The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1888-01-21

i've reports agree Ia tile main In their
presentation of facts, and these facts
are extraordinarily damaging to the
managers of tho aided roads. They
slIow that these men have fentlered
their own nests without respect for the
laws by which Congress attempted to
bind them, and tat they have con-
trived to make their roads compare
lively valueless while graspiug cnor-
NOUS fortunes into their own hands:
THE six aided roads were built, the
reports say, for $g6,000,000. But
those who controlled them covered
them with bonds and stock to the vast
amount of $o0s, 600, 900, ON which they
have forced the public to pay interest
and dividends by high charges.
"They have paid out as interest on
bonds, $140,0OO,OOO; as dividends to
stockholders, $69.250, 900, and have
meantime paid the government less
than 4i2.000,000. And the astound-
ing statement is made to the commis-~
sion the six roads offered to pay $780,
OO0.000 in total settlement of their
debt to the Government of $l22, 0OO,-
900. Ofthis sum $50, 000,0 900 it seems
the Cnion Pacific offered $50, 900, 900,
and the Central Pacific people coolly
reported that their road is worth no
more than the first mortgage, thus
leaving the government nothing.
"Here are few random items from
the reports which will interest every
one. The six roads have paid out to
pools and rebates $95,OO0,OO0. They
have paid out fos illegal expenses"
$5,O00,0OO. They have "dissipated,"
the reports say, slO7,OOO,ooO which
they ought to have paid to the gov
eminent. They have taxed shippers
on their enormously inflated capital
$t40, 100000. The men in control of
them have IN every imaginable way
bied the roads 30 as to ut the same
time diminish their power to pay the
government and fill their own pockets.
They have contracted with themselves
I" carry express packages; they have
contracted with themselves to sell coal
and supplies to their reads; they have,
in fact. skinned the roads for their
own pratt and to the impairment OF
the governments security.
ain their land business they have
refused to take out patents for mill
lions of acres so as to avoid taxation.
OF the Central Pacific Railroad the
majority report says:-"The security
sf the United States was impaired by
the distribution of its stock without
consideration, the exhaustive payment
of dividends and the diversion of its
assets through construction contracts"
Further, the report declares that
stock has not been paid fer accord
ing to law in any of the roads" Ali
have transferred their telegraph lines
to other companies contrary To law.
In fact wherever it was convenient to
these "magnates" to break the law
they broke it, and they stand arraign-
ed in both these reports as men who
have become millionaires, who have
"bossed' State and federal politics,
who have run elections at the same
time they were engaged in systemati-
cally bleeding their roads in violation
Of lave, and for their own profit and
to ths deiriment of the government,
whose debtors they were.
"There seems to be no reason TO
doubt that if these roads had been
as prudent and honest
debtor would manage his affairs, with
a view to pay his honest debts, while
the millienaires would not be flaunt-
ing their wealth before the world, the
government debt would have been
totally extinguished before now.
'These reDorts will he read with