacific Rail-
roads together would be willing to spend as
them at - 80 per acre. The moving power of
the Central Pacific Railroad Is reported to have
said that he would spend that amount Of money
FOR his corporation alone rather than have
this session Of Congress expire without get
ting an arrangement with the Government
suited to his ideas: but Huntington Is not
10 the financial straits Of Gould he has not sus-
tanned such severe losses lately in Wall street :
Panama TO the extent OF the Union Pacific. He
is every way In better condition to let this ses-
sion OF Congress expire without settling upon
an arrangement with the Government than Jay
Gould. The latter has "A road. poorly built, run
ming through desert waste for nearly thou
sand miles, built at a cost three tirnes greater
than 1t could be duplicated for at present.
He has. instead OF running 1t In the in
jobbina concern for for wall street. In his
anxiety to make big thing In TIE
Instead OF unloading his stock on speculators
and investors. he was unlucky enough TO get
shuuleO win all OF IL himself AT the Dlgn prlccs
As consequence he was obliged TO use up
about all OF his ready money to paw for It. lie
holds control OF the road. then, by these Inn
mense purchases OF stock, but he is terribly
worried about his loans. II Congress would buy
back the Union Pacific lands at $25O per acre
and use the &l5OlO,OcO as the basis OF n sinking
fund TO liquidate the debt OF $11,0O00O which
will De due by the road In 1895, Union Pacific
would be worth money. Banks and financial in
situations would loan on II, and Gould would
sell out his stock and be saved from ruin.
1t Is said that he borrowed 100000 from
Sa~a nfn ~ mi FNss Lac
January, when II was selling at 75 and that he
has been bothered considerably lately by the
decline to 81.
SO Gould is much more anxious than Hunting
ton TO get the Government To buy back the
Union Pacific lands, and indeed his whole for
tune ia at stake. There Is no Obligation OF a ma
tional character which should be regarded by
Congress In the consideration OF this land bust
ness. 1t is simply whether ne people shall be
plundered to help Jay Gould out OF a gigantic
lea by his own error OF judgment.
But this bill OF the senate committee Will not
pass and become law these worthless lands
will not be bought by the Government at $3.50
per acre. The people Will not be done out
Of $30O00,0O0 by the Union and Central Pacific
Railroads. Jay Gould will not sell out his Union
Pacific stock at high price upon the public.
The agents OF Gould are well known In this
attempt TO influence legislation the prices
which they are authorized TO pay cannot be kept
secret; the parties with whom they are now ne
gOtiatng will have become notorious long before
their career as legislators would ordinarily have
drawn to a close.
Gould has been beaten IN the Pacific Mail con-
test recently, and Is now smarting under defeat ;
the value OF his Union Pacific property IL sadly de-
Ireciated by the loss OF the steamship company.
Ii is estimated by good judges that his loss Of
Pacific Mail will take OF fully twenty-nve per
cent. from the value OF Union Pacific. 1t IL
worth whio TO watch thi. new move IN the
Senate TO see whether he will be beaten as badly
In this as he was in Pacific Mail. sTIRABoUr.