Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-10-26
WILL MKINLEY CoUNTENANCE THIS
PLAN T yCFTo

PLAN T yrFTo
The eyes of the American people
| are on Mr.. Mckinley as their trustee
in the case of the Union Pacific rail-
road.
The one question now is: Will Mr..
Mckinley permit the sale of this road
to favored syndicate-the only bidder
in the field-at loss of twenty mill
lions OF dollars to the people, when by
a stroke of his pen he may prevent it?
This is the matter in a nutshell. Will
he prove false to his sworn trust in
broad daylight, in the face of the open-
~--od neOole ond allow rnIs
sold to the Morgan syndicate without
the governments mortgage claim being
paid? Will President Mckinley give
this syndicate an outright gift OF
$40, 100000 Of the peoples money be-
cause this syndicate gave 100000 to
Hanna's campaign fund?
Has President Mckinley no mind
of his own? Has he no regard for his
oath? Is there nothing on his horizon
to remind him that as President of
the United States he owes something
to the American people?
Let us look closely into the pro-
posed steal and the law on the subject.
The first mortgage claims amount to
I So, 100000. Next comes the govern
ment's claim, which amounts to $53,-
/ Uv0 900 The Morgan syndicate, if the
] sale is not postponed, will have the
road knocked down to them at $685.
O0G. 900, which will take the road en-
! tireiy out of the hands of tho gov
eminent and LEAVE S20000,000 OF
THE GOVERNMENT CLAIM UN-
PAID AND UNCOLLECTABLE.
All the President has to do to
prevent this bold theft of $50 900 600
of the peoples money. by this gigantic
railroad monopoly-which, owning the
Union Pacific, would become the great
est in the worlds 70 postpone the
sale by appeal. if need he, which
would give Congress a chance to pass
upon it, or. better still. he could direct
TIE Secretary of the Treasury to make
bid covering the governments claim
and the first moTtgage-sS6,0 600, 600 IL
all-wh;ch would force the syndicate
which holds a hundred odd million!
of Junior securities, to BID MORE
THAN $4,000. 900, OR HAVE ITS
HUNDRED ODD MILLIONS OF
JUNIOR SECURITIES MADE
WORTHLESS. In that case the syn
dictate could do nothing else than pu
in a bid that would cover the entir
government claim. for the syndicat
must at all hazards protect it's vas
sum OF junior obligations by acquiring
the property.
The Union Pacific has demonstrate
its ability to earn or tx per cent. O.
it's entire Indebtedness, and even i
1 the extremely remote possibility of tn
1 government having to make good it
| UIU VI SOO.UVO,OOO doONO ITO "a SCI
holdings, the peoples money would b
safe, for the government would the
own this entire valuable property
Why, then, in the name of commo
sense, to say nothing of comma
honesty, should President McKinle
allow these crafty railroad speculatol
to steal outright this 10000 OWN
the government, when a stroke of hi
pen will give that amount to the go,
eminent?
The law not only fully authorize
him but PEREMPTORILY CON
MANDS him to protect the people
interests in this road in this manne
The act of March 8, 1887, says:
Whenever in the opinion of the Pre-:
dent it shall be deemed necessary to t
protection OF the interests and the pre-
ervation Of the security OF the Unit
States IN respect TO Its lein, mortgage
other interest u any q the properly