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The Union Pacific Railroad Company

The Union Pacific Railroad Company image
Parent Issue
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OCR Text

In the House on the Gth ïnst, a resoluoffored by Mr. llaudall was adopted, which recited tlif! tact that the Union l'aoific Krilroad Company is a defaulter to the government in the sum of $5,337,736 for interest paid on its bonds, and that the inability of the company to pay such interest" been occasioned mainly by enormoussums paid fraudulently to the (Credit Mobilier Company, and thercfore iSïocting that suit be brought against the latter eorapany and individual stockholders to raeover. such interest duo the The adoption f this resoliiilvii, uiider & suspension of the rnlss, seems to iudiate that Ehe Credit Mobilier investigaiáoa has not been without its effect upon (ïöogress, as the merabers do not aeom to Be nearly so desirous of gently handling jnatters connected with the Pacific railnoads they havo been herotoforo. TTketiher a-ny suit brought under tbe terms ef 5Tr. Randall's resolution would result favorably to the government is exceedingly dbubtful - in fact, it is doubtf ui if any such suit will be brought ut all - but the adopticn of the resolution shows that Congress lias finally awakeued to the conviction that the temper of tho people is strongly averse to coddling theio railroad companies any longer. Thoy possess some fifty rnillions in governmant bonds, on which tho goverainent -tiat is, the poople- is compelled to pay the interest, tor which it receives so return. eompanies even go so far as to claim that tlie suma duo thera for tho transportation of the mails cannot be entórely offset by beig considérod (is part of the interest which the governmantpay on tho bonds, but that half the ftmo-jmfc 60 earnod by them must bo paid in cash". .Nothing E'iSore certain than that the TJnion Pacific ompanies havo netted their chief corporators untold millions, Bnd that they aro in rcality well able to pay not only the interest OQ' their bonds, but the bonds themselves when they mature.. By means of jobbing opperortiong-, ilowever, it is made to appear that the companies aro unable to moet their just liabilities, and' tht oonsequence is that the govemment is eompelled to do it for them. It is high time for Congress to turn over a now leaf in conneotion with its legislation concerning the l?ácific Eailroad corapanies. They have had f 11 swing lor a number of years ; now let the jxsopie have theirturp.


Old News
Michigan Argus