Capital journal. (Salem, Or.) 1893-1895, 1894-06-16
THE PACIFIC RAILROADS.

the HaCiuC TallTOhOb UOW III INC habNo
Of receivers under the state aud federal
courts.
In the case of the Union Pacific
reorganization committee of for
eign bondholders are trying to get "a
bill through congress to give them
control for a hundred years and to
issue hundreds of miliuns Of new seen.
rites. It owes Uncle Sam SIC, 600 600.
A bill is introduced Ia the United
States senate to release the Stafford
and Huntington estates Of all obliga-
tions to the United States ON account
OF the debts to the government by the
Central Pacific railToads. /. owes Tn.
Gle Sam $50,000,000.
The receivers of the Northern Pacific
are asking to be allowed TO accept a
loan Of a 81 ,OO00 from reorganlza-
ton committee for the prompt pay
ment of the first mortgage coupons,
due July /. The loan IL to be rfsade at
simple interest, without any commis-
sion, and directly TO the receivers, wi o
will act with the authority Of the court ,
and will repay the same from the net
earnings Of the months following. By
thus anticipating these receipts the
otherwise unavoidable default upon
the first mortgage will be prevent, d
without extra expense.
AL this reorganization" business Of
these Pacific roads sounds very nice
IL has been going on for twenty
years. The government gets nothing
but worthless securities. M re and
more plutocrats and millionaires are
turned out from year to year and the
producers and passengers pay the bills.
IL Is time to stop this wholesale prosti-
tuition of our government aud oppres-
sion of the masses.
These railroads were created out of
tho lands and the resources and the
credit Of the government. The govern
nent has the first lein on them. The
government must uphold them aud
the government should own and
operate them for the people. The cor
poratlon managers have demonstrated
that they cannot manage them and
haye thrown them into the hands Of
the courts only long enough to get
new grip and issue a few hundred
million new stocks and bonds TO
draw interest and dividends out of the
people.
The case of the Oregon Pacific in
this state is an eye.opner to the people.
AT present all the officials and corpora
ton blood-suckers are out of e. job and
are not drawing u cent out of the Orr
gon Pacific railroad. The result Is II is
morethan paying.expenses. New trains
are being put on. A new freight train
viii be put on between Albany and
Yaquina as formerly, and the time of
the passenger trains will be shortened,
This Is to accommodate increased pas
senger travel and handle the freight
business. Traffic Is improving on the
Oregon Pacific. The Corvallis Times
says that May was good month for
the Oregon Pacific. Three thousand
new ties were put In the track, othere
were bought aud paid for, two hundred
piles were driven In the big bridge al
Albany, number OF additional section
men were In service, fuel for two
months was purchased, other better
ments Of trlfiing nature were put on
the road, and after paying every cent
that these additional improvements
entailed, the road account showed an
entry of $3.50 on the credit side OF the
page. On Thursday the employees
were all paid in full for their May SER
Vices. Mr.. Clark formerly mere
freight clerk Is managing the whole
property.
The whole country needs an awaken
ing on the subject OF the frauds aud
robberies that are practiced In the name
OF corporation management. Oregon
has vital interest In these matters.
Oregon has not mile of domestic rail-
road. All are In the hands of foreign |
All these common car |
rIens In our state are In the hands OF
nonresident corporations. Yet theil
Affects the value of every |
bushel OF produce and every carload of
lumber and fruit shipped out Of the
tate.
TO issue hundred million dollars Of
lew Pacific railway bonds is 10 tax the
arnlngs Of every acre Of land In the
willamette valley. IL is 10 feed In lux,
ny aud support In oppulence thousands
I the capiialistic class Ia the Eastern
|aies and Europe for generations
} come. The sweat and toll OF Oregon
rners will All Ds taxed 10 support new
pods OF plutoersts In Washington,
ew York, Boston, London, Brussels
"a Paris. These Pacific railroads arr I
'poiessly IN debt 70 Uncle Sam.
they are bankrupied by extravagant =
A l.,Eflf,f lllnnnoafuellf aud Ia oaf