Los Angeles daily herald., 1876-03-12

ed from specie payment, and therefore
have ne occasion to vex our souls as to
how we shall return to 1t.
| 1t is true, circumstances have aided
us in maintaining this happy condi-
ton. Our material prosperity has in
creased vastly by the law of accretion.
Lands which ten years ago were worth
but So so per acre could not now be
bought for 500 and 800 per acre. Gull
tivation of the virgin soil has devel-
oped ten-fold the wealth gathered in
the mere crops, and with such great
increase in substance it may seem to
many that we were to some extent
selfish in refusing to adopt any. other
medium of exchange than that which
was always worth its exact face. We
did, however, and have as our reward
now stable currency, sound COM
mercial prosperity, and business ac-
tivity unequaled anywhere on the con-
| tinent. m
Upon this showing, can it be won
dered at that our people should favor
the principle that all enterprises hav.
ing for their direct object the still fur
ther development of our great re-
sources should remain under the man
agement and control of those who,
being identified with our interests,
may be presumed to possess the same
qualities which in the past have con-
trlbuted so much to our greatness.
But, gentleman, l weary you, and
will hasten to close. Understand me,
that in taking the position do with
reference to this question, am ad-
vancing only what / feel to be the in
terests of my people, and this do after
careful, impartial, and earnest con-
sideration of all the facts have been
able to obtain. The people of my
State have many and serious COM
plants to make against the manage
ment of the railways within her bor-
ders. They are satisfied that they are
entitled to protection, and believe
there is remedy within their power
which they mean to seek. They are
of opinion that any other company
clothed with the same powers would
be as mindful of their own interests as
are the present corporations. Besides,
they have little faith in a theory of
competition as that advocated. 1t is
very difficult to make them believe
that capital will go to war with capi-
tai. They have a notion, deep-seated,
that capitalists are combined against
the general public. They have lurk-
ing suspicion that this quarrel which
is now raging with such intensity be-
tween two of the most powerful cOrpo-
rations can, and would be readily re-
conciled when their interests became
mutual. And that the proposition adj
vanced In the bill now under consider
alton that Congress shall control and
regulate the frsights and fares Is but
announcing a right always possessed
by that body, and that the Govern
ment of the States and that of the
United States have the power to do
that with all corporations existing
within and under the laws OF their re-
spective Governments. How to sue
cessfully and justly put that power in
cult question, which is certainly not
elucidated or made palmer by the bill
under consideration.
Gentlemen, it is not my purpose to
go into the question OF the propriety
of granting Government aid to rail-
way corporations. That is o question
which has already been passed upon
by resolution introduced, and by
large vote adopted by the House Of
Representative but few weeks ago.
l am member Of political party
which fatbsred and occurred tho pas
sage of that resolution, and am GLAD
to say that the principles expressed
therein, were supported by not only
the members Of my own party In the
House but by large majority OF the
party in thu minority-a fact which
in justice to them l will say indicates
that having In the past been mainly
Instrumental for ell the evils which
has arisen from wholesale system Of
subsidy, it now seeks to correct its err
ror by declaring that these evils shall
not be repeated. The Democratic par
ty will suffer great check to its p0lit-
ical prosperity II it now fails to en-
courage this repentant spirit Of its op-
ponents. If we endorse this giving Of
the public money to aid private cor
porations, when our political Oppon-
ents in their penitence declare against
it in the future, what chance shall We
have before the people who have been
the sufferers from their errors? 1t Is
useless to say, Mr.. Chairman, that
this aid is given to insure competition.
If we have no other means Of defense
against the power of gigantic corpo-
rations, which have been nursed by
our bounty, then to father others to
contend with them, then we had better
sufferon. We will not be the gamer by
multiplying the power Of the oppres-
sor by two. There is deposition on
the part of certain time-honored MEM
bers of the Democratic party to ignore
the principles which actuate the par
ty of to-day. The other dayI read q
Communication on this subject in one
of the public prints, from gentleman
who was once high In tho councils of
the nation, which sounded to me like
a fossilized echo from the political
depths of the pliocene era. The gen.
tleman went into sn elaborate censti-
tutional dissertation to show, not
what might have been expected from
so strict a constructienist, that the
United States had no right to grant
aid to corporation, but that is was
the absolute duty OF the United States
to foster and encourage internal i'm
ovement-provided that improve
Iment was the building of the Texas
Pacific railway by o private corpora
ton, with the peoples money. Such
an elasticity of belief in favor Of sin
gle corporation, it seems to me, can
only be accounted for by the existence
of self or sectional interest entirely
at variance with the commonly ac-
cepted theories Of the strict construct
ionists. @ lredl
Mr.. Chairman, my people believe
that all the benefits to be derived from
aiding the Texas and Pacific road
would be equally secured if this road
should be built by any other corpora.