New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-30
UNION PACIFIC FORECLOSURE.

Some Of the statesmen at Washington seem
loath TO let go Of the Union Pacific. Congress
has shown SO much wisdom and business sense
in managing the affairs Of this corporatlon-or,
rather interfering with its management during
the last thirty years that they think it would
be n mistake 10 let the property pass out OF lis
hands and into the Independent control Of mere
business men. who would doubtless operate II
simply for transportation purposes without re-
gard 10 its importance as a factor in poli'lcs
and It's usefulness as political macnlne Inc
road having become bankrupt under the Deneh-
cent care and handling Of the Government ana
Congress having persistently refused to enter
tain any proposition whatever for severng the
relations under which this condition has Deeh
brought about. proceedings in foreclosure or the
mortgage upon which the company Is III defanit
have been begun. This IS only the ordinary pro-
cednre and in accordance with the terms OF the
charter. Before taking this step the Govern
ment, through its law officer. the Attorney-Gen-
eral. adopted the wise precaution or entering
into an understanding with n syndicate OF re-
sponsiblc men representing a large aggregate
of capital. whereby a bid for the equity was
assured. which, if not sufficient TO save the Coy
eminent absolutely from loss on lis invest
ment involves comparatively small sacrifice am
offers an equitable settlement in view OF the
company's sraitened condition. This arrange
ment does not hinder any other body of capital
lists from making higher bid If they think the
property worth it,
But the statesmen. chiefly of the Populist
variety who are DESTROYS of enlargng the func-
| tons OF the Government by including in them
the management and operation of railroads are
dissatisfied with this regular and ordinary pro-
| cedure Though few in number, they have
been able by parliamentary strategy and oh
| structive tactics to stave off every proposition
| for settlement of the question that has been
| made for the last twelve years. their Interior
| object, long concealed but now openly avowcd.
| being TO bring about state of things in which
| the Government would be forced for its own So
| curity 10 pay off prior liens and take possession
| OF the property under foreclosure of its second
mortgage Now that the emergency has arisen
10 which this policy has directly led and there is
| n reasonable prospect Of definite adjustment
| Of terms OF settlement wtl: final severance OF
| relations between the Government and tho debtor
| corporation, these advocates Of Government con
! troll of railroads have shifted their ground and
| taken quite advanced position. They want
| no settlement AT ali that does not put the Gov
| ernmcnt in possession Of the property TO accom-
plish which they are not only willing, bur anx-
| ious. to have the Government stop the pending
| foreclosure proceedings ami pay tho first mort
| gage Indebtedness ont of hand
| Mr. Allen the Populis, Senator from Nebraska
| in n speech in tho Senate on Thursday insisted
| that under the existing law it was the duty of
| the President not to direct foreclosure proceed
| lngs. but simply 10 put his hand into the Treas
ury, take ont some $50 000-a mere baga
| teile-pay off all paramount liens and put the
| Government in possession. Nothing could he
simpler than that. The theories Of our PopuliSt
| friends are sometimes abstruse and reconcile.
but the processes by which they would put them
in operatlon are as simple and direct as the high
waymans STAND and deliver Mr.. Aliens
suggestion that President Cleveland should settle
this matter by putting his hand in the Treasury
and taking out S3OOOOOOO pay off prior liens
| and take possession Of the property. recalls the
story Of Daniel Webster. who. in conyivial
| moment. when something was said about the
| National debt showed his hand into his trousers
pocket with the grand air so natural 10 him and
answered: THE National debt How much is
It? I'll pay 1t myself II must have made Pres
| dent Cleveland smile when he his duty
pointed ont to him by Senator Alien.
| Less obnoxious To condemnation. but still
quite open to criticism. is the proposition of the
| Senate Committee on Pacific Railroads attached
| 10 the bill providing for the appointment OF a
commission with full power 10 settle the Pacific
Railroad matters. that the Government shall re-
| tain the right 10 control rates Of freight and
fares. This only leaves a mischief making
power in the hands of demasoeues. Why should
| Congress insist npon continuing 10 tumble with
these roads? Why not cut them loose and leave
them to be managed as all other railroad prop