Sioux City register. [volume] (Sioux City, Iowa) 1858-1871, 1859-05-12
From the Morning Sun, Dubuque.
The Dubuque and Pucinc Railroad.

d.
MEssRs EDITORS Two articles will
the same heading, and nearly Of like pur
port, appeared in you paper Of the tent
inst, rejecting on the officers of the Du
buqus and Pacific Railroad, suggesting
that eastern officers and directors shoule
be appointed, that the money for tha
work could have been obtained year ago
and the cars would, have been running t.
Cedar Fall, but not with the present Boart
of Directors and Officers. 1t is charged
that the late advertisement of the land
sales to take place on the sixth day u
June next, "looks like previous proceed.
ipgs mere stir-a pompous giving out
Of something to be done" after the off :
GERS had secured their places, and course
of their salaries for another year, then all
was quiet again.
Now, US l am one of the officers who
have advertised the sale, will take the
liberty of answering such parts Of the ar.
ticles as were especially intended for my
benefit. And first as to the proposed
land sale being a "pompous giving out to
make stir &C." l will say that it is a
simple announcement of the fact that the
Construction Bonds of the Company will
be received in payment at par as provided
by the deed of trust.
The Trustees, and not the President and
Directors have the sole power of negotia>
ting for means to build this road and the
and selling the lands
The trustees who have had the matter in
charge since last summer resided in the
East, three in New York ard one in Bos-
ton, they were all gentlemen of wealth and
character, but owing to the depreciation
into which all western securities had fall
en-, they did not, with the entire means
Of the company at command, succeed in
negotiating the first dollar for construction
purposes. Hence the assertion that east.
srn men could have built the road to Ce-
lar falls was made without being duly ad-
gised
Last July, Bernhart Hem and W. W.
Hamilton of this State were appointed in
place of two Of the trustees who had retir-
ID. BY a negotiation Of the trustees
Iessrs. Hem and Hamilton were char.
red with the management Of the, lands in
with the duty of raising funds to build the
'oad. In the latter part Of February last
Mr. Hem retired from the trust and |
laye been appointed his successor, if there
s any wrong or sin in Offering the lands
or sale, | am the most to be blamed | was
n favor Of that course as long ago as Dec.
1857. But | had no power to act, but on
V to recommend. The Trustees then in
,harge after due deliberation, did not think
hat course advisable, it may not be wise
low. The 230, 400 acres Of land and the
own lots which we are now entitled to sell
will at very low rates cancel one million
one hundred thousand dollars Of bonds
eaving about $4,000 outstanding. This
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 amour, of $3.50 900 will enable US
10 double the working length of our road,
and make it so miles long. This would
enttle us to sell l53,600 acres more Of
land which at $500 per acre will retire
$76S, 900 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 earnings made du-
ring the last year, and hope business will
never be lighter.
We haze done $4,000 worth Of work
during the last year with means raised in
Iowa! We have all the ties to complete
eighty miles and much of the grade and
masonry is done. Judge Hamilton and
myself are charged with the duty of man.
aging the lands, the New York trustees
with the raising of funds as heretofore
also have limited authority, by resolu.
ton of the trustees passed two weeks since
to negotiate for means to build the road.
Heretofore had no power excep. as stock
agent.
Let the people convert their bonds into
lands and relieve the company of one mil
lion dollars of debts, by taking lands at a
fraction over "a per acre, and will pledge
myself to raise ] the amount necessary to
double the working length of the road during
the next year expect to raisethatin Iowa
from stock, and that is the way that mos,
of the money which we have ever had has
been raised. know how that was done
and who did it. have no objections te
money from New York and New England
and even old England, but am not will,
ing to wait Arrays for foreign aid nor te
trust exclusively to eastern men to raise
means. When we pray to Hercules let u'
put our own shoulders to the wheel.
PLATT SMITH.
Dubuque, April 18th 1859.
. . p -
Ara A no,nhLnr Of ,nina WAS fairly oI