, 1888-02-09

lected, our interest lies with our duty in
combining ourselves to the business consid-
erations that are involved.
If, however, the government directors
are at liberty to express any opinion as to
the desirability Of the course recommend
ed by the minority report, they do not
hesitate to say they would view its adOp-
ton with deep regret. Indeed, if this
were an alternative it would, in our judg-
ment, be better for the government to
lose every dollar of its debt and execute a
release to the company.
1t is respectfully submitted that what
ever may have been the wrongs done by
individuals in their dealings with the
Union Pacific, such wrong should be
atoned for by those individuals themselves
and by them only. To punish and destroy
a corporation because some time in the
past it may have been despoiled by those
who were bound IN law and in conscience
to protect it, does not appear to be a log
ical method of enforcing Justice, nor such
conception of justice as would increase
the respect of the people for the law of
the land.
The government directors deem 1t un-
necessary for them to enter into a detailed
account of the operations of this road
during the past year, the reason being
that the act of congress of March, 1887,
vests the commission with power and
makes it its duty to examine thoroughly
and report upon the financial and execu-
tive administration of the Union Pacific
Railway company, and the commission
having thoroughly done this, its report
gives all the information necessary.
In summing up their opinion of the ad-
ministration of the Union Pacific Railway
company the commission says:
I'VE refer to the administration OF the
Union Pacific Railway company since the
spring of 1884. In our judgment it is
fully and entirely e%xonerated from the
condemnation to be passed on the tran
s%actions of other roads, and relating to
to other periods. We are satisfied that
this administration has devolved itself
task of rescuing the Union Pacific railway
ened it Mt the inception of its work; that
it has devoted itself by rigid economy,
by intelligent management, by the
application of every dollar of the earning
capacity of the system to its improvement
and betterment to place that company on
a sound and enduring financial founda-
ton. That effort has been continued
during the past year with increased intel
ligence and vigor, and we think it to be
largely due to this administration that.the
United States to-day, in our judgment,
holds in the Union Pacific, and through
the value which it derives as an integral
part of the Union Pacific system Gf pro-
tected by proper legislation) full security
for the repayment of its whole debt and
interest"
1t gives the government directors pleas
ure to express their appreciation not only
Of the ability and wisdom, but the spirit
of justice and fairness which pervades the
report of the commission, and of the
courage with which it renders the Justice
which Is due to the present administration
Of the Union Pacific Railway company,
which so far from impairing the interests
of the government, has conscientiously
and with signal ability protected and pro-
NOTED the interests of the government,
which under this honest administration
are identical with those of the company,
and 1t is fair to expect that such a conclu-
sive report, coming after an uninterrupted
series of similar recommendations and re-
ducing the general proposition to its very
best form. will have enough weight with
congress 10 lead TO an immediate settle
ment with the Union Pacific company Of
its enormo debt to the government, and
at the same time putting an end to the
strained and anomalous relations that
heretofore existed between them to the
detrimCnt of both.