The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-08-28

"The installments may be anticipated by the
payment of the bond in full, which will enttle the
holder to interest at six per cent. from the date of
payment ,es ,r
London, IN 1875, bat Tedeemsble by the company
at any time previously at twenty per cent. pre-
mum the instalmens, and endorsements, and
premium, TO be effected at the exchange of As. 3D.
for the dollar, and the rate Of interest per
cent. per annum, 10 be payable in London at IS.
I'd. for the dollar each half year, on the lst Of
April and LIST Of October, at the banking house of
Messrs. Haywood, Kennards & Co., Lombard
street.
"The Illinois Central Railway Company having
thus decided TO raise the money necessary for the
construction Of the railway, by the issue of its
bonds, secured on the land and railway, will Gre
ate, Notwithstanding share capital equivalent in
amount to the sum raised on bonds, and which
will be issued in 800 shares to represent The pro-
poronate interest Of the respective holders in the
undertaking. II is proposed TO give the privilege
to the subscribers TO the loan OF IS 00O, 900 now
offered, TO become shareholders therein for one
half of that subscription, (s2 500 ,00o,) and as il
can hardly be doubled that the bonds will be paid
of by means Of the sale Of lands, there is every
probability that the railroad will be constructed
without any call on the share capital. A small
deposit may be required on the shares, and these
shares will thus become an actual bonus and en-
ute the holder TO a participation in all the profits
of the line.n
Here we have exhibited system Of English
boDdholdng plasered over tho soil of our country.
And that soil locked up in the hands OF corpo-
ration made up of few individuals, and placed,
by the action OF sovereign State, beyond the
power Of taxation so long il remains the COM
mon property of the corporation. We hear the
European papers speaking Of the grants " as pal-
'nbk and unprecedented, comprising extensive beds
ofeoai and minerais.n
II is proposed to give Tie bond holders one dol
lar Of stock for each dollar Of money they advance
on the bonds, and that the money raised on the
bonds in Europe and this country will build the
road, and that the stock certificates will become
"bcrus," and entte the holder to participation in
all the profits Of the line.
Sir, am opposed to building up any such sys-
tenn of land monopoly in this country. This
large grant 10 liable to have fastened upon il a
system Of teDantry and iandioSdirn-one Of the
most pernicious systems that can be ingrafted
upon the soil OF any country. Fcudsl in its APP
pendagcs--crippling the energies Of any commu-
nifty where IL exists-bghting IN is influences
bringing, sooner or later, resistance TO the sxac
tons OF ren,s--revolution against law and order
disturbing the harmony, moral, and social ele-
ments Of society. IL is this system that has re-
duced large portion of the people of Ireland
that green spot Of carth---,o starvation and pow
erty, and sent thousands Of her sons wanderers to
this land of equality and iiberty--dividing fami-
lies and Misunderstanding all the epdcarments OF
social happiness, and closing up the avenues to
people.
Sir, have seen in my own State the big hting
effects Of system Of iandiordism and fenanfrv'
fastened upon the soil in its early settlement by
the requirement Of colonial grants, and many OF
them OF doubtful origin but the title TO which had
been strengthened by Legislative ensctments, while
the people were wasting their energies in cutvs-
ting the soil and giving il value.
Out Of this system there grew the " nnfs-rfnf''
war; whereupon the tenants took upon Themselves
the right Of revolution and resistance TO the laws
in relation TO the collection OF rents, based upon
the ground that the original grants were fraud
upon the people, and that subsequent Legislation
could not give them vitality. They Invested them
selves Of former political associations combined
the elements Of new political party, holding at
times the balance OF power between the two polit-
cel parties Of the State producing upon the body
cies dividing neighborhoods and districts, rcdu-
eng them to all the horrors Of civil strife.
The Legislature was called upon 10 act, which
y did by making some wiss provisions for the fi-
ture, which allayed the excitement. And the
strte, with it's attendants good and evil, has eft
moral to the country.
The honorable gentleman from Iowa, TMr.
since, on the Iowa railroad bill. cnlls in question
the vote OF New York on the Missouri railroad
bill, and ssysi "out Of twenty-six votes cast
from TINT S,nte, he hnds the West has bn, ,hrc.
friends;' and significantly adds "New. Yo,k ex
poets her Mint, appropriations for her dry.docks
steamships, and that she claims one or two Pres,.
dents and for all these measures, as well as for
these men who are TO be Presidents, we Of m.
West expected to vote"
would cay to the gentleman from Iowa thai
Nev York will avail herself Of no opportunity 10
Cypress the interests Of the Western Ssna, or the
land States She expects no votes for the location
OF Mint within her borders, unless the great
interests Of the country are TO be benefited and