Speech of Hon. Marion Cannon, of California, Before the Committee on Pacific Railroads (Classic Reprint)
Excerpt from Speech of Hon. Marion Cannon, of California, Before the Committee on Pacific Railroads Now, Mr. Chairman, it seems to me that these corporations are put upon trial before this Congress, when they come here and ask for an extension of time, ' for one hundred years, in which to pay their debts. I do not desire to do these corporations any injustice, and if their management of the great trust given into their charge have been. Con ducted upon honest methods they should have-the time extended. But if it shall appear to this House that the methods employed have not been honest, but the most corrupt and vicious, so much so that it has become a national disgrace, then no extension of time should be given, and they should be wiped out with all possible speed. The partnership entered into between the Government and the Union and Central Pacific, Kansas Pacific, Sioux City and Pacific, and the Central Branch, as set forth in the several acts of Congress, were as follows: The United States loaned them in bonds bearing 6 per cent interest and running thirty years. They also authorized the companies to issue first-mortgage bonds to an equal amount of We also gave them acres of land, from which they have realized and they have remaining unsold lands worth making a total gift of land which amounts to We granted them a right of way 400 feet wide, with all necessary room for depots, machine shops, and side tracks. We vested these corporations with control of these great public highways across the continent, and gave them power to establish rates of transporta tion; that is, the power to levy toll upon all the traffic which might pass over these roads. We also gave them the right of eminent domain. These two last great powers are vested alone in Congress, and they have been farmed out to these corporations. But in order to guard against all possible abuses of these great powers, and to insure good management and personal responsibility, Congress enacted that in return for the nation's liberality in granting these great powers and immense sums in bonds and lands, these companies should bind them selves to have their stocks fully paid up in cash; to build firstelass roads; to carry freight for the Government at the same rates as for private individuals; to operate all the lines in the Pacific system as one connected, continuous line, and to give to each equal facilities in rates, time, and transportation, and to convey telegraphic messages upon equal terms to all persons. They also agreed to make annual reports to the Government, giving the names of their directors and stockholders, and the amount of their stock actually paid up in cash, and the amount of receipts, expenditures, and indebtedness, under oath. They also agreed to pay 5 per cent of their net earnings into a sinking fund and one-half the cost of Government transportation to pay the principal and interest upon the debt they owed the Govern ment. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
- Paperback | 24 pages
- 152 x 229 x 1mm | 45g
- 25 Feb 2018
- Forgotten Books
- 9 Illustrations; Illustrations, black and white