National Republican. (Washington City (D.C.)) 1872-1888, 1886-06-15

and maintaining II, all the rights Of the gov
eminent ana the people have been saved.
Senator Mcdonald rendered valuable and
efficient service, both IN committees aud I'd
the Senate, in framing the bill.
~ said In the debate that the bill was not
what would have made II, but Il was all
we could get through that Senate. The
great principle Of preserving the govern
ments right OF control was the important
matter then. Now IL is a mere mHtter of
business and mathematical ejaculation TO ar
range for the reimbursement OF the govern
ment by the railroad companies. do not
think that can be accused OF Partially for
these corporations but / Will say that there
would be neither wisdom nor statesmanship
In erdeavuring 10 impose unjust exactions
upon the companies In arranging for the
B liquidation of theft Indebtedness TO the
government. IL should be done In fair
and business-like way, which would not
impose onerous burdens on the one or entail
loss or the danger Of loss upon the other
That is all there Is In the question us Il now
stands.
~ have not read the Cultivate bill in its
details, but am generally informed as to the
nature Of Its provisions. They impress me
favorably. They strike me MS being fair,
just, and reasonable to all parties. The
matter Of the time Of payment Is OF little
consequence, compared with the fact OF the
certainty that the government is 10 be re-
imbursed. IL the government receives an
amount In interest equal TO what IL pays
upon tie own loans and the principal In reg
ular and fixed installments, few years
more or less make but little difference.
Therefore, with general knowledge OF the
provisions Of the bill, regard IL as salts
factory, and Just alike TO the government
and the companies"
"Suppose that no such business arrange.
ment as proposed is perfected prior TO the
maturity Of the bonds, what thenp"
"The roads would be sold upon the first
mortgage. and the government would lose
| everything
"But could not the government buy the
roads, paying out the first mortgage, and
| hold themY'
"Certainly, certainly; but don't think
| that any good Democrat, at least, want
the government to become the owner OF
the subsidized roads, with new lot Of pa
tronage, such as agents, conductors, SUI
perintendents, officers OF all kinds, ant
employees by the thousand, placed In Thu
hands OF the administration. That wdult
not be wise, and, therefore, not Demo
cratic. What we want is legislation tha
will secure the government and the peopl,
without making the government the owne
and operator OF railroads."
"Is the pending bill at variance will
| tne pIlnclpleo VI INC OIlglMh lnurmhn hcVf
''Not In any sense. The orr ginal schem,
Of funding failed because OF the Withdrawal
Of the government flves and the immens,
and unexpected premium on the four-and
a.halfs and fours. After this Il only re
manned for Congress to devise plan ant
perfect legislation to secure the result
made possible by establishing the principle
OF government control. This is what 4
aimed at by the present bill. 1t is plaii
proposition to secure tho reimbursement o
the government, and should be considere,
and acted upon as such.
1.-THE original act merely establishes th
right Of the government to secure and re
imburse itself. The funding act is but
part Of the details made necessary by thu
causes and circumstances have ennmel
ated.n WA, T.