Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-06-05

rieht today. They seized possession o
Dotn political parties; they ssized th
Executive Departments, then they cam
up and seized both branches of Con
Press. They have done il. They hay
even gone so far as to invade she fedora
courts. A short time ago there was
| question 70 Be considered in the city o.
New York where the Union Pacific Rasl
ROAD Was a party, and great difficuIt'
Nas experienced In finding judge wh,
eooid ST. and not decide his own case
after while they found one in one D
tue New Esglsnd States; not IN Boston
but 1 think IN New Hampshire. the
Ioand judge whose pockets were NO
hiled @lth MON Pac fie stock and bond
ano who vas competent TO SIT and tr,
the Case.
That Is Just what they are doing today
ine House p1ss4s-I may be excused fo
referring 50 far 10 the House. bill il
regard to A land grant. Not satisfied
with that, they go to work to prevent
action here. The power of these rail
roads IL brought to bear. They refer il
In tue House 10 the Judiciary Commit
tee. Whyf The backbone Rad, nov
the New Orleans aud Pacific. TO which
tue Senator from Colorado {Mr. Hill
alluded the other day, issued bonds and
pat them IN their pockets or distributed
them among friends, aud never built a
mile of road. The president of tia,
road was leading Democrat, Mr.. Bar
mum. The attempt was successful when
this same matter, although reported by
the Committee on Public Lands, was re-
ferred to the Judiciary, the object for
which was apparent. The results will
soon be equally apparent. | have no
unkindness for Mr.. Rarnum. | know
be Is Democrat. Ii has been said in
times past that he has used some Repub-
iican methods which are considered rep
rehensible. he is fond of transporta-
ton OF one kiud, by mules when he
was engaged IN their purchase at fabul-
ous prices. That was u faster transport
alton than was furnished by this corpo
ration of his.
This il the position we are in today.
| say to my friend from Alabama that
II will not do for as to close the doors of
this Congress until some legislation shall
be had on this subject. We talk about
the national debt. We have been legis-
iatinR for weeks and months about our
national debt, and yet look for moment
on the railroad property of this coun-
try, which today Is appraised At their
own figures at nearly 100000, 600.
According to Poore's Manual the value
n double the actual COST, saw fl4 ,OOO,-
100000. The figures are almost stag
RerIng. In what manner has this i'm
mense debt-because II Is "A debt upon
the people-been used up? la the early
days they had Credit Mobiliers. aud lit
tie and distinguished statesmen In this
land, and men Intelligent, prominent III
the social and financial world and IN the
politics of tue country, were In them.
l ain speaking about the system, not
abost individuals; and a great author
ity on this matter explains how these
securities are sold and how they are pur
chased:
ITO purchase. on the same terms AZ
they we're sold on the Boston market tn
applicants, to Josiah Bard well. to Elisha
Atkins, and to ether reputable mer-
chants, securities, which were divided,
AZ Is usual in such enterprises, into three
kinds, first mortgage bonds, second
mortgage bonds. and stock. The price.
l think, was three for one; that is, the
purchaser got first mortgage bonds for
his money, an equal amount of second
mortgage or land grant bonds and OF
stock thrown in as the basis of possible
profit"
Here is the history of the system. IL
appIies not only To the Northern Pacific
but to other roads. That is the way it
is done in Boston. and that, of course,
is the highest type Of nobility aud non
esty in financial transactions. Three
for one! Look at 1t for moment
three.for one. Here are f6, 00O. .0OO, 600 of
securities that, according to the iudg
ment of this man who IL above re-
proash-you know who he is-acinaily
cost their holders 0OO,0O0,0O. Be
yond that are S4,000,0OO,OOO which are
bel { as mortgages on the State Of Mich
iean, the state of Oregon, and ON the
States of Kansas and Nebraska and
other States-S4 ,O00. 10000 for which
these gentlemen have not paid far
thing. We have In this way an incum
branoe of more than the national debt
aud worse than the national debt. The
national debt we can pay; this debt can
never be paid. They hold 1t forever.
They SAY We must have interest on our
mortgage, We must have dividends on
our stock" when they hold that stock
and those bonds ON the basis OF three To
one. For every dollar iii actual money
supplied they have 81 for which they
are drawing interest. OF the more than
81, 100, So, ,0o0 not more than $2,oo0,0oO,-
600 have been actually expended, and
the $4,OO0,000,OO0 is held today ~ n
mortgage upon the prosperity, upon
tue wealth and upon the earnings of the
people.
In tie face of that fact are We to be
told We must now be SO oonsiderate that
we will not delay for thirty or sixty days
this huge corporation reaching oat its
hand upon piece of road which, at the
time il was built, they did not expect to
be A part of their branch or main line.
Whether they did or not, this Congress
is considering the question today. In
1870 they began; at that time Henry
Wilson raised his voice; and at that
time these men asked that they should
have more land. and they obtained it.
They had grant in 1864 of forty miles
ON each side of the road. and tea miles
for the selection of indemnity lands,
giving belt of 100 miles for 1000 miles
in length. They came IN 1870, when
they had not built a mile of road, and
wanted more. hear men talk If those
Who invested their private fortunes.
They never built mile of the road
aud never spent a dollar Of their pri
ya,e fortunes. They said they had not
been able to sell their lands: that they
mad not been able to induce other Ieo-
ple to put in their money to build the
road. The charter was given IN 1854.
Nov that there may be some question
a. 10 the full amount that WAS intended,
thew said, give us ten miles more. And
IL was at that time, when they came
asking 10 make the width of their grant
one hundred and twenty miles. that a
Senatsr from Massachusetts,, IN the face
of the pecuniary interest in his ewn
State. was willing to stand up aud de-
clare ,ha. he was for justice TO the
nation and justice To the land .ess and
10 the settlers ON the lands. Notwith-
standing that then, as ever since, and
possihly today it may be the same,
Congress extended their grant ten miles
more ON each side. giving their land
ornns a width of one hundred and
txenty miles through the Territories
over whioA | suppose my friend from
- a SnFf uf SMfnf DFtl-