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but against this debt the road has t
its credit cash and bonds held by the
United States as a sinking fund to The
the amount as aforesaid of Sl5,S25,pS5
making a net debt to the government
of Sj3715,40S. But it is for the gross
debt of about S70,0OO,000 including over
| Sl5,000,030 of what is equivalent tC
in hand, that the New York syndicate
is bidding, and its upset lid of S45, 754,-
900 consequently amounts to only
about G5 per cent. of the governments
claim. The bargain entered into by
the attorney general involves the loss
to the government Of over $23,000,00O
on this claim,
Here is a fact for the people to con-
slider. This extraordinary bargain has
been quietly developed by the executive
authority within a week. Only within
a day or two has it been published.
But the lines have all been laid. After
personal consultation with the syndi-
cate aud hardly before the facts are
published the attorney general has the
legal documents prepared, and the pro-
cecdings arranged by which foreclos-
urei to be fastened this week and the
property be put up at auction and sold
to the highest bidder-and this bidder
will be the New York syndicate which
will no doubo be the only bidder in the
field and which specifies a bid of only
65 per cent of the governments claim.
What business has the executive to
consider any amount less than the full
debt of the road to the government?
We must regard the assumption OF
power to the contrary by the admins
tration as wholly unwarraDted and the
proceedings now instituted become
high handed to a degree demanding
the public attention. 1t is amazing
chat the president and the attorney
general should have Ventued upon a
course which practically insures a loss
to the government and the people of
over $23,O O0,006, and this in the absence
of the first bit of proof that the debt
to the government is not worth its face
or cannot be collected.
To be sure, when the property is
brough to sale in foreclosure it would
then be tho dutyOf the exeuti We to bid
1t in subject to the first mortgage lien,
if binds were not forthcoming to an
amount which would cover the govern
ment's claim in full. But it is for the
legislative and not the executive power
to consider what is involved IN that al
ternatiye proceeding. We have no
doubt whatever that the money would
be forthcoming for the governments
full claim il it were made known dis
tinctly that in the absence Of such a
bid the government would take the
property. There are too many power
| full interests concerned against govern
ment assumption and operation of this
transcontinental line to let that END
come to pass through failure to meet
the governments clam.
1t becomes consequently the duty of
the executives to make known that no
sum at foreclosure sale will be con-
| sidered which does not cover the sec
ond mortgage claim in full, Failing
in that duty it will become necessary
for congress to intervene. The pros
pect of the roads coming into the
hands of the government is not SO
dreadful that we should toss away S2S.-
100000 of the peoples mOrey in first
thought of tie consequences of such a
step. Some day in this nation govern,
ment railway operation is to be tried.
| Nothing is more certain. The govern.
ment in that direction will grow until
| experiment has been made, and practi-
call proof on one side or the other sub
mitted. If the Pacific roads and the
millionaire looters thereof cannot or
will not pay up the debt to the govern
ment in full, the experiment might as
: well begin.-Springfeld Republican.