Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1888-02-17
DOMESTIC

I HEfEuE0u 70 the importance OF having
| early and definite settlement Of the subsidy
| debt OF the company on a basis Of greater
l security 10 the government and which
| should be within the ability Of the company
/ 20 meet In referring to the fraudulent acts
| Of former officers and employees of the COM
! pauy they submit that whatever may have
/ been the wrongs done by individuals IN
] their dealings with the Union Pacific, such
| wrongs should be atOned for by those
] individuals themselves, ard by them only.
| 10 punish and destroy the corporation be-
/ cause some time IN the past 1t may have
| been d6spOlled by those who were bound IN
i law TO protect Il does not appear to be a
| logical method Of enforcing justice, nor
/ such a conception Of justice as would in
! crease the respect Of the people for the law
/ OF the land In reference 70 the presl6nt
management Of the UniOn Pacific road the
/ report says. 1--WE are satisfied that this
/ administration has devoted itself honestly
/ anl iatslligently % the hsrculean task of
| rescuing the Union Pacific from insolvency,
| which seriously threatened at the inception
/ of its work. that II has devoted itself by
! rigid economy, by Intelligent management,
and by an application of every dollar of the
| earning capacity of the system TO It's Inn
l prOvsment and bett6rment, ana to place
that company on sound and enduring
/ financial foundation"
] A large conference assembled at the board
l of trade hall at Kansas City, Wednesday, IN
/ response 10 q call issued Jointly by the board
1 of trade and the Commercial club, 10 take
steps with view TO securing congressional
action on the movement IN favor of opening
the Indian territory to sett ement. John r.
Earle, chief Of the Ottawa tribe, was present,
and gave his approval Of the SUI Ject OF the
meeting. Capt. Couch, the 'boOmer," was on
| hand, and IN an address to the conference
| stated that elceful possess on of the te- o.
~ Is desired He believes the Springer bill
thebesL presented. number Of resolutions
| were adopted, and committee Of ten or
/ fifteen appointed 20 take them to Washing
ton for presentation TO congress. The com
mittee meets in Washington February 2jth.
I
tonal bank in Cincinnati, Monday. line
/ Of depOsitOrs extended from the paying
! tellsr's desk to the other side Of the street.
The run was Occasioned by a suspension Of
| few minutes IN the morning. All checks
presented were cashed during the day, and
confidence was largely restored. United
States Bank Examiner Sanders was IN the
bank looking into It's affairs. After o'clock
in the evening, the bank directors passed
resolutions to suspend the bank. 1t is now
in the hands OF the government. Vice
President DeCamp has been arrested. 1t
Is thought Q6pO6ltOr8 VIII be paid IN
full, while stockholders viii be sub
Jet to an assessment of from to y per
cent on par value OF their holdings. A
Washington dispatch, in regard to the affairs
Of the bank says that according to the
| report Of Bank Examiner Sanders to
the comptroller Of the currency, there has
been 10 defalcatiOn, and the losses have
arisen entirely from loans upon insufficient
| security. During the examination Mr..
Sanders succeeded IN getting $4,000 of
additional collateral put up by parties to
whom excessive loans had been made. The
examiner says he thinks the looses Will not
| eXc5ed $3.50, OOO even If the bank has to be
/ wound up, while if it goes on a good part Of
this may be saved The books he says
/ 8 how at the credit of the surplus amount
/ and profit and loss about $50, 900, so that
should the losses reach the extreme estimate,
the capital of 1sOOOOOe would be little inn
paired. The Comptroller, in speaking of
this report, SAID that the creditors can lose
nothing in any event and should the bauk
FerVlve the present run and pass under
more pr5dent management, the stockholders
may escape serious loss. The charge upon
which Vice President DeCamp WIS arrested,
vas for a false statement as to the Deem
Ler condition Of the bank.
Senator Sherman was banquetted by the
home market club IN Boston, Thursday
| evening. Over 400 prominent men were
present at the banquet After the banquet
the Senator delivered an address he at
l tackled Mr.. Lowell for his speech at the Tar
im Reform league banquet. Referring to
| the surplus, Mr.. Sherman remarked: The
-. / surplus is a great deal better han deficit.
II has been growing since the close OF the
/ war 1t has enabled us 20 perform the
magnificent feat OF rapidly reducing the
| public debu-a policy which has excited the
admiration Of the greatest statesmen OF Eu-
| rope. This growing surplus was bequeathed
! to Mr.. Cleveland by his predecessors and
was applied by them to the payment of the
debt, and 70 the repeal or the reduction OF
taxes. lt is a rational and steady result Of
our increase in wealth and population, grow
ing out Of the policy Of protection TO home
industries. Our friends may be surprised
that the surplus revenue did not stop with
the election OF a democratic president and
perhaps it viii be If his advice Is followed"
After Senator Sherman's address, William
j.. Mckinley OF Ohio was introduced HIS
] address was principally on the tariff question.
He said that Massachusetts needs protection
to-day much as 1t ever did, and as much
l as any state IN the union"
/ There were no new developments in the
D h
examination Of the banks records was being
continued.
; The Newspaper Publishers association
continued its session at Indianapolis Thurs
day. The first paper read was by j. M.
1 | McMaues, of the Philadelphia Record, whose
. tween News and Advertising"
A memorial tablet to General Logan was
decided Thursday evening at the MetrOpoli-
Methodist church in Washington. Eulogiea
on the life of Senator Logan were delivered
| W a number of prominent Senators, among
hem, Senator Ingalls, of kanEas-
By appointment, c. P. Huntington, vice
president Of the Central Pacific Railroad
10 | company, appeared Friday before the
| house committee on Pacific railroads 10
give his views upon the pending legislation
| IN regard TO those roads and to explain the
resources Of the contract Of the Pacific
Railroad company Mr.. huntington stated
I that he had been with the road since It's
organization in 1850. He had put IN II
hours day on the cOmpany's account from
that day to this. He made a prOpOs1tl "a
for the settlement of the debt of the Central
Pacific on a basis of 80 semi-annual pay
I ments and an extension of fifty-twO years
he said, with interest at two per cent.
d Postmaster General Dickinson has entered
y into a new contract with the Chicago, Boz
D lington & Quincy railroad company for fasl
mail service between Chicago and Council
Bluffs, to take effect March 13- The present
contract calls for fast mail service on
schedule of sixteen hours west daily sl1
times week. The new cont & ct Is Tor q daily
service both east and west upon schedule
Of fourteen and half hours the leaving
- time at either end to be controlled by the
, postofice department.
A Chinese merchant at Portland, Oegon
was infOmed by the treasury department.
Friday, that under the Chinese restriction
act he could not b1ng his nephew TO tint
/ country to 90 into business with him
Representative Brumm, whose district il
In the Reading regions, testified before ms
= special committee appointed to invesugat'
1 the existing labor troubles in Pennsyl Vonla
j Friday, that the railroad and mining conpa
mics were one, and controlled the Lnlnlne
and prices Of coal in the entire region a'
thought this whole lockout was tostered bl
the Reading company. In his Judgment Il
/ the coal mining business were not connecuel
B. with the carrying business, the eject WoulC
| be to put a higher price on coal at the NINE
and lower price on freight, and the MN
ers could be paid higher wages.
- At the request of General Superintendent
Nash Of the railway mail service the post
> office department. has determined to ARM a.
the expense Of the government every pos.taa
| employ6 zon the exposed routes VIA
y / weapons Of the most effective kind Ihel
,r viii be- supplied with an abundance o.
ammunition and every convenience neoes
sary for prompt work, and viii thus be pre-
pared to defend themselves and the mall
Z from the attacks OF route AGENTS.