The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-04-06
STANFORD TO RESIGN
The Central Pacific to Have q
New President.
THE SENATOR'S HEALTH FAILING


WAnsvcxrH. New. Arril 5.--Senasos and
Mrs. Stanford we're interviewed here last
evening on their way TO san Francisco.
ihe senator il suffering from iIl-healsh.
and After remaining in Califcrnis month.
VII return 10 Washington. and from there
80 TO some OF the bathing resorts IN Ger
many. prominent View York physicians
hAvisg recently advised him that snch .
step 70 necessary 70 arrest certain snrGrient
organic troubles
= have notified my associates. said the
senator. TO expect my resignation from
the railroad presidency soon. Ii is too
much for me TO attend To with nv other
duties. Ii have my way. IN turn over
the presidency to another man af the
directors meeting next week Is
Is Colonel Crocker to be the next presi-
dent OF the road 2"
The choice OF . successor TO me de-
pends 50 much upon the preferences
OF Mr.. Searies and Mr.. Huntington
that / cannot answer that There ara
less disagreemeuts among the owners
OF the road than ever before. and there is
no doubt bat what they viii make q har-
rnonious choice.
The senator said he wanted a reelection
10 the Senate. Al am Indebted, - he said.
TO the people for many kindnesscs in the
past, and would appreciate another mani
festation of their kindness. Ii is my earn
est wish to remain in the Senate q few
years more for three reasons. First, /
want TO be in position TO press upon
the attention OF the people the schems
OF ioaning government money with land
ss security. My position on this subject is
now plainly understood by many. The
measure Is not impracticabie, and there is
no private business that has such hen on
the people that Ii warrants interested par
ties in saying you shall not adopt the meas
ure for the benefit oil the masses. 1t is vir-
tually further application OF the principle
by which money Is loaned on bond secur-
ity. Interest paid on bonds BY The govern
ment is an economic waste of the people q
money. Furthermore, the life Of the bond
system in our government is nearing its
end
Ny next reason for desiring to 60 back
70 the Senate is TO do my part in promot-
ing intelligent discussion of the money
question in general among the people.
My third reason in wanting TO be re-
elected do not care to speak
The senator was asked to give his orin-
ion OF pending legislation in congress for
the settlement of the Central Pacific debt
My associates and mvseif.' said he.
"donit like the proposed bill, but we will
take no action against it until such time As
IL becomes . law. My individual wish is
that the debt be paid by the government
taking . mortgage on all the property of
the Southern Pacific Company rs security to
take mp eli liens now on tho property. and
in lieu of them issue government bonds at
per cent The time the bonds shall run is
immatsriai. The Central Pacific alone
cannot pay the debt. ff In poor road
Ten years ago il was able to pay s.. .o0o, 900
annually 10 the government Now it
barely earns enough to pay $5O0.0oa As to
taking part of the debt to build . tunnel
through the sierras. I am in favor OF IL If
congress Ii willing"