The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1871-02-23
Il PA8TY OF CAPITALISTS.
From the " p. Md>1vndrnt.

Mr. Jay Go Ike, thr ernin mt banker,
visited Brooklyn on Thursday evening
last, where he met over two hundred OK
'he subs abtial men of that city. Per-
laps greater amnunt Of wealth and
intelligence has neser been conveied
n this country under one roof-r:er-
chants, capitalists, aud members Of the
press.
After enjoying two hours in social !
conversation, during Ehicb he received
the hearty congratulations of the gentle.
men present for the ready, prompt,
fearless, and eucsessful manner with
which he placed the "Governnent
Loans" during the Rebellioo, Mr..
Cooke was called upon for his views
upon the merits of the second great nae
tioaal enterprise with which his house
is now connected as fiscal agents-the +
great ''No1thern Pacific Railroad,' in
the success Of which every business
man in the nation feels deep interest.
He came forward, and iD succinct
ard off.haId manner gave not only =
history Of the enterprise from its in
ceptiou, but set forth in an exhaustive
argument the probable Importance to
the country and the world of the con-
struction Of their road.
He said that as early as 1845 it was
thought that this would be the high
way to the Pacific, on the ground that
the nations highways follow the water
courses =; and at later period (but
years before the wary this enterprise
had occupied the attention of the
leading men Of the South, who con-
ceived the idea of colonizing their Pc
culiar institution to the country con-
tiguous. He then traced the route
from Duluth to the Red River; thence
down the valleys of the Missouri and
Yeli,wstone-rich in coal, iron, and
limestone thence to Gallatin, throus b
Montana, Idaho, and the valley of the
Columbia: to the Pacific Coast-all Of
which country is adapted to profitable
agriculture aud possesses general cli-
mste.
| He elaborated upon the richness Of
the great Northwest; its unbounded
agricultural resources, wa:er-power, aud
minerals ; the number aod importance
| of its .naviga5le streams, which would
feed this road ; aud its mild and genial
temperature, which must eventuate in
its full development.
He made no in7idious comparisons
between the great Pacific road. he re-
garded the securities Of both ,he
others good, but was convinced that
the route of the North Pacific possessed
uncommon natural advantages. 1t vas
600 miles shorter, beginning 400 niles
west Of Chicago; while the Western
| terminus was inland 200 miles. He
| alluded to the ocean track for shipping
between Japan and China, which ne
designated the Gulf Stream of the
Pacific ind which brou u!ht all t9c
shipping from th"se c'a.trics destined
for San Francisco directly of Puget
Sound within 80 miles of the coast
where this road terminates, SO that af-
| ter the completi.n Of this road ves-
sel could land her cargo in New Yo,k
before another leaving at the same time,
could reach San Francisco. He spoke
Of the progress Of construction and the
arrangement for its future prosecution
that needed supplies could be fur
nished at either terminus, and on sever
al navigable streams which intersect the
route. He said the financial agents re-
garded the bonds as the safest in the
market, OK they would not have permit
ted their names to be used in connec-
ton with the enterprise. ThcIcompany
have IS to 50 million acres of land,
which will more than pay the principal
and interest Of the bonds to be issued,
AID the road is to be built upon itl
bonds, the sale of its land and stock.
| The intelligent assemblage present
was highly pleased with the descriptive
facts and information impaired to them
on the occasion, aud greeted Mr.. Cooke
With hearty applause on the conclusion
of his statements.
i