The Buchanan County guardian. (Independence, Buchanan County, Iowa) 1858-1864, 1859-04-28
For the Morning Sun.
The Dubuque s Pacific Railroad.

Inc DuOuguc n racine ltallroad.
MEssRs. EDIToRs Two articles with
the same heading, and nearly of like pur
port, appeared in your paper of the 10th
inst, rejecting on the officers of the Du-
buque d Pacific Railroad, suggesting
that eastern officers and directors should
be appointed, that the money for that
work could have been obtained year
ago, and the cars would have been run
ming to Cedar Falls, but not with the
present Board of Directors and Officers"
1t is charged that the late advertisement
of the land sales to take place on the
sixth day of June next, {" looks very like
previous proceedings a mere stir-a
1 pompous giving out Of something to be
done after the officers had secured
their places, and, of course, their sal
aries for another year, then all vas quiet
again. ew " 1- lela9#na
Now, as / am one of the officers who
have advertised the sale, will take the
! liberty of answering such parts of the
articles as were especially intended for
my benefit. And first, as to the proposed
land sale being "pompous giving out to
make stir, &c.," will say that it is
simple announcement of the fact that the
Construction bonds of the Company will
be received in payment at par, as provi-
ded by the deed of trust. @
The Trustees, and not the President
and Directors, have the sole power of ne
gotiating for means to build this road,
and the management and selling of the
lands. The trustees, who have had the
matter in charge since last summer, re.
sided in the East--three in New York,
and one in Boston. They were all gen
tlemen of wealth and character, but owing
to the depreciation into which all western
securities had fallen. they did not, with
the entire means of the Company at COM
mand, succeed in negotiating the first
dollar for construction purposes. Hence,
the assertion that eastern men could have
built the road to Cedar Falls, was made
without being duly advised
Last July, Bernhart HEM and w. w
Hamilton, of this State, were appointed
in place of two of the trustees who had
retired. By negotiation Of the trustees,
Messrs. HEM and Hamilton were charged
with the management of the lands in
Iowa, and the two New York trustees
with the duty of raising funds to build
the road. In the latter part of February
last Mr.. Hem retired from the trust,
and | have been appointed his successor,
and if there is any wrong or sin in offer
ing the lands for sale, | am the one most
TO be blamed. l was in favor of that
course as long ago as Dec. 1857. But
had no power to act. but only to recon-
mend. The trustees then in charge, af-
ter due elaboration, did not think that
course advisable-it may not be wise
now. The $50, 400 acres of land and
the town lots which we are now entitled
to sell, will, at very low rates, cancel
one million one hundred thousand dol
lars of bonds. leaving eight hundred
thousand outstanding This, l hope,
will tighten our load of debt so much
that we will be able TO start again. All
capitalists admit that we cannot start
again with our present load.
The amount of $500 will enable
us to double the working length of our
road, and make it so miles long. This
would entitle us to sell l53, 600 acres
more of land, which, at $500 per acre,
will retire $4,000 more of bonds
The road will then earn interest on the
balance of the bonds, and fair dividend
on the stock, even at the low rate of earn
ings made during the last year, and
hope business will never be lighter
! We have done $50, 900 worth of work
during the last year with means raised
in Iowa. We have all the ties to com
plete eighty miles, and much of the gra-
ding and masonry is done Judge Ham
ilton and myself are charged with the
duty of managing the lands, the New
York trustees with the raising of funds,
as heretofore. | also have a limited au-
thorily, by resolution ofthe trustees, pas
sed two weeks since, to negotiate for
means TO build the road. Heretofore |
had no power except as stock agent.
Let the people convert their bonds in
to lands, and relieve the company of one
million dollars Of debts, by taking lands
at fraction over $500 per acre, and l
will pledge myself to raise nethird the
amount necessary to double the working
length of the road during the next year.
expect to raise that in Iowa, from stock,
and that is the way that most of the
money which we have ever had has been
raised know how that was done and
who did it. I have no objection to money
from New York and New England, aud
even old England, but am not willing
to wait Arrays for foreign aid, nor to
trust exclusively to eastern men to raise
means. When we pray 10 Hercules, let
us put our own shoulders to the wheel.
PLATT SMITH.
Dubuque, April 18th, 1859.