Report of the Commission and of the Minority Commissioner of the United States Pacific Railway Commission: Appointed ... March 3, 1887 ...

U.S. Government Printing Office, 1887 - 217 ˹
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˹ 154 - telegraph line and transport mails, troops and munition« of war, supplies and public stores, upon said railroad, for the Government, whenever required to do so by any Department thereof; and to give the Government at all times the
˹ 159 - because of questions which the companies raised in court. 7. They were required to afford and secure to each of the other aided lines in the Pacific system equal advantages and facilities as to rates, time, and transportation, without any discrimination of any kind,
˹ 154 - until said bonds and interest were paid, to set aside a percentage of its net earnings, annually, to the payment thereof. By section 12 of the same act the company was required to operate and use the whole line of said railroad and branches and telegraph for all purposes of communication, travel, and transportation, so far as the public and the Government are concerned,
˹ 14 - every description granted or conveyed by the United States to any of said companies, respectively or jointly, and also upon all the estate and property, real, personal, and mixed, assets and income of the said several railroad companies, respectively, from whatever source derived, subject to any lawful prior and paramount mortgage,
˹ 154 - the Government at all times the preference in the use of the same for all the purposes aforesaid, at fair and reasonable rates of compensation, not to exceed the amounts paid by
˹ 133 - An act authorizing an investigation of the books, accounts, and methods of railroads which have received aid from the United States, and for other purposes," I herewith submit the following report: Between the years 1865
˹ 84 - There is no room for doubt that a large portion of this money was used for the purpose of influencing legislation and of preventing the passage of measures deemed to be hostile to the interests of the company, and for the purpose of influencing elections.
˹ 155 - to be paid into said sinking fund, or in respect to the payment of the said 5 per cent, of the. net earnings, or in respect of interest upon any debt, the lien of which or of the debt on which it may accrue is paramount to that of the United States. By section 9 of the same act the Government
˹ 52 - from the insolvency which seriously threatened it at the inception of its work ; that it has devoted itself by rigid economy, by intelligent management, and by an application of every dollar of the earning capacity of the system to its improvement and betterment, to place that company on a sound and enduring financial foundation.
˹ 52 - The result is that those who have controlled and directed the construction and development of these companies have become possessed of their surplus assets through issues of bonds, stocks, and payments of dividends, voted by themselves while the great creditor, the United States, finds itself substantially without adequate security for the repayment of its loans.