The Lamar register., 1894-10-06

having for its end the control OF the
subsidized trans-continental railroads
by the government. Is assuming very
large proportions Petitions have been
circulated and very generally signed
by the business men OF San Francisco
and other cities In California. wh"
have for 50 many years been held the
subjects and vassals OF an all-powcrfm
corporation. The petition which is
being signed reads as follows:
To the Senate and House OF Represent
atives OF the United States:
The undersigned. citizens OF the
United States. residing In the states
and territories most vitality Interested
In the management of the subsidized
trans-continental railways. Respectfully
represent:
That the bonds issued by the gov
, crnment in aid of the construction Of
the Central Pacific. Union Pacific.
| Western Pacific Kansas Pacific. Cen
tral branch and Sioux City and Pa
cific railroads will begin To mature on
Jan. l6 1895. and will fall due within
the following four years.
That the principal Of these bonds
amounts to $Gi,,E23.512. and the inter
est paid by the government mp To May
81 1891. and not repaid by the com
panies. 10 s12.3,s2. .221.i 10.
That the companies are under obi
cations to repay the sums 50 advanced
rs the bonds mature. that these OBJ
legations are secured by second mort
cages on the road. but that there l. no
probability that any attempt VIII be
made to meet them.
That the roads have been 80 man
| aged as to diminish the value OF the
government security and furnish
plausible reasons for making such a
compromise rs would leave the debts
OF the companies To be paid by future
generations OF stockholders.
That in the words of the report OF
| Governor PatiiSon OF the Pacific rail
way investigating commission. u mcrs,
creditor might assent to a compromise
which in a sovereign dealing with a
dishonest debtor who had violated all
laws and covenants. would be repus-
nant to public policy. Ii cannot afford
to eondone fraud. TO validate the in
| iquitous work OF the Credit Mobillcr.
the Contract and Finance Co. and sim
liar organizations. or TO ignore the I'M
lawful and outrageous determinations
and eSrortionate charges and the Grim
inal conspiracics for controlling trade
which have characterized the admins
tration OF these railroads since the
date OF their completion
That to the people of the Pacih,.
coast IL is a matter OF imperative ne
ccssity TO have an independent means
of communication with their Eastern
markets. that the allied trans-continen-
tai railroads at present constitute a
high barrier to trade. that any new
road built by private capital would
at once join the old combination, and
thai the only trustworthy regulator OF
rates would be line owned by the
public and operated In the public In
terest.
That the necessity of such a line,
obvious enough before. has Just been
startlingly impressed upon all by the
isolation of California and the other
commonwealth served by subsidized
roads, and the complete paralysis OF
business, caused by quarrel between
the roads and their employees. in which
the people had no interest: a disaster
whose recurrence wouid be- impossible
In the presence of an open government
line. free from strikes or labor diff
culties Of any kind. as all branches OF
the public service are.
In view of these facts we earnestly
beg that no extension of time. on any
terms whatever. be granted for the
payment of the Pacific railroad debts.
but that Immediately on default in
meeting the matured bonds the mort.
cages be foreclosed, and the roads bid
in by the government and operated as
national enterprises.
And your petitioners will ever pray.
etc.