The advocate., 1894-06-20
THE UNION PACIFIC RAILROAD.

The Union Pacific railroad system
is in the hands Of receivers. The
history Of this corporation has been
one of fraud and plunder from its
inception, and the indications are
that another chapter is about to be
written which will likely be a fitting
conclusion to the infsmy of those that
have preceded it.
1t may not be Rmiss 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-
gress Of March 8 preceding. This
commission submitted its report June
II, 1888, and from that report we ex-
tract the following:
The government loaned bonds 10 the
COmpanies) bearing per cent. interest,
payable in thirty years, 10 the amount Of
$64, ,62S, ,512, and stipulated TO pay the inter-
est on these loans upon condition that, at
the maturity Of the bonds, the aided COM
panies would pay both principal and inter-
sst, and that upon the completion Of the
roads, the companies would pay annually q
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 26, 600, 900 acres Of
public lands, upon which they have realized
$50, ,479, ,213.71, with 12,6l6,OS7 acres of land,
valued at $26,054, ,270, yet unsOld, making
the total land grant worth $65, ,6S3, ,4sS.7l.
As the government annually pays $S,SS7,-
41072 in interest TO the holders of subsidy
bonds, and does mot require repayment by
tina companies until the maturity Of the
principal, the bond-sided companies gained
further advantage in the use Of such inter
est money. This advantage itself was worth
S199, $50, ,25O19 at the time of the grant. The
government gave them righs-of-wsy 400
feet WIDE along the length Of their lines,
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, il win be seen
that the aid given TO these companies
amounted to $447, ,729, ,47O64.
To guard against possible abuses,
and TO insure good management and re-
sponsibility, congress enacted that, in re-
turn for the nations hberality, tho
companies should bind themselves to have
their stock fully raid in cash, and that they
should bind themselves also TO build first
class roads; to carry for the government at
fair and reasonable rates (nOB exceeding the
amounts paid by private parties for the
same kind Of service) and to operate all the
lines in the Pacific system a. one con-
nected, continuous line, affOrding 10 each Of
the other roads equal facilities Rs 10 rates,
time and transportation, and TO convey tele-
graphic messages upon equal terms FOR
all persons. They were also bound to make
annual reports, giving the names Of their
directors and officers and stockholders, and
information bearing upon the amount of