Washington sentinel., 1854-03-07
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| Now, under these facts, what becomes OF a
the talk Of the gentleman in reference 10 raisin
the wind TO build road below the town Of Mad
ison? M
Mr. LETCHER. like 10 see this restlessnes
on the part of the friends of this bill II seems
me TO Indicate that there is a "good time coming,
laughter and that we shall find them hereafter
al least, advocating little more consideration 10
bills OF this sort than they have hitherto bee
willing 10 allow 10 them.
II seems quite unfortunate that the gentleman
from Ohio Mr.. DISNEY either did not hear me
or did not understand my point. II therefore oc
ours 10 me that he might have read the essay 4
which he alludes with advantage. Ii might be O
| some service 10 him 10 listen 10 my remarks be
fore he undertakes 10 reply Now, did say any
thing about the governor, or the President, or th
Commissioner of the Land Office, or anybody else
deciding how these lands were TO be assigned
Not at all. But take the ground that the public
lands, beginning al Fond du Lac, and extendin,
10 Lake Superior, the lands out of which III,
company must procure their alternate sections
And cannot the company pledge that land as secu
riy for loans, and apply the money so raised 4
the building of the road below? What is 10 pro
hibit them from doing so under this law!
Suppose they do it. Cannot the twenty mile.
begin at Chicago as well as anywhere else; ant
cannot they make the twenty miles anywhere they
please along the line? Certainly they may.
Well, Mr.. Speaker, there is one thing which will
settle the matter. l put the question to the gen
tleman from Ohio, Mr. DISNEY, whether the com
pany is not upon its last legs! Laughter.l The
genlleman's answer will, have no doubt settle
the question.
Mr.. DISNEY. respond again, that this grant
is 10 the State OF Wisconsin, and not TO that any
other company The State of Wisconsin will have
the control ofthis grant for the purposes indicated
by the BILL for the construction of road between
the points indcated and whether that company
be upon its last or its first legs, is matter of nc
sort OF Importance TO this Congress, because the
grant IS made for a specific purpose, the construc
ton Of that road, and the Stale of Wisconsin be
comes the trustee for that object.
BY the provisions of that BILL as / remarked be
fore, the proceeds of this land be applied tc
The building OF the road in sections Of oftwenty con
tinuous miles, through the portion of country from
which the lands selected; the sales to be made
as the consecutive sections are built
Mr.. LETCHER. The gentleman from Ohio
does not answer directly, and take it that he
lodges the question, because he does not want to
say anything about the dead. [Laughter.l He
does not want TO acknowledge the fact that this
concern is really insovent, because if he did he
might lose votes for the measure But, says the
gentleman, you do not vote money 10 this CON-
pany; you give the land 10 the State by this bill
But who gets the land after it is turned over by
the State TO the railroad company2 A few years
ago we voted some land to Illinois for railroad
Who got it The Wall street brokers
got it, if have read the history of that road Alright
Do they not hold il now, and have they not abso-
lutte control Of il
Mr.. BISSELL. Will the gentleman allow me
to answer his question? The Wall street brokers
do not hold this land.
Mr.. LETCHER. | have pamphlet here,
which will show the history Of this matter. We
gave land to the State ofIlnos for the purpose Of
buildingth Central Road TO Chicago, with branch
running 10 Galena. Who were the members Of
this company! We are aware Of the fact, that Mr..
-r. Il
gress, was one OF the parties concerned in this
road. How did this gentleman, living in the State
of Massachusetts, become interested in it Who
are the other parties mentioned in the act incor-
porating this company? Their names, in the first
section of " An act TO incorporate the Illinois
Central Railroad Company are recorded as fol-
lows:
Franklin Haven David A. Neal Robert Rantoul jr,
han sturgis, George w. Ludlow, John f. A. Sanford
Joseph W. Msop and all such persons as shan hereafter
become stockholders in the company hereby incorpo
ated," &c.
Where do all these gentlemen live Do they
i've in Illinois
Mr. BISSELL. will answer the gentleman
They do not live in the State of Illinois,
Mr. LETCHER. Then you are sold out
Laughter.
Mr. BISSELL. The gentleman from Virginia
seems very unwilling TO hear answers to his own
questions, These gentlemen do not live in the
State Of Illinois, have they got control of these
ands at all. Is the gentleman answered now ?
The lands are in the hands OF, and are solely in
he charge oftrustees.
Mr. LETCHER. Trustees, Who get the
proceeds Of these lands? Who compose the COM
,any that furnish the means 10 make the road
Whose property is exempt from taxation for six
years?
Mr. BISSELL. The company will furnish
$1,000, 900 to build the road. The State receives
what is equivalent TO fourteen 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 for the benefit
Of the company, and TO the payment of the money
which they borrowed 10 build the road with. The
lands in charge of trustees and under the
control of a company, one of them being the Cow
ernor of the Stale of Illinois.
Mr.. LETCHER. have shown you who COM
pose the company organized for the construction
Of this road. The gentleman from Illinois says
that trustees are the parties who are TO manage
IT, Who are they TO manage il for, but these
New Workers? 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 81 T. 600 900 are
TO be furnished 10 build the road. Ii the gentle
man does not acknowledge that, can establish it
by documents which have here. The company
say that they can build the road for that amount.
They value the lands at S2l 100000. Who
pockets the differences What becomes Of the
trustees then?
Mr.. BlSSELL. The prospective value which
they may put upon their lands may be more or
less. do not think they expect TO realize a dol
lar from them until they have expended four or
five years labor, and $1,000 900 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 il, provided
they realize-which | have no idea they will
S20,000,000 out of the sales Of the land and pro-
vided the entire cost of constructing the road does
not exceed Sl7,000,000. If this turns out 10 be n
correct statement of the amount Of receipts and
| expenditures, they will, in the end make some
three or four millions out of the operation.
Mr.. LETCHER. Then the gentlemans expla
| nation amounts exactly to this: These stockhold.
ers have the control of road, according to thei,
| own showing, that will yield them clear annua
| profit, after paying seven per cent TO the State
| and all other expenses, of Sl,774,252, and Civ,
them three or four millions besides from the sale
Of the lands, beyond the whole cost of construc,
ing the road-quite handsome speculation for th
1 stockholders,
| Mr.. DISNEY. Well what of il?
| Mr.. .LETCHER. / will tell the gentleman wha
OF il. II shows exactly this: that you are askin
/ the federal government not only to give lam
enough 10 make the roads, but to make FORUM
| for these Wall street brokers besides. That j
| g what ofit.n