Monopolies -- United States; Railroads and state -- United States
The security which the United States had for the payment of the
principal and interest of the bonds, under the charter, was destroyed by
subsequent legislation, and unless the secretary could retain the
amounts due from government for transportation, and collect the five per
cent, the whole amount of the subsidy bonds, would be lost to the
government and the people. The facts of the case being well known to
congress, who are supposed to be the representatives of the people, and
to legislate in their interest and for their benefit, it would hardly be
supposed that an act would pass both branches, and receive the approval
of the president, compelling the secretary of the treasury to yield to
the demands of these corporations. Honest legislation, and a decent
regard for the public welfare, would seem to forbid any attempt on the
part of any one of the departments of the government to aid the
companies in their dishonest endeavor to avoid the provisions of a
charter which had been enacted for their special benefit. And when it is
remembered that at the time the application was made to congress (March,
1871) certain members were stockholders and directors in these same
companies, one would not think it possible that an act could be passed
relieving the companies from these requirements of their charters, or
only possible because of the practice being so long established for
congressmen to appropriate public lands and moneys to their own use,
that they had arrived at the point where they deemed the property and
money of the government lawful plunder, and that their first duty was
to provide for the rings and corporations in which they had a personal
interest. It seems to have required some strategy for the friends of
these corporations to grant them the aid they asked. Afraid to take
issue with the secretary of the treasury, and unwilling to hazard the
success of their scheme by an attempt to pass an act for the _relief_ of
these railroad companies independently of any other measure, to insure
the safe passage of the legislation and its approval by the president,
congress, by an amendment, tacked it to the army appropriation bill
(which passed March 3d, 1871), secured the relief asked for.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account