This good-as-cash loan from the government was “assistance” and
“incentive” given to the genteel promoters of the Union Pacific Railway:
$16,000 per mile from the Missouri River to the Rocky Mountains; $48,000
per mile through the Rocky Mountains; and $32,000 per mile beyond the
Rockies. This was a liberal allowance, surely. Collis P. Huntington,
long time president of the Southern Pacific, claimed afterward that the
road could be built at an average cost of less than $10,000 per mile.
More recently the Union Pacific Railway Company (contending with the
State of Utah over tax burdens) proved before the Board of Equalization
at Salt Lake City, by the sworn testimony of engineers, that the average
cost of the Utah Central line, in a rough country, was only $7,298.20
per mile.
The dear capitalist government was rich enough to stuff the pockets of
the glistening, flag-waving traitors with $60,000,000 in bonds like gold
as “assistance” and “incentive” for self-preservation patriotism. But at
the same time this dear government could give the “boys in blue” only 43
cents a day in cheap rag money as “incentive.” These “enterprising
business men” drank champagne and slept in soft beds; but the “boys in
blue” drank water from muddy horse-tracks and slept on the ground.
SECOND: The Union Pacific Company, it was cunningly arranged, might make
elsewhere a private, cash, mortgage-bonded loan equal to the government
loan, $60,000,000.
THIRD: The noble Christian statesmen in Congress and the noble Christian
business men (patriots all) cunningly agreed that a _first_ mortgage
should be given for the _private_ loan of $60,000,000.
FOURTH: The government (bunco-steerers inside and outside of Congress)
cunningly agreed to take a _second_ mortgage on the road for the
_government_ loan of $60,000,000.
FIFTH: It was cunningly arranged by these business men in politics and
these politicians in business that ninety-five per cent. of the
government second mortgage loan should not bear interest _till thirty
years later_; but that all the private loans should bear interest at
once.
SIXTH: The Railway Company was cunningly given permission to sell
$100,000,000 in railway stocks.
Stocks were sold to Congressmen and very noble Senators.
Stocks were sold to these very noble statesmen below the market price.
Public-domain text, read in full here on John Shaqi.
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