The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-11-03

One OF the greatest triumphs achieved
by any government on the field OF
peace is that made by. the entire re-
coyery of the amount of the Union Pa
cific railroad debt. 1t rivals the pur-
chase by Disraeli for the British gov.
eminent of an interest in the Suez
canal, which gave that country control,
and 1t exceeds in merit that due TO
Seward for the purchase of Alaska.
In neither of these cases was there
any opposition. The government quiet
ly made the terms of the agreement,
and the whole matter was settled be-
fore the public was aware of what was
being done. This was not the case
with the Union Pacific. Every plan
proposed by the government has been
contested by the stockholders and
bondholders. The road was allowed TO
run down and to get into debt, partly
because of the want of responsible man.
agement and partly with a view TO
frightening the government into waiv-
ing its claim. The debates in congress
almost convinced many who were not
interested directly in the result that
the government would make serious
mistake If 1t did not make most lib
eral concession, in order to secure some
portion OF the money owing. Had the
matter. been left to congress the proba-
bility Is that the concession would have
been made.
The full amount of the claim of the
United States. over SIS, 900 900, has been
recovered. The credit for this great
financial achievement is partly due to
the Cleveland administration, whose
firm attitude has been continued by
President Mckinley, BY the terms OF
the arrangement made by Attorney
General Harmon. however. the reor-
ganization committee was 10 pay Sl5.-
600 900 for the governments lien, and
everybody thought that this was a re-
markably high price to have secured.
Had the matter been conducted in the
usual perfunctory way the Mckinley
administration might have been con-
tent with this amount. but by skill
full application OF pressure upon the
syndicate, which might almost be de-
scribed as fighting that organization
with its own weapons. the bid was
gradually increased by successive
stages. until an addition OF SIS 1000. 600
had been made. and the entire debt to
the government wiped out
The reorganization committee was
probably afraid that some bidder would
appear and. by offering a little more
than the government lien called for.
secure the entire road. and perhaps
crowd out every other interest An
other controlling influence, no doubt,
was the announcement that unless the
bids we're satisfactory. the sale would
be postponed until December Is. This
would be after the assembling of con-
gress. and that body might have seen
81 70 take up the matter again, fresh
complications might have arisen. 3
greater loss eusue. and the road have
been ultimately forfeited to the gov
eminent with every other interest
merged IS etsectaalIy as IL the road had
been sold out TO strangers.
The future Of the Union Pacific is
highly predetermined. Although II may
have the advantage Of the ability OF 5.
H. H. Clark. already litigation is
threatened. and there viii be a deter
mined EFFORT u secure FOR one OF the
minor Interests greater influence IN de-
termining the future policy Of the road.
That IS. matter wAich concerns the
investor; the government Il made
whole.
There = evs8eagiv a grseveas ynfsunse~- |