Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1888-03-24
CENTRAL PACIFIC.
Colonel Haymond'S Argument Before
the Senate Committee.
EVERY OBLIGATION FULFILLED
A Mastery Presentation of the En-
tire Case and the Justice of
the Railroads Position
Before Congress.

Monday last before the Senate Committee o.
Pacific Railroads was one of the most concise
in its mastery array and presentation of facts
that has ever been listened to by committe
of Congress, and should have much weight il
determining legislation upon the subject Q
dealing with the debt of the company. Tn
importance of the subject, and the facts EN-
bodied in Mr.. Haymond's address-which oc
cupied three hours in deliyery-renders it O
especial interest to our readers. and space
therefore given to present it herewith in full
Mr.. Raymond spoke as follows:
COLONEL HAYMoND's ARGUMENT.
Mr.. Chairman and Gentlemen OF the Committee
i appear as general counsel for the Central Pa
cifc Railroad Company, not to address the com
mlttee for or against any specific measures no
at TINS moment to suggest any settlement baseC
solely upon Il mOneyed sideration
Two honorable men may, after having mad,
contract with each other, differ as TO its con
structlon, and they may with propriety sit dow
together and discuss matters and attemIt 4
reconcile their differences If they cnnno
reach an amicable adjustment they may refe
the matter to the arbitration of the Courts Blu
II in addition TO differences of opinion, on,
should cnarge the other with having violated
the rules which are recognized by mankind a
governing the relations between honest men, Sc
long as these charges were insisted upon, settle
ment made upon moneyed basis between tn,
TWO would be dishOnorable to both.
For years charges have been loosely made
against the Directory OF the entire Pacific Rail
road Company-charges involving the honor o
the men comprising that Directory. They have
been silent, because hitherto none of thes,
charges were specified, nor were they made by
parties who were responsible, nor had they gone
upon the record.
The majority report of the United States Pa
eihc Railroad Commission, which the Senat,
has referred to you for consideration. and which
you now have before you when closely analyzed
indicates in the main the integrity of the Di
rectors IL shows that the Central Pacific Roll
road Company has faithfully kept all its obIiga
tons, public and private that toward the
United States it has discharged in the letter an(
TO the spirit every duty imposed upon it by tn,
Government of the United States, while on the
other hand, the Government has violated
many of the obligations on its part to be per
formed. But the Commissioners seem to have
been surprised that these things were so, anC
running through the majority report there is 9
vein of apology for having TO state these truths
and to the casual reader of the report il doe,
not constitute the vindication which, perhaps
the Commission intended il should.
THE MINORITY REPORT
The minority report of the Commission, with
few exceptions, Is made up of glittering gen
eralltles and places upon the record the SANDER:
which have for twenty years been repeated by
irresponsible parties. Until every impression
which these charges may have made upon
your minds has been removed, the men
who projected and carried into execution
a work which Senator Bogy of Missouri
from his place in tine Senate, characterized a.
the greatest achievement of the human race OIL
earth. have no propositions to make looking &c
purely moneyed settlement of the que tion
and would accept no bill, however generous in
Its terms. Their ultimatum here and now and
for all time, is a complete yindication.
But three of the original projectors of this
great work are living. They are old men who
have nearly reached the allotted limit of three
score years and ten. The other protectors resi-
in honOred graves. If their survivors should
consent to any adjustment of the present dis
pute which would leave a stain upon the mem
DRY OF the dead or tarnish in the slightest de
gree the honor OF the living they would neither
have nor deserve the respect of mankind
have listened attentiyely to the proceedings
OF this Commission since its first organization
l nave heard the able argument made by Mr..
Anderson, one of the Pacific Railway Com,
mission, in favor of the bills which the Com.
mission present. lie has argued from the
standpoint of an avaricious credi or who worms
himself into all the affairs of his debtor and
without regard to favorS received in the Dast on
justice to be done in the future, cruelty cal.
culates how much of the blood of the debtor he
may take IN addition to the pounds of flesh
which the contract and the law have given him.
Mr.. Adams, the President of the Union Pa.
CHIC Railway Company, the bearer of an illus
trlous name IN whose veins flows the blood OF
two Presidents of the United States has never
said before this Commission. or elsewhere that
can find, that the bill which the Commission
proposes is either just or right. On the con.
trary, he says that the United States, in dealing
with Its creditor, has forgotten how much thai
creditor has given TO it, and seeks to impose
terms which no foreign bankers nor any private
individual could rightly ask and determine to
accept.
