The record-union., 1896-02-17
EQUITABLE TO ALL.
Funding Would be for the Best Inter-
ests of California.

(From the Santa Monica Outlook)
For some time past the press Of Cali
fornia has devoted columns without
number to the Pacific railroad debts
and the funding bill. 1t now develops
that the principle opposition to the
funding bill comes from an Eastern
syndicate whose plan is to bid the Cen
trail Pacific in at auction for about
twenty cents on the dollar. Happily the
people of California have not been af-
fected by the anti-funding cranks,
whose maniacal shoutings for a time
created such a din, and whose leader,
Mayor Sutro of San Francisco, in his
frantic efforts for self advancement, has
defeated his own ill-nurtured aims.
The claims of some of the San Fran
cisco papers that there is a unanimity
of sentiment in California against the
funding bill is the veriest rot, and is so
proven by their own words. In a recent
issue of the Call" for instance, is an
editorial urging the people to keep up
the fight and deploring that there is
an appearance of apathy and indif-
ference on the part of the people" And
yet the Cali persists in trying to force
a semblance of popular disapproval
against the funding bill where none
exists.
The talk about Government owner
ship has died a-bornin' for want of
possible chance Of its being even re-
motely a success. When it costs more
to run any single department of the
Government than it would if private
corporations did the work it is decidedly
unreasonable to suppose that in the
Of he Pacific
there would be an improvement.
The greatest opposition to the funding
bill comes from a few disgruntled poll
ticians and wire pullers whose PERSONAL
grievances, real or fancied, lead them
to become enemies of the railroad. No
question of equity troubles them, so
long as an opportunity to wreak their
petty revenge is offered.
Tt is well that the business judgment
of the people of this great State has not
been disturbed by the opposition of
Sutro and his fellow cranks to the fund
ing bill The people realize that if the
mortgages on the railroad should be
foreclosed at the present time the roads
would fall into the hands of those not
friendly to California and her interests,
and untold damage would result
Bankers have been obliged to make
terms with debtors, renew matured
mortgages at greatly reduced rates of
interest and grant long extensions of
time to those unable to pay, ultimately
securing the full return of their money,
while foreclosure would have resulted
in loss. This is precisely the condition
of affairs in regard to the Central Pa
cific. The Government holds a claim
against the road, secured by second
mortgage on property which would
hardly realize the amount of the first
mortgage, and a foreclosure would
simply mean a dead loss of the claim.
By granting an extension of fifty or
one hundred years at low rate of in
terest the Government would not only
receive it's claim in full but would pre-
vent serious injury Being done to the
interests of the State of California,
which a foreclosure at the present time
would mean.
The funding bill is a just measure,
equitable to all the parties concerned,
and its passage would be for the best
interests of California.