The record-union., 1895-01-30
ROYAL BAKING POWDER.
AN IMPORTANT MATTER.
The Legislature and the Reilly Fund
inC
TFrom the MarvsviI,e Democrat

[From the Marysville Democrat.l
One Of the most important matters to be-
voted on in the Legislature this session is
the joint resolution relative to the Reilly
funding bill, now under consideration in
Congress. The resolution directs our
Senators in Congress and requests the
Representatives of this State 10 oppose
any measure and vote against any bill TO
extend the time for the payment TO the
Government of the Pacific Railroad debts.
| In the consideration Of a matter OF such
Importance the members of the Legisla-
ture should remember that they are not
now in political convention, nor should
their action be governed by political mo-
tives.
California claims the honor of originat-
ing and furnishing the men who made
the great Pacific railroads success, and
the people of this State are by geographic
cal location far more deeply interested in
their future than those of other localities.
There has been much said by some OF
| the San Francisco press relative to the
| Reilly funding bill, yet there has been
| only one argument offered by them.
! They say the Government should fore
close the mortgage and take possession
| OF the roads and operate them for the
| people. And in this is the danger which
should be avoided, if we would conduct
| the affairs OF the country on economical
and business principles. When a person
! or journal advocate the policy OF tho
! Government taking possession OF these
! roads TO manage them in the interest of
| the people, they forgot that tho people
are the Government and pay tho taxes
| required for its conduct. Many who
! would have the United States engage in
| railroad business are not aware that TO do
| so would necessarily increase the interest
! bearing debt largely. And then after the
| first mortgage bonds have been paid for
| hn Ia n
! chinery bought and the general eX-
! penses paid.
Parallel roads have been constructed
| which would take from these lines much
OF the traffic should the management be
| taken from the present companies, and
! they be forced into competition as would
! quite likely be the case. But if we leave
| these considerations out OF the calcula-
! tlOnS there are many reasons why the
/ Government should not fOreclOSe and
/ take possession OF the roads now We
must keep in mind the fact that the inter-
| est bearing debt Of the United States has
/ been increased SIO0, ,OUU, 900 during the past
year, and there is every indication that
| another issue Of bonds will be necessary,
/ as there is & deficiency to be provided
! Tor and the gold reserve fund has been
| Impaired in g large amount. The present
| alarming condition Of the finances of the
country in time of peace present matters
|
rigid economy and wise legislation dur-
ing the coming two years ii we would
/ avoid another panic.
! The United States loaned its credit to
! assist in opening up TO settlement new
country, and it found men of energy to
! take hold OF the project and build these
! great continental roads. True they made
! money, and that money remains in the
| United States. and is to-day part OF the
| wealth Of the country as much as that OF
! the men who have made their wealth in
| mining speculation, owning a tunnel
/ franchise or publishing a newspaper. All
! OF the men who originated and built the
/ Central Pacific road are dead except
| Huntington, and he will pass from the
! owned cannot De taken with them, and if
| 1t could be the benefit derived would re-
main. Hundreds of towns and cities
! have grown I'D along the route of the
/ Pacific railroads, the population has been
added to by hundreds OF thousands, while
/ the increase of wealth is computed by the
/ hundreds of millions.
/ 1le object for which the people loaned
/ the credit of the United States has been
/ accompl mpliShed-the opening up OF now
| territory, the building of towns and cities
and the addition OF wealth and popula-
/ ton. The United States has vet in its
/ domain millions of acres TO be developed,
and it would be Of far greater benefit to
tie country to take money necessary to
| pay for the first mortgage bonds OF thu
! Pacific roads and construct new line
] that will further develop the country.
/ The mem bers of the Legislature will
! make mistake IL they advise that Con-
gress create additional bonded debt to
/ buy railroads, especially when there is
nothing to be gained by the people to
compensate for tue additional taxes to be
/ paid.