The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-03-20

prudently managed.
The undersigned is not unmindful of
the fact that at later period different rule
Of construction prevailed from that which
prevailed in the earlier days of the republic
and which is now here insisted upon.
Undelegated power is necessarily unre-
gulated and unrestraiued. Power usurped
never was and never will be honestly adj
ministered.
When we passed the limits of consti-
tutional power we invited venaltity, cor
ruptioD, and all the perils of corporate
greed with which the country under the
later construction has become unhappIly
familiar. First, as If by stealth and indi
rection, gifts and grants of the public
property were made through the states;
then directly to private corporations; and
finally, under the necessities, real or sup
posed, of civil war, subsidies assumed the
Objectionable form proposed in the pend
ing bill
The undersigned would remind the
house that this later rule of construction
only obtained footing at period when
American craftsmanship had grown FESTIVE
under constitutional restraints, which are
still believed to be essential and indispen-
sable to the protection and well-being of
the people; and when rules of construction
obtained footing which finally wrecked US
10 civil war, we should retrace our steps
and return to the doctrines and the prac-
tees of the fathers In this the people
have presided us, and this House, has by
solemn resolution, condemned the further
grant or renewal of subsidies in any form.
The lands granted already exceed two
hundred oF
area and acres equal to the seven great
States of Ohio. Kentucky, Tennessee, In
diana, Illinois, Wisconsin, and Iowa, equal
| to the original thirteen states if we exclude
West Virginia. The money-subsidies al
ready granted, guaranteed, loaned, or
given, which in Pacific railroad legislation
have hitherto proved to be equivalent
terms, used as sinking fund, would liqui-
date more than $3.50, 600, 900 of the public
debt.
The property out of which this 400
miles OF railway, to be owned by private
individuals, is to be constructed is wholly
the creature of the government. The
shareholders contribute no part of it
under the provisions of this bill. If this
road lis a matter of sufficient national
concern to be built by the government, it
is submitted that the government, and not
the railroad company, should own it.
The present value of the $3S, 100000 of
ffty-year bonds. were the principal also
guaranteed by the government, would not
exceed $3,000,000. In their proposed
form, were the interest guarantee Of the
government detached, the bonds would be
absolutely worthless.
The 444 miles of constructed road is not
included in the proposed mortgage to
indemnify the government for its guaran-
tee. The Immigrant of the State of Texas,
which constituted the most valuable of the
securities heretofore offered by the Texas
and Pacific Railroad Company to the
government as indemnity for it's guarau-
tee, has lapsed, and is not included in the
proposed mortgage for indemnity under
this bill. The lands heretofore granted to
the company by Congress, situate in the
Territories of New Mexico and Arizona
and the State of California, are believed to
| afford the government no substantial
indemnity for its guarantee; tho area of
tillable or available agricultural lands is
lnconslderable-the whole proceeds are
liable to be consumed 10 their survey and
sale. If railroad history repeats itself, the
0ondholders will foreclose any claim of the
government when the bonds are payable
The only real indemnity, therefore, which
the government obtains for it's guarantee
is found in its right to retain the price and
cost of carrying its mails, troops, and
supplies oyer, not the Texas and Pacific
Railroad, but over that part of il to be
built upon its 1.-THE government's) OWL
credit. The local or way carrying on the
road to be constructed west of Fort Worth
to be paid for by the government must
long be inconsiderable, while through
carrying will be diyided between this and
other branches.
The history o. Pacific Railroad legisla-
ton and the practices under it does not
justify the expectation of pet earnings
which will inure to the benefit of the
government in compensation for its guaran.
tee or otherwise. That the road might
be so constructed and so operated as 10 q
considers b degree to save the govern.
ment harmless in its guarantee is possible
that it will not be so constructed or ope-
rated, our experience abundantly proves.
We have tostered by lavish grants from
the public treasury number OF corpora
tons, which, in return for our ill-considered
bounty, have oppressed the people and
grown so strong as to defy the government,
or so rich as to corrupt its officers. The
proof is abundant that Congress itself has
failed to withstand the corrupting infuen.
ences of the great corporations it has crea-
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