The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1898-10-04

The one remaining provision to be
noted relates to the time at which this
ten years shall begin to run. The law
declares that unless the settlement
herein authorized be perfected within
one year after the passage of this Act,
the President of the United States
shall at once proceed to foreclose all
liens now held by the United States
against said railroad companies.
Before the passage of this Act, some
discretion of action and policy was
allowed to the President. The statute,
as it now stands, leaves the President
no discretion Its provisions are man
datory. Unless the company can give
the Government ample security salts
factory to the President Of the United
States, and unless it can perfect this
arrangement to the satisfaction of the
commission and the, President, the
President has no discretion, but must
proceed to foreclose the lien of the
Government against the railroad. The
companies have until July z, 1898, in
Which to make the agreements and to
perfect the security it will offer The
present Congress will cease on the 4th
of March next. No legislation will be
present Congress, because the present
law is satisfactory to all parties, is the
result Of compromise between all con-
tending parties, was drawn in a large
measure by Senator Morgan of Ala
bama, one of the most distinguished
opponents of the railroads, and con-
sented to by Senator White of Cali
fornia, who opposed all funding meas
IofN L Nov,
bles in December, 1899, the mandatory
feature of the bill which makes it nee
essary for the President to at once
foreclose liens of the Government
against these roads will go into opera
ton and proceedings in foreclosure will
have been taken.
From all this, it is conclusive that the
relations between the Government of
the United States and the Central Pa
cific Railroad Company have reached
a basis Of adjustment. The bill con-
stituted an extension of time as here
inbefore noted, but with the alterna-
tive proposition that unless the ar
rangement was perfected for the pay
ment of the debt, according to the
statute within one year then the bill
itself, with all its provisions, should
cease and determine, and the President
of the United States should proceed
forthwith to foreclose the lien of the
Government against the delinquent
railroad
The propositions are alternative. The
railroad must pay every dollar it owes
to the Government in twenty semian-
nually installments, with interest at
the rate of 3 per cent. on deferred pay
ments, or failing to enter upon this,
under conditions acceptable to the
President, the remedy of foreclosure
must be invoked. The Act is mandatory
and leaves no discretion
It is obvious therefore that no fur
Their legislation upon this subject will
be possible and that the railroad COR
poration knows exactly what it can de-
pend upon. 1t is confronted with pay
ment in full of all it owes the Govern
ment or submission to summary pro-
ceedings in foreclosure. The most
careful examination Of the subject fails
to disclose any element in this Act
which admits of a, revival of the issue
relating to funding the Central Pacific
Railroad debt. 1t is absolutely and
emphatically a dead issue. The Gov
eminent has taken it's stand and its
position is clearly outlined in a statute,
the strict enforcement of which will
be doubted by those only who doubt
the honor and integrity of the Presi-
dent Of the United States.