The morning call., 1894-06-25
$6O,Ooo,ooo

The oveTshadOwing issue before the
people of California this year is propo-
sition made by the Southern Pacific Com
pany to the Government to refund the
Central Pacific debt of S60.OOO0 eco. This
| is matter of just $50. 000, 600 10 this State,
with interest at 3 per cent o year. 1t is
true that the debt is due the Government,
but 1t is equally true that the Southern
Pacific Company derives the bulk of its
revenue from its roads in California. Ii
the refunding bill becomes a law, the
$4,000, 900 year that will become payable
under 1t will be collected from the in
dustrieS of this State. The Southern Pa
cltc Company has diverted int in ndiyidual
ownership the fund that should have
been devoted to the extinction of the
debt, and now. if they get the extension of
time asked for, il will esta blish rates that
will meet the new demand upon their rev.
enues. The misappiied funds have been
distributed among individuals. The Gov
erDment may ind q way to compel pay
ment. but no one supposes that the COM
pany will make any effort in that di-
rection.
II the proposition should be submitted
to the people of this State to issue bonds
to the amount of $4,000. .0O0 bearing in
terest at 3 per cent, or any other per cent,
1t would only get such votes as the South
ern Pacific Company eau control But, as
this proposition is covered up, there is
chance that in the coming election there
will be no expression of public opinion on
this issue. People think that they are
thinking about more important matters.
10 the nominees of the late convention it
seems more important that they shall be
elected. The convention was silent on
the subject, but there is time yet for
the candidates to let the public know
what they think about il. Those of
them who think it we'll for California
to assume the burden of the Central Pa
cifc debt will please to say so. If they
are difldent about speaking they may
give the atfirmitive.sign of silence. Those
who do not think that California should
shoulder this load will have no hesita-
ton in saying so. They may thereby
injure their standing with the self-consti-
tuted bosses of the party, but they will
greatly improve their standing with the
masses of voters.
1t is quite likely that the funding bill
will 60 over to the next session of Con-
gress. When the bill comes up in Decem-
will ask what California has TO say. The
funding bill was before the people in
November. they will say. and the people
must have taken one side OF the other.
The patent fact that California will have
to provide the money to pay the debt, if
the funding bill becomes a law, would
naturally in the estimation of Congress
insure an aye and nay vote on that issue.
The men 10 Congress who are opposed to
the funding bill will feel theft heart taken
out of them if California by her vote shows
Indifference on this subject. Even those
who are now opposed to refunding may
assume that If it is matter of ineiffer-
! ence TO California the rest of the country
can stand it. The Republican convention
! has adjourned, but it is certainly within
the province of Republican voters to
ascertain the opinion of candidates on this
very important matter.