New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-09
TILE EICIEIE RIILROAD DEEI


Tho urgency of the situation in relation TO the
Maturing, Pacific Railroad debts is Indicated by
Tho ,c,lon Of the Pacific Railroads Committee
of the House on Thursday The r"conmi'tal u"
The committee of The Reilly Funding bill Il week
ago was supposed Ia make an ehi "' the mat
tor for This congress 1t would undoubtedly be
81 held in ordinary circumstances. ana no c'ior'
would be- made either to rcviv" maj or report
u new bill Bun the committee having iui
knowledge of the facts. are of the opinion 'h't
the interests Of the Government VIII pe pun III
serious jeopardy by leaving the questions IN
yovcd unsettled. the truth being tha' the 'o''
Of the House last Saturday not merely refused
To give u civil and patient hearing 10 me pusi-
moss proposition of IN insovcni debtor. pu' WIN
the incorporate rage If rantng lhnatics he
clarcd that il would make no provision Tor Sc
curing the debt As the matter now s'ail1S.
foreclosure of the prior liens may at any time
bring about forfeiture and total loss OF the dcb'
IN tho t;ovcrnmcnt Congress has not taken
thc troublc 70 authorize The Attorncy-'cncral or
ANYBODY else 10 act III the emergency.
In this state of affairs the Committee on Pa
cihc Railroads are naturally l"7'h !" hc''p' me
situation in which the action of Inc House
nl,ces the Government. or To recognize that
action as conclusive for this congress. Ih"y
have ,ccordpclv instructed their chairman 10
copfcr with the Attorney General and the Sccrc-
ary Of the Treasury to ascertain drlihilcy WHIT
LEGISLATION is necessary Ia pr0t"ct the lh''r's's
Of the Government under existing laws. Mean
time n motion j. pending In the committee !"
report back the hill which was rccomni'rd 10
il last week. with recommendation That II
uass should the committee adopt the NOTION
the Committee on Rules will bc requested 10
bring i'm an order similar 10 the on" of last
week assigning the measure another nearing
and ordering final vote upon II i'll the House
The action If The opponents Of the bill. rs has
before been pointed out. is based upon The de-
sire 10 carry out the Popust idea Of Govern
mcnt control and operation ~ railroads. Tor
which the purchase of the Pacific Roads would
he an entering wedge. Meantime they seem Ia
have lost sight Of dn opportunity which presents
itself a little earlier than the maturity Of the
Union Pacific obligations Ia initiate the expert
mcnt Of Government control. The first mort
.,,.,c bonds of the Central Branch ~ the tnioL
Pacific. now under lease 10 The Missouri Pa
cihc mature MAY l. 1898. The total debt aud
interest is S2.4iol5O. The Government has a
second mortgage upon this loo miles of road 81
fund first mortgage bonds II the road amounting.
with accrued interest. TO nearly ~ dn.V". Here,
now. /, an opportunity. II The ropulist notion is
Ia he put In practice. Ia buy 10" miles ~ rail-
road enough to start on-and initiate the ~.
pcrimcni The lease 10 the Missouri Pacnc Is
,erminablc AT six months notice and the road
earned last year little over Sl".VD mel. II
/. located in Kansas. where the anxiety for GOV
eminent control IL very great. ana. although Inc
number ~ Populisis In that state j. mol 80 large
as two years ago. enough of them can II" DOUBT
he found 10 iii all the positions from general
manager TO switchtcndcr.
one thing il certain. that The position IN winch
the matter threatens 10 be- left by The non
action Of Congress i moi only unjust AMI I'M
fair 10 all the Pacific Railroad security holders,
but disgraccful 10 the Government.