St. Charles Republican intelligencer. (St. Charles [Charles City], Iowa) 1856-1857, 1857-07-30
From the McGregor Times.
The McGregOr Railroad.

AuC MSoiVSVl AtuHIUuu.
l have perused the resolutions and
articles of the land bill adopted by the
McGregor, ST. Peters and Missouri
River Railroad Co. for the purpose of
more speedy construction of their
road. The novelty of the thing struck
me peculiarly, and reflects great skill
and foresight on the part of the COM
mittee appointed to draft it. In fact,
it is by far the most liberal policy ever
pursued by any Railroad Co. towards
it's stockholders, and must secure to
themselves large cash capital, which
they could not otherwise obtain at
present, unless by sacrificing Largely
on their bonds and farm mortgages.
If understand the system it is this:
Each individual who subscribes two
shares Of stock, becomes an equally
interested partner in two enterprises,
one of which is to build a line Of road
through the lands which he has pur-
chased, with the capital invested in
the other. Thus, he not only benefits
his speculative interest, but at the
same time, (should he own farm or
lands along the line, he increases the
value of his farm in proportionate ra-
tic. The skeptic may say, "why not
allure the Railroad entirely and in
vest all of our funds in lands and let
some one else build the Road" To
this question the answer is direct.
Under the present stringency of none
tary affairs it is utterly impossible to
raise capital to build the Road. The
present panic in Wall Street in re.
gard to Western securities is sufficient
to deter the most sanguine from enter
ing the arena with new project (; so
that "some one else" could not build
the Road and the sagacious ones
could be reminded of the fable of the
goose that laid the Golden egg
Had they invested one half in the pro,
jected Road, their lands would have
increased in value ten fold they
might enjoy all the benefits Of a speedy
and direct communication with the
Eastern markets and hold no incon.
siderable portion of stock in road
which can but be good paying one,
These same arguments apply with
equal force to capitalists and must
satisfy them that it will be safe in
vestment. The article directing the
sale of the land publicly, is a good one
This gives every one an equal chance
in the distribution, and will entirely
remove the suspicious of all as to the
fairness of all sales. The proceeds o.
all lands are to be deposited for the
benefit of the Stockholders, and the Di
rectors are ordered to divide the same
among the stockholders pro-rata.
The basis adopted, was carefully
remodeled from the one on which the
Berlin & Horizon Railroad is being
built. That Road is now being push.
ed forward with the greatest vigor
while other Western Roads, though
enjoying the gift of valuable tracts of
land, are languishing for want of ma.
terial aid.
| The policy has been tried and has
stood the test through the present cri
sis, and enjoys the confidence of Tho
whole country. The liberal policy 0
J the McGregor Co. is truly commend
able, and trust will be duly appreci
ated by the people Of Northern Iowa
I 1ney must snow that though denic,
, equal privileges with other portions 9
: the State in the distribution OF publ
lands, they are able and willing to as
for themselves. Make but an effor
and they will not be required to pros
ecute it unaided. Eastern capitalist
are waiting to see if the people wan
a road and if they have any confidenc
in it, and when assured of that fac
they will come to the rescue. Let n
rival jealousies impede the work, bu
subscribe literally and you may b
assured that your subscriptions vii
be expended on the most PRACTICABLE
and feasible line, be it North, Soutl
or Central Z.