The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-02-01
he is, and we confdently appeal to you for protec.

tion.
To the argument that we ought to protect our
selves against those whom We claim to have de-
bauched our poll tics, and to extent, our law
and TO have lnterfered with and controlled our
business, paralyzed our enterprise and checked
progress, while they have absorbed not only our
profits but large parts of our capital we answer
purely local we are interposing and propose 10 in
terpose our strength as citizens and voters, but
that in that portion OF the fight which has been
transferred to Washington we are forced to rely
upon the most powerful legislative body in the
word-the Congress OF the United States-which
owes its existence to the people, and which, in
theory at least, and as we hope, in practice Also
represents the people and their rights and their in
terests, and not railroad monopolists aud corrup-
tionists.
INEVITABLE CONCLUSIONS.
The conclusions we desire to formulate are:
First-That even though the Central Pacific
Railroad Company be technically insolvent, still
reminding is not, and foreclosure, is expedient.
Second-But that corporation is not insolvent II
its assets under the law they ought to exist
sufficient to pay its Indebtedness.
Third-1hat its assets have been transferred and
converted to an amount more than adequate to the
complete rehabilitation of the security.
FOurth-That, in suit for foreclosure the with
drawn assets can be restored, wherever or in what
tion established and the whole indebtedness col
lected.
Fffth--That in order to consider all these ques-
lions, Congress has in effect to exercise both ex-
ecutive and judicial powers, and, by the inyestiga
ton of a committee, virtually TO usurp the func-
tions of two coordinate departments Of the Gov
Sixth-That, without denying or even discussing
the abstract proposition that Congress- by mere
inquiry, may determine for itself the status in fact
and in law, of the relations between the Central
Pacific Railroad Company and the Government,
nevertheless, it is obvious that, under existing con-
dtions, such inquiry is not only inexpedient, but
improper
Seventh-That it is manifest, therefore, that the
present situation of the secured indebtedness
should be left to the action and the determination
OF the executive and judicial departments.
FORECLOSURE FIRST.
Eighth-That, after foreclosure and the judicial
determination of the facts and the law, and of the
precise condition of the secured Indebtedness of
the Central Pacific, i'll other words, when the pro-
portion Of the actual, the nominal, security to
the debt has been ascertained and the usual and
ordinary of rehabilitation and collec
tion exhausted, then, and not before then, legisa
ton by Congress may become proper and ex-
pedient.
Ninth-But that, meanwhile the supremacy OF
the law, the inviolablty of contracts, and the
rights and interests of the Government should be
sacredly maintained, and there should be no con-
donation through legisati action intercepting
judicial proceedings, of fraud and conversions, and
no sacrifice of the people at the mere behest of Mr.
Huntington and his associates, who are incom-
petent to sit in judgment upon their own case.
Dated San Francisco January 81, 1896.
JOHN II. DOYLE
HENRY e. HIGHToN,
ADoLPH SUTRo,
]. l.. DAVE,
E. M. GIBSON,
NJ. NJ. ESTEE,
MARION CANNON,
a. CAMINETTI.