New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-31
THE PACIFIC RAILROAD DEBI.


three DAYS for discussion Of the bill refundng
.ho dobts NJ the Pacific Roads 20 the Govern
ment and directing that vote be taken on
Saturday. the House VI Representatives mas
manifested n disposition TO treat one business
matter ar least In business way III does ho'
follow as a matter Of course that decision OF
the question. far as the House is concerned
will certainly he reached this week. For. in the
frs, Mace this Congress has a rooted antpathy
IN making final settlement Of anything. and IN
The second place the men who have been sirv
ING many years in Congress and ont TO bring
about Government ownership and operation OF
railroads do not mean 10 BE- baked or their plir
nose II il Is within the possibilities of parlla-
mcntarv tactics to effect it. They have long
looked upou the occasion Of the maturing or the
Pacific Railroad bonds as the golden oppor-
tunitv 70 force their scheme upon the Govern
ment.
Ecpcatedly during the last ten years ma
ior;tv ~ hotb houses Of Congress have favored
tho massage of funding bills looking To Il settle
mcut of the whole question. but as often they
have been defeated by tactical manocuyrcs AMI
nibus,crinc proceedings on the part Of the adj
vocatcs of Government control And always
when thc subject has been agtated these gentle
mon have managed in Congress and the news
pnpcrs 10 divert attention from It's considera-
lion as n business proposition between debtor
and creditor by thrashinc over the old straw
Of Credit Mober scandals and the Gould Sage
| management Of the Kansas Pacific Consollda-
| tjon The objective point. however WAS always
! tbc somc--Goycrnment control and operation Of
railroads. During this period every Secretary OF
the Interior every Secretary of the Treasury.
| n -
| OF Government Directors. majority Of the
Investigating Commission ~ 1857 and President
Cleveland twice in his annual messages have
recommended the refundiDg Of these debts On
substantially the same lines ~ those laid down
In the bill now pending In the House Noiwi'h'
standing which the opponents Of any plan Of set
| Element have succeeded In siaving on maj
action year after year. until now the approach
| ing maturity Of the bonds ~ Ill classes makes
|, imperative upon Congress 10 act Even now
| the advocates ~ Government purchase and con
troll are unwilling 10 meet the question squarely
and let Congress decide between the two al
icrna'ivcs-io agree upon terms ~ refundlns
| and settlement. or take possession under fore
| closure proceedings and operate the roads
| The turbulent proceedings In the House yes
teriay over the order ~ the Committee on Rules
| "a
AZ an indication that he same Old tactics ARE
10 he rrsoried 10 which have been 50 effective
heretofore They will not permit vote 10 he
| taken II they can prevent II. Foreclosure pro-
cccdings have already been begun on the first
| mortgage bonds Of the Union Pacific 10 which
| the Government lien is subordinate. To prevent
| the forfeiture of Us own claims the Government
| will be under the necessity ~ asking postpone
| mcnt OF these cases In view Of the fact that
| the Union Pacific makes n proposition 10 pay
| off these prior incumb.anccs ne one Of the con
| ditions Of settlement. the Government Is acting
| the part Of the dog In the mangcr In refusing
| 10 move In the matter. and that Is what the
opponents Of the pending bill are anxious 10
| accomplish.
| Meantime, II Is a fair question for the con
| sideratiOn Of Congress which Of the two al
ternatives 1t will adopt. There Is no excuse. in
deed for not meeting II squarely. Legislation
OF one sort or the other Is an imperative and
urgent necessity, II Congress means to maintain
either the credit the dignity OF the Govern
! ment II the advocates Of Government control
are In a majority, they must provide by legisa-
ton for carrying out their experiment There
il no authority now for their taking the first
step in that direction IL, on the other hand. a
| majority are In favor Of making Il settlement
with the companies by an extension Of the debt.
It is equally necessary for this Congress to pass
a bill for that purpose.