The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1906-08-03

must be paid with a fair rate of In
terest and In ten years ~ this plan Il
OF settlement s. accepted BY the com /
pany. It was undoubtedly the inten- Il
ton had the original bin gone through, 1
10 have had the government accept /
the SzS, 900. 900 face OF the bonds, and /
sacrifice $26,OO0.OOO Of interest ad- /
vanced by the government for the
company
The following letters in reference to !
this matter may be Of interest:
United States Senate, Washington. l
ID. C., Nov. q. 19OO.-My Dear Sen
atOr: am surprised to hear that
there is an effort to disparage your
able and efficient work in forcing
settlement OF the debts OF the Union
and Central Pacific railroads to the
government
When the judiciary committee Of
the senate asked to be discharged
from the further consideration OF this
subject recommended that select
committee be appointed TO take u N
to consideration, I was appointed on
tI,af select committee by Mr.. Ingalls,
who was then president Of the senate:
Then for several years We discussed
and reported upon measures Tor the
funding OF the debt in new bonds OF
| the companies, none OF which passed
the senate None OF them were just
/ TO the government but they were pr eSs-
81 before the committee with untlr-
I ing persistence During this time you
defeated the Reilly refunding bill IN
when You came to the senate and
we're made a member Of the select
committee, I found that we agreed IN
our views OF this subject, with the
/ advantage, on your part, OF pracucaI
| knowledge derived from your former
connection with these railroads as an
engineer. The contest went on until
i finally Il took the shape Of an agree
meut between President Cleveland ana
/ a New York syndicate formed 10 Pur-
/ chase the Union PACING road ana 10
| clear on its indebtedness.
/ This was in January, 1897, The rat
/ f6catfon Of this agreement was re-
sisted by you and myself BY resolution
/ introduced by you in June, 1897, call
/ ing for action by the president, IN
/ der the act OF March 3, 1887. The
/ grounds OF opposition were, chiefly,
! that the agreement operated as graf
uity to that company OF about VS.
600. 900 Of its debt The night IN the
/ committee and in the senate was bit
ter and was pressed until the last
hours OF the Fifty-hfth congress The
| agreement was not sustained, and to
no one man, so much as to you, is the
] country indebted for its defeat
/ The combination Of powerful in
/ terests. including MI Huntington, to
confirm that agreement has seldom,
/ II ever. been exceeded in its strength
and audacity- The fight that was made
I against that contract competed the
settlement OF the debt OF the Union
Pacific Railroad company, and estab-
lished a precedent that compelled a
like settlement Of the debt of the Cen
trail Pacific company In the two
cases, the sum saved 10 the govern
Iment was near S5O,OOO,O0O- Even this
great sum was less than full justice
to the government, but il was the best
that could be done and was wise
/ settlement Of a controversy that II
seemed impossible to end.
A dispute still exists as to the pro-
per settlement Of the debt Of the Kan
sas Pacific company, involving loss
OF about $1,000, 900, which you and 1
are still cOntrOverting- This settlement
was made by the present administra-
ton.
| The general outcome Of this con-
trOversy, in the senate, has been the
payment, OF the securing Of those vast
| Pacific railroad debts amounting to
about S128. 100000. and no man in
that body has worked harder or more
j intelligently than you have, or with
more success, to bring this about
| I sincerely hope that your action in
this matter may receive the reward
OF popular approval that you so justly
deserve. Sincerely yours,
JOHN 7. MORGAN.
Hon William a Harris