The advocate and Topeka tribune., 1893-10-25

The Late Appointment Of Receivers Con-
tinuatiOn Of the Steal.

is in the hands Of receivers. The
history Of this corporation has been
one of fraud and plunder from it's
inception, and the indications are
that, another chapter Is about to be
written which will likely be fitting
conclusion to the infamy of those that
have preceded it.
Il may not be smlss at this time to
direct attention to some parts of this
history; and there is no better place
to look for it than to the report of the
Pacific railway commission, appointed
by the president Of the United States
April Is, 1887, pursuant to act OF con-
grsss of March 3 preceding. This
commission submitted it's report June
II, 1883, and from that report we ex-
tract the following:
The government loaned bonds Ito the
oompanies) bearing per cent. interest,
payable in thirty years, TO the amount OF
S64,623, ,612, and stipulated TO pay the inter
est on these loans upon condition chat, at
the maturity Of che bonds, the aided COM
psnies would pay both principal and inter
est, and that, upon the completion OF the
roads, the companies would pay annually a
percentage Of their net earnings and pOr-
tion Of their compensation for government
transportation on account OF these annual
advances made by the government. Con-
gress also gave them over 100000 acres of
public lands, upon which they have realized
$39,479, ,2l3.71, with 12,6l5,OS7 acres Of land
valued at $26,O54, ,27O, yet unsold, making
the total land grant worth $65, ,533, ,483.71.
As the government annually pays $3,S77,-
41O.72 in interest to the holders Of subsidy
bonds, aud does not require repayment by
the companies until the maturity Of the
principal, the bond aided companies gained
a further advantage in the use of such inter
est money. This advantage itself was worth
$199. 100, ,25O.19 at the time Of the grant. The
government gave them a right-Of-way 400
feet wide along the length Of their hnes'
the right of eminent domain, and space for
depots and turnouts. In addition to these
liberal gifts by congress, some Of the states
and many counties and public bodies also
made large donations in lands and bonds to
some Of the companies.
The commissioner here submits
tables showing the amount OF the
donations and how distributed, and
sums up as follows:
By the foregoing tables, it will be seen
that the aid given to these companies
amounted TO $447, ,729, 9,470.54.
To guard against possible abuses,
nd to insure good management and re-
sponsibility, congress enacted that, in re-
turn for the nations liberality, the
companies should bind themselves to have
their stock fully paid in cash, and that they
should bind themselves also to build 6rSt.
class roads; to carry for the government al
fair and reasonable rates (nOt exceeding the
amounts paid by private parties for the
same kind Of serviOe) and to operate all Che
lines in the Pacific system as one con-
neOted, continuous line, affording to each oi
the other roads equal facilities as TO rates
time and transportation, and to convey tele
graphic messages upon equal terms toi
all persons. They were also bound 70 make
annual reports, giving the names of theil
directors and officers and stockholders, and
information bearing upon the amount Of
stock actually paid in, and upon expendi