ADAMS CONCLUSION.
It is true. he says, that he will accept the bill
If passed and will endeavCt to get the Union Pa
cifc Railway Company, which he represents. 10
agree to its terms. But the reason which he
places upon the record for his willingness to &C.
cept the bill are reasons not creditable to say
the least, to the United States or It's representa-
tives
He says that from the hour when he entered
upon the discharge of the duties of President
OF the Union Pacific Railway Company he has
been surrounded by railroad wreckers and has
been harassed by attempted governmental legis-
iatlon, which, If carried out, would destroy the
property intrusted to his charge. He says
that the lobbies of this Capitol and the eorri-
dors OF the departments swarm with the ennis
Saries of Nall-street wreckers. | read from
his written argument before YOU to be found on
page 81 OF your printed proceedings. He says
ADAMS on THE RAILROAD wREcKER.
The Wall-street wrecker too has a keen
scent. Among men he is very much what a
wolf is among beasts of prey, or the fin.
backed, shoveled-nose shark is among fishes
the common enemy of mankind. When
ever large corporation is in diff
cuktes, even before those managing its
affairs realize the fact the wrecker is on hand.
IL was my fortune TO take charge of the affairs
of the Union Pacific Railway Company at time
of great financial trouble. The failure OF Grant
4 Ward had taken place. The company was
in debt-its relations with the Government were
disturbed, From that day to this there has been
no time when was not conscious of the
close proximity of the wrecker, Just as the tray-
eler in the woods might hear the distant cry of
wolves; just as a mariner in the tropics sees the
fins of sharks ripping the water as they move
toward his vessel or prowl about it,
The emisSaries of the wrecker urk abOut
the corridors of the departments here in Wash
ington and meet you i'll the lobby and commit
tee-rooms of the Capitol. They are always
writing letters 10 Cabinet officers. They induce
unwary members of Congress to offer resolu-
tons of inquiry or to submit for reference
measures calculated to do us injury. They send
communications over all kinds of signatures TO
newspapers Thus they manipulate the Wall
street market, and. through fluctuations in
values, exc out a precarious living for them
selves and broken-down hangers-on. Black
mailerS, not unseldom discredited clerks or I'M
prosecuted defaulters. they have always at
their tongues end the nauseous cant of reform.
None are so honest, so thoughtful of the dear
public, so anxious that the Government should
get its due, as they-they who never vet in their
lives consciously uttered true word or did an
honest days work. Such are the men and their
emissaries who have long been greedily eyeing
the Union Pacific. There are good pickingS in
il still.
"In the moments of their confidence and
among themselves they openly and longingly
express an abiding faith that if they could once
DlSdh HuNu the present. STOCKHOLDERS manage
ment they would have things their own way.
government Receivership is their dream.
Just now chance TO stand between them and
their prey. Cannot Congress or the Govern
ment, the Committee on Pacific Railways or
the Secretary of the Interior, be so worked upon
that one or the other will drive me out? Then
at last, the wrecker would have his day SO long
waited for. And so, mouth after month and
session after session, they would howl about
these entries, aud loobies, and corridors and
committee-rooms, obseryant, hopeful hungry
carefully swapping up, meanwhile each uncon
sidered trihe
These are the official utterances of the Presi
dent of the Union Pacific Railway Company
made in their presence.
VALUE OF THE PROPERTY DEPRECATED.
turn now Tor a moment to the report of tn,
Directors of the Union Pacific Railway Com.
pany, which has been laid upon your table and
is made part of the record of your proc ceilings
and find there assertion that biiis have con
stantly been introduced in Congress and pro
ceedings had which affected the value of thu
property under their charge and impaired the
credit of the company.
The Directors, n part of them Government of
ficials make the charge that before these bill
had been introduced in Congress and these pro
ceedlngs had the railway-Wrecker of Wall stree
had due and timely notice.
WILLING TO ACCEPT ANY TERMS.
Mr. Adams further says that until he came [,
the Presidency of the company he had not beer
accustomed 70 be called liar He says yirtu
ally that he is tired and sick of this business
and is willing TO accept any terms which Wi
relieve him from. things so unpleasant 10 AZ
honorable man. Or, to give TO his language it
true import and meaning, he hasigrown tire,
and weary OF the conflict with the men wht
would wreck his property and destroy not Cal,
the interest of the stockholders but of the Gov