The independent. [volume] (Lincoln, Neb.) 1902-1907, 1905-03-23
Union Pacific Frauds


that Abraham Lincoln, in spite Of the
tremendous pressure brought upon
him, insisted that the terminus of the
Union Pacific road should be on the
east side of the Missouri river, so that
bridge over that stream should be a
part Of the road on which tolls could
not be exacted any more than over
any other bridge on the road. While
Council Bluffs was fixed as the ter
minus, the scoundrels who built the
road and whose successors have fol-
lowed the same policies to this day
have made the bridge a toll bridge, as
though it was not part of the road.
Mr.. Edward Rosewater had personal
knowledge of the whole matter, for
he was there when the swindling was
done, gave in the Bee the other day
short account of the transaction which
is reproduced for the benefit of the
younger generation and those who
have made Nebraska their home since
that time. Mr.. Rosewater says:
City Treasurer Hennings is to be
commended for calling the attention OF
the city council to the refusal of the
Union Pacific Railroad company to pay
city taxes on the west half of it's Mis-
souri, river bridge, and it is to be
hoped the council will not stultify
itself by allowing the treasurers re-
port to remain within the pigeonhole.
The Union Pacific bridge was orig
inally erected by authority of a special
act OF congress, and the structure was
capitalized for $2,500,000 for which
amount per cent interest gold bear
ing bonds were issued, guaranteed by
the Union Pacific company The
bridge, like the main line, was con-
structed by the Credit Mobilier at a |
cost of about $1,200,000, and the re-
$1,300,000 was absorbed by
The construction ring, less $225,0001
paid to Andrew Carnegie as commits
sion for negotiating the bonds.
bridge tolls were exacted
1t the rate of $40 per carload and sol
cents for every passenger transported,
and net revenue of from 100000 to
100000 year above operating ex-
oenses, taxes and interest on bonds |
vas at the disposal of the bridge COM
)any for distribution to stockholders |
Dr. for deposit in the sinking fund. |
After the bridge had paid for itself |
several times over it was reconstruct
I'd at an expense of about 100000,
)ut the structure still continues to be |
operated under the original charter as
l toll bridge, although it has always
been link in the main line of the |
Union Pacific, whose legal terminus,
IS fixed by the United States supreme
court, is in the state of Iowa
It is matter of record that Doug
as county issued $250,000 in bonds
bearing 10 per cent interest as a do
nation to aid in the construction of
his bridge, and within the thirty-four
lears since it's completion the taxpay-
ers of Omaha have paid over half a
million dollars in taxes to meet the |
interest On the bonds originally issued,
Ind still have five-sixth Of the original
to pay.
It is a matter of record also that by
he manipulation of the Union Pacific
AK agents and lawyers the assessment
If the bridge had been reduced from
1ear to year, until the assessment of
he west half had dwindled down to
'150,000--a mere bagatelIe compared |
With it's value based on earning ca
)acity.
1t is matter of record also that the
Jnion Pacific bridge has been and is
it'll taxed separately in the county of
oOttawattamie, Iowa, and in the town
# Council Bluffs, although the earnings
If the bridge have been merged with
he earnings of the main line
Under these circumstances, the re-
usal of the Union Pacific company to
,ay city tax on it's Missouri river
ridge above the mere value of mile
.ge will scarcely be justified in the
yes of fair-minded people.
&S$S>SSS&
A Worthless Daily Press
If we had an Independent daily