The record-union., 1896-08-16

hS NOulilillttt pIONlueO IOT luSL
such contingency.
The bill provides that in case it be-
comes, in the Judgment of the Presi-
dent. necessary, in order to protect the
interests of the United States, to pay off
any of the first mortgage bonds. he may
do so. and then demand the payment
thereof from the company, and if de-
fault be made in repayment for one
year, then the whole debt due the
United States shall become due and
payable. and all rights of the United
States shall thereupon be enforced.
AS further security the bill provides
that if either company shall make de-
fault for six months in any payment,
then the whole debt shall at the option
of the President. Immediately mature.
and the United States shall thereupon
be entitled to enter upon and take pos
session of all the properties covered by
| the mortgage, without applying to the
courts or Congress for authority so to
do. or may commence suit to foreclose.
| This is very valuable addition to the
security of the Government. 1t saves
the proverbial delay of lawsuits. 1t au-
| thorizes the prompt action needed in
| time of emergencies. 1t fully protects
fraudulent debtors. The first mort
cages Will be no larger then than now
The necessity for their payment no
greater then than now.
If the United States is compelled to
take possession under the mortgages
contemplated by this bill (Which will
never be necessary. in my iudgmenO, it
will not find. as it would now, if it took
DOSSpSSiOr n III Nx-sfC
ending at any established basis. without
terminals or terminal facilities. a mere
trunk, destitute of arms or legs. fifty
miles from the Pacific Ocean: but will at
once enter into complete possession of a
road in fine condition, fully equipped
with rolling stock. with one arm extend
ed 296 miles to the Oregon line on the
north, gathering business and revenue
from the States of Oregon and Wash
ing and the people of Northern and
Central California as it traverses the
fruitful Sacramento Valley; with an
other arm extending 146 miles south
through the fertile San Joaquin Valby.
bringing business from the farms and
| towns that adorn Southern California;
each one serving as feeders to the man
line, and all working in harmonious a.
cord for the common good. 1t will lie
given possession of the line from Nile,
through the far-famed Livermore Va
ley of rich Alameda County, to OAKLAND
the Brooklyn of California, and then
will find magnificent terminals, sufI+
cient for any amount of business. /
will there find and be given possession
OF ferryboats and ferry accommoda
ions of immense and rapidly growinE
value, and crossing the world -admirel
bay of San Francisco, will land it,
| trains of freight and passengers in tha.
grand metropolis of the Pacific Coas.
| upon its own terminals 1t will thus be
ready, with its own equipment, to com.
| pete successfully with any railroad foi
the great and increasing business of the
| Golden State OF the Union, and tn.
whole of the magnificent domain Dor.
dering the Pacific Ocean.
If for no other reason than this last
II is the duty of Congress to pass this
bills as to give the United States com.
plete not disjointed railroad, in case
it is compelled to go into the railroad
| business
Poor tools spoil good workmen Rail-
roads without proper >facilities for
working bankrupt owners whether in
diViduals, corporations or nations
| If Uncle Sam must run a railroad it is
our duty to give him good one Hence.
pass. this bill so that il he is forced ut
any time to take into his possession
| these Pacific railroads he will be able to
do successful business with them.
The measure proposed by the COM
m1ttee is fair, just, equitable, proper
and legal settlement of the relations be-
tween the Pacific Railroad Companies
and the United States, a question that
has troubled Congress for the past
twenty years. My remarks have been
in detail addressed to the Central Pa
ciffc because l am familiar with that
road and it's abilities and properties but
they apply with equal force to the Union
Pacific. Let us settle this question and
on business lines. Do not be influenced
| by the senseless iteration and reitera-
ton of the charges of fraud in the build
| ing of the roads. All such talk is foreign
to the issue.
1t is the sheerest demagogy, the worst
nonsense, and would be ridiculous were
| it not wicked.
All these transactions are of the dead
| past. They cannot be legally considered.
They are outlawed morally and legally,
even if as badly tainted as these people
claim. They do not enter into the ques-
tion now to be decided. viz: What is the
best course for the United States to pur-
| sue regarding the settlement of this
| large debt due it?
| The only answer is, pass this bill.
| Under it the United States will receive
each day 81 900 for the first ten years:
then each day 81 800 for the next ten
years, and thereafter $1,000 each day
until the debt is fully paid.
| The interests of all are protected. No
one is injured. The rates of fare and
freight are not increased, and this vexa-
| tious question is forever removed from
| politics.
Whoever opposes this business settle
ment of a business question is either
| ignorant of the facts or either intention
ally or unintentionally an enemy of Cal
| ifornia.
I expect that my motives will be ma
| ligned, my language distorted my state
ments misquoted and myself personally
abused and caricatured for these senti-
ments thus squarely expressed, because
I am sorry to say, that has been the
| course followed too much by some op-
ponents of this bill
| Hence I call attention in conclusion to
| the fact that / have assailed no one,
| have questioned no mans motive or
course, but have discussed this question
as it ought to be discussed, viz, on it's
merits.
/ Therefore when I am assaulted, re-
member, my fellow citizens, that abuse
No