The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-07-29

lately paid on my own account to the United States
many q ne shareholders Of the Illinois Central
nahroad Company forwarded me their proxies
Through your house; think it only an act OF c0ur-
.esy 70 send . few remarks upon what fell under
my 0 observation leaving you to deal with this letter
any details respecting the statistics. finances.
&C., Of the concern, which may ali he found acc~'
rately stated in the last annual report of the
directors and in the reports Of Mr. Fisher and Of
Illinois had free access to every department Of the
Land Office and the railway, travelled over eyerv
mile Of the line by daylight, and made several ex
railway appeared to me to be under the manage
ment of competent and trustworthy persons; but
| have had no practical experience in rail-
road matters, and therefore my Judgment
ing stock ready for double the present traffic,
and Captain Mcclellan, the Vice President, was
looking forward to the result of the present har-
vest and to the opening of the through line Ofrai
road to New Orleans, for large increase in the
earnings during the ensuing autumn. l have no
doubt that in few months his expectations will be
realzed but IN the meantime it would be useless to
speculate on the matter. My attention was direct
ca Principally TO the land department. which con-
sttutes the peculiar feature and the chief value of
the undertaking. The company had a grant of
about 100000 acres of land, bordering on the
railroad, OF which nearly onehalf has been sold on
credit to immigrants, and the most important uues-
ton for the shareholders is 'Will this land be paid
2, amount
ed in number to 5000, and that their average pur
cbases were about l20 acres each. Being the first
corners, their farms were of course to the rail-
road and the stations. This circumstance together
with the improvements which had taken place
such as the breaking up and fencing the land, and
the erection Of houses other buildings-had GER
tainly added so per cent to their value There SEEM
ed therefore, to be no reasonable motive for quitting
the land. On looking over the correspondence in
the Land Office during the past year-which has
been period of great suffering in Illinois, and the
whole northwest of the United States and Canada,
owing to calamitous failure in the crops in 1853
found that the settlers almost to man, express
ed anxiety to remain on their land; and whilst
asking, as they did in the great majority Of cases.
for an extension Of credit, they promised to fulfil
their engagements after they had gathered in
the ensuing harvest On inquiring from those who
had the greatest experience in selling land in ILL.,
nois, found them unanimously of opinion that
the company's land would be paid for. Not SO
much importance seemed to be attached to the
punctual payment of promissory notes given for
land as to the regular discharge of the interest;
whilst the most essential condition of all was that
the purchasers should be occupying and improving
the land, which, under such circumstances, was est
mated to double in value in five years. may add,
that it is the deliberate opinion Of the gentlemen at
the head OF the Land Department in Chicago that
throw up and abandon their purchases. The
only question then remaining was, whether
these farmers, who were generally men Of
small capital, would have Il in their power
W pay IoI lucH ldTuis Iue ttrIuS on WHICH
they were purchased allowed five years for pay
ment, in instruments Of twenty per cent Twas
told that upon soil SO rich as to require no manure
for many years, and where no outlay of capital or
labor was necessary for clearing the Forest or re-
moving any other obstruction from the surface, it
was easy, with ordinary seasons, for the farmer to
raise enough produce to pay for bis farm in five
years. The greater part Of the Western lands had,
found, been purchased out of the proceeds of the
labor of the immigrants, who had generally started
with very little capital. The result of my inquiries
was, that came away satisfied, both with the will
Ingness and ability Of the companys settlers to
pay for their land. II is not easy for an Eng
lishman to realise, excepting from the evidence Of
his senses the nature and extent of the prairie soil
Of Illinois For hundreds of miles you pass over O
slightly unduating surface without seeing hill,
rock, or rayine, or an acre Of barren or broken
ground to obstruct the progress of the plough.
After examining the landed property Of the com
pany came to the conclusion that, although the
cost of the railway will including loss of interest
exceed the first estimate by fifty per cent, the land
still greater extent, and will if judicousy managed
ultimately defray the whole expense Of the rail
way. Iremain, dear srs, yours faithfully,
R. COBpEN.