The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1888-01-04
Denying That the Government Was MsRsd
By the Constructors.
No Truth in the Charges That the CompIny's
Books Were Destroyed.
A Violent Assumption on the Part of the
COmmissiOn-Ihe Central Pacific Has
Fulfilled All Obligations.

az interview regarding the reports of the
Pacific Railroad Commission, last evening,
Senator Stanford said that the statement
that over 500. 600 600 was made out of that
$27, COO coo Of Government bonds was the
sheerest nonsense. 1--WE have realized $780,
OOO, 600 out of the road,'' he added, "but it
is nobody's business but our own so long as
we have faithfully fulfilled our contract
with the Government. But We could not
very we'll make 500, 900 600 out of S27, ,O0O,-
600. We constructed the road at more
than double the cost of the
bonds received from the Government, bat
whether four or four thousand men owned
the road it made no difference to the Gov
erument so far as its security was concern
ed"
But you will admit that little cash was
actually paid IN by the stockholders and
that an immense quantity of stock was
Wateredm
what difference does il make whether
LOCO or 100000 shares are represented?
That would not prevent the road from in
creasiDg in value, would itP tits true that
not great deal of capital was paid in by
way of subscription, but the road was
built on stock and bonds. 1t was of little
moment whether or not any money was
paid in by subscriptions so long as the
company observed all obligations. If We
had had the good fortune to be presented
with an Aladdin's lamp, with which the
road could have been rubbed into existence,
it would have been of no consequence to
the Government"
"HoW about the charge that you and
Messrs. Crocker, Huntington and Hopkins
directed that certain books belonging to
your company should be deEtroyed in
order that the committee might not scru-
tiniZe themp
rloN = he L. k,I- FoTz do
member to have seen these books. I GER
tsinly gave no directions for destroying
them. The committee was afforded every
opportunity for gaining information as to
the affairs of the Central Pacific Company.
refused to answer but one question, and
that was with reference 70 giving the
names of confidential agents. / acted un-
der the advice OF counsel, who insisted
that / was under no more obligation to
reveal these names than / would have been
had some outsider been determined to
prosecute an ipquisatorial Investigation.
We never denied the committee the privil.
ege of examining our books. There was not
bit of testimony during the investigation
which, in any way, indicated that any
books had been destroyed. 1t is a most
violent assumption on the part of the COM
mittee to make such an assertion"
What services TO the Government in
| your opinion, has the Central Pacific not
yet fulGlled"
Not one, in fact. We are supposed to
| do what the Government asks of US until
our contract expires. When scientific
xpedition is sent abroad via the Canadian
| Pacific and Vancouver, and when goods
are sent through Canada from tue United
| States, TO reach San Francisco in violation
! OF the Interstate Commerce law, 1 say
! when the Governor permits this it cannot
| hav VII fOr
and yet such is the case. We have carried
few troops, but the construction OF our
! road through the Indian Territory has
| done much to make war-lke preparations
necessary. We stand ready to fulfill any
| obligation to the Government called for 10
! our contract. If ii continues to see tt not
to ask anything of Us, why, our service is
| fulfilled just the same, is 1t notP"
What will Congress do with the COM
! mittee's report?'
''That's more than / know. Pattison in
sists that our charter shall be annulled.
| The other two commissioners think bond
and mortgage scheme would suit them bet
| ter. Well, guess the job to annul our
charter will be big one. l would like to
have court appointed to consider the
equities between the Government and the
| Central Pacific as provided by an act OF
| Congress in March last that declared that
| inquiry should be made as to how much
less time 1t took Us to build the road than
| required by the contract. As matter OF
| fact we finished the road in 1869; the con-
tract required Us to completeit before 1876.
1t was built during war timer, and at twice
the amount it would have cost Us had we
waited until 1876 before completing 1t. We
J therefore saved the Government 81 ,000, 900
! annually, or $40 0Oo, 600 in the aggregate. Il
| may be mistaken, but / hardly think
| Congress will coincide with all the COM
mittee's recommendations. l do not ap-
prehend that We shall suffer very materially
from the investigation.