Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-02-12
M'GLYNN AND GEORGE.
THE PACIFIC RAILROADS.
Charles Francis Adams Before the
House Committee.
[By teIegraph % ID DI.patch.l

by telegraph 70 ire Di-pat'ul
WAsHGSGToN, February ll.-Charles
Francis Adams president Of the Union
Pacific Railway Company, appeared be-
fore the Aonse Committee on Pacific
Railroads to-day and explained the atti-
tude of that company towards the fund
ing bills pending before the committee.
Generally he favored the Cultivate bill
with few slight amendments intended
to relieve the restricting features.
Mr.. Adams spoke an hour and half.
He began his statement with reminder
to the committee that he appeared at its
invitation, and said that he did net come
to make any extended remarks, for the
reason that he had made a statement TO
the committee two years ago which IN its
essential features he had seen no occasion
TO revise. Meanwhile the business had
become two years older, and was 4 mat
ter of which not only the country but
Congress and the press had become
somewhat weary. ait Is an old story,
goneoyer al RduSedn," said MIR. Adams.
lie did not intend to go over it again,
but would simply refer the committee to
the enormous record which exists and
which has been increased by six or seven
volumes of the report of the inyestl-
patif1s commission. He proposed TO
pass that over as sufficiently investigated
and come directly down TO the point
where the commission had left the bust
ness. 1t had left it in the shape
of a report and accompanying bills.
He had read Chairman Outhwaites bill
which was before the committee. This
was, it seemed to him, purely practical
question. So far as matters he had taken
part in were concerned he would make
no attempt to justify them, but SO far as
the future was concerned he had made
every effort to do right. Touching the
Recommendation Of the commission, he
said on the part of the company he
represented that it appeared that the
commission in its report and conclusions
had endeavored to be just and reasona-
bic. They had not come to the same
conclusions that foreign banking house,
such as the Rothschilds or Earrings, to
which the company owed large sums OF
money, would have come under similar
conditions. Sums and reductions which
the commission had imposed upon the
Union Pacific had been more severe and
rigid than would be imposed by bank
house which worked merely to get
back its money. One of the greatest
difficulties in the way of adjustment of
the railroad company's affair was a mis-
take. for which the company WAS IN no
wsv responsible. His attention had first
been called TO it by John Sherman, who,
when they were travelling together in
OREGON. had surprised him by asking
WHY II was that in the case OF the Pacific
railroad loans made duuRR the last war
the Government had deviated from its
financial policy Of obtaining an option OF
redemption. This Was probably due to
the fact that the loan had been ar
ranged bv the Pacific Railroad Company,
not by the Finance Committee, where
other loans had originated. If redemp-
ton feature had been inserted in tins
particular, case per cent bonds could
have been replaced ten years ago by
9 per cent. loan, and the whole difficulty
between the Government and the Pacific
railroads could have been solved. Mr..
Adams said he wished to correct an I'M
preston which had been conveyed
through the press and otherwise not par
ticularly complimentary to himself which
had taken the form Of language 10 the
eject that he was a respectable figure
head. He declared that since he had been
president of the Union Pacific be had
managed the aifa rs of the company alb
solutely, and had been responsible for