The record-union., 1897-10-13

might be possible that Mckinley, Nc
Kenna & Co, on behalf of the Govern
ment, would increase the price. At
McKenna's own figures the Govern
| ment now stands to lose $50, 600, COO"
This is truly Webster-ian, but there
is more to follow. As matter of
fact" continues Statesman White, Il
think the job viii go through. Depew
and the other members of the syndicate
have, undoubtedly the backing of Mark
Hanna They We're very shrewd in
subscribing to Mark Hanna's campaign
fund last year Now they want their
pound of flesh, and Hanna is helping
them to obtain it. In other words, they
want good rake off, so to speak, in
the shape of cheap price for the
Union Pacific, for their campaign ia
dependent" says, if Statesman White
employed the language attributed to
him in that interview the Examiner"
is not his friend in quoting him liter
| ally, and if he did not it is a malicious
enemy in attributing TO him the Ian
g'uage of a Tar Flat tough.
1t is well-known fact, but one the
mention of which Statesman White and
the Democratic press carefully avoids,
that the arrangements for the sale of
! the road We're made by President Cleve-
land, the figure being fixed at $40, ,000-
OOO; that the syndicate gave a bond
of $1,000 600 to bind the agreement, and
that when President Mckinley took Of
fee he found that he had inherited this
agreement from his predecessor. He
has succeeded in having the figure
raised to S50,000000 The entire debt
| of the Union Pacific to the Govern
| ment is SCI, 900, 600, of which S33, ,000,-
600 is interest. In the sinking fund
there is in cash and securities some
| thing over ST, 100000, which is to be
applied toward the extinguishment of
the debt.
The Alameda "Encinal," in referring
to this sale, well says that when the
funding bill was beaten and Govern
ment ownership defeated there was
| nothing left but to do as the people
apparently demanded-foreclose just as
any other money lender forecloses when
default is made in the payment of
| mortgage. If the millionaire newspa-
per owners who are busy accusing Nc
Kinley of bad faith think that there
are so many millions to be made by
buying the Union Pacific in at the fore
closure sale, why do they not form a
syndicate and buy it thmeslves?"
SPURIOUS STATESMANSHIP.
Stockton Independent: Notwithstand-
ing the apparent opposition of the Dem
ocratic politicians to the proposed sale
Of the Government interest in the I'm
ion Pacific Railroad, it is plain that
they hope it will be consummated and
that they do not want the Government
to foreclose its mortgage. If the
Government sells out it's interest
for the $50000,000 that has been
offered it will receive $5.000,000
more than President Cleveland was
about to accept. If it forecloses it
stands a very poor chance of realiz-
| ing anything like so much, if anything.
Knowing, as they must that to follow
their plan of foreclosure will not real
/ ize anything worth considering, they
| do not want it to be pursued because
| they would have the everlasting task
! of trying to defend it. If the sale is ef
| fected at the proposition now pending
| they can continue to attack the Re
publicans for what they allege is Civ
ing away $23, ,000,0 ,000-they say $50, 600,
OO0 The choice now presented to the
Government is $50,000,000 or foreclos
ure and the chance of getting nothing
after paying off the first mortgage of
about as much as the road is worth.
Whites intelligent way of putting the
Democratic side of the argument shows
that he does not consider the matter
seriously; that he does not in the least
consider the alternative; that he is ac-
tuated wholly by partisan considera
| tions and that he does not take any
thing like statesmans or financiers
view Of the situation. In yesterdays
"Call' he writes to the same tenor and
effect as Sundays Examiner" quoted
| him, but he does not employ tar fiat
slang in his writing, as he is represent
ed to have done in his interview with
an Examiner reporter. Congressman
Mcguire, too opposes the pending prop
osition. but omits to weigh the profit
and loss considerations of the alterna
tives. Senator Perkins, in a signed
article in the Call" shows that the
Democratic Senators defeated a reso-
luton to request President Cleveland
to suspend proceedings on the $40, ,O00,-
600 proposition and that the Cleveland
bargain was favored as one that would
give the Government $4,000, 900 where
nothing was expected. Now, when the
| Mckinley Administration has induced
the proposing purchasers to bid $1,000
! 900 more these spurious statesmen stig
Matte the proposition as one to make
a present of S25, 900, 900 to the reorgan-
izers of the railroad. The evidence is
too plain for doubt that those who are
represented by White and Mcguire, the
Democratic and calamity Populists, dc
not want foreclosure and the loss OF
the 73000,0 600 because it would react
on them. They want the sale of $780,
600 900 that they may continue to false
ly accuse the Republican Administra-
ton of giving away $50, 5,000 900.
BEET SUGAR.
Stockton Record: Sacramento is also
to have a sugar beet factory. it seems.
j Every branch of this great industry
! introduced in this State means the ac-
QUESTION of a unit of constant prosper
| ity. There is no reason why the United
States should not produce all of it's own
sugar and save the hundreds of
millions of dollars that it pays for the
imported article. 1t will be the
grandest triumph of the century if the
agricultural lands of the United States
can accomplish this before the begin
ming of the twentieth century 1t will
be the chief event Of President Me-
kinley's Administration, and if present
indications are to be relied upon, Cal
ifornia will reap four-ffths of the bene-