The morning times., 1897-01-11
WASHINGTON. d. C.. JANUARY IL. Iso
The Funding Bill Vote Today.

and once in a while imagnes that he is a
purist in politics, we do not hesitate to
express the hope that the House will pass
favorably today upon the Pacific Railroad
funding bill
The recent discussion we have not had
tine 20 follow, but tile question has been
before the pubIic for many years and the
gist Of il can be expressed in very short
pirrase-''How best can the United States
secure what is due TO it?''
Whether Mr. Huntington, or any OF his.
predecessors, as manager of the Central
Pacific, was wise, prodigal or dishonest
has nothing to do with it. Whether
oakes Ames a nd his associates made money
out Of their connection with the Union
Pacific is equally remote as consdera-
ton. The government advanced to the
Union and Central Pacific Railroads about
EiAAs hl44liDHE Vi AAll&AsF anu NAhs NANti
accumulated interest, after dcducting what
has been paid by the two companies.
amounts today to something over one
hundred millions
A plan is now proposed, TO which it is
understood the companies accede, by which
the government is 20 be paid six or seven
millions in cash, and every six months
thereafter a million or more, with accrued
interest on each sum paid, at the rate OF
2 per cent per annUm. This will wipe
out the existing principal in about fifty
years. 1t will also permit the owners Of
the equity in the property to save them
selves if they can. II is a plan which
rs as familiar to an active business man
as tue drawing of d check. IL is a plan
under which transactions are made every
business day in the year.
The money lender, who takes advantage
OF the present hard times and inactivity
in real estate to force matured obligations
10 settlement, with the object Of obtain
ing a full title to his security at one-third
to one-half its intrinsic value or cost, earns
for himself the contempt of every fair
minded man. How much more culpable
a creditor as strong as the United States
government would be if he were to take
advantage, not only OF the terribly IN
propitious times, but Of the Iawmaking
power to confiscate the entire interest Of
the debtor when offered partial payment
or curtail OF the debt and better security
for the remainder?
There isn't banker or business man in
Washington or in New York with a drop
OF honest blood in him who we..ld not
treat debtor on as fair. if not on fairer,
terms than those proposed by the Powers
bill; and if it were not for the scurrilous
abuse which is heaped upon those who
dare to treat a corporation justly and the
fear Of which makes towards of Nher-
wise brave and intelligent men, not a
dozen votes would be recorded against it
sp aftt,ar IIat1ca or (,,,,,,r,s.es ,,,,1oa. . l..
and fairer measure were offered in sub
Etitution therefor
As stated in the beginning we leave
MFR. Huntington out of the question. He
may have treated the people of Calffornis
and the West unfairly He NAV have
charged them exorbitant freight and pas
scnger rates. He may have denied them
needed facilities stiIInone of these charges
have been clearly proven. 1t must he
considered, however, that he has had
gigantic burden to carry. Instead of q few
hundreds he has had many thousand miles
or road to operate, whether business WAS
obtainabie or not. The greater the enter
prise the more desperately has it been
beset for the last ten years, and Mr.. Hunt,
ington's first business was to make his
road earn its expenses. What he has done
pr failed TO do, permitted or procured
to be done, has nothing to do with the
case.
Tie Pacific Railroad question should
be taken out of politics and out of Con-
gress. 1t should be settled ON terms that
the owners OF the road can meet and which