The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1860-06-01

" EnoS BUSINESS. II WOulO open up q
heaithful and fertile region of several hum
dred thousand square miles. The rivers and
lakes, anordlng as they do continuous navi>
CATION Tor three or four thousand miles, ex.
tending in diversified directions. will, inevi.
tally, in few years be dotted over with
steam and sailing vessels. The pioneer of
these has been successfully launched. On
the 18th Of May, 1859, the steamer "Ansop
Northrup" was appropriately christened up-
on the Red River of the North. She has
since made trip to Fort Garry.
From explorations now being made, the
question Of the feasibility and propriety of
adopting this. during the summer months,
as an emigrant route to the Frazer River
gold mines and to the Pacific, will be SET
tied. Well organized parties of emigrants,
under experienced guides, are already on the
way, intending to 60 by water a great por-
ton OF the distance. Should they practi-
cally demonstrate, as all believe they will,
the superiority of this over other overland
routes to the Pacific, the prospect of obtain.
ing the requisite aid for the speedy construc
ton OF this road will be greatly strength
ened.
Forming so important link in the chain
OF roads between the two oceans, it will
command assistance as soon as any well ma
tured plan shall have been adopted for the
construction of road from the navigable
waters OF Frazer river to those of the south
branch OF the Saskatchewan, now in con-
temptation by British capitalists, and fos-
tered by the sagacity of the British govern
ment-that portion being but the first link
to line extending eastward through British
territory to the Canadian Railways. The
length of this first link will, it is estimated,
be between three and four hundred miles,
which with your road of two hundred and
forty miles complete, would afford steam
communication across the continent. The
commercial and national Importance of an
early consummation of the project, both to
England and the United States, cannot fail
to make it completely successful.
The scientific explorations of Capt. Pal
lisser and DR.. Hector, conducted under the
auspices of the English government, have
removed all doubts, according to the state
ments of the English journals, as to the
feasibility of successful location of a Rail-
road route through the Rocky Mountains
and near the International boundary line.
The report of the Chief Engineer show
that at mid>winter ifty-four miles of the
road bed of this company, including cul.
verts, bridges and mechanical structures
were prepared for the superstructure that
sixty continuous miles are now nearly ready
for the rail and that the work remaining
to be done, to complete 62% miles for the
iron, from St. Paul up the valley of the
Mississippi, under Mr.. Chamberlain's con-
tract, will occupy about two months in it's
performance.
A sufficient number of cross ties are at
st. Anthony to lay the track from St. Paul
to that place.
The Secretary's report shows the amount
of outstanding warrants drawn upon the
Treasurer by the President to be SAL zoo OF.
The report of the Treasurer shows
that he has received for capital
| =, stoch 1900; ,................ S53,47O 90
Upon bills payable. ............... 3O,45O 90
Total. Observation-Disclosures. So, 1920 90
And that he has paid out. ......... 1898 6S
Leaving balance on hand of Sc 80
The directors hope to have the road in
operation between st. Paul and St. AM
thony during this year. No efforts will be
spared to effect it; and if the State bonds
can be made available for the purchase of
iron and rolling stock, it will be accom-
plished and by the first of November,
1860, it is believed that 621s miles will be
in successful operation. To that extent on,
ly does the aid of the State apply.
By prudent management and strict econ
omy, it is thought that that much road can
be constructed without having recourse to a
sale of first mortgage bonds.
The company will then be entitled to
230,400 acres of land, lying along the val
ley of the Mississippi river, extending from
st. Anthony to Watab, which they will be
at liberty to sell. With the proceeds of
lands and the net earnings of the road, it is
believed that the company will be able to
discharge its obligations as well to the State
as to others, and to be able to proceed with
the extension of the road.
On the whole, although the company is
affected injuriously by the embarrassments
prevailing throughout the State-partly by
reason of the many circumstances which
have combined to depreciate the standing
and credit of the State bonds-stll the di-
rectors feel assured that these bonds will
yet be available, and that their intrinsic
value will become equal to that of the stocks
of any other State in the Union. The con-
dition OF the company is, therefore, more
satisfactory than could have been expected
and from the future there is much more to
be hoped than to be feared.
EDMUND RICE, President.
STATEMENT MADE TO THE LEGISLATIVE
INVESTIGATING COMMITTEE.
OFFICE OF THE MINNESOTA & PACIFIC R. R. Co. ]
ST. PAUL, January 28th, 1860.
To The Hon. J; H. Stecdr, Chairman Of the Senate Com
ndtee and the Hon. G. r. Cleveland, Chairman of the
House Committee on Railroads and Railroad Bonds:
In pursuance of the joint resolution of the
committee, of which you are chairmen, re-
spectively, "Tbat a communication be adj
| dressed to the Presidents and Treasurers of
each Land Grant Railroad Company in this
State, asking what amount of First Mort
gage Bonds their respective companies have
ssued and are now outstanding? To whom
delivered, for what purpose or purposes
and at what price or prices the same were
negotiated ? and also full ard perfect state.
ment under oath of the condition and trans
actions OF their respective roads since their
incorporation until the day of such state
ment so certified as above to this commit
tee" l have the honor to refer you to my
cOmmunico tiop od1roecoJ 70 Tho uonora hlo