St. Cloud Democrat. [volume] (Saint Cloud, Stearns County, Minn.) 1858-1866, 1858-11-25
Minnesota and Pacific Railroad.
STATEMENT.

f. & STATEMENT. T. a. .+sss.
BY an Act of Congress, approved March
8, 1851, grant Of land was made to Min
nesota to aid in the construction, of a rail-
road from Saltwater by way of St. Paul
and St. Anthony to point between the
foot of Big Stone Lake and the mouth Of
Sioux Wood River, and from St. Anthony
via St. Cloud and Grow Wing to the navi-
gable waters of the Red River of the
North, at such points as the Legislature
might determine.
The land granted consists Of every odd
numbered section for six sections { or
square miles) in width, on each side Of
said lines, being 8 $40 acres per mile, in
length Of road, and amounts in the aggre-
gate to 2 ,467 600 acres.
By an act Of the Legislative Assembly
Of Minnesota, approved May 22d, 1857,
|'rhe Minnesota and Pacific Railroad
Company" vas Incorporated and al the
above mentioned lands granted thereto;
and the terminus Of the first. mentioned
line was fixed at Breckenridge on the
Sioux Wood River, and OF the other at
st. Vincent, near the mouth Of Pcmb;na
River. The length Of the former is 222
miles, and of the latter AS miles, making
| in all $50 miles,. =, y
The capital stock is five millions of dol
lars, With power to increase it to twenty
millions.
The line from Saltwater to Breck::.l
ridge has been accurately surveyed and 10
Gated, as also from St. Anthony to Crow
Wing, the maps have been fled with the
Governor Of the State, and with the Com
missioner Of: the General Land Office; the
locations have been approved by the Sec
rotary Of the Interior, and by his direction
the lands are now being allotted to the
Company.
The charter is liberal in all its proviis-
ions, and contains no restriction as to the
rate OF tolls, speed, the mode or manner OF
connections with other roads, &c., and re-
quires no taxes to be paid, but in lieu
thereof three per cent. Of the gross earn
ings of the road (deducting running ex-
penses) is to be paid to the State annually
It is flee from penalties and gives the
company until the Sd day CT March 1867 to
complete its road.
In other respects it is all that could be
desired.
On the 18th of April, 1858, the people
Of Minnesota, by vote Of $4,000 to 5000,
adopted an amendment to the constitra.
ton, authorizing a loan to this company Of
the Bonds ofthe State to the amount Of
81, 100000, maturing in twenty-five years
bearing interest at the rate Of seven pei
cent. per annum and payablesemi-annuall1
:, in New York, to be issued as follows
100000 upon grading any ten miles O.
road, and the like sum when any ter
miles are in operation, and SO on to the cx
| tent Of the loans, being at the rate O
900 per mile actually put in opera
ton. >. -. ..-
AS security for this loan the company
give to the State leln upon the pro
: ceeds of the first 240 sections of land t.
! which it is entitled, which constitutes
sinking fund for thesspayment of interes
and principal upon the State Bonds. ant
also deposits the first mortgage bonds o
the company with the Treasurer, in lik
amounts as those received BY the Stat
placing the State upon the same footin!
, as that of any other bondhoider.
!, The company, have executed deed O
! trust to Elon Farnsworth, Ex-ChancelIo
: of Michigan, Edward c. Cowles. Ex-.Jns
tice Of the Supreme Court Of New York
and William H. Welch, Ex-Chief ,Just;c
: Of Minnesota, Of its lands, road, franchise
&C., to secure the payment Of its first NOR!
gage bonds, four hundred thousand dol
lars Of which have been issued, and ar
? now being exchanged with the State for
like amount of State bonds. About on
= hundred miles Of the right of way hay
:, been secured @ #"*%
/, The company have contracted with 81
! lab Chamberlain, Esq, of Cleveland, Ohio
, for the construction of eighty miles {
E road from st. Paul to St. Anthony. an
: thence up the Mississippi river via Anok
to Sank Rapids and St. Cloud;..fft mile
to be completed ready for the rolling ssoc
in two years from the 18th day Of Ma
q 1858. 90
| For this they pay for the most part i
! State bonds and first Mortgage bonds a
$4,000 per mile: - ~ .s..
f The present population adjacent t
these fifty miles Of road is estimated a
$1,000. It has increased ten-fold With
the last three years In Wisconsin as ar
/ pears by the last census, the increase .
: population has been at the rate Of eighty
seven per cent per annum; and takin
this as a basis the population upon Ties
fifty miles Of our road will be in two yea1
:: 100000.
/. St. Paul has a population of Ii, 900; S
Anthony and Minneapolis divided b
! the river only, 5000; and the valley {
4ho IL H..... 40