New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-07-20


results and money for such purposes could be had Io
the a,kng so great the faith Of botn domestic ann
foreign capitalists In American progress. IL reinhn"u
only 10 stimulate the State Of Illinois 10 the legsaon
requisite to the initiation Of these enterprises. Ihis was
A matter o. easy accomplishment
The minds OF the people bad already become i1iecte1
with the mania Of speculation, and that ca's 81 n1u
whose influence secured them seats In the Legsa'nre
were especially interested In the promotion OF all pro-
ecs that promised 10 increase the value OF lands, Oh
which they themselves considerable proprietoIs
But resort was stl had every available means Oh con-
frnipg their faith. The State was Hooded Win MI
Rupglss's famous New. York Canal Report OF which
large edition was printed with express reference 20 ns
purpose This dOcu nent must be sun iresn IN the TO
collection Of many OF our readers neSnloIeu IA gJ%
Ins but ruhfu colors the immense advantages when
had accrued 20 New.Y0rk from the construction OF her
then great work of internal improvement IL supplied
the teal for prophecy predicting 70 ilHno'' from tne
adoption Of like policy, unparalleled greatness
The minds Of all men being intent upon the contem'
plstiou Of o brilliant future, no one reverted TO the
actual condition OF Illinois contracted with New orr
AT the time the latter undertook to unite the waters OF
Lake Erie with those of the Atlantic Mlstaking the
elements of power for ts efficient existence, unde-
yeoped resources for accumulated wealth. tho legsa'
tors of Illinois did not reflect that at thst period, New.
York had population of million and a quarter, and
that her chief city the commercial emporium OF the
Western world while Illinois had not then onefourth
that number town OF 1000 people within her I'm
It's IL did not occur 10 them, that while New one
ofhe Oldest settled countries the Copnentof Amer
ica-her thrifty citizens pursuing prohtaby the various
avocatons Of agriculture, manufactures and commerce
whereby wealth lie created-and possessing taxaole
propery compared with which that of Illinois was In.
sgIcant with great caution and deiberaiion embarked
In An enterprise for the achievement Of which she nad
first fecured ample means Illinois, with spar SO emf
grant population looking TO the soil only Tor bread was
urged 10 launch her bark without adequate equlpmont
either Of men provisions the treacherou' sea OF
speculation trusting caprcious winds and uncertain
currents TO carry her haven of gold And so tney
yielded ard the bark on whose construction tney nad
A. naand
millions they could borrow stranded In the launch
ing Too inpeuous to wait for the tide which, taken
at the food leads 10 fortune they plunged her 10 at
the ebb and she sunk deep that the incoming wave
sureed above her.
illinois profted by this dearly purchased lesson of
periC1ce. She learned 10 bide her time. She wisely
reis pushed 70 private enterprise the adoption OF pro-
ects which the State had sgnaly failed In accom-
pllshing. Private enterprise seldom ventures upon
schemes that do not afford rational promise OF success
full achievement 1t true that artul men, taking ad'
vantage of frenzy of speculation which now and then
pervades the public mind, sometimes succeed in selling
shares In bubbles that their fetd breath has blown
up but Is seldom that Of substance engage In an
undertaking without first counting the cost and obtain
ing satisfactory Of profit The want OF per-
sonal interest and individual responsibility prevents that
degree of thrift and economy in government enter
prses thst characterize private undertaking.;
Government cannot build ships that will compete
with vessels built by private funds for adaptation TO any
service the cost and 1t is often less successful
In the various other projects of art manufactures and
10 construct the Illinois and Michigan Canal Her
whole power was exhausted before the work was two
thirds done; Its completion was assumed by the bond
holders who, by judicous expenditure of 100000,
accomplished the object at less than half what the
State had previously expended for a Ike amount OF
work and under the same judcious management by
which the canal was finished it has been made to yield
the interest snd In connection with sales OF the canal
lands granted by Congress- TO pay back than half
the principal of the new Canal loan.
