The record-union., 1895-02-20
THE FUNDING BILL, AGAIN
Calm Review of the Situation as 1t
Now Appears
From the Washington ID. c. POST

VOW AppeafS.
From the Washington ID. c. POST
The House Committee on Pacific Rail-
roads had meeting yesterday, presuma-
Oily to see what should be done in the in
terest of settling up the indebtedness of
these roads to the Government After
consideration Of the subject, the commit
tee adjourned to meet at o'clock to-day.
There Is probably little doubt in the
minds OF most people that the House in
recommlttlng the funding bill committed
plunder, and 1t seems evident from the
consensus OF public opinion on the sub
Ject, as expressed through the press all
over the country, with perhaps some
notable exceptions in California, that the
people are not satisfied with the failure of
Congress TO deal decisively with this i'm
portant question, since by it's timidity
and reluctance to face the issue the Gov
eminent will be confronted by two alter
natives, viz, the loss at once of the large
amount OF money it has invested in the
property, or the compulsory payment of
the nrst mortgages and the operating,
as national enterprise, of these Pacific
roads. That the latter alternative is
contamination devoutly to be dreaded
needs no argument. To be sure. goodly
number of California neutrality-suspicious.
larly those published in San Francisco
loudly urge, in fact, demand, Federal
ownership and management; but these
appeals would be more influential if the
patriotism behind them was a little less
local, or perhaps we should say. if the
people Of California were not quite SO
charmlngly frank in giving their reason
Tor desiring Federal control, which is
simply that they want the Pacific roads
anyway the Central Pacific operated
solely In the interest and for the benefit
OF California. Probably a very large
majority of the American people would
be gratitied to have the Government dis
criminate in favor of their respective
States in the same way: so that our
friends of the Golden State are not sim
gular in their wish; it can scarcely be
called hope, since they must know that
the siXty-Odd millions Of people in the
middle and eastern parts of our CONT
nent cannot be expected to regard with
anything but amusement a proposition
such as this, that the tail wag the dog"
Therefore, the wild and woolly idea that
emanates from California may, first of
all, be relegated to the background.
There IS no necessity, it would really
seem, for taking either OF the alternatives
mentioned. The question has become
resolved into that which every creditor
asks OF the debtor who cannot meet his
obligations How much can you nav.
and when can you pay it ?" AS we under
stand 1t, the companies will agree to paw
the entire principal of the debt and as
much interest currently as the roads can
earn, after paying the current expenses,
the interest on the first mortgages and
the taxes. This seems, on it's face. fair
and business-like, and under it the Gov
eminent RECEIVERS all the money which il
actually advanced and certain interest.
The roads claim that per cent, or about
that, Is the best they can do. and if the
figures and statistics bear them out in
that claim, it is likely that the people Of
this country will call for a reckoning
from their servants in Congress. who
have failed 10 take advantage OF the
chance to protect the National Treasury
from loss.
Much has been said concerning the
builders OF these roads. They have been
charged with rObbing the Government
and making colossal fortunes for Them
selves out of the people. On the other
hand, there have not been wanting those
who have insisted that there were great
equities to be considered in the final ac-
counting and that those who projected
and then successfully carried out these
remarkable enterprises deserved the euio-
gles OF the Nation, but these are after all
only side issues III the question of to-day.
The small shareholders in these proper
ties may. be counted, it is said, by the
tens OF thousands and are scattered over
England and Europe, as well as our own
country. Simple justice demands that
they be considered, and it will be both
unjust and impolitic to cut off their last
hope that some time in the dim future.
through the growth and development of
the country and the improvements that
may be made in the cheaDening of trans
portation, they may recover the large
amounts which they have honestly in
vested in distinctly American security.
The issue seems so simple and well de-
fined that anyone, if he will, can under
stand it. Shall the Government get back
It's own by giving the companies time
enough to earn the money and by con-
cedlng to its embarrassed debtor the diff
ference between the rate OF interest it has
the legal right to insist upon and that
which its debtor can fairly earn ?
CoRoNADOW WATER, McMorry sole agent.