The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-03-01
Rail Road Meeting.

d. '. n. HOES, Esq, was called 10 the chalr
! and Mr.. NJ. OsN,S appointed Secretary.
' The Chairman stated the object Of Ii,
meeting TO be, to hear an address from JrnG'
GRANT, President Of the Rolk Island and Ia Sail,
: Railroad Company and to deliberate upon tn,
: Importance Of aiding in constructing the RocI
Island and Chicago Eailroad.
Mr.. llise was then called upon TO state to III,
. meeting what information he had touching thi
work He said that from what he could learn
: while ut Springfield. he had no doubt that III,
road would be constructed That it wa, one G
, ihc most important thoroughfares in the state
ani all that was necessary 20 insure its compile
ton was for the people ode their iuty--to show
that they lad cN,il,nee ia the work themselves
Bat rs Judge Grant was here and better posted up
on the subject, he would prefer hearing him.
Judge Grant then took the stand, and after a
few introductory remarks, entered upon Lyui
history Of the Rock Island and Ia Sale Road, rs
frrasithad akeaLy progressed. That this road as
first projected, was only to run from Rock Island
to rcru lut that eastern capitalists were rather
backward in undertaking the work. bu, from the
favorable representations that we've mads to them
Of this route, they agreed upon certain coalitions
to furnish the necessary means They rcluraI
an amendment Of the charter, 81 rs to extend the
road through to Chicago Tina; i; was the inten.
zion then to run to Aurora and connect with the
Aurora Branch BIT that the present charter
was Preferable, and would undoubtedly be acccp.
ted by eastern capitalists, Il the people along the
line would subscribe enough 10 satisfy them that
We believe that the road will pay, Tina, east
cn capitalists made i: II principle not to under.
take any work OF tie kind unless the inhabitants
along the line were willing to take enough stocI,
to grade the road ready for putting down the
IRON which would cos, from $4,000 to 81 600 ger
mile, or 100000 on the line FROM Peru to Chl,a-
20. That amount having been subscribed on the
route between Peru and Rock Island As 70 the
charter lie was satisfied that It was an acceptable
one to the company who thought OF taking IT,
That the board OF directors OF the Rock Island and
Peru Road had Sorrespouicd with them and that
the present charter was in substance u,t what
they desired Judge Grant then spoke Of the
national character OF this great tharuushflre and
is various connecting links with other railroads ,
that it extended beyond the limits Vi our own
state and opened an outlet ~ the heavy and rap
idly augmentlpg trade Of Iowa lie stated that
lis town, lDeyanport Iowa. with but 1000 in.
habi;ants, had subscribed $4,000 and If neccssA.
1 :. l..
ready to do the same Henry sounty had sub
scribcd $4,000 and Bureau co. $4,000, anu
would have subscribed double the amount but for
an unfortunate division among the people in dit
fercnt parts Of that county Peru has taken
$4,000 worth of stock and is ready TO take
more if needed. And now then 1t was for Otta
wa, one Of the first towns for commercial uflu
ence and number Of inhabitants on tie line to say
what she Is willing to do lie knew Vi no great
or enterprize in which to engage, and which would
pay better dividend lhan tins road for 1t was
destined eventually to sweep on through the
western states, across the plains to the hockey
Mountains on TO the shores vt the r4cIac. 80
obvious. was this route tia. 20 years ago, when
there were but 50 miles OF railroad in the United
S;aIe,, merchant ia New York Ci;y published
pamphlet, Of which perhaps but one copy lad
ever found It's way to this st.te aud which he had
with him, in which was conceived the project Of
hgnkins the Alleghanics and following round the
LAAc, on through to the Mississippi nearly upon
this very route he saw the immense amour, OF
produce and trade which would wan, a ready
outlet from these vast fertile valleys, and that
these roads would have TO be made tor that pur-
pose and tina: all El5 prophecies m reference TO
r1llruad. III the west haV. already been realized
Aud It was now for Vs. to say whether We would
have til, out let 10 run through here or let ST
Louis, 300 miles south, have IT, Tie then read
several extracts from tie pamphlet IN reference
to the practicabulty Of tins and other routes yr
railroads IN the west, and spoke Of where they
had since been Completed Twenty years ago.
said he there We're but 81 miles uf r.tlu.,d iu tie
United States, and 60 miles IN England which
was then all that was completed on the habltaLie
globe. Now there were over 10000 mile. ui
railroad in the world aud more than half of Il
was in the United States. England had expcul-
ed more than Sl,0OO0OOO0O ~ railroads, aud
that the annual income from her road, was great
cl lA,lu llle eullIt IcNe4e tl lllls Itp.N'. New
England had expended S7OOyO,O0O for the same
purposes which yielded liberal dividends Mas
sachusetts alone has invested S3j,UOuOJO in rail.
roads, which yielded in the aggregate over per
cent, which was more than am u.lcr Investment
Of an equal amount dat could BE- made. No rail.
road in the world had yet been bull, that did not
pay for its cost in enhancing the value along its
line, 1t proved all over the New England
states. A. for New York lie did not remember
the exact amount expended IN that state for rail.
roads, but all her roads yielded handsome dIyi.
dend. The Buffalo and Albany road paid from
to 10 per cent, the Western Railroad paid a
dividend of I to per cent while the Boston
, and Albany road paid IL per cent, and, but for a
, provision m It's charter prohibiting the company
, from receiving more, the road would pay u much
larger dividend, No company had expended
more IN improy ements along their line than TIN,
one, aud yet 1t yielded this large proiiLlle then
alluded to the facilities Illinois possessed oven
most other states for constructing railroads, but
there was still danger OF running into eXccsscs
o and by undertaking too much We could accomplish
, nothing. We had an ILLUSTRATION Of this III the
h works commenced in 81 aud 3s, which left III,
4 state bankrupt States should not engage III in
. tema Improvements of this kind. They seldom
f realize much profit from them. They should b,
2 made by companies who can watch over then
4 AMI can make Them nfnhtuhlp whom tho Il nj