New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-21
THE PACIFIC RAILROAD DEBT.

There Is AZ last reasonable probability
that the debts Of the Pacific Railroads 10 the
Government have begun TO mature. and the al
tentative Is forced upon Congress of fixing upon
some basis Of adjustment or losing the entire
debt-that some decisive action will be taken.
Now that this point has been reached, II Is OF
interest to note that the broad line Of division
upon the question is between two parties
Of which has for It's ultimate object the entrance
Of the Government upon the entirely new policy
OF Government mana cement and control OF the
Pacific roads. the other urging Il settlement of
the whole matter upon business principles. just
as similar complication between business cor
porations or individuals would be arranged. that
is. by such REIMBURSEMENT Of relations between
debtor and creditor as will insure to the latter
the best return possible having in view the
formers actual ability to pay. Several methods
Of settlement have been proposed on each side,
but the line Of division is distinctly between
Government management of the roads on one
hand and extension Of the debt upon reasonable
security on the other. incidentally, 1t may be
remarked that in the course Of the hearings
before the Senate and House committees Sen
ator Morgan Of the former and Mr.. Boatncr Of
the latter seemed much more anxious for an
1nNPSlTillOH oI WIFI idpI''u'u 'ilh'y !'il>
ago than for an inquiry into what happened
In Alabama and Louisiana within the last two
years In connection with certain proceedings
very closely related to their right to BE- sitting
in Judgment in this or any other case before
Congress- Their curiosity Is natural enough.
for the Pacific Railroad charters were passed
originally as a war measure against the cause
in which they were engaged. That they should
desire information about the details Of the
transaction is perhaps not strange.
All the old straw having been thrnshed over
during the hearings members Of Congress and
Senators having been subjected 10 the daily
receipt Of scurrilous communications from San
Francisco in envelopes stamped with such In
scrlpiions as corruption and bribery VIII not
carry the day" sd &c. L. Huntington would
not steal n rcdhot stove" and most Of the Anti
Monopoly demagogucs having discharged their
venom against the men. now dead, VINO bullf
the roads. and against fhcir families. their
executors and their hcrs.il this regular routine
having been performed. there seems. rs we have
said n rea sonable probability that Congress will
take some decisive acton So far ms the Cen
trail Pacific IL concerned, Mr.. C. i. Huntington.
after bearing with admirable imperurbablllty
and good nature badgcrlng cross-examinafion,
has submitted proposition. which seems upon
the face OF 1t. without going too much into de-
tails, to be not only busnesslke, but absolutely
fair. honest and just to the Government In his
address to the House committee last week he
stated It with concIseness and brevlty II Is
simply that an extension Of the debt be granted
| for a period amounting TO eighiy-ninc years nt
| the rate Of 2 per cent per nnnum. with pro-
visions for payment upon the principal. In add.