The Dalles daily chronicle. [volume] (The Dalles, Or.) 1890-1948, 1895-02-18
FEBRUARY 1s, 1895
THE PACIFIC ROADS.

racine rallrOaOS, so IudI GuO5O IOdOS
would be given fifty years to pay their
debts to the government, is to be re-
ported back to the house, with strong
recommendation by the minority of the
committee. The debt originally was
about $64 ,00O,0 ,000, and the interest to
date amounts to $4,000, 900, making a
grand total debt of $13S ,000, 900. To
meet this there IS in the sinking fund,
provided for some time ago, about $780,
OOO, 900, leaving the debt due Sis, ,000,-
600. As the companies have violated
every promise every made concerning
the payment of this debt, and have ig-
nored every law by which the govern
ment undertook to protect itself, even
congress has grown tired of fooling with
them, and the people of the Pacific
coast, at least, are almost unanimous in
their demands that the government
foreclose it's lien on the roads and oper-
ate them.
The Central Pacific has been perhaps
the most peculiarly managed road in
the world. Itswas no sooner completed, /,
and paid for by the government, than
the management induced rotten con-
gress to permit it to issue bonds at the
rate of about $35, 900 per mile and to
make the government lien on the roads
subservient to it. In other words, con-
gress permitted the government lien to
become a second mortgage, and prac-
tically worthless. Then the boss con-
spirators, Crocker, Huntington, Stan
ford, and that gang of gold-laced thieves,
took the money so raised, and also all
the earnings of the road, and construct
ed road of their own that the govern
ment had no claims on. But the little
gang of big thieves overlooked one
thing. They incorporated under the
laws of California, and hence every
stockholder is liable for the debts of the
company up to the value of his stock,
and 1t is possible that the bosses may be
compelled to pay, in 1911, when the
fifty years, the limit of the corporation
expires. This is why Huntington is sc
anxious to have the Reilly funding bill
passed, as by it the final settlement
will be put off fifty years. In this way
the increased business, it is thought
would run up the earnings of the road sc
that it would pay for itself, while Hunt.
ington ct al would be allowed to keep al
they have stolen from the government
the Southern Pacific besides, and at the
end of fifty years the Central would be
theirs also. It is pretty scheme, but
California's delegation in congress ii
showing it up in such way that it viii
hardly work. Mr.. Huntington, whC
has been in Washington for months try
ing to get the Reilly bill passed, is grow
ing weary, and threatened to turn tn,
whole settlement of the affair over t.
congress, which Is, of course, real NEAR
on his part. In conversation with
senator Saturday he said:
II am not here to propose any partic
ular bill. I have become SO sick of tn,
worry and tedium of trying to show con
gress the best way out of the railroad
difficulty that have now concluded t,
let congress settle the bill for itself
am only here to urge that you do some
thing. This thing has been neglected
now far too long. It grows worse ever,
year. The longer you delay, the wors
muddle the thing viii be in. You mus
do something, and that at once. Their
is no time better than at the close of tn
short session, for then all useless buga
boo debate is cut off and the thing i
done in business-like Manner
It is downright shame that congress
should allow the great man to worr
himself sick "trying to show the bes
way out OF the railroad difficulty an,
it is little short of national calamit,
that Huntington has ''now concluded t
let congress settle the bill for itself.
Mr.. Huntington may be sick of tn
worry, but it will be seen that his cheel
is still firm and his nerve unbent, whel
he tells senator that he is going to lie
congress act without his advice or dicta
ton.
If congress can reach no other solu
tion, it should foreclose its lien, and a
least prevent the further wrecking {
the property by the owners of the South
ern Pacific.