, 1870-05-24

e 4osVs
said. with great energy, "0x-tafl soup!~
Schurz stayed ! week In London, then re-
sided two 5ears in Paris, and finally sailed for
New York, . married nan.
HEsny D. COOKE or THE NORTHERN PACE1c
!, ->HAN.RoAD.
Mr. Henry D. Cooke, ono Of the brothers,
Jsy, Pitt, and Henry, constituting the veil
tnnvn firm Of Jay Cooke j. Company, has
asked me to make = statement concerning the
recent defeated attempt to pass through tho
House Of Representative Joint resolution
aIoyipg the Northern Pacific Railroad to
MORTGAGE it's lands, receive an additional grant
Of land to compensate FOR what OF its origlnal
belt has been pre-empted in advance By actual
settlers and permit the junction OF the TWO
Western branches respectively to Portland,
Oregon, and to San Juan de Fuca, to 6e h1ed
a. q point further East than was originally
nj. Cooke says that the joint resolution re-
ferred To contained 10 doubtful nor sinister
provisions, but was framed chiefly to satisfy
Mr.. Jay Cooke thatz when he should GO
abroad to cell tho bonds and lands, be should
feel that he was acting up to tho clear letter
Of his contract !.
Nj. Cooks gireB tho following account Of
the connection of his banking house With the
Northern Pacific corporation:
When the Pacifo Koad was first formed, the
gotiate it's bonds and take charge Of It's emf
grntion system. Having submitted the char
ter Of the road to eminent counsel, they Offer
ed to defray one-half the expense Of = thor
ough survey Of the line OF road, to see II the
lands we're really. good and inhabitable, such
as they could make available and adapt to the
uses OF European Immigrants Having oFgan-
lied two extensive surveying parties, these
passed orer the entire line OF the route. But
while they were thus surveying. gTeatsnunbers
Of shrewd settlera and speculators followed
out the line Of the survey and took up tho
most valuable portion Of the lands. They be-
came convinced, also, that there were forrnida-
bic difficulties Of an engineering character in
the Cascade 1lountaIns, which could be best
evaded BY making their western point Of juno
They now ask that thla privilege Of choosing a
new point Of divergence be permitted, and al
go that the lands occupied by aauntters be
made up to them in some other places contigu-
ous to their line. M1. Cooke alleges that a.
than that Of the Central and Union Pacific,
would Vs 10 gladly sell la al 80 their % lands
for the merely bonded subsidy paid to the
present railways; As to the right Of mortgagg-
Ing their Iands, he says that they wish to do
this. subject, Of course, to that provision Of
the charter which does not transfer the lands
Of the road, except in stated insta11nonts, as
fast as parts Of The road are built. He says.
further, that MI railways mortgage their prop
banke1s, in New York, who aze now selling
! seventeen millions Of mortgnged property Of
the Chesapeake 4 Ohio Railroad, which has
not one acre Of the public lands.
11r. Cooke says that the credit and standing
Of bis house would not permit it to go abroad
making any representations that were not
strictly set down in black and white by act Of
Congress. and that it is to satisfy these legiti-
mate wishes and sc.up1es that further legiAla-
ton has been requested. He says that the
grab; that it was chartered and endowed long
before there was any opposition manifested to
the land system; and that the demand Of
certain persons to compel them to: sell
their lands for not more than two
and half millions Of dollars
side with the railroad lands, will stand the al
te1nate sections Of government lands, and the
price Of the one will regulate the price Of the
other. Some statements OF these gentlemen
hare the interest OF news. Ho says the North
Pacific Railroad Company is not responsible
American iron so1ely, and that they ought not.
to bo held accountable for the protection
fanaticism of everybody who can introduce
resolution.
Tho house Of Cooke 4 Company raiaed
sc, SOC, 900 within one weeks time to build the
uIsl SECl1Uu t1 LIZ auu 1u1sY uo hAy6,
came in without effort, from people who had
entire faith in the earuestness OF the negoti-
ators.
Three weeks ago this banking house cashcd
draft Of over 1900, 600 to bny funds for the
laborers who are now at work upon the first
section Of tho road, which, hesssaye, will be fin-
ished from Lake Superior to Red River by the
frst Of next January, 30 as to be made avail
able, II necessary, for any railroad operation
which tho government may develop toward
the Red River country.
II Congress should refuse to pass the joint
resolution which was postponed and amended
last week, the company will get go to work just
as earnestly, although the estimate is that this
failure will cost them half million Of dollars
in deprecated credit, &C. ..
Amongst the large designs of this company
is one to establish emigration agencies in
every corner OF Europe, and to- offer such
facilities to settlers as have never yet been
developed us, for example, the company
proposes to manufacture portable dwellings,
graduated IN point Of cot, nua to transport
is alleged TINT there arc now over twenty mill
ions Of people waiting to esnigrate to America,
il they can ace their way clear. This banking
house has a1so negotiated the bonds for the
railroad from St. Paul to Lake Superior, and it
will bo open over its whole length next July.
These arc Mr.. Cookies statements, as he
gave them to me, and he claims that his estab-
fshment has no other design than to comply IN
the utmost integrity with eycEy specification Of
the charter, and build the whole Pacific Road
asked Alr, Cooke il there vas any truth in
tho statement that his house also proposed
to undertake tho building OF the Southern
Pacific Railroad. He asid IL had been proposed
to them to redeem the general character OF
American securities abroad By assuming tho
debt, and taking the charter Of the Memphis
l. Ell paso Railroad; for, If that charter should I
expire, no other land grant in Texas can be |
made under the terms Of the new constitution;
and, besides, if this road should become en-
barrassed, and fail to pay its coupons, the fu-
tu1e transaction Of American railway bonds On
the continent of Europe would be affected.
Further than pondering over these matters,
the banking house had taken no part in South
ern Pacific enterprises.
The house OF Jag Cooke & Company il not
the North Pacific Railroad, but merely the me-
gotiator OF its bonds, receiving commission |
Tor the salo OF them, also for the sale OF lands
sccruing to tic railroad. GATH.