, 1859-08-01

Lospos, July lssh. ls5a.
Xas,s Ro1<-t Benson d Co., GRAHAM Hoas:
DEAR Ssns:- the occasion Of the stss!
which lately paid on MT own nccount to the
United States, many of the shareholders Of the
Illinois Central Railroad Company forwarded
me their proxies through your house. I think
it only an act Of courtesy to send a few remarks
upon what fell under my obeerration, learlng
you to deat with this letter Is you nlay think
proper. shall not 60 into any detail respect-
ing the finances, statistics, &c-, Of the coucern,
which may sll be found accurately stated in the
last aanua1 report Of the directors, and in the
reports Of Ar. Fisher and Of Messrs. Wheeler
and Smith.
paid two vi.its to Illinois, had free access
to every department of the land office aud the
railway, travelled over every mile Of the line By
daylight, and made several excursions into the
interior among the farmers. The railway ap-
pcared To me be Under the management of com:
petent and trustworthy persons; but have had
no practical experience in railroad matters, and
therefore my judgment could add but little
weigh. to what has already been sald by others.
was told therei rolling stock ready for double
the presen. traffic, aud Capt. AcClel!and, the
rice. president, was looking forward to the re-
suit Of the present harvest, and to tue opening
of the through line Of railroad to New Orleans,
for largo increase in the earnings during tue
present autuuan. hare no doubt that in fes
moniha bis expectations will be realized, but in
the meantime it would be useless to speculate
on the matter.
liy as.euliou was directed principally to the
land department., which constitutes tue peculiar
feature and the chief value Of the undertaking.
The company had q grant Of about :,seo;ooo
which nearly oue-half has been sold On credit
to immigrants, md the most Important ques-
ton with the shareholders, is Will this land
be paid fort" On inquiry, found that the SET
tiers amounted in number to 10000. md that
their aterage purchases were about 1oo acres
each. Being tbs first corners. their farms we're
Of course near to the railroad aud the stations.
This circumstance, together with the improve
ments which had taken place-such as breaking
up and fencing the land, and The erection Of
houses or other bui1dings-had certainly added
50 per cent to their value. There seemed. there
fore, to be no reasonable motive for quittiug The
land. On looking over the correspondence in
the Land Office during the past yesr-which
has been period Of great suffering in Illinois,
and the whole northwest Of the United States
and Cauad4, owing to caiamitous failure in the
crops in 1851 found that the settlers. almost
to MN, expressed anxiety to remain on their
land: and whilst asking. as they did in the great
they promised to fulfil their engagements after
they bad gathered in the ensuing harvest. On
inquiring from those who had the greatest ex-
pericnce in selling iand in Illinois, found them
unanimously Of the opinion that the compan,'s
thnd 1oafl be paid for: Not 50 much import
nnce seemed to be attached to The punctual pay
ment Of promissory notes glren for land as TO
the regular discharge Of the interest; whilst
the most essential condition Of NIL was. that the
purchasers should be occupying and improving
the land, which under such circumstances was
estimated 10 double its value in hre Jears. l
may add. that il is the deliberate opinion Of the
gentlemen at the head of the Land Department
I'D Fh:Arrn nf nat thrna nbT ~aN nf tho
panv's settlers wonld throw up or abandon their
purchases. The only question then reminding
IVES, whether these farmers. who were generally
nacn Of small capital, would haze it in their
power to pay for their farms: The terms on
which they were purchased allowed dre years
for payment, in lnstalments Of 20 per cent.
WAS told that upon soil 50 rich as to require no
manure for many years, and where no outlay Of
capital or labor was necessary for clearing the
forest, or removing any other obstructiuns from
the surface, it WAS easy, with ordinary seasons,
for the farmer to raise enough produce to pay
the western lands bad, found, been purchased
ont Of the proceeds Of the labor Of the imni-
grants who had generally started With very lit
lie capital The result Of my inquiries was,
that came away satisfied, both with the will
Iingness and ability Of the compauy's settlers
to pay for their land. It's not easy for IN Eng
| lis6map to realize, excepting from the EVIDENCE
rie soil in Illinois, For hundreds Of miles you
pass over slightly undu1ating surface without
seeing bill, Of rock, or irvine, or an acre Of
| barren or broken ground to obstruct The pro-
gress OF the plough. After examining the
landed property Of the company, came 10 the
conclusion th t, although the cast Of the rail-
road will, including loss Of interest, exceed the
first estimate by 50 per cent, the Land will sur
pass the raIue originally put upon it to q still
greater e1teut, and will, if ifjudiciousy managed,
ultimately dcfray the Whole expenses Of the rail
way. remain, dear sirs,
Yours faithfully, Il. CoBpES.