, 1870-04-22
MONETARY AND COMMERCIAL
MONETARY,


We said, yesterlay, III connection with tho
proposed railroad from Duluth to st. Paul,
that the people would " wako up SOHO morn
ing to find that Congress had donatel the
Crited States to railroad oligarchy." This
may at first glance seem little e1travagant,
but will seem lers 60 when an account is taken
Of what llas been already given away within u
few year,. Senator Thurman, in recent
speech in Congress in opposition to the pro-
rosal to increase the grant TO the Northern
Pacific Railroad, made the statement that tho
land grants to. the four Pacific Railroad Com
lantic {from st. Louis westward and the
Northern, amounted to an aggregate OF
1a4, ,00o, 600 acres. TO other Western roads
there had been grants to the amount OF
Is, ,000, 900 acres, in al 49,, ,099, 600 acrea, or
more land than there is in the States of Ohio,
Indiana, Illinois, Michigan. Wisconsin, and
Iowa. On tho question Of milking an nd
diticual grant Of lands and an additional grant
Of powers to the Northern Pacific, Mr. Thur
man eaid:
SGN, SIT, what is it that they ask. They ask
thai Congress shall authorize them to make a
7oTtniGt. not simply uioa Tie rtad, but Upon er<ry
a.Acrs soTM u IrIt<r:p. rsci+ Personal, ,.ire
corporate franchises nntl franchise Of being cor
I"rAtton. II that mortgage Il Gtvcn-amoTsagc
earth dug out, arforc there there Is anything donc
cut any limitation Whatsoever rs to the
l1ee ,,;, iSr j., which t,,, !as tons may se-whas,
SUI innrtGa1e-a mpEtcagr unllIuite.l In a.nouat
Ntsltr which fro hn:,.:rfH nfii,ns oF dollars Of
nonSs aEas hc pnt upon the market without any
llHttAtthM whatsoever As 10 the price for which
the. ehal stll CT the interest which they shall
Dtaf7 DNs mol any man who has the least
experience In the history OF railrnads In thlscoun-
try KNEW that Htre be tu outcome to such u
sHcrHrf a. thai and that is th< stt ef a thi4 pro.
tra f''dfr that and Il purchase by ring
n 'he tea.ldny i:.*tH That Is the common h!sto-
r. of rnilroais-thc sale vt everything under this
nor'euHe, and purchase By 'r1uG' among
the Stockholders themselves That Is to be the
long aud short Of It.
.1Aller the profits that ahal have rcsul,et, iron,
manipulating the bonds, after the commissions
ih11 shall have been paid to some bunker or bro
ler perhaps An Interested individual in the con-
ccrn, after he shall hare squeezed the orange aud
got all he can out Of It, In the end the whole thing
will 70 to fale uulieF the MORTGAGE aud all
tt property belonging to this company, aud given
10 II hr the government, will become the property
Of Arng' in the corporation itself, and freed
from its liabilities, because cold under the PRIOR
itors to that company, then those to whom 1t has
ia-c, INC lndetded nay whistle for thclr pay. the
ring viii have The roaA and all Its property IN.
nsers Who arc M nc, IN e the AMI and tne s sp
itnIs Hhe are not secured by the mortgage, may
whistle for their PfE."
rl':lade,rhia i the base Of operations for
this Northern Pacific Railroad rchemc Mr..
Jay Cooke and J. Edgar Thompson, tho presi-
lcist OF the ponneylsaniA Railroa1. are said ia
be the prime movers in this. as we'll ~ t1e
Lake Superior i Mississippi Railroad; aud it
is not difficult to SEQ how, in tho course Of a
few years, according to the process indicated
by Seuntos Thurman. the whole thing woulI
fall into the hands Of the Pennaslvania Com
Eany, and we should have railroad orgauiz1-
ton that could control al legislation or
defy it,
The Canadians have At length begun to .saee
the point in the proposal Of their Finance
Minister to Issue government fractional cur
rency. and to make American silver a legal
tender for only 30 per cent Of its value. Some
Of the Dominion papers are now denouncine it
As a forced loan looking to ! Suspension Of
specie payments, and the establishment OF q
Psrcr standard siuiiar to our own
Business continues to improve in some lines
of Trade, and inquiry among the jobbers ehows
that in a1moet al, except groceries. business is
bflsk- 1hc lumber and grain trades, however.
continue extremely dull. A large amount Of
grain haa been moTed Ont since the opening OF
navigation. but it docs not seem to Affect tho
Coney or exchange market in any way, And
was probably owned bS Eastern parties, having
been drawn against some time ago.
Money continues 1s abundant Is ever. Some
Of the banks, being unable to find use for al
their funds, show disposition to tTansfer
some OF their money TO New Fork,
and We hear Of come shipments
with th@t object. Ills noreucnt can, how
ever. he but transient, ae the movement OF
grain from here must soon make exchange
rlcnty at lover prices than at prceent- Some
Of the banks are making call loans on govern
ment bonds at ! Per cent. Discounts arc easy
At 10 re1 cent
Exchange was sold at from &c to 50c rer
Sl.GW premium between hunks today, and 1t
the close OF business, wna firm It the latter
figure
Sales At the Stock Board. today, waro:
% seaEcs Republic Insurance Comrany... Is
$500 T. & Bonds or of1ss7,.,,..., ,llt.s
S,oc0 American gold. d..-..,,,......l1 l1sa,
The following of{era Of atocks and hills for