St. Cloud Democrat. [volume] (Saint Cloud, Stearns County, Minn.) 1858-1866, 1866-05-10

: s&A0~00AO - {
HON. I. DONNELLY,
OF MINNESOTA,
Delivered In the House Of Represent.
u tivss, Ays1! 2e.h. ases.:
Nh. SPEAKER, The bill now before the
House Is Of 90 much consequence to the
people Of the entire notion, and more par
tioularly to the States knswn % the north
western States, and especially to the State
which have the honor in part to represent
here, that should consider myself false to
my duty toward my constituents il did
not occupy . brief period Of time in its ad-
.yocacy. -
The proposition contained in this bin is
. very plain and very simple one. It is in
effect that the United States shall indorse
for limited portion " the stock Of this
company, 1t IS that the United States
shall guaranty the stock Of the Northern
Pacific Railroad Company upon the gross
amount Of $57, ,OO0, 900. or an average
amount Of about thirty-two thousand dol
lars per mile, for the period Of twenty yesrs
hope II is distinctly understood in the
House that this guarantee does not in any
case extend beyond the period of twenty
years, nor does it in any way extend to the
principal Of any part Of the bonds Of the
company. ~ IL az<tfla 90 SCI" -.
The whole question, then, for this House
to determine 10 whether the United States
Government will be safe in making such Q
guarantee, because it must be apparent to
oil that IL the United States can build this
great road, reaching from the head of Lake
Superior to Puget sound, through . dis
tance Of eighteen hundred miles, and do it
without incurriug any loss to itself. it
should by oil means give the aid which is
asked. This matter, then. resolves itself
into the simple question, is the United
States safe in taking such stepl r.,
Now, We have had presented hereby the
opponents Of this bill, quotation after quo
tation from pamphlets and from speeches to
show that the land grant already made to
the company is Of such enormous value
that it alone ought to enable the company
to build the road; that in any event it is
Of such great, value that when the road
shall hsve been constructed the land ada
cent to it and already granted to the COM
pany will be equal in value to the total
cost of the road itself. - ,sss@1
Nov, Mr.. Speaker, if all these state
ments are true then this COVE :nment runs
no risk whatever in giving the guarantee
which is asked for, because the property
Of the company, when the road shall have
been built, will be worth all that will have
been expended upon it, and will therefore
most assuredly be ample security for the
interest upon : limited portion Of the
stock. ~
:: We were told yesterday by the gentle
man from Ohio upon my left (Ar. Spauld-
ing) that the land grant already made to
this company 10 abundsntly sufficient to
build the road, and 10 prove il he read 70
US an extract from letter of Hon. John
Wilson, Third Auditor Of the Treasury. l
ask the Clerk to again read that extract.
The Clerk read % follows:
"Ihave not the figures, nor would now be able 10
work them up II had, but comparing this With the
Illinois Central railroad grant, think it small
sn:te to ssy that T. THU grant !. properly m.nased
ent terminus of the Grand trunk through to Pugets
sound and head Of navigation on the Columbia; fit
out an entire feet the Chns East 1nia and coast
surplus that will roll up to millions" 80. ~.
Mr. ,DoNSELLr. From this testimony,
quoted by those who are opposed to the
bin, it appears that the land grant is not
only sufficient to pay for this road but to
equip line Of steamers besides for the
China and East India trade, and leave q
surplus Of millions of dollars. In the pres
ence of these facts, eau these gentlemen
say this country would not be safe in Civ
ing the guarantee asked for?
f The bill further proposes 10 give twenty
five per cent. Of the gross receipts Of the
road as security for the payment of the
guaranteed interest. Now, as has already
been stated, twenty five per cent is equal
to that portion Of the receipts. out Of
which interest upon the capital stock Of the
company is paid.
Can it be doubted that the receipts Of
such road would be enormou,i With q
vast and rapidly increasing population At
both its extremities growing up along its
whole line, and the trade of the Indies and
China passing over it, who can doubt that
its receipts would be enormous!
If you doubt this you doubt the future Of
the country and forget all the teachings Of
ito past. .,css .sas gss.,
But It will be said, in answer, If I'll this
is true, why no. 60 and build the road with
the land grant alone! I propose to address
myself . few moments to that portion Of
the question. = &a:S Y .-
The value Of the land gra1t, Mr.. Speak.
er, depends on the building Of the road.
That amount Of land with tho road built
through it is worth every dollar Of the es-
innate put upon it by MIR. Wilson. That
land without the road, 10 not worth to-day
in Now York city i've cents per acre. You
can 60 al through tho western country, in
, L.. - g. H. -
consin, in the State Of Missouri, and in
other States of the West and lind millions
Ut acres Of land that have been offered
time and tilue again for shilling an acre
without meeting with purchasers. Why is
it? Because they are remote from those
great works Of internal Improvement, the
railroads which are only second to natures
great rivers to the development Of popnla-
ton. Take the experience Of the West
Go back to the year 1856, and you will
find land grants given about that time to
the State OF Michigan, to the State Of Wis
consin, and to the State of Minnesota to
buiid lines Of railroad within . period Of
ten years aud yet IN the last Congress We
we'e called upon and besought to extend
the time yet ten years further In which
these roads should b: completed. So that
In these states, near to the great csnters Of
population, twenty years hsvs been con.
Iidered essential to the construction Of
short lines Of railroad By Z |
land grant alone. 81 t55s . Il
Mr.. Speaker, Il this we're trifling enter
prise, il this wss road Q! fifty or one hum
lrsd miles through comparatively settled
'ountry, We might With propriety be told
hat land grant alone would build it,
But recolleot, cir, Il il over eighteen hum