The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1852-11-20

A etupendous lnproveDents
Among the great works Of internal improve.
u,ent, at present under pregrssss and pcjcetioa
in our country, the Illinois Central Rail Road en-
tsrpriss would seem to Be the mightiest in extsnt
and destined in all probability. TO Be oas of the
nost il not the most productive to ito pscjscteFs.
A railway six hundred aud seventy miles IN
length, running through the heart of . country -
fertile as every the sun shons upon. and worth.
On its completion. some $40 100000, 10 On invest.
ment rarely met with ewes ia thsss stirring aud
momentous times.
While the country has been amused for years.
says late writer with the project Of Whitney.
for running road to the Pacific and the plan
opposed on the ground that il was too much ior
cns man, some eastern gentlemen have carried
through as important. and iar more psO6tibls
undertaking to the projectors. 1t may Be corr
sd,red carried through because its 10 - far I'd.
vanced, aud the lands become 90 active, that 10
beyond contingency. 1t il worth while TO look
ut the outline, because il illustrates the Immense
field there is in this country for bold operation:
alec the extreme folly Of the old whig pulley of
distribution. and at the came the prodigious ad-
vantages which new country derives from rail.
roads. II is, furthermore, nn example Of the su-
Perori'y Of private enterprise over government
undertakings
The state Of Illinois, in 1880, authorised loan
OF sl2 100000 to construct public works. Ono
Of these was the Central Railroad, rum ng from
the junction Of the Mississippi and Ohio rivcrs.
north to point ON the illinois river; thence
branching n, r,heast to Chicago, and northwest to
GalrnA. The State spent on this work s600o.-
600 and failed 1850 the United States granted
equal to e,162.000 scres Of land within fifteen
miles Of the route Of the road to aid is coustiuc
ton. The gentlemen sllued to stepped forward
! and proposed to the State to take these lands
and Luild the road with it. The State accepted
the offer, and passed an act, February. 1881. in.
corporatiobg the taid gentlemen. and endowng
them with the 2,612,000 acres. acd in addition.
! oil the property aud remains Of the old Central
road.
This charter is perpetual, being contract be.
| tween the State and the Comany. In considera.
| tion Of the lands the company is to put the road
in operation. After that it pays the State seven
! per cent. per annum on the gross income 10 lieu
Of taxes. forever. The State then has no control
! over the company, and any dispute between them
must be settled in the United States courts
Fifty miles OF this road are nearly ready for the
rails, and as soon rs the cars run On these fifty
mll,s the company can proceed to sell ito lands.
Now the lands selected in alternate six.mile see-
tons the federal government receiving the inter-
mediate sections.
AT q minimum prices, the compsnys lands
were valued at s2l 900 000-niore than sufficient
to build the road but the federal government
has this fall put its alternate sections upon the
market, and the prices have ranged from $3 to
81 per acre, where formerly they would on =
bring 81 %; and the land was obtained at thV
range to tS to 81 only by combination among the
bidders not to outbid each other. One lot Of
land on the river. one hundred miles south Of Chi
cago, brought SIS per acre, and throughput the
line Of the road purchases Of private lands have
been made at, in some cases three times the rates
at which they were held during the ten years
since the bankruptcy Of the State. Under these
circumstances the land. Of the company will
brin. fully $40000,o0O The surface of the
country is more favorable to railroad construction
iion than perhaps any other in the world and il
the road coasts 500 600 per mile, the average ol
the grsa, Michigan roads. it, aggregate will bs
Sl34OO,OOO, it will be entirely paid BY the land.
donated by the federal Government at presen,
prices the lands are sppropria,ed-2,0 ,0oO, 900
acres to secure the principal Of per cent con
struction bonds. payably in 1875, 100000 te
, make good the interes, fund, should it ever fai
short, and the remainder as a contingent fund
The security Of these bonds 10 perfect, and q 10
Of 5000 600 was taken in the London market
. some bills drawn against them supplied the ex
!, bange market lately and caused considerable
. eums Of gold to the counermanded so that tn
packet took but $2s20Oo. It will now be oh
served that the Who'll. road will be built by bond
. and those bonds will be oil redeemed BY sale q
the land. The redemption being complete, tn
Il entire road remains the property Of the gentls
= men who have undertaken it, But these gentle
r men have no, the greatest profit from the trans
:, action.
. There is on ihe road Ii ,0o0C0 acres Of pri
va'e lapds, which sell at an average Of 81 wheI
n they would not before bring ss-a rise Of Of $44
" 100000 already. bassed upon the availability 9
/, the produce for market. The alternate section
:, of the federal government, numbering also 1850
! 600 acres, which have been held at the minimum
Of 81 25, have sold this fall as stated, at an ~
= grsPate of $5. The government will thus realiz
= Ss.GOooOo Of profit in consequence Of givin
=. away half its land in that locality. The state
= Illinois, at the same time. by having it's rich so
open to the tLronging Immigrants rapidly il
crease in population.
D. n No city on the whole continent increases r. nof
rapidly than Chicago and its connection with II,
c rich back country constantly increases its impor
l. tance. When the Central road was proiecte,
e Illinois had 10000 families; it has now 100000
= The region Of country through which the railr"a
runs Is Of the finest sort, and its availability u,
!, only affords fair supplies 0i produce, hut oIci
up an extensive mari ket for merchandise.
y The completion Of the entire line OF the roa
e as early tho close Of the year 1853. il no; son
u er, may be regarded a. certain. ~ the contrnsI
0 are all let To responsible parties, who are und.
heavy bonds for It's speedy construction.
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