Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1896-12-11


condition of their Indebtedness to the
government have been fully set forth in
the reports of various committees to the
present and prior congresses; and as
early as 1887 were thoroughly EXAM
ined by a special commission appointed
pursuant to an act of congress. The
consideration requiring an adjustment
of the governments relations to the
company's, have been clearly presented
and the conclusion reached with prac-
tical uniformity, that If these relations
are not terminated they shonld be re-
vised upon basis securing their safe
continuance.
Under a section of the act of con-
gress passed March 3, 1887, the presi-
dent is charged with the duty, in the
event that any mortgage or other in
cumbrance paramount to the interest
of the United States in the property of
the Pacific railroads shall exist and be
lawfully liable to be enforced, to direct
the action of the departments of treas
ury and of justice in the protection of
the interest of the United States by
redemption through judicial proceed
ings, including foreclosure of the gov
eminent liens. In view of the fact
that the congress has for a number of
years almost constantly had under con-
sideration various plans for dealing with
the conditions existing between these
roads and the government, have thus
far felt justified in Withholding action
under the statute above mentioned.
In the case of the Union Pacific. how
ever, the situation has become especially
and Immediately urgent. Proceedings
| have been instituted to foreclos a mort
gage upon those aided parts OF the
main line upon which the government
holds a second and subordinate mort
gage lien. In consequence of these
proceedings and increasing comPlica-
lions, added to the default occurring on
the 1st day of January, 1897, condi-
ton will be presented at that date, so
far as this complny is concerned, that
must emphasize the mandate of the act
of 1887 and give to executive duty
under its provisions a more imperative
aspect. Therefore, unless congress shall
otherwise direct, or shall have previous
ly determined upon different solution
of the problem, there will hardly aP-
pear to exist any reason for delay ing
beyond the date of the default above
mentioned such executive action as will
promise to subserve the public interests
and save the government from the loss
threatened by further inaction.
l. CURRENCY.
> This reference to the foundation and
, prospects of our revenues naturally
suggests an allusion to the weakness
and vices of our financial methods.
They have been frequently pressed upon
the attention of congress in previous
executive communications and the in
evitable danger of their continued toll
Grafton pointed out. Without now re-
peating these details. cannot refrain
from again earnestly presenting the
necessity of the prompt reform of a
system opposed to every rule of sound
finance and shown by experience to
be fraught with the gravest peril and
perplexity. The terrible civil war
which sh ook the foundations of our
government more than 80 years ago,
brought in its train the destruction of
property, the wasting of our countries
substance and the arrangement of breth-
rem. These are now past and forgotten.
Even the distressing loss of life the
conflict entailed is but sacred memory
which fosters patriotic sentiment and
keeps alive a tender regard for those
who nobly died, And yet there remain
with us today in full strength as an in
cident of that tremendous struggle a
feature of its financial necessities, not
only unsuited to our present circum-
stances. but manitestly a disturbing
menace to business security and an
ever-present agent of monetary distress
Because we may be enjoying tenn
porary relief from it's depressing iniu-
ence, this should not lull US into false
security nor leads US to forget the sud-
denness of past visitations. I am more
no assured financial peace and safety
until the government currency obliga-
lions upon which gold may be demand
ed from the treasury are withdrawn
|
might be done, as has been heretofore