Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1897-11-06
sac OF THE UNION PACIFIC.
Important Questions for Congress to
Consider This Winter.
lspeeIal correspondence. ]

land administration agreed with a
railroad syndicate to take S45, 900, 600
for the Union Pacific. the Kansas pa
lci6c, the Sioux City and Central
Branch of the Union Pacific, allowing
the reorganization committee as il
was called, the benefit Of the SIS, ooo,-
loco in the Treasury to the credit Of the
roads, which would make their cash
payments $27, 900, 600 The govern
ment had advanced to these roads in
bonds to the Union Pacific, $27, ago, )
522. making the whole debt due by
the road s5S,3s3ss4o, from which
must be deducted $40, Is2, 400 now in
the sinking fund, leaving the net
debt $40, 1850. The debt of the
Central Branch is S3,76s,76s Of the
Sioux City the debt is 81, o42.
This makes the total debt Of the Union
Pacific, giving it all the credits, S43,-
| $50, 786. The debt Of the Kansas
Pacific, bonds and interest, is $l2,-
| o22, 637, total for all the road OF
SOL ,oSI, 425, all of which was TO be
sold for S27, 600, 600 under the Cleve-
land contract, because the SIS, 900, 600
in the Treasury was. to be credited 70
the purchasers as part of purchase
money. 1t was very we'll known that
the intended purchasers had made
arrangements to stock and bond the
road for 81 80. 600, 900 as soon as the
sale was consummated. making a
profit of $40, ooo, 900 on an investment
of So, 600, 900.
Every effort was made to induce
President Mckinley to carry out this
Cleveland bargain. the committee
holding that the faith Of the govern
fnent was pledged, but these efforts
failed and finally the committee offer
ed to pay the entire debt OF the Union
Pacific given aboye, leaving the Kan
sas Pacific for further consideration.
This is to be done November 2, when
the road was ordered sold and this
was the first bid and the only one.
The administration is entitled to great
credit for its action in this matter.
Railways which cost the government
in money advanced, sixty one million
dollars, were to be sold for twenty
seven million. Instead of that part
of this property which cost $48, 900, 600
is sold for that sum, bringing back
every dollar the government has paid.
The remaining road, the Kansas Pa
cifc, will no doubt sell for $I3 900, 600
advanced to it. The people have
saved at least $24, 900, 600 by the wise
action of President Mckinley. The
Republican party should and does
take pride in these Pacific roads.
They were the result OF Republican
policy and eighteen States tell the
story of their usefulness.
Congress will soon be in session
and there are many very important
questions to be considered. The Ha-
waiian Annexation treaty and the
situation in Cuba will take precedence
over all others in point of time, though
there are many subjects Of the gravest
importance of the country's future
that this Congress will have to settle
for good or evil. The construction
and control OF the Nicaragua Canal is
a subject that cannot be delayed.
Unless the United States takes the in
itiative and provides the means and
methods for construction and control,
some other nation or probably nations
will Under the circumstances Great
Britain, France, and Germany will
more than probably unite to build
and control this waterway through
the American continent, each one
hoping to GUST the other two in the
future. Neither one Of these nations
will undertake to so fiagrantly violate
the Monroe Doctrine thus attacking
the United States. This makes it a
matter of grave importance for the
Congress TO act and President McKin-
ley has shown his appreciation Of this
fact by directing the commission of
engineers now examining the canal to
determine its cost, to report by the
first Of March. Cost however ought
not be permitted to enter into the
question. Whatever money is needed
should be expended.
That the currency will be discussed
is very certain. There is very little
hope that any settlement Of it will be