The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-02-11
THE CENTRAL PACIFIC.
Developments in the Exam
nation Friday.
THERE Is NOTHING IN SIGHT. :"
<eYou Have q Record of What 1t is
Doing, and it Certainly
VIII Not Pay"
The Central Pacific Debt.

The Central Pacific Debt.
WASHINGTON, February 1o.-By ap-
pointment, G. P. Huntington, vice.
president of the Central Pacific Rail-
road Company, appeared to-day before
the House committee on Pacific Rail-
roads. to give his views upon the pend
ing legislation touching those roads,
and to explain the resources of the Cen
trail Pacific Railroad Company. He
said he did not come to make an argu-
ment, but only to have talk with the
committee. The settlement of the Gen.
trail Pacific debt was a very old matter,
and somewhat irritating, and he would
very much like TO have it settled. He
wished to talk little about the build
ers and the building of the Central Pa
cifc, and to see if an agreement could
not be reached by which government
could come into its own apdthe COM
pany possess its propertFdS He had
been with the road since fSorganiza-
ton. His associates were AT nsighbors
of his, and came into the organization
at his personal solicitation, He had
asked them, not because they were
men of large means, but be-
cause of their integrity. He
on the company's business from that day
to this. and none of the company's en-
ployees had worked harder. The men
who went over the road in palace car
said it could not have cost much, but it
had cost a great deal of work.
Huntington, describing at length the
difficulties attending the construction
of the road, said: Nobody knew of the
difficulties except the men who built it,
and now we are brought before the
American people as if We had taken
something belonging to the govern
ment. I'VE find nothing to apologize
for" Said he, There is nothingd Waut
changed, and nothing l want TO take
back. l do want fair settlement
made, so that this matter can be taken
out OF Congress, and We can know
just what We have to do. As to the mat
ter of settlement, witness said: MY
impression is, that If we are allowed
proper equities, and l believe the gov
eminent does not want TO make any
thing out of the road il the way of
interest, but simply TO get its own, and
they certainly do not need any more
money il the Treasury at this time. put
down what the company owes, equale
the interest, and fix the debt as of a
certain day, say July 1st next, dividing
the total into $50 semi-annuaI
payments; that is, an extension equal
to fifty-two years or Whereabouts, on the
whole amount; and that all great rail-
roads in this country are increasing
rather than diminishing the length of
mortgages, and if then our equities
were allowed, it would bring it in where
we could meet it." Witness said the
completion of the road seven years
ahead of time, was one Of the eQuitips
claimed by the company, and he be-
lieved that the proper tribunal would so
consider it. Another thing that might
be considered as among the equities,
was the fact that the country, tributary
to the Central Pacific, had been opened
up to other competitors.
The chairman asked if the Central
Pacific claimed that it could not pay it's
debt On the partial payments in fifty
years.
Huntington-"You have record of
what it is doing, and it certainly will
not pay; there is nothing in sight"
Tracy asked witness as to the
amount of the $50 semi-annual pay
ments proposed by him.
He said he expected 10 get something
off the debt on acc unit OF eqt tiles, but
he estimated that the payments would
be little over 81 900. 900 year.
Collins asked If witness believed the
courts would allow the claimed equities,
such as franchises to Atlantic and Pas
cific and Northern Pacific Companies,
from the fact that the road had been
completed seven years ahead OF time.
He responded. Yes"
made his proposition in his individual
capacity, or in that of the Central Pacific
Railroad ComDany.
Witness replied that he spoke for the
Central Pacific Company. The pay
MEETS of 81 900 900 Contemplated by his
proposition were based upon the as
sumption of the cash value of the road
at S50,0t0, 1000. The proposition also
contemplated the payment OF interest
at ? per cent.
Hollins inquired if the pamphlet pre-
pared by Conkling and Shlpman. and
published in New York papers, did not
set forth the claims of the road.
Witness could not say positively. but
the gentleman who prepared it had all
the information that he could give them.
At the conclusion of his statement.
Huntington agreed to submit q written
statement of credits claimed by the
company, and memorandum of his
proposition as worked out.
The committee adjourned until to-
morrow, when it is understood that
Charles Francis Adams, president of
the Union Pacific Company, will give
his views upon the various funding bills.
Wake URi