The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-03-07

which would have suficec to supply it had been
paid into he National Treasury.
The Government has taken from US, and the
communities we serve, just so much fruetliyins
capital. The Union Pacific now has, in the Thur
man act, SINKING iund bringing less than per
cent interest year, some S. co., That S5 0OO-
coo would easily construct and equip $50 miles OF
railroad. These $50 miles OF road would bring into
the Union Pacific system PROBABLY ten times tie
net income OF the sinking fund investments.
The first mortgage sureties representing the owner
ship OF this additional mileage might be deposited
in the Treasury. aud, If at maturity of our loan.
the company was unable to raise the necessary
money 20 pay the Government Of. il must take
the consequences. The Government could sell
out lhe securities representing the whole Union
Pacific system TO the highest bidder. IN all hu
man probability 10 loss would have been in-
CURED, while an esfimable benefit would have
been conferred upon the communities which that
system served. lt seems TO me this would be the
true business policy for the Government 10 pur-
sue with this company.
Congress might impose any restrictions II saw nt
in regard 70 the construction of the auxiliary
lines. II might insist upon their securities Of
every description being deposited in the Treasury,
Dut for dozen years 10 come, before the Pacnc
loans mature. the people in the States and Terri
tories beyond the Missouri and among tue noun
tains would have the advantage of those lines, and
thus what is now a barren sinking fund.- useful TO
no one. would be converted into what seems 10
me a most benefcent system OF internal improve
ment which could be devised This plan. un-
doubJediy, Congress has fully considered and set
aside as impTsctlcable. therefore do not urge Il
merely submit Il as the original scheme of the d.
It ctoTs Of the Union Pacific Railway Company,
aud ii seems to me to-day from
every conceivable point of view a wise
scheme, and one more financially sound than any
other which has been suggested. Mean while 1t
only remains for the Union Pacific 70 accept such
terms as are imposed upon it. When the Thur
man bill passed the Government practically took
] the control OF this matter ont OF the company s
hands. The plan It's representatives had devised
for meeting the Government obligations at ma
turity was then set aside and another, devised by
! Congress, substituted for it,
The sinking fund plan substitu ted for the
| auxiliary railroad system plan. Since then the
| IL has visited 10 BEE what rule Congress, in its
| wisdom, shall impose and when that rule is i'm
posed II VIII live up to IT. II upon fair trial re
| burden exceeds the company's strength, the
| Directors do not doubt that. in the interest
| therefore, is the view which the Directors now
| take of the Senate Judiciary bill in the shape
| which understand it has finally assumed. The
company is willing to accept ii and 10 Loyalty live
Up TO II TO the best OF its ability. Meanwhile ii is
not responsible for it, and it, as hope will not be
the case, the burden shall be found TO exceed its
| strength, it will be simply for Congress to say
| whether Il proposes 10 lake the property or TO
modify the act There is one other matter to
which wish TO refer, upon which much stress
has heen lald IN discussions over tue different
| measures proposed IL is a matter OF some deli
/ cacy, but II seems TO me important, and in such
cases DO not see that anything ia gained by not
speaking out frankly, or. if need be, bluntly
have seen Il stated no; only in papers, % but in
4 Pacific was still managed by Jay Gould, and that
| had simply been put forward by him as figure
head in order sllay the popular feeling aud TO
| obtain terms more favorable than would other
| wise be given.
In justice to Mr. Gould. as well as myself, wish
TO state that this is in degree the case. was
not Mr.. Goulds choice for the position l now
hold. Moreover, since the 18th of June last when
became President OF the Union Pacific Railway
Company wish to be held solely responsible
| for whatever has been done in the management of
1 that company.
In the conduct of its affairs Mr. Gould has been
consulted as other Directors have been consulted -
neither more nor less. Generally, his views aud
my own have concided. Where they have not CO.
incided, he has invariably acquiesced in my con-
cusi0ns, properly taking the ground that as the
sponsbility for results rested me- il was for
| to finally decide what conrse should be pursued.
1t is perhaps well ii should be publicly under
stood tnat the course ia this respect which has
been pursued heretofore will continue to be pur-
sued so long as L remain President of the Com
pany. Whatever is done will be done because. af
ter full discussion With the Directors, think ii IS
the best and wisest thing to be done If at any
time policy is imposed upon me by either any
single Director or a majority of the Directors
which does not seem 20 me TO be right and sound,
shall forthwith make way as President for some
one else more in sympathy with that policy than
l. Meanwhile until do so assume in advance
full responsibility for whatsoever is done.
Truly yours CHARLES L. ADAMS, JR.,