The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-02-26

la quantity and value The exchanges ia
much weaker, andhe Of specie sent abroad last
year turned be less than ante pated the arrival
OF larger supplies Of bills per the southern reduced
quotations. and lots Of specie to be counter
manded The receipts and exports for three weeks are
| follows
AZ mint from New
To February 7.....""sl, 49, 500 siol2,oza 81 oscsO7
TO February 2l.,.......... l,9co5Oo sas,sSs 6l34O
To,al.............. a,so6,s5o 24go,7e5 s.sl7.oO7
The amount in bank considerably increased by ar
rivals from the South and and from
the treasury In New York The rate of choice bills day
Is VI lOi With light demand The banks buyers Of
paper at per cent and The for money falling In
Decd with exchange about par and money per cent
per annum Ia London, and a per here on good
securities, with nothing in the horizon likely disturb
markets for the present. is difficult how the
ent rates Tor money be maintained, apart from
the disposition embark in railroad and other local
securities, which foreign capital is beginning man
Hest. Among the prominent enterprises before
the community, and ono which offers immense results, is
the Illinois Central railroad This is mas
much as, like the great Erie Railroad IL affords example
Of what vast undertakings may be accomplished by ndi-
vdunl enterprise in contrast with government underta.
kings OF the It's also singular instance
the great value othe public lands properly applied the
general welfare instead OF being distributed and squande
ed among States The Central railroad was portion Of
tue great system OF public Improvements adopted by the
Illinois legislature in 1881 twas from Cairo the
junction of the Ohio Mississippi rivers 10 the southern
terminus of the Illinois canal thence north Gaenasay
AGO miles The legislature appropriated 900 for this
work, but failed of course. The Illinois canal had pro-
crossed when the State failed and that work has been
peted by private MEANS based the lands granted by
Congress In September, 1850, Congress passed do
mating lands TO the States Of Illinois, Mississippi, and Ala
bama, in aid OF the construction Of railroad to
Chicago on Lake Michigan with Mobile the Gulf of
Mexico. OF this grant Illinois had frat the right OF way
200 feet wide, through the public lands and of taking
EARTH stone, lumber &c second, every alternate section Of
land each side Of the road which is from Cairo
the southern end OF the canal thence branch, hand
through Galena Dubuque in the State of Iowa, and
the other to Chicago.
To further The objects of this grant, the State granted
charter company composed of Boston, New York. and H.
inois gentlemen IL transferred to this company the lands
powers and privileges donated by Congress, and also sim
liar powers lands belonging to the States The cond
of the grant that the main road shall be peed
years and the branches six years, and pay the
State, and after the completion Of the road, per cent
Of the gross income per annum, in lieu of all The
charter is ST. 000 but may be increased to $2OOs000
of which $500 900 paid into the treasury OF the State
in April 1851, be held security until fifty miles Of
road completed The terms being thus complied with,
engineers surveyed the route, and determined 1t at go
miles in length, which, under the congressional grant,
makes the number of acres OF land 2572SOO These
ands under the charter three ourths morgaged for
bonds issued by the company and the other fourth with
TIE earnings OF the completed portions OF the road and the
capital OF the company forms Interest fund Tor The pay
ment Of the interest on the bonds.
caused them to be valued, and 2cOoo0J acres at mini
value of $50 0O0 put for the redemp
ton Of S 600 00 be issued by the company and coun
tersgned by the trustees. The bonds bear per cent IN
eres rcdeemate in 1875. and the interest payable in
New The empowered TO sell the lands,
and take payment these bonds the regular price,
and with cash proceeds oil lands 10 purchase and can
Gel the bonds The holder of the bonds is required to sell
when they reach 20 per premium, but can buy and
hold land with them il he chooses The interest fund is
surplus 10000 OF land and SzeooOo0 the
capital Of tho company.
These bonds it will be observed, mortgages upon the
agricultural lands in the world made by the opera
of the road equal in value lands most contiguous to
market and therefore possessed OF actual intrinsic
value independent OF the operation of the road, which Is
located a country favorable TO its success while
subjected to the natural difficulties of construction
The Pennsylvania Reading railroad has single road 100
miles long which S6,oo000o. The Erie railroad
road $50 miles long, Sl70O0000 only on the road
and its business This Illinois road gives the value ia land
for each bond and deposes equal cash Eve years
the bonds. Probably there road boz
fore which provided n full for payment prnc pal and in
teres of bonds their issue The Illinois canal did this
for 600 0O0 and the lands have fulfilled their promise
paid the debt othese $4,000 900 Of bonds, $4,000
900 have been taken In this city, and the only delay
in commencing the work Is that occasoned by official
sowness the land office in preparing the patents.
The influence Of this road, when completed will DO
prsng upon the trade II IL one link in the chain
which is to connect Mobile with New York and Boston,
The time from Mobile New York, via the northern line
oil railroads, placed sevenywo housj across Canada
west and probably the Erie railroad connexion, through
Ohio, will take four Ave hours OF that time. That
valley Of the Mississippi is to be the heart of the manu-
turing interests OF the world within the lifetime of many
now existing, there be question and the of
afforded by such enterprises this road
the necessary elements in the development Of that in
dusral power which in the fertile lands, favorable
climate concentrated abundance Of every material for fab
rcaton. and food for workers. Cheap and rapid
por,aton the breath oil lie which gives animation
these objects The press Of emigration into Illinois has
been very great but has uniformly located itself upon
the routes oil public works. There In Illinois ninety
nine counties Through thirteen of them passes the Ga
lena and Chicago railroad, aud through eleven The Illinois
canal the remainder without The popu-
lation of the sections has increased as fjllows
Hnois population .
ls45. 1850
Railroad thirteen ntes........4soo ss5Ea l7e4l7