News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1901-04-17


The following is taken from the st.
Adams Messenger of the 18th. The
heading, Financial Triumph" but
teebly expresses the great victory of
Mckinley administration in thwart-
ing one of the most stupendous
crimes ever attempted to be perpetra-
ted upon the American people. Many
of the independent papers are inclined
to term this victory as the browning
glory Of the Mckinley administra-
ton.
ashington, April 1.-THE an
nouncement by the secretary OF the
treasury, Mr.. Gage, that it had been
decided to advertise for bids for the
sale of the governments lien on the
Sioux City & Pacific railroad marks
the early completion OF one of the
greatest triumphs of President Nc
Kinley's administration of national
affairs. Five years ago, before the
election of the present executive, the
government had owing it from the
different Pacific railroads an
amount in excess of one hundred and
thirty million dollars. This included
principal and interest of the govern
ment's aid in the construction of the
roads. No financier in the United
hou
cations of the roads to the govern
ment at thirty cents on the dollar
There has been deposited in the
United States treasury $126, OOO,.
900, and the arrangement which will
shortly be made will bring into the
treasury every penny of the govern
ment's investment. The secretary o
the interior, Mr.. Hitchcock, the sec
rotary of the treasury, Mr.. Gage, anC
the attorney general, Mr.. Grggs
composed the commission which ar
ranged the details for the closing o
the Sioux City and Pacific road tran
saction. In all, the government IN
terests in the road have reached il
round numbers four million dollars
Against this the government hal
made deductions for transportation
and other services, rendered, so tina
it's remaining lien is less than TIVE
million dollars. Now the commission
is in position to advertise the liel
for sale, fixing an upset price Q
$1,S72,000.
AS has been stated, this is the las
of the Pacific roads which were aide
by the government on which it hat
liens. The great accomplishment {
the administration is shown by th
fact that within it's duration Cor
gress came near effecting a settle
ment at fifty cents on the dollar
while the administrative department
has succeeded in recovering the Ell
tire principal at interest at fror
three to four per cent. An illustrf
tion of the shreWdness with which th
deals have been managed is found /
the old Kansas & Pacific transaction
Those who controlled that road 6
one time seemed in a fair position
shut the government out from evt
recovering by securing an order fC
it's sale at an upset, which would d
bar the government from recoverin
the $12,000,O00 which was owing
But at this stage the admisistratiC
stepped in and with but slight il an
warrant in law qualified as a bidd
by putting up the $90O,O 600 depos
and agreeing to offer a minimu
price which would cover the cover
ment's lien. Parties who wanted
regain control of the road were force
to meet the position which the go
eminent had taken and assure a co
ering the principal a nd interest own
the government. The transaction
which did not include the latest IL
umph in the Sioux City and Paci
road, warranted the treasury depaT
ment in making the statementa ye
ago, tout of a total Indebtedness
$4,000, more than half
which was accrued interest, the su
of 1924, 421 ,67O95 has been realz
in a period of less than two years
Those who are inclined to attack t
administration of the government
affairs where they conflict with t
interests of great corporations, fiji
cold comfort in this accomplishing
of the administration.