New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-07
Tile PICLFIC RAILROAD DEBE

The bill introduced by Senator Frye last
Wednesday looking 10 a @cttlement OF the ueDs
# the Pacific Railroads 70 the Government II
it docs not offer IN immediate or dchili'c
solution Of this vcxed question, is at least
step in that direction which contains the prom
ise of practical results The bill provides Tor
the APP intmcnt by the President OF com
mission of two Republicans, two Democrats
and one member of the Peoples party, VINO
shall be authorized to ascertain the amount OF
all obligation, due or to become due from these
roads 70 the Government. and to enter into
agreements with the companies TO adjust ana
extend the Obligations a. may seem e1ui'aDie
and lust, subject only TO the approVa OF INC
Secretary of the Interior and the PRESIDENT
The salaries Of the commissioners are iiAcd III
SO 600 and expenses, and the term one year
10 be extended u two years If necessary. lhIS
question has b. Ell before Congress IN one form
ana another for about twenty years; for the
last ten years in the form Of bills for rounding
and extending the debt al lower than the
present rate of interest Every secretary of the
Interior. every Commissioner OF Railroads and
every Board Of Government Directors has urged
rho subject upon the attention OF Congress-
and the Union Pacific under the PRESIDENCY
Of Mr.. Charles Francis Adams made Strcnu-
Gus efforts to reach a satisfactory settlement.
Funding bills have been reported iavorably
from committees both in the House and Sen
ate. and have come 50 near being passed that
ONLY obstructive and dilatoiy tactics prevented
action
The debts begin TO mature in 1867, and
action cannot be much longer delayed. The
railroad companies, tired out with futile efforts
70 reach basis Of adjustment are now
ouic,cont. doing nothing whatever, but simply
waiting for Congress ~ take mp the matter
# its own aoc,rd. Ever since the successful
completion Of the roads beginning even before
tho Credit Mohilier exposures, Congress has
ir ated the mpanicS in spirit vi resentment
and anger. very much rs If II had constantly
IN mind that the projectors Of the enterprise
had driven a sharp bargain with the Govern
,neut in the original contracts and Congress
was determined to get even with them for
IT, The legislation on the subject has been a
series # blundcrs from beginning to end; ex-
pcnsive blundcrs for both debtor and creditor
for tho roads and tho Government Almost
ovcry law on the subject passed By Congress
has resulted in Gripping the roads and weak
cning the security Of tho Government What
eyer else the United States Congress Is capable
Of il has demonstrated 10 certainty that IT
cannot manage railroads successfully.
The experience Of tho last ten years has
| proved pretty c,ncluSivcly that the settlement
Of the railroad debt cannot be comprised by
Congress acting upon it according to town
meeting methods a, body. The present
proposition commendS itself to the Judgment
Of all who are familiar with the history and
the facts II can be objected to only 10y those
who favor railroad ownership and manage
ment by the Government a dcuSion INDUCED
in BY an insignificant minority of intelligent
voters. And even if it were thought best
| for Government to enter upon that experiment
il might better begin in some other way than
| by foreclosure of its second mortgage upon
those properties. Senator Fryo's bill offers the
most sensible and satisfactory solution OF the
question that has yet been presented. com
mission Of five men such as either President
Harrison or Mr. Cleveland would be likely TO
| aproiut under the limitations Of the bill, giving
their cntro time to the business as required
| by its provisions and making a thorough IN
yestigation of the whole subject could hardly
fail 10 reach a conclusion satisfactory TO both
debtor and creditor Not the least OF the
merits of this proposition is the fact that it
would remove from Congress temptations which
members have not always been able to resist
to use their official positions 10 make turn
| i'll the stock market.
|