The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-10-21
COMMERCIAL,



os per ton II Is FL los and descn pons
undergone similar advance la this market pig iron has
n'en iom ~is to Sz7 " IS per tonand the
ma'1etvery nrm and sctve at that The iron men, OF
course, make less eanor about the duty and keep work
al their Ines and orges suky content with their profits
Inc aet which protectonist producers always overlook
and which always surprises them by its influence is the
eject OIL low duties upon demand The choapnes of food
IN England, and the actvy 81 SAFES Of produce here have
psodaosd such large demand for all ,na,enslswoo
ron and cotton parienaryhat in the face of large sup
plies the prices OF all continue advance The enormous
cotton crop Of last found continually rising mar
kot aud with recsipts Of the crops still than
last yeat prices Continue Wool is rising fast and
hrn; and prices being % fine grades, have
drawn Out our whole home supply and manufactu-
ers TO the English market 10 make good their asssrents
iron mas sun more surprised It's producers leading
merchant OF New York, being last ia the English
iron districts, and finding rails "a 6 tho idea
OF buying for rise On nqurng among his
In the iron interest," the current was that the
was no chance Tor Iron The means of production they
said, wcfe such that fse Of o shlhgs wduid pul aew
furnaces in operation that would stock the
An immense rise has taken place. and the markets absorb
at still rising prices than they turn out is be-
cause the removal Of the restraints upon commerce has
gwen TO all working classes the power to consume more of
o Pfoaucs OF their own industry and the ionoposts
who are continually seeking enhance the aid 81
government the prices Of their never in anv de-
gree estimate the effects of increased ability to consume
Inc rise !" iron Is damaging TO the great railroad
interests In tho country, which depend such large
landed interests Some of em indeed were so
as TO make large contracts for iron while was low as in
the case previously mentioned of the great illinois Central
railroad which is the connecting link between New York
and New Orleans This road bought 1000 tons of rails
hacash aud half seven per bonds These rails hay
advanced Sl5 ton consequently if the company were
SELL they would realize clear profit of one Iion
and hfy thousand dollars that article alone but thew
use the iron saving OF that sum- compared with what
would have been the COS, at prices The iron men
complain that such company should pu their
abroad but the building of thu es for
ten times much American iron purchased for rails
abroad All the machinery for locomotives cars buildings
OF the company with tho houses and utensils the settlers
along the road. rich virgin so form an active and eff
fective demand for the products Of The American mines
The great" Central Illinois road is of the stu
pendous and ingenious specuations Of modern times y
II about dozen gem emen became possessed of first
class railroad, 670 miles long, in full running order with
complete rolling stock and equipage, atog ether at
least *4OO0O,0OO, without the outlay Of While the
country has been amused for years with project OF Whit
ney for running road to the Pacific and plan opposed
the ground that it much for one man these Gw
eastern gentlemen have carried through important and
lar profitable undertaking the prosctors II NAV
be considered carried through" because is SO tar ad
vanced and the lands become active that is beyond
contingency 1t is worth while to look the outline bo-
cause illustrates the immense field is in this coun-
try for bold opera tons also the folly the old
wing policy OF distribution, and the same time the pro-
digous advantages which country derives fom rail
roads Is, furthermore example of the superiority Of
private enterprise government undertaking.,
The State OF Illinois. in $780, with population of about
40 Oo0 small farmers. authodz I'd loan Of $4,000 Co.,
$500 for every family in State to construct public
works One OF these was the Central railroad running
from the junction Of tho Mississippi and Ohio river, norm
TO point on the Illinois river thence branching northeast
TO Chicago and northwest Galena The State spent on
this work So 800 OO0 and failed In 1850 United States
granted equal 2672 600 land within fifteen m lies
of the of the road aid in It's construction The
dozen gentlemen alluded to stepped forward proposed
to the State to take these lands and build the road with
The State accepted the oer and passed February
1854 cooperating the said gentlemen endowing the
with the 2672 900 acres, and, in addition all the old prop
ery and remains Of the old Central road.
This charter is perpetual, being contract between
the State and the company In consideration OF the lands
the company TO put the road operation After that
pays the State per per The gro. income
lieu OF forever The State has then no control
over tho company and dispute between them be
settled in the United States Fifty miles of this road
nearly ready Tor the rails, and asoon
these fifty miles the company proceed TO sell It's lands
Now the lands selected in alternate sections
the federal reseving the int mediate sections
At minimum prices, the oompany's lands valued
SCI 900 000-moe than hcent build the road but the
federal has this fall its alternate sections
upon the Market and the prices have ranged from So
81 per where formerly they would only bring 81 Is
and the land obtained this range OF So 81 only
by combination among the bidders oubd each other
One lot of land the river, hundred miles south
line of the road purchases of private lands have been made
In cases, three times the which they
held during the years since tho bankruptcy ofhe State
Under these circumstances the lands OF the company will
bring fully 70 600 The surface of the country is
favorable railroad constructions than perhaps any other
in the world and II the road $50 900 per mile the
average OF the great southern chgan, its aggregate will
be Sl3, 400 900. Should the S2 900 600 IL will
be entirely paid by the lands by the fedora
ment present prices. These lands appropriated
100000 acres TO secure the principal Of per
sruction bonds payable in 1875 25o0O acres TO make
good the interest fund should II be short the re-
naindcr contingent fund The security of these bonds
is perfect and lot of IS 900 taken in the London
market, some bills drawn against them supplied the eY
change market last week and caused considerable sum,
of gold TO be countermanded that the packet took but
e2s2 900 IL will bc observed that the whole road
will be bultby bo~ds and that those bond. will be all 70
deemed by sales of the land The redemption being com
plete, the entire road remains the property of the
dozen gentlemen who have undertaken It, But those
gentlemen have not the profit from the transaction
There the road N 600 900 Of private lands
which sell at average OF 81, when they would not
fore bring s3-a rise OF S0O00oo already. based upon
the availability Of the produce for market The alternate
sections OF the federal government numbering 900
acres, which have been held the minimum of 81 25
have sold this fall, stated above average Of s5
The will thus realize 100000 OF profit
consequence OF giving away half Its land in locality
The State OF Illinois the time, by having its rich
soil opened to the tbrongng grants. rapidly increase,
in population No city the whole continent increases
moro rapidly than Chicago, and as its with the
rich back country increases its importance swels When
the Central road was projected Illinois had 10 600 families
has now 2so00o Tho region OF country through which
the railroad runs of the finest sort and its availability