Show THE FUNDING BILL just how far it may be politic for the salt bait lake chamber of commerce to go in the matter of protesting against the p passage a mage of the central pacific funding bill to ie a matter for the gentlemen composing that to decide and as we have no doubt they will pursue a consistent courbet courset following neither a craven nor a rash baah policy on oa the ques alon we will not dot intrude any advice upon them As to the arguments which the railroad managers manager present in favor of the bill however theira spee specious tous character is e easily ly upon examining the facts connee connected with the railway indebtedness 1 there are two mortgages mortgage on oil the line that runs rune west from froin OB den the first is hold held by the trout southern x pacific stockholders who con control troll that corporation and the other by them the government the holders bolder of the farat mortgage are the ones who want an extension on we the central pacific debt 3 to the governments govern men t which natures matures in S about six years year it if they wanted to they could foreclose on their and the only way the govern government raen could get anything at all would be bjel by exercising the right of redemption why do they not take this course to toa gain full fall possession of the line simply A because the road has baa depreciated in value below the figure of the feltt ar mortgage this depreciation b baab been by the action of tile the hol ers era of that bond through the building buil of the southern pacific tilt thea dive reton of et traffic to it from t tarn central pacific transfer of stock from the latter to the former ana a persistent peral stent policy of building up tile southern at the expense of the line on which the government has hag a lie lien the road therefore to la not worth thi first mort mortgagee gaste but if taken arid r N would be subject to redemption h t junior mortgage there are two chief reasons for pr pre ing the funding bills bill which gives ait extension of fifty YOM yeara on the sel second mortgage one of these ii 1 to the line from falling into the handa the government either by forre emee when the second mortgage beoo begoin be ooin due or by redemption I 1 in n then the rem am general clamor for government owner weir ship of roads roade either one of ther methods of securing the central njg 4 ciao to the unite J states is within tb dom domain a I 1 n of probability it would I 1 anen become a competing line ant antagonists to the southern pacific and conse con cut cue down the profits of thi elm latter the passage of the landing funding bw bill would defer this for half a century which to Is a postponement sufficient bof all purposes so fsr far as the present r way managers are canCer concerned ned thea th r other reason referred to for u urging aging thera bill Is that the first mortgagees mortgage es way dayoob mayo oB dinue to reap what profits there are am tat the road and at the same time ha basw the government support which mat the road valuable as a money earnet M 4 while the government claim is back steadily the funding betl all 11 t therefore would be a very clever thing i in behalf of the first mortgagees but autar a financial proposition the people of the united states who are the govern ment mem would not be in it all V |