Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1878-03-02

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Its opsrsfsons. frustrated IA n-
scGrces. and forced IL INTO b~nk-
rupsey.
By josnt resolution approved Nav
ii, ls7o, Congress bad authorized
the cumpan~ 10 issue its bonds, and
to secsss them by . mortgage Of its
properly. Under this authority the
company had issued bonds to the
amount Of $29, lilo, 400. and had Sc
cured the same by o first mortgage
on all its property, including its
franchises.
In 1876 this mortgage, the COM
pany being IN default, was fore
closed. and all the property Of the
company passed into the hands of q
committee appointed by the bond
holders, and for their benefit.
In the Summer Of 1875 the bond
holdsrs, all concurring, either ac-
lively or tacitly, adopted plan for
reorganiz.ng the company; preferred
stock was issued in, exchange for
the bonds. and in September Of that
year ! board Of directors was chosen,
which was ppt in possession Of the
pscpsEtU Of The old company covered
I hy thA nOftGa&o>
XkS stockh khol ldsrs in ths company
thas-f fS6Ggsuizei ARE between eight
and nine thousand in number, and
are scattered through more than half
of the States of the Union. Their
money made the property they now
seek to save and exhance. They ask
no subsidy, no additional grant or
privilege, only an extension Of time
in which to complete the enterprise
in which their money is invested,
and which has been delayed and
hindered by causes over which they
had no control, and which occurred
by no fault or omission of theirs.
The question for the consideration
of the committee, is whether the
public interests require the COM
pletion of this road, on the route
and terms provided in the act OF
1864, in the same or in a greater de-
gree than at the time of its passage;
and, if so, whether additional time
should be granted to the company
now engaged in the Enterprise for
its completion.
The arguments, pro and con, on
the subject of national encourage.
ment to transcontinental railroads
are too familiar to require recapitu-
lation. This discussion was ably
and stoutly maintained on either
side by statesmen whose intellectual
strength and comprehension of the
subject have left little or nothing to
be added. The result was in favor
of promoting, by public aid, the con-
struction of Northern, Central and
Southern roads from the Mississippi
Valley to the Pacific Ocean.
In pursuance of this policy, thir-
teen years ago, A ,OOO, 900 acres of
the public lands were granted for
the construction of the northern
Aodu x&S lOuIC AC6 tutOuSu AlSo
fertile county, rich in all the physical
characteristics necessary for the sup
port ofs vast and prosperous popu-
lation. Its grades are easier that
on most of the roads in the Eastern
States, aud shere the line diveiges
from q Straight course. To avoid I'm
pasxahle mountain rsases, 1t opens
TO seiilemeni the fesiile valleys OF
tho river whose b4nks II fsilows-
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