The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-03-27
man act, Senator Stanford said.


of investigating the fund was q failure.
Even if business had not fallen off by
reason of compe ing lines. IN dafect
III the bill would have rendered it
worse than useless. The fund has not
accumulated. The Secretary OF the
Treasury has invested money IN govern
ment bonds, payin an average premium
therefor, OF 81 per cent. Their has been
paid IN by the Central Pacific road,
under the ACT, SO 1856 600, the loss on
which, uD to August, 1887 was 81 612 =
$3.50. In fact, all interest on the fund
has been lost, and for all practical
purposes there is less money In that
sinking fund than the amount paid in
by the company, by over $500 600
This is the history of the com
pany in its dealings with the
government. In performing every
detail of its obligations it has bsen
scrupulously faithful. Senator Stan
ford said he would not speak of how thu
e vernment had acted towards the
company. although it had dealt
vigorously with it. harrassed it in
numerous ways and forced new con-
tract upon it against its Well-heing and
to its great detriment.
He next directed the attention of the
committee to the rumors that the builC-
ers of the Central Pacific had made vast
sums of none at tire expense of the
governmentand people Every man who
examined the financial history of the
great enterprise without prejudice,
would treat these stories with dlsdaiu.
The government gave the company in
bonds $27, 1865 $50, which were sold on
an average of 70 cents on the dollar, and
which brought the company only $40,
44S, 466. The company also received for
the sale of its OVID first mortgage bonds
about the same amount, making a
total it received from both classes of
bonds of about SAL ,0O00 600. Every cent
of that amount was sprnt in the con
struclion of the road. Senator Stanford
said all values that the company has
had, and whatever of wealth it has
| gathered, it has come from its own ere
alton. Every dollar of government
bonds and every dollar of first mort
cages went in o the construction of the
road. The building OF the road devei-
oped the country and created great
values. TWAS by creating values where
no values existed before, that the
builders of the road gathered their
the complaint of the company
and government constituted u
contract; each party to the con-
tract coveDanted to perform certain
things, and all these things which gov
ernmert agreed to give the companv
were to become the property of the
company and absolutely subject to its
disposition If the company built and
maintained the road, it held it subject
to certain government uses, paid the
government per cent. of the net pro-
ceeds, and allowed COVER ment to
retain one-half of the value of
| charges for the government trans
portatiou, and it fully performed
! its contract. If the company had given
| to charity all 1t received from the gov
ernment or had sunk it in the ocean,
| that would have been the right OF the
! company so far as its relations with
government are concerned. All the
government has legal or moral right
to claim was that the company should
perform the obligations of the
contract. That it has done. From
the day OF its organization down tC
the present time, the Central Pacific
has performed every obligation, public
and private, which it ever undertook to
perform. The debt to the government
will not be due for ten years.
In concIu>ion, Senator Stanford said
he desired the committee, in framing
new legislation applicable to the COM
pany, TO bear in mind, first
that the company had per-
formed all its Obligations; second,
that it had saved enormous sums
of money for the government; third,
| that it never made cent at the ex
pense of the government OF people;
| fourth, that the cost of the road was
doubled by the tremendous eXpe dition
of its construction, from which the
government received great benefit:
fifth, that the debt owed to the govern
ment will not be due for ten years; and
sixth, the relation of the United States
to the Central Pacific is that of a con-
tract which the government has no
justification to violate.
PARDoNED.
The President has pardoned the fol-
lowing convicts: P. S. Barson. con-
victed of unlawful cohabitation; Will
lam D. Newson, convicted in Utah of
polygamy.
THE WOMEN IN COUNCIL.
The international Council of Women
formally opened to-day in Albaugh's
Grand Opera House. Susan B. An
thony called the Council to order.
Upon the stage were seated a hundred
or more delegates from the National
Womans' Rights Associations in this
and other countries. Elizabeth Ca1y
Stanton delivered the address of well
come. and after reviewing at some
length the history of the suffrage
movement, she said: IN calling this
council, we anticipated many desirable
results. Aside from the pleasure from
mutual acquaintance in meeting face to
face so many of our countrywomen, as
we'll as those from foreign lands, we
hoped to secure thorough national and
international organizations in all those
reforms in which we are mutually
interested. Above all things that
women need to-day in their reform
work, is thorough organization;
and to this end we must cultivate the
esprit de corps of the sex and a generous
trust in each other. The solitude of