New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-09
UNION PACIFICS SUBSIDY DEBT:
TIE GOVERNMENT DIRECTORS REPORT.

| A STRONG ENDORSEMENT OF THE VIEWS OF THE
RECENT COMMISSION.
| WASHINGTON, Feb. 9.-The following are the
| chief points of the annual report Of the Govern
ment Directors of the Union Pacific Railway Com
pany:
In their last two reports the Government Directors
have specifically recommended the refundng of the
debt and its extension through period Of years OF
sufficient length to admit Of its final extnguishment
] by the company and the exchange Of the present
| security which is inadequate and might easy prove
valuelcss the effort to enforce payment Tor a
| the equities of tho company, and which would give
the Government, in case of forfeiture, not some help
less pieces Of railroad, but completed ana prohaoie
This had come to be the unanimous view of every
one connected with the Government who had Official,
| views have now in decisive manner been adopted,
enlarged and strengthened by the a9o ana eknansv ",
Congress- March 3, 1887. -.
there be longer any reasonable doubt as TO
the interest duty of tho Government toward the
The earnest hope that no further delay will occur in
passing such settlement through Congress. we
is doing both to tho Union Pacific and to tho Sc
onriy Of this debt Every $
urges its immediate settlement.
Tn plan presented by the report OF the Commits
sion contains some new features which strike e INC
Company favorably, and to which they VIII bl1eny
call attention The suggestion OF mGr's siS , nc
dorsed Heretofore the lien of the 6o'cfnment mas
been purely statutory ard its has n Seen
venlences inseparable to liens or that charac-
ter Tho provision OF the Com on ms Gov
ernment some action against those persons who may
have tempered with the property OF the road ana mus
dmins he'd the security OF the Government Is eminent
~ proper To what extent any effort to have jusco
done after long period may be ns.o ,n ~
one OF import ance and should be left for decision 10
the legal adviser Of tho Government ,,s,
ness and as a part of this plan TO abolish the once
of Government Director, and to mako the Governmes
COMPANY an ordinary debtor so long the provisions
OF tho act carried out meets with tno aPpIo'ai
Of the Board %S 9ss DGGe With the
made practicable and greatly increased, with the
Vision for foreclosure constantly ready to act the
Government can well afford to let the stocRhoineirs
roads are conducted. and especially in view OF the
notorious fact that lis present relationship 10 ln9
Government Is nothing short OF m'schieVou' anu
destructive.
DEPRrcATING A REvENGETuL POLICY.
Tho Government Directors did not propose to dis-
cuss any length the plan submitted by the minority
report of Commission, the objective point OF "hch
is not so much the recovery of the due to tho
Government the punishment of those who are sup
posed to be guilty OF having unawfully diverted tho
property Of the company. Our business Is with inc
Union Pacific Railway alone, and as that company
wishes to pay its debt to the Government, ana as
foicSee that tho DEBT can tF ttuicu -
ected our interest lies with our duty In cOnnhihe
ourselves TO the business considerations thar are III
volvcd H. however, the Government Directors are
a, liberty TO express any opinion as to the desIar
billy of the recommended by inc mlnVsS a0
port they do not hesitate to say they would view
its adoption with deep regret. Indeed II ms "cLo
The only alternative IT would, In our lndslhehe, pe
better for tho Government to lose every uohar Vi
It's debit and execute a release to the company
II Is respectfully submitted that Whatever ma. may
have been tho wrongs done by individuals IN 'he,r
dealings with the Union Pacific. such wrongs Should
he aoned for by those individuals themselves ana by
them only To punish and destroy the corporation on
because some time in tho past IL may nave 9o1 1
des poiled by those who were bound IN law anu ho IN
CONSCIENCE 10 protect II. does not appear 10 DO d
iocical method of enforcing justice nor such con-
centIon Of Justice as would increase the respect VI
the people for the law OF the land 49,, ,.o,eo
We refer to the administration OF the omoh rso,mr
Railway COMPANY since the spring of 1854 IN OUT OUT
Judgment is fully and entirely eXoneraea Iron, nf
to be passed on the transac'i0s VI
other roads and relating to other periods we az
fed that This administration has devotee iscL
honestly ard integrntlv to the hecnlean 1ash VI
rescrng the Union Pacific Railroad from ihsoNsiuS
which seriously threatened 1t at the Inception vi "'
work. =, ~,
Tho report is signed by A. c. HasTeu FranR-
lin MacVeagh James w. savage freuoii' 49,
Coudert and NJ. A. Hanna.