The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-19
WHICH is THE MORE PRUDENT
COURSES.


was in session, it was announced that the
Cleveland administration had contracted to
sell the governments interest in the Pacific
railroads, amounting to 81, 0O0,O 600, for about
$45, 100000. Congress was in session, but
there was no protest Mr. Turpie was
there, but Mr.. Turpie was silent, and the
Aliens and the others were satisfied. In
deed, all were relieved, because it was the
general belief in Congress that the admin
i1tration had received for the government
interest more than was generally expected.
Congress adjourned, approving the bargain.
The Mckinley administration came in, bust
ness so improved and values so increased
that it looked as il more might be got out
Of the governments claim in the PACING
roads The new administration made the
effort and the result is that it has re-
ceived about $65,OOOO 900 instead of about
$45, OOOO 600. The New York Times, the organ
of the Cleveland people. thus assails the
President for doing as he did:
Similarly pernicious was the adninistra-
TONS bartering in cheap poilucs IN lts
Union Pacific settlement. Embarrassed py
burdens undesired, never contemplated, the
government entered into contract Win
prudent banking interests who We're rsaay
to assume the responsibility OF reoISdhlzlliS
and rejuvenating the Union PACING Ana
every stipulation made with the govern
ment was in course OF absolutely faithful
performance when Of sudden coyote
bowls echoed around the White House ana
were needed. government contract was
broken, government faith was not Kept. II
was unctuously proclaimed as q virtue thal
wall street" could be gnulcted-SOme NH
lions OF money being thus squeezed out or
interests caught at a disadvantage: But the
record from any national standpoint is not
wholesome. The good faith of a govern
ment is not less to be cherished than the
good faith of the individual. AID Tor
governments broken faith no millions or
loot can offer any eXtenuauon.
The friends of the administration were
eIated with the success of it's efforts. There
remained S94 miles of the road, under sec
ond mortgage to the United States, known
as the Kansas Pacific. Its Eastern ter
mipus is Kansas City and its western in
the air. 224 miles from Denver. Upon the
connecting link the government has no
claim. 1t is owned by the present Pacific
Railroad Company. That company has bid
the amount of the bonds Represented in the
building of the Kansas Pacific, leaving the
government to bear the loss of the interest,
which is as much more A year ago. when
P@VtVVV,VVV
less for this property, which would have
made no value for the Kansas Pacific, the
Turpies applauded by their silence. Even
while it was understood for two months
that the government had been offered but
little over two millions, the foes of the
President made no move Indeed, it was
not until within ten days of the date of the
10 hat ha nat
was not satisfied with the $6,3O3,0OO an
nounced as the syndicate's bid and since
the sale have entered notice of disapproval.
Has Senator Turpie any plan? If he has,
he has not announced it, but Senator Har-
ris has stated the only alternative of re-
fusal to ratify the sale, which is that the
government purchase the $7,OOO.OOO of first
mortgage bonds and become the owner of
the bonded interest in the property at a cost
of over $20O0O,0O0 Populists Harris and
Allen would have the United States run the
railroad under a receiver assured that it
can be made to pay. All the rolling stock
belongs to the Pacific and other railroads
which use it, which the governments re-
ceiver would be compelled to rent. None
of the roads with which it connects, like the
Alton and the Burlington, will purchase.
The Pacific syndicate claims that it can
parallel the Kansas Pacific for $S,O0O,OOO
The President and his advisers deem it
the better policy to accept $63O3,OOO, the
principal of the loan, thereby getting $685.
100000 out of the S71,9OO0oO which the gov
eminent has put into the Pacific roads
The other side, who appear to be making
politics out Of the matter, would have the
government throw $7OOO0O more of good
money after the slSOO0.OOO and own and
run an isolated 3S4 miles of railroad. To
fair-minded people with an idea of business,
which seems the better course to pursue?