The Palatka daily news. (Palatka, Fla.) 1884-1888, 1888-01-19
THE OouNTRYs GREAT DEBTORS.

The message of President Cleveland
upon the reports of the Pacific Railroad
Investigation Committee presents in a
question between the General Govern
meut and the railroads named. To in
sure the building of these great iron
highways between the two coasts,
whereby the country might be bound
closely together, the loyalty of California
to the Union insured and the Great
West, then wilderness, developed,
Congress gave the projectors of the
roads public lands enough for the foun-
dation of an empire and loaned money,
in bonds, sufficient to enable that empire
to organize ON civilized basis whenever
times" when the Northern people were
used to the lavish outlay of public
moneys and public transaction on a
grand scale. Opposition to the policy of
the dominant party was of little avail in
the midst of the great struggIe--it was
q most opportune time for speculation
ON an extensive scale and the Pacific
Railroad projectors had only to ask and
it was given them.
Twenty-Five years have passed away.
The great territories traversed by these
lines, hundreds of square miles with then
no other white settlement upon them
than army posts, are dotted with trees
and covered with farms. One of the
three great granaries of the world has
been developed in part of this region.
Wealth in the way of raw material and
manufactured products pours over these
lines in a constant stream. The great
creditor of these roads however has not
yet been satisfied The directors of the
roads organized themselves into con-
struction companies and paid themselves
in the bonds which Congress had weakly
allowed to be made first lien ON the
property. ..The result is that those who
have controlled and directed the con-
struction and development of these COM
panies have become possessed of their
surplus assets through issues of bonds,
stocks and payment of dividends voted
by themselves, while the great creditor.
the United States, finds itself substan
tally without adequate security for the
repayment of its loans.-
One great result of the first Demo-
cratic administration since 1860 has
been the direction of Federal power to-
ward the retaining of public lands
from the grasp of corporations. The
Republican party has given away this
grand heritage Of the generation which
saw it mount into power until that gem
Grafton now coming upon the field of
human activity finds comparatively
little left OF the desirable public lands.
Much has been preempted by actual set
tiers, but the Republican party has
proved itself poor guardian, an UNI
faithful custodian of the public interests.
The greatest contest of all for the with
drawal of public lands from corporations
which have not earned it even under the
liberal contracts it was the. fashion to
make with them a quarter of a century
ago ID this which the Government upder-
takes in the case Of the Pacific Rail
roads.
President Cleveland draws the atten-
ton Of Congress to the status Of the case
and with q moderation of under-state-
ment which must carry great weight
with il, shows that it should intervene
to save the unearned land for settlers.
Speaking Of the immense balance against
the companies of $147, 929, $50 in their
account with the Government he says:
mo one, think, expects that these rail-
rUad companies viii be able to pay tlsir