The Louisiana populist., 1897-03-19

The Pacific railroad funding bill is
now one of the most important meas
ures before congress. The railroads
have defefaulted in the payment o.
their debt to the government and the
mortgage can now be foreclosed. This
is an opportunity to begin in practi-
cal business way the government own
ership of railroads
The government issued bonds to aid
in the construction Of these railroads.
The proceeds of the bonds were sutll-
cient to construct and equip the road.
Besides this millions Of acres OF lands
were granted to the companies. For
thirty years now the railroad COM
panies have been defaulting in the
payment of interest on these bonds
until now they owe the government
something over one hundred million
dollars.
1t has been ruled by government Off
cials that default in payment Of the
interest was not such default as to au-
thorizo foreclosure of the mortgage,
and the effect OF this ruling was such
as to give the companies the use OF
both principal and interest for thirty
years without eompounding. Govern
or Pattison OF Pennsylvania, who was
a member Of the commission appointed
by the President to investigate the
methods OF the companies, in his mi
nority report said that the use OF this
interest money was worth to the COM
panies one hundred and ninety-nine
million dollars.
The proposition now is to fund this
debt into two per cent bonds, some OF
which may run for seventy years long
er. This bill Is now pending before
congress, and G. P. Huntington is
there to assist With his lobbying meth
DDS to get it through. AS he was a
large contributor to 'the Republican
campaign fund he may be successful.
But the people of the whole country
should see to it that everything possi-
BILE is done to prevent it. In states
where United States senator's are to
elect, no man should be supported who
will not pledge himself to vote against
this funding scheme and do all he can
to protect the government from any
further loss in the matter.
Here is an opportunity for Pcpulists
to press the issue Of government own
ership OF railroads and insist on the
seizure OF this opportunity to test its
utility. There is no good reason why
the government should not foreclose.
It was n,anifestly the intention to do
SO when the aid was given If the roads
defaulted. Ample provision was made
to do so, and there is now no question
as to the legal right to do SO. Here
his the law covering the case (act oi
| July /, 1862: "On the refusal or fail
ure OF said company to redeem said
bonds Oh, any part Of them when re-
qtired to do so by the secretary of the
| treasury, in accordance with the pro-
| visions OF this act the said road, with
all the rights, furctions, inmunities
and appurtenanceB thereunto belong
! ing, and also all Of the lands granted
| to the said company, which at the time
of said default shall remain in the
| ownership of said company. may be
| taken possession OF by the Secretary o.
the treasury for the use and benefit q
the United States"
Two years ago, when Collis P.Hunt.
i ington first vent to Washington tC
! lobby for an extension of time on ths
/ debt Of the Central and Southern Pa
ciic roads, Senator Stewart acted a.:
his go-between to the other senators
conducting them from the senate cham
ber To the lobby rooms and introduc
ing them to Mr.. Huntington. Stewar
| was also on the committee to which th'
! Huntington bill was referred and votet
! to report 1t 'ayolably to the senate
/ Stewart is evidently Huntingtons at
torney. The Missouri World, com
/ menting on this phase of the case
| says: Watch the Silver Knight, pub
| lished at Washington, D. C. Whel
congress was in session last winte
the Pacific railroad funding bill wa
/ up, bat readers OF the paper saw littl
!. or nothing in 1t on the subject. Al
alleged populist paper. published a
! the national capital, keeping mum O.
that strIpendous subject! Senate
Stewart, the editor, is on the Paeiii
| railroad senate committee, and, strang
to say, is in favor of the funding BIZ
! which the national platform of the peo
ple's party denounced as Infamous
Il The Loud bill is up before congress
again. The purpose Of this bill is t
restrict the present scope of mail car
riage. It provides against acceptirl
"books published as serials" as second
class matter, and the mailing Of fire
. T.. L