The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-06-21

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! half million dollars, and Oliver Ames
made oath Sept, 9th, 1870, that they
paid in $36, 762, 800.
The Kansas Pacific actually paid in
| $3.50, 900 and r. E. Carr made oath
Sept. 28th, 1872, that they paid in S.,
072, 500
The Central Pacific paid in $3.50, 900
and Leland Stanford made oath Sept
18th, 1871, that they paid in $54, 283, 100.
The Central Branch paid in 1886, 700
and R. M Pomeroy made cath Sept
21st, 1859, that they paid in $3.50, 600.
Total amount actually paid in cash
upon their stock, 81, 797, $50, yet the
four men named swore their companies
paid in $97, ,O9S, 500 Thee oaths are
now on file in the Interior Department
according to the report of the Pattison
committee upon Pacific Railroads, page
40
Now let us see what stealings they
have made in bui ding these roads, you
will find they have never been sur
passed in the history of mankind, un-
less it was attempted by the Nicaragua
reported contracts. The Union Pacific
Railroad cost for it's construction $685.
| 824, GOO and the company issued stocks
and bonds to themselves to the amount
of $109, ,814 812, making, some would
say, a clear profit of $40, $50, ,812, but al
honest men would call this a clear
| steal. The Kansas Pacific was built
for 81, 800, 600 and the company issued
stocks and bonds to themselves for
$25, 028, 250; a clear steal of $13, 22S, $50.
The Central Pacific and Western Pacific
were built for $40, 900, 900 and this COM
pany issued themselves stock and bonds
for $124 211, $50; a clear steal of $S4,-
211, $50. The Sioux City Branch cost
50, 900, 900 and this company issued to
themselves stocks and bonds for S.
047, 720; a clear steal of 50, Al, ,720. The
Central Branch cost 2,731, ,347 and
their company issued stocks and bonds
for 81, 200, 600; clear steal of 81 1853,
652 The California and Oregon line,
from Delta to the State line, cost So,
sos, 900 and the company issued stocks
and bonds to themselves for $12 500, 900;
a clear steal of nearly So, 600 600. The
whole cost of constructing all these
stocks issued, $277, ,3O2, ,462; a clear |
steal on the work of S1S1, ,347, 115. These |
steals were made generally through |
eoRStrHctiOn GfRpanies, owned and |
managea-hx az of the stockholders,
thus making contacts with themselves
and more thar doubling the G1l1tt-of all
these roads, and the wealth-prod
RNfuthis nation are now paying rates In
and freightUpon all this fictitious
capital Do the people of this State
wish to repeat TINS crime by guaran-
teeing the 800, 900, 900 bonds of the
NiCarap,-a Canal at41 placing ii in the
power of half a dozen men to levy
tribute upon the commerce of the
world? We shall see. The facts and
figures given here are official, and
taken from Senate Document No. 81,
F'iftieth Congress, known as the Patti
son Committees report upon the Pacific
Railroads.
But am not done with this report
vet, | desire to call the attention of the
people to what these companies call
"eqUities" The debt due the govern
ment must be paid soon amounting to
$178, ,884, 759, and to stand off some of
this debt these bandits bring in bill
of "equities " which for cheek will sur
pass that of the committee on address
of the recent Canal Convention, when
they say the Canal will be " controlled
by the American people instead of by
a board Of directors, majority of
which is elected by themselves, the
canal company. But to the equities. "
The first charge is 81, 120, 073 for dis
count on the sale Of the bonds, and in
terest on this amount for thirty years,
$12, SIC, ,132. Total $19, 936, ,2O5. They
sold their bonds at a discount and now
charge the government interest for
thirty years on debt they owe the
people.
The Sc cond charge is, "The amount
the government saved in it's transpOr-
| I..A- 1O4S e &1,o
road in May, 1869, and the time re-
quired for it's completion, July, 1875"
This modest charge is $47, 1853, ,178, and
this for completing the roads seven
years before the law required. They
! had the use of the roads for seven
wears. and declared dividends of more
than $35, 600, 600.
The next charge is 81, 853, 1928 which
| the government now owes them for
| transportation.
The next charge is $500, 600 that the
companies say they have lost by the
delay in the government issuing pat
ents to their lands.
The PattisOn Committee reports that
the Union Pacific refused to patent
their lands in Nebraska amounting to
]. .S29, 400 acres, 1900, coo acres in Colo
RADIO, 300, 900 acres in Wyoming, 40O,
600 acres in Utah, 100000 acres in
Kansas, 100000 acres in Nevada, and
thew have not selected one-half of their
land in California. The amount given
here is the land now surveyed, and
ready for patents, In the States of
Nebraska and Kansas laws we're passed
to compel them to patent their lands
so thev could be taxed, yet they have
the cheek to make this charge.
Next is loss by the sinking fund in
vestments, 1852, $50. When we did
get little money of them, we invested
f in government bonds, and the price
of bonds went down little and they