Minnesota weekly times. [volume] (St. Paul, Minn.) 1854-1859, 1855-05-22
TUESDAY, MAY %, 1866.
THE ILLINOIS CENTRAL RAILROAD ANu
THE MINNESOTIAN.

AOLASDhA3 MAJ ~, 1000. IS
THE ILLINOIS CENTRAL RAILRoAD AND
THE MINNEsOTIAN.
It is amusing to see with what avidity the or
gan Of Schuylerism and fraud, seizes upon every
opportunity which comes within its reach, to show
its devotedness to those who purchased its servi-
ces ID the never-to-be forgotten Railroad swindle,
for less than thirty pieces of silver. A galley
slave could not work harder or more faithfully for
his master than has the editor of the Minnesotian
during the time he has been employed to do the
scavenger business of set of unprincipled men,
whose only aim has been and now is to line their
own pockets to the detriment of those whom they
profess so ardently to love. Whenever the inter-
ests of these men arc in jeopardy-whenever any
one dares to question the stability of a stupen-
dous swindle-whenever an editor, whose duty it
should be, to warn the public of coming danger,
expresses his sentiments on any matter which is
in conflict with the interests of the Judas of the
Minnesotian, or any of his co-workers in fraud
and corruption, then the howl goes forth, and is
re-echoed among those who have purchased a
life.lease on the pen and soul of very amiablc
neighbor.
twas not long since that we took occasion to
remark in letter from Galena to the TINES, that
we heard it surmised that the Illinois Central Rail-
road Company were not then, nor had they been
paying their expenses for some time past, and
consequently as soon as this fact was made known
the stock would depreciate. This bit of news,
as we expected, put the Internal into high state
of excitement, for he saw very clearly that if the
truth should leak out that if the Illinois Central
Railroad Company, with their vast grant of lands,
could not pay expenses nO,0, that the chances for
another railroad through less populous country,
were as one to ten, and consequently unless he
came to the rescue, the people would get their
eyes open, a reaction would take place and
"Othello's occupation would be gone" Under
the circumstances we can overlook the personal
slurs which our contemporary INDUCES in towards
US, for we appreciate the peculiar situation
in which he is placed and were it compatible W
our sense of right, we would gladly shield him
from the thunder of Indignation which will
be hurled upon him when those whom he has led
astray shall become conversant with the rise, pro-
gress and fall, of that magnificent Wall street
Railroad bubble.
The ed:,or does not deny that the financial mat
tiers OF the Illinois Central Railroad Company are
IL precarious condition; he rather seeks to b,
facetious, and scatters his grape shot of wit as
profusey as he has been wont to indulge in that
species of blackguardism SO characteristic of the
grog-shops of Cincinnati. But this wont do
Sensible men want facts, and We propose to sup
ply the deficiency by publishing the following ar
ticlc from correspondent of the Milwaukee Sen
tinel, gentleman whose KIN ,wledge of the affairs
of the Illinois Central Company, should be a sufi-
cent guarantee to the correctness of his state
ment. The letter bears date, Chicago May Sd,
1855; and after abiding to Galena, Dubuque,
&C.. the writer SAYS:
BY the way, notice that Of the local pa
pers takes exceptions to my remarkes that the
Central, notwithstanding the grant of lands, is
not to be so great speculation after all. Per-
NIT me to make a few figures, ana then judge
There have already been two loans, one of sSl7,-
100000, at per cent. having twenty years to
run from the first of April, 1855. The second of
SO, 100000 ut per cent payable in lS60,-but
which will have to be renewed. There has also
been paid in on the stock 100000 This makes
an aggregate Of s22,O0O,Oo0. The road is not
yet completed, by considerable. There are 100
miles on the Chicago Branch, and II between
Galena and Duneitb, yet to b, finished, and near
ly the whole line to be ballasted, rolling stock to
be purchased, station houses to be built, &C.,
which together With the present floating debt will
require another issue of bonds of no less than $4,-
100000. Here, then, we have grand aggregate
of SIG, 100000. Let US UP.
ANIMAL interest on $l7,OOo,OO0, $l,l9O,OOO
&C 100000 100000
On $2,OOO,OO0 paid in 100000
On $4,000, 900 10 be borrowed, 100000
Expenses other than operating road, $1,000
Total annual payment, $l,S95, 900
Now for the income. 1t is high estimate to
put down the average gross receipts of the road
for the next ten years at $2,OOO,OOO per annum.
But we will take this as our basis. Deduct so
per cent. for operating expenses, and we have ST.,
100000 left. From this must deduct per
cent. gross receipts going to the state, which
leaves net s96O,OO6-or $500, 900 for the ten
years The expenses for interest, land Depart
ment, &C., as we have seen, amount to ST. 1895 900
per annum, or $Sl ,95O, 900 for ten years. The
accounts then stands:
Out goes (ten years) $l8,950,OOO
Next income, 100000
Do6o;out 2SO nO0