, 1873-01-02
THE NORTHERN PACIFIC RAILROAD.
items from tho 1kccortf-Ovcr s154O00,.
600 iii Bonds Sold, and 50. .000, 900 Ex-
pended OH tho 1kOAd.

items from tho 1kocortt-Oycr s17,O00,-
600 i.t Bonds Sold, and 50, ,00O, 900 r3x.
pended OH tho 1s04d.
Basht"sto" Corresponding, y tho Cincinnati" Conf
A good many well-informcd pooplc have bc-
gun to suspect that there was something in tho
Northern Pacific Railroad businoHs sayorng OF
a Job. but, while thero Was o certain aud woll-
dollnod smell Of jobbery about it, there WAS n
difficulty in reaching particulars. The surface
Indications Of tho tranHaction arc fair enough,
aud tho casual observer will pronounce it all
right. Tho newspapers have, for soulo roaeon,
wllotllor from disinelnation to investigate Or
because they wore aoducod by nice Hlices Of ad-
yortiBing don't know. At Gil events, the mat
tor has not boon laid boforo tho pcoplo as 1t
should be. hayo no disposition to soy an I'M
kind Or an unfair word about tho Northern Pa
oitlc Railroad Or it's management. What Is hero
given III from the record.
Tho corporation waH chartered July 2, 1864, by
act Of CongrosB. Tho charter would mako about
two columns and half Of the Commercials or
dinary type, and in as liberal Us fair mon could
ask. 'Tho right q way is giyon for 200 feet up
on each Hide Of tho road-bed, together with tho
privilege of using all timber, &c;,, nooesBary to
sntas Sepg ho ess ban ss5 +
about . tweaty y-htth part Of tho entire public
domain. ! have not figured oioholy, but
it amounts to about $4,000 acres to tho
mile rhia is proper, enough, y, perhaps, IS
and good deal iB worthless with 1t. Still, it
seems as though thoy could get along with loss
than enough to create two or three Respectable
StateB. 49,
oral grant. They simply asked for land and
nothing moro. They wore not to issue mort
Rage or construction bonds. The tenth section
says expressly that " no mortgage or conatruc-
tion bond shall over bo issued by said Company
on said road or mortgage or lion mado in any
way, except by tho consent Of tho Congress Of
tho United StatcB.
This saving clauso except by tho Congress Of
the United States" Was put in for purpose.
1t was, no doubt, tho intention then to wait
awhile, get the ''conBont Of Congress," and
flood tho country with bonds, which they have
done.
This chartor was giyou in 1864. Sure enough,
in 1862, tho corporation came down on congress
hours OF the last session OF tho Fortioth Con-
Gress {Alarcl1 !, 18oy), tho following resolution
Weut through:
Reso!ved ce., That tho consent Of tho Congress- Of
ciAc lailroad Company issue ita bonds and to So
cure the same by mortgage upon It's railroad and hs
telegraph line, for tho PURPOSE Of raising funds with
which 10 construct sa1d railroad, y &c.
Now. why WIS this not put in tho chartor !?
Why was tic charter made to say that no bonds
should DO iaBuod7 What is the limit the bonds
that arc to be issued? Congress 'makes mono III
the resolution above givon. authorizing the
bonds to DO iaauod. Tho chlrter makes mono.
Who knows how many bonds have been issued
or are to be issued? Perhaps u , will hnvo light
on this further along.
| nEso LUTON OF INQUIRY AND WHAT CAME OF IT..
| On tho 18th of February last. General Banks
introduced d resolution asking tlle Committee on
| tho Pacific Railroad to "inveBtigata and report
| upon tho actