The record-union., 1898-08-13
ONLY MAGUIREISM.

Mr.. Mcguire, in his recent declara-
ron of principles at Metropolitan Hall.
failed to present any issues as broad
rs State administration or as compre-
hensive as wise national policy. His
following is disappointed. His mouth
piece and organ, the Examiner" un-
dertakes to bolster it's candidate by de-
claring that he has presented a great
Issue in resurrecting the proposition re-
hating to the settlement of a debt owed
by the Central Pacific Railroad Com
pany to the Government of the United
States
After many years Of discussion and
contention, all parties to the contro-
Nersy in Congress agreed to the ap-
pointment of a commission, which
should have one year in which to fix
the terms Of agreement or basis Of set
tlement
The Act creating this commission
placed certain safe limitations upon
the terms of agreement to be entered
into on the part of the Government of
the United States, as follow:
l. Not more than ten years to be al
lowed in which to make final payment
Of all the Central Pacific Railroad
on account CT principal or interest.
2. Not less than the entire amount
owed by the Central Pacific Railroad
Company to the Government should be
accepted.
3. Not less than 3 per cent. should be
established as the rate of interest on
all deferred payments.
In all time the question of the rela-
tions existing between the Central Pa
cific Railroad Company and the Gov
ernment was merely a business ques-
tion relating to an adjustment between
two contracting parties, a creditor on
the one side and a debtor on the other.
The Government has provided for the
complete adjustment Of this business
transaction, under restrictions which
give the Government the entire amount
due, fixes the limit for the time of pay
ment at ten years. and the rate of in
terest on deferred payments at 3 per
cent.
There was a time when a fear existed
IN the minds Of some that the railroad
would be forgiven part Of the debt
due to the Government. That fear has
passed. There was a time when ap-
Prehension existed concerning a low
rate Of interest or an unreasonable
time for the payment of the debt All
these questions have resolved them
selves by the enactment Of a compro-
mise measure. acceptable to all parties
to the controversy. This is the actual
state Of the case, and the recitation of
the actual facts discloses its true char
Rcter as dead issue.
But there remains to be noted a very
amportant feature. The Act provides
that in the event no basis Of agree
ment Is reached within one year from
the date Of the passage Of the Act the
President Of the United States SHALL
take proceedings in foreclosure and re-
cover the full amount Of the Govern
ment's claim by me processes Of the
courts. We have in all this a very dis
tinct outline of basis Of compromise,
and Of an adequate governmental rem
edy should compromise fail. Judge
Mcguire and his partisans have in AL
time advocated foreclosure as the true
remedy. The Act of Congress creating
q commission has given the alternative
of an immediate and satisfactory set
tlement or the penalty Of foreclosure.
What more can Judge Mcguire and his
compatriots ask than this?
II Judge Mcguire desires q voice In
the final settlement Of the business re-
lations subsisting between the Govern
nent and the Central Pacific Railroad
Company, why does he seek to be Gov
ernor OF California? AS Governor he
will have no voice in such settlement.
AS a member of Congress he would be
in position to modify or resist any
subsequent relation; to thwart any at
tempt which might be made to change
the present basis of settlement He
leaves his seat in Congress, where he
had influence over the determination
of the question, and seeks to be Gov
ernor Of California, where his influence
Will count for nothing
This poor, pitiful impoverished and
diminutive issue relating to question
which has at last found a satisfactory
basis Of adjustment. is all that Judge
Mcguire has offered as a reason for
his election to the office of Governor.
The commercial interests of California
are forgotten. Taxes in this State are
so high as TO constitute a rent rate.
Upon the questions Of taxation, retrench-
ment or economy in government Judge
Mcguire is silent. The State possesses
undeveloped resources, and Judge Ma
guire entertains no theory or opinion as
TO how they may be developed Legis-
lation affecting the rights and interests
of the people Of California in a thou
sand directions is needed, and judge
Mcguire has no wise suggestion 10
make concerning such legislation.
We are passing through a transfor-
nation period. The Pacific Coast is to
be the theater Of coming national
drama. Judge Mcguire, in an interview
in the Examiner" intimates, in the
paucity Of his wisdom and the impover-
tshment Of his statesmanship, that in