The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-01-28
THE PACIFIC ROAD 8 wINDLKRs.

Coils p. Huntington, and will never in
the world report Senator Pettigrew's
resolution calling for an appropriation
If sl0,000,000 to take up the Union
Pdcifc's 1891 trust notes. So Senator
Pettigrew himself says. He says further,
that the refunding plan is lone Of the
grossest outrages ever perpetrated on
the people," and that the Pacific rail-
way ring has been "robbing the govern
ment for years."
1t should be explained that the trust
notes Mr.. Pettigrew would have the gov
ernment take up are based upon the
bonds and other securities of the U MON
Pacific branch lines, which have always
been profitable, and not merely upon
the securities of Mr.. Huntington's "two,
streaks Of rust" which are maintained
at loss. II, Mr.. Pettigrew points out, |
the government should foreclose it's
mortgage on the main line the ring would
join the branches to the Northwestern or
some other competing railway, and the
government would have nothing but
the rust streaks to show for its money.
To checkmate this scheme Mr.. Pottir
grew would have the government buy
up tie trust notes, on which the interest
is two years past due, and foreclose On
the entire system at one time.. Whether
the notes could be obtained is another
matter which need not be inquired into
so long as Huntington owns the COM
mittee on railroads.
When the Powers bill comes up in
Wa hington tomorrow, however, Senator
} Pettigrew's idea should be carefully con-
sidered. This Is the situation
"The Central Pacific and Union Pacific
companies owe the government sl15,'.
900, 900, and the debt is overdue, The
Huntingt, n crowd, which now, ashereto.
u fore, is assisted by as shameless and
: pow erful lobby as was ever formed
y shows that the companies cannot pay,
and wants the government to refund the
q obligations for fifty years longer at a
J. reduction of interest to 2 per cent pei
n- annum. eff you i'll do this" the ring
n says to the people, "you may get 81, 800,
q 900 year out of us some time. If you
III will not, then YOU get nothing but &
N right of way, somesoli iron and di
r lapidated lot of cars and engines. TAX,
Il. it or leave it. 1t doesn't much matte
n. to us. We are growing old and we hav
in got enough out of you to enable us t,
he live comfortably, and when we die t,
On have decent funeral We have no ide
an of paying that $ll5 900 600, now o
NJ hereafter"
he 1t is apparently an inpregnable posi-
he ton the ring occupies. Huntington
ch enormously rich outside OF the two raj
Oh way properties, Stanford is dead, an
his money is secured to the Stanfor
,is University. Hopkins is dead, and hi
70 fortune is safely invested in the name {
Searles. Crocker is dead, and his va'
ba means are out of harms way. The rim
70 owns the terminals of the Central Paci6
he which cannot he touched by the govern
ell ment's second lien; and it owns tt
lad U aion Pacific feeders, which cannot
ley levied on except by Mr.. Pettigrew's plal
lsh which is unlikely to be adopted. E
means of construction companies it hi
, to absorbed all the profits Of the roads al
s." has kept their treasures empty.
But, in spite of all this, the existiI
but law compelling foreclosure should
obeyed. To refund the debt at 2 p
in cent, when the government has to pt
evil 81 to 4 per cent, would mean loss
hat So, 800, 900 annually, a loss which wou
edit wipe out the interest on the loan, al
the in fifty years would amount to a loss
to all the principal, even supposing it to
collectible then. On the other hand,
rth- the mortgage should be foreclosed, t
tive government would possibly be able
ure, sell the property for halt the debt, a
gue nobody has ever asserted that hal
JON loaf now is not better than no bre
ina. fifty years from now.
lger The refun ing scheme must be defe
was ed as overwhelmingly as the Reilly
!, it vas defeated in the fitty-third Congre
ON. If we cannot recover the hundreds
der millions stolen from us by the transcC
tinental highwaymen, we can at lie
he keep them from robbing us for ii
lean yeais mvre-New York Journal.
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