In September, 1850, Congress passed an Act giving
n. II Ill anHa klnto
grant of lands to the States of Illinois, Mississippi and
Alabama In aid of the construction of railway from
Lake Michigan 10 the Gulf of Mexico. The grant OF
lands was Of the most munfcent character II co n
prsed every alternate section Of land designated by
numbers for six sections In width each side OF
the proposed in the aggregate at least 1884 100
In February ensuing the Illinois Legislature in
corporated Robert Schuyler and others into the Illinois
Central Railroad Company" 10 construct that portion
of the road lying in Illinois. The State even more
liberal to the Company than Congress had been to the
State for the act OF the Legislature invested the Com
pany with considerable property previously acquired by
The State with reference the construction of this very
road. The main track commences at the Southern ter
minus of the Illinois and Michigan Canal, and extends
to Cairo ct the junction OF the Ohio with the Mississippi
River.
From the Northern terminus a branch Is to extend
through Galena 10 the Mississippi River, opposite the
town of Dubuque In the State of Iowa. Another branch
leaves the main track ia miles north Of Cairo at point
nearly east of toe city Of ST Louis In Missouri, and will
be carried to Chicago on Lake Michigan. The length
Company compelled by their charter 10 construct
fifty miles of the main track before the 9th March
1858 TO complete the main stem previous TO March 2
1855 and the branches within two years thereafter
The cost of construction is estimated at 900 Toe
capital stock of one million Of dollars promptly
subscribed and the Directors OF the Company In their
individual capacity took 100000 OF the bonds at par
They also made advantageous contract for rails
the value Of 500 OOO b. be exchanged for bonds and
as our readers lately Informed by an article quot
ed from The london Tine' they negotiated the sale In
that capital Of bonds to the amount of S5000000;
that sll 10000 is already secured.
This ii should seem, would authorize an energetic
prosecution OF the work Accordingly contracts have
been extensively awarded In various parts Of the lines
covering the whole distance of IA miles from Cairo TO
the Chicago branch about half the CHICAGO Branch,
from Chicago, south westerly l25 miles 10 Urbana; and
OF the Gaens Branch, also considerable portion, In
GLIDING the section between Galena and Freeport-
Fifty miles Of the main track extending from Its North
ern terminus at Lassle SOUTH to Bloomington, Is nearly
finished, and will be In operation In the Of the
ensuing winter. Sixteen miles of the Chicago Branch,
CONNER cling at that city, already In use and
siderable progress has been achieved on other parts Of
the sections under contract
The avidty with which investments have been made
In this great enterprise and the energy with which III
prosecuted indicate a degree Of confidence In capital
bs justly inferred from the resources already partially
developed and from the rapid growth OF the State oil
Illinois At her present ratio Ct increase she will nave
population at the next decennial census exceeding
million and half Meantime her prosperity Is to feel
the stimulus that may be anticipated from tue opening
of this great avenue of communication and frame tls
doubtless wise policy In the Direction OF the Central
Railway Company to retain the bulk of the lands, and
pledge them to secure loans payable in rather thsn
sell them prices and thus provide iund iSr
the construction Of the road for 1t Is obvious thaE Win
the natural increase of population the value OF the lands
IL likely considerably advance and they are exempted
from taxation till the completion of the road, when the
Company to pay per cent OF Its gross earnings 10
lieu OF all other tax Adopting this wthey nave eAecu
ted mortgage on millions Of acres OF their lands
TO secure 10 900 bonds of 81 600 each and 1900 bonds
of $500 each, making the sun of Sl7OO0OOO In ALL
These lands they divide into four classes as follows
ls...... $1,000 acres at so per cre....S l,oeeOO
M......... $4,000 acres st Ss per acre.... 525o0O
"a ~ SIC GOO acres at Sc Der a-re..... 1000 900
tsb sac GOO ares al Is per scre...... I,5O0 900
Total . OO0 loo acres valued at Sls,lJo.O00
We believe the bonds before maturity, may be ex'
changed by the holders for these lands at their APP
prasement The classification Of the lends based on