, 1890-04-18
TIE RESTERN VIEW OF IT

q y 80
The interesting report of Jesse Spald-
ing, government director of the Union
Pacific, more nearly represents the sen
timents of the people of the West than
any expression VIC have heard of or seen
on this subject. The concluding portion
of his report congresses public sentiment
into a very brief space and we take
pleasure in reproducing 1t:
There are various reasons why have
not entered into the early history Of the
Union Pacific railway. 1t is familiar to
every intelligent person who has paid any
attention to the subject. | have to deal
only with the MANAGEMENT of the road as
| found it. If the management of the
Union Pacific road were attempting in
any way to repudiate its Indebtedness, or
if there were any disposition manifested
to avoid or shlrk Its responsibilities, or
even if it we're disinclined to offer Its en-
tire assets, available or in sight as security,
it should be in favor OF speedy settlement
on the governments terms even thoIgh
it involved a seizure Of the road. But the
contrary is the fact.
This question ought to be settled by
congress at once and for all time. The
company should be placed in the position
of a debtor solely and be permitted to
manage its own affairs without let or
hindrance from the government Ma
tional interference in its management has
resulted only in embarrassing situations
heretofore; it is bound to result so here
after. The debt can be adjusted and pro-
visions made for its liquidation on pre-
cisely the same principles which govern
private or commercial transactions.
Having placed itself in the position Of a
debtor and having put up its assets as Sc
curity il should be allowed to conduct its
business as its managers thought best,
with the view OF freeing itself speedily OF
all obligations. 1t is plain that the
principal creditor should not embarrass
the debtor when the latter is endeavoring
to meet his obligations.
ITO sum up: The Union Pacific rail-
way system is at this time not only wisely
and prudently but proftably managed.
The branches and extensions which have
been constructed and the Improvements
made during the last FIVE wears have been
Of direct and incalculable benefit to hun
drsds OF thousands Of people in the West
and Pacific northwest, as we'll as to the
business OF the nation in general. As
property it is certainly far more valuable
today than it was in 1885, 1t cannot pay
the 49,, 900, 900 or so which it owes the
government, however. at this time, but
it is able to offer security equal to $34.
600. 900 more than the government hold,
now for its Indebtedness. 1t takes an
extension of time and a lower rate
Of interest, both of which the govern
ment can afford to grant rather than
see the property imperiled, for to
imperil it would threaten the tinan-
cial ruin of thousands of people
who have invested their money in
the enterprise. and more than that, para
mount to every other consideration, and
of vastly more importance to the nation,
the probable impovershment Of the hun
dreds of thousands who haze settled
upon its lines during recent years, and
whose interests are so closely woven with
the prosperity OF the road that they can
not be separated, The question resolves
itself down to this: What is tho best,
not so much for the Union Pacific rail
way company as a corporation, but for
the country at large? 1t seems to me
that there can be but one answer to this
let congress deal as fairly with the
Union Pacific as a business man would
with a creditor who was willing and able
to pay his debts ii he were only permitted
to do his business without interference or
embarrassment.