The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-12-29

be retained In the treasury until needle
by the company to pay for constructe
road, and until 20 needed the none
shall be invested In United States bond
which latter bonds shall be sold froI
sales delivered to the company as se,
lions OF the road shall be built; or, II
stead OF purchasing United States bond
with the money received from the sal
OF the guaranteed bonds Of the CON
pany, the government shall pay pc
cent interest on the money while It re
mains In the treasury, II the Secretar
shall prefer to do so.
/ would like for some advocate Of thi
bill to explain to the Senate what Their
is In the bill, with this provision stand
Ing IN 1t, to prevent the company from
selling the whole Of the $31, ESQ, 900 with
10 six months after the passage OF thi
bill, and long IN advance OF the con
structlon OF the road. IL the bond
were 80 sold In advance, there could b,
for interest on the guaranteed bonds al
1t accrued; and the government woult
have to pay the interest on the bonds
OF the company IN the hands Of pur
chasers, and also on the money. the
proceeds Of the sale OF the guaranteed
bonds deposited In the treasury.
make no suggestion that there is room
for job in the provision that the rail.
road company may sell these guaran.
teed bonds In lots OF two, OF five or ten
millions, until the whole $31, 75O, 900 are
disposed OF, for 1t Is no part of my pur.
pose to make any insinuation against
the personal integrity OF any Of the off,
GERS OF this company.
THE UNITED STATES TO ACT AS THE CON-
PANY's LAND AGENT.
There is another feature in this bill,
Mr.. President, to which / wish to d.
rect attention, In section Of the bill.
- Iappeal to every
Senator, Is not this section likely to be-
come the fruitful parent Of controver-
sizes between the company and the gov
eminent? What does 1t mean? The
lands contained IN the reservation
shall be sold by the government Of the
United States" says the section but
suppose obstinate and purblind Ameri.
can citizens should refuse to buy, what
then?
There Is no Limitation Of time here
within which anything shall be done
but it is stated, with care and emphasis.
that the REIMBURSEMENT OF the reserva-
ton OF the lands by the company is
made upon the express condition and
for the express purpose" that the lands
shall be sold by the government, and
that the government shall appropriate
one-half OF the proceeds Of the sales to
The payment OF the interest on the
guaranteed bonds, etc. One-half Of the
proceeds OF the sales Of what? "One-
half OF the proceeds Of the sales OF the
lands In said reservation, including the
Md md nvon co0tfnno fhoronP - 80,
his section OF the bill. This is relin-
luishment with a vengeance. What,
more or less, Is this than to constitute
The government an agent for the trans
action OF the land business Of this COM
pany at the governments expense? And
how long will it be before the agent
will be called upon to give an account
II his stewardship? When this COM
0any shall be pressed to make provision
or the interest on these guaranteed
bonds, you may expect the response
: You took possession Of my assets, and |
came under obligation to convert them |
INTO cash and to apply that cash to the
payment OF this interest: give me credit |
or the price at which you agreed to sell |
hese lands, or return them to me-"
Mr.. President, I hold one Of two |
Kings to be certain: Under the provi-
lions Of this bill the government will |
,ither be required to credit this COM
,any with the value OF these lands at |
he price agreed on, or to return the |
ands to the company. For one, I pro-
est against such entangling alliance |
With this company as Is proposed in this |
ection Of the bill. The French have a
'roverb, "that it Is only the first step
which COSTS" Let us not take this first |
tep. II we do. in my judgment, the |
ost will be such that we shall be long
q counting it.
HE GOVERNMENT TO TAKE THE RISKS
AND THE STOCKHOLDERS THE PROFITS.
There has been great deal said by
ne gentleman who stands at the head
the Texas and Pacific Railway Com
any, and by the advocates and pro-
loters Of this and other bills that have
cen introduced into Congress, about
laking the Texas and Pacific Railway
an open highway for the government
nd the people," From much that has
cen said before the committees of Con-
ress, in the press OF the country, and
the corridors OF this Capitol, we would
Q justified In concluding that this great
1terprise has been undertaken and Is
De prosecuted in spirit OF pure and
nmixed benevolence; that there is
|
ow true this pretension is. What are
le provisions Of the bill? In the eighth
'ction will be found the following Ian
lage:
SEC. 5. That the line Of road constructed
lder the provisions Of this act shall be main
ined and operated by said company as an
zen highway. and as postal and military !
ute for government purposes, at fair and [
asonable rates OF mpensatiOn for govern (
ent service, to be agreed upon and adjusted :
the Secretary Of War, the Postmaster :
eneral, or the Secretary of the Interior. for
cir respective departments, In conjunction
th the proper officers of the road, not ex-
eding the amounts paid by private parties 6
r similar services, the government at ali I
mes to have the preference in the use OF the s
ad and its facilities for the purposes afore-
id. !;
What sort Of an open highway for the
and the people is this? The
ad Is to be maintained and operated 3
the company. The company shall c
ceive fair and reasonable rates of G
for government service,
lich rates shall be agreed upon and q
justed by certain officers Of the gov
nment for their respective depart II