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

iiSoooe" w oiN III 11iC CouoIl uCCAOl vi Eili-
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, Oh each side ct'
said lines, being 3,S4O acres rer mile, III
length OF road, and amounts in the aggre-
gate to 2,4G7 600 acres.
By an act of the Legislative Assembly
Of Minnesota, approved May 22d, 1851,
''The Minnesota and Pacific Railroad
Company" vas incorporated and al the
above mentioned lands granted thereto;
and the terminus Ct the first mentioned
line was fixed at Breckinridge on the
Sioux Wood River, and OF the other at
st. Vincent, near the mouth Of Pcnl;na
River. The l2ngth OF the former is ::s22
miles, and Of the latter 4:zs miles, r;l;,!!>1,y
IN all SOC miles.
The capital stock is Ave millions OF ,ly,- ,lyi,
lars, With power to incrca@2 it 70 txcnty
millions.
The line from Stiiiiw.;vr to E:ccsa IL
ridge has been accurately surveyed and 10
Gated, as also from st. anthony to Crow
Wing, the maps l,"yc been fled with the
Governor Of tic State, ant! wi;h the Com
missioner OF the General Land Office; the
locations have been approved by the Sec
rctay Of the Interior, and by hi: direction
the lands are row Jein: allotted to tie
Company.
The charter is liberal in all its ?rov:s-
ions, and contains no restriction as to the
rate Of tolls, speed, the mode or manner Of
connections with other roads. &C., aud re-
quires no taxes to he paid, but in lieu
thereof three per cent. Of the gross earn
ings Of the road (deductiny running cx-
penses) is to be paid to the State annually.
It is free from penalties and gives the
company until the Sd dayc 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 Z5,O0O to 6,0O0,
adopted an amendment to the constitu-
ton, authorizing q loan to this company Of
the Bonds Of the State to the amount Of
81 ,250, 900, maturing in twenty-five years,
bearing interest at the rate Of seven per
cent. per annum and payableso'ni annually
in >cw York, to be issued as follows:
100000 upon grading any tea miles Of
road, and the like sum when any ten
miles are in operation, and SO on to the cx-
! tent Of the loans, being at t!lc rate of
10000 per mile actually put in opera
tioD.
AS security for this loan the company
give to the State a le;n upon the pro-
J, cceds of the first 2iO sections of land tc
which it is entitled, which constitutes g
sinking fund for the%~payment Of interest
and principal upon the State Bonds. and
also deposits the first mortgage bonds o
the company with the Treasurer in like
amounts as those received b: the State
placing the State upon the same i:r:;ns
as that of any other bondAoi,|cr.
The company have executed deed ot
trust to Eion Earnsworth. Ex-ChanceiIo,
Of Michigan, Edward c. t'owlc3, Ex-:J ns
tice Of the Supreme Court cf New yor',
and William Fl. WeIch, Ex-Chicf ,J5,&t;o.
Of .,iinncsota. OF its lands, Ioa;l, franchise
&C., to secure the payment OF its tirst mort
gage bonds, four hundred Thousand 10!
lars Of which have been issued, and ARK
now being exchanged with the State 70:
like amount Of State bonds. About rH
hundred miles Of the right Of way hay
beensec,1red.
The company have contracted with Sc
lah Chamberlain, Esq, of Cleveland, Ohio
! for the construction of eighty miles 0
) road from St. Paul to St. Anthony, *n'
thence up the Mississippi river via tAnok
to Sauk Rapids and St. Cloud. fifty mile
to be completed ready for the rolling s:oc1
in two years from the 18th day Ct Ma
f 1858.
For this they pay for the most nart il
State bonds and first Mortgage bonds {.
$4,000 per mile:
The present population adjacent t
| these fifty miles Of road is estimated a
$1,000. 1t has increased ten-fold With
the last three years In Wisconsin as az
pears by the last census, the increase c
population has been at the rate of eight;
seven per cent. per annum; and takin
t this as a basis the population upon thes
: fifty miles Of our road will be in two year
100000.
1 St. Paul has a population of $4,000; S
: Anthony and Minneapolis divided b
: the river only), 10000; and the valley
the Mississippi to Grow Wing Q2S miles
is lined with thriving villages and towns
5 and has business sufficient to sustain tn
, road handsomely if constructed at tn