Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1854-03-22

The lands are in the hands Of, and are SOLE
y in the charge Of trustees.
Mr.. LETCHER. Trustees Who get
the proceeds of these lands? Who COM
pose the company that furnish the means
10 make the roadl Whose property is ex-
empt from taxation for six years
Mr.. BISSELL. The company will fur
nish $17,0O0,O 900 TO build the road. The
State receives what is equivalent to four
teen per cent. of the net proceeds from the
time the road is completed. When all the
terms and conditions are complied with,
then these lands are TO be sold Tor the BEN
eft of the company, and to the payment OF
the money which they borrowed to build
the road with. The lands are in charge OF
trustees, and under the control Of a compa-
ny, one of them being the Governor OF the
State of Illinois.
Mr.. LETCHER. | have shown YOU
who compose the company organized for
the construction of this road. The gentle
man from Illinois says that trustees are the
parties who are to manage It, Who are
they to manage it for, but these New York.
ers' The State of Illinois is TO receive
seven per cent. Of the gross proceeds when
the work is done, which is equal to fourteen
per cent. of the net proceeds. stated that
ST, 900, 900 are to be furnished to build
the road. If the gentleman does not ac-
knowledge that, can establish it by docu-
ments which have here. The company
say that they can build the road for that a.
mount They value the lands at S21, ,000,-
900. Who pockets the diference' What
becomes of the trustees then
Mr.. BISSELL. The prospective value
which they may put upon their lands may
be more or less. do not think they ex-
pect to realize dollar from them until they
have expended four or five years labor,
and $4,000 600 of their own money upon
the road. When all that is done, when all
this money has been expended, they will
make something handsome out of 1t, provi-
ded they realize-w hch | have no idea
they wll-S20, 900, 900 out of the sales of
the land; and provided the entire cost of
constructing the road does not exceed ST.
0O0, 900. If this turns out to be correct
statement Of the amount ofreceipts and eX-
penditures, they will, in the end, make
some three or four millions out Of the ope-
ration.
Mr.. LETCHER. Then the gentleman's S
explanation amounts exactly to this : These
stockholders have the control of a road, ac-
cording to their own showing, that will
yield them clear annual profit, after pay
ing seven per cent. to the State, and all
other expenses, of $1.774, ,252, and give
them three or four millions besides, from
the sales of the lands beyond the whole
cost of constructing the road-quite hand
some speculation for the stockholders
Mr.. DISNEY. Well, what of fiti
Mr.. LETCHER. l will tell the gentle
man what of it. 1t shows exactly this {:
that you are asking the federal government
not only to give land enough to make the
roads, but to make fortune for these Wall
street brokers besides. That is "what Of
it."
Mr.. YATES. wish to say one word
in reference to this proposition of donating
lands to the State of Illinois to aid in the
construction of the Illinois Central railroad.
| can give the gentleman an answer that
ought to be satisfactory to him and to the
House.
Mr.. LETCHER. hope the gentleman
will come to the point as soon as possible.
Mr.. YATES. The gentleman asked
what has been done' Why, sir, we have
a road seven hundred and four miles in
length of great importance to the State of
Illinois, of great advantage to the people of
that State, and of great national advantage;
and all this without the loss of one cent to
the general government. And not only
has the general government not lost any
thing by it,but it has sold lands which have
been for twenty-five years in the market
and still remained unsold, so that it has ac-
tually placed money in the treasury by the
operation. Sir, is it nothing that we have
built the longest and most magnificent rail-
road in the world. without the loss of cent
upon the part of the general government?
Mr.. LETCHER. Let us look for mo-
ment at the past financial history of the
State of Illinois. If am not mistaken, be-
fore that State received the benefit of this
land from the federal government, her f.
nancal condition was exceedingly embar-
rassed. She was not able to prosecute her
great works Of internal Improvement be-
cause of the immense debt which was then
resting upon her. Her bonds had depre-
ciated to an alarming extent. But no soon
er had this land been donated by the fede-
raj governmeRt-no sooner had the ar
rangements for the construction Of the Gen.
tyal road gone into operation, than the credit
of that State rose as if by magic to par
showing that it is something more than
donation for the construction of railroad
that it is strong support, an effectual
means of restoring the credit of the State of
Illinois.
But, In addition to all this, hold that
we have written constitution, and that it
is our business to protect that written Con-
stitution, and to carry it out fairly, accord
ing to the provisions contained within it.
But nearly every member who is in favor
of these railroad grants, has contended that
the federal government ought not to be the
owner of lands at all; that it ought not to
be in the market selling these lands, but
that they should belong to the States in
which they lie. That is the argument, and
that is the conclusion derived from It,
Well, sir in carrying out this system ofin-
ternal Improvements, which is general
system, thorough system, so far as the
new States are concerned, they accomplish
all their purposes by the use ofthese public
lands.
Sir, what are the public lands belonging
to the government but the property of the
government What is the money Of the
government but the property ofthe govern.
ment, occupying the same relation towards
it as do the public lands The nations
wealth consists, in part, in the money it re-
celyes from the sale of the nnhlic lands