Monopolies -- United States; Railroads and state -- United States
Making the total amount of payments the sum of $3,708,935, and the
amount that these companies owe government, as the accrued interest on
subsidy bonds, $12,861,640. This is the amount due in July, 1872. Add
the interest accruing since that date and these companies owe the
government not less than $16,000,000 interest on their bonds. This
amount, as well as future interest, and the principal of the bonds was
at one time secured to the government; but when congressmen and their
friends get a controlling interest in the companies, they procured the
passage of an act, supported by their own votes, which destroyed the
security held by the government, and relieved the companies of the
payment of this large amount of interest, thereby compelling the people
to pay it, while the stockholders, including some of the same
congressmen who had voted in favor of the act, received dividends on
their stock and on their _Credit Mobilier_ stock to the amount of two
and three hundred per cent; thus, by the abuse of the power vested in
themselves as members of congress, compelling the people to pay the
interest the companies should have paid, and pocketing in the shape of
dividends the money so dishonestly obtained. If we needed any further
proof to establish the fact that these Pacific railroads were in fact
congressional jobs, that members of congress were looking to their own
interests rather than to the interests of the people, we need but glance
at the interest account of the Sioux City & Pacific company. The excuse
pleaded of the "necessities of government," will not avail in this
instance. While the interest account of this company is about $400,000,
the account for the transportation of troops, mails, &c., over its road,
amounts to the sum of $1,642, one-half of which has been applied on the
interest account of the company, and the other half, under the act of
congress, has been paid by the secretary of the treasury to the company.
The conclusion is irresistible, that the personal interest of
congressmen, rather than the wants of the public, has controlled their
action.
Public-domain text, read in full here on John Shaqi.
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