New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-14

/. Tie properly out OF which this 400 miics oi
dr,ctcd T. wholly the creature Of the Government The
shareholders contribute no part OF ~ under IN"
national concern 10 be built by the government ~
submitted that the Goyelnnent and not me rahrSa a
company should own IL. Tho present Vaie o. me TOT
100000 OF fifty bonds, were the prInclp aso sn
antecd 10y the Government wond not xceea If
IN their posed form, the Interest VI
The Government detached tho bones wouid DC ao'o-
The Al miles Of constructed road not included IN
the proposei NOR gage indemnify the Government Ior
Which constituted the most valuable OF the securities
heretofore offered by the Texas and Pachc H.ir0au
antee has Iapse and not included In the proposed
mort gage for indemnify under this bill Lands
ritories OF New and Arizona and the state oi
California, believed TO afford the Government ~
substantial indemnity for its guarantee Ihe area W
tlable available agricultural lands is hcOnsaer
The whole proceeds are liable 10 De eons.u ,ast the
bOnhoders will forccosc any claim OF the Government
when the bonds are pne o Sh ses for it's sma
tee found In ts right to retain the price ana COS. Va
and Pacific Railroad but that part of to be bulit
upon ITS thc Governmental own credit; nm, tho
practices under IT, not justify the expectation Oh net
earnings which viii enure to the beneht OF Tue uoyGr
mcnt in compc nsatOn for lis guarantee. or Otherwise
That q road might constructed and operated as
in considerable degree to save the Government ir.
constructed operated our experience abundanuy
proves.
Mr.. Morrison concludes as follows:
and Pacific Railroad Company acquired the franchise
ana right of way by Which 1t is authorized to construct
railroad from Fort Worth to III Paso IN the state o
Texas whether by grant from the State Of Texas or by
purchase FROM consolidation with the Memphis, ~
section OF the act To incorporate the and Pacific
Railroad Company, aud to aid in the construction
OF Davis against Gray, 10 Wallace. page 2O3,
the United States Supreme Court decided that the
Memphis III P;,sO and Pacific Company was surviving
corporation with all Its property In possession ana s
faculties unmpaircd. This franchise and right Of way
Government Tor iis guarantee 1t becomes material
tact therefore, 10 know II It was ever acquired IN either
modes suggested otherwise, aud whether IL mas
been forfeited lost with the Texas land grants inc
undersigned expresses no opinion upon tis q QUEEN,
lut submits that due regard to the interests
of the Government demands that before any guarantee
ia made, based In part the mortgage OF
the said franchise and right OF way the House should be
informed and advised as TO the title VI what proposed
10 be nOrgnged
WORD FOR THE SOUTHERN PACIFIC.
Mr. Lnttrell in his report sets forth the PROPOSE
tons respectively made by the Texas and faclhc
and the Southern Pacific Companies, and then asks,
(Which of these two propositions, as guardians OF
the public interest can adopt I Which of these
two candidates, practical business men, ought
we to intrust with this undcrtakingF MI LuttIel
then shows that the Texas and Pacific Company has
violated the conditions OF its charter, and has
built less then 200 miles of the main line
westerly from Marshall, Texas, and not one mile
from san Diego easterly. The Southern Paclhc' on
the other hand, he says, has completed the portion
Of its road in California within the time liked by
law and now has more than 700 miles of road III
operation, with branch lines and ternini at sea
board, in Southern California Its eastern ter
minus is at Colorado River, and 1t now asks the
privilege of continuing its road eastward through
the Territories to the Rio Grande, and az much
farther as may be necessary 10 meet the Texas roads,
within six years. Mr.. Luttrell says
No good aud satisfactory reason Il found why this
proposition should no. be promptly aud cheerIuy ac-
copied. Were administering our own private DUST
ness. could for moment hesitate between these
o.r one ~ which besdes being an undescrVed faNor
Involves grave responsibilities, dangerous rr'cedens
and great risks, while the other avoids all coumitit nj
to a doubtful policy and nsures all its henehts WITHIN
the same time without the risk OF dollar 0i tue people
| money or credit. We conceive that we are nor
here amoncrs ~ the bounty OF the Government or
N, clt.zrus, corporations. but a. guardians OF tr
pubc welfare and trustees ~ the property ana credit
OF tho nation 70 obey the Constitution ana pfOtc
the interests the people; and m this view We cannot
concur IN the report Of the majority which proposes
granting subsidy guarantee of sJ-19o,OUo oil the
people money credit to corporation We are Up
posed t. granting Government aid in money bonds, lana
or public credit any corporation; but OI tc TWO prop
as IONS before us, prefer the one tDat VIII save ne
Government and the taXDaYinS people nearly siVVoo,'
| 600. =,
| Mr.. Blair concurs substantially IN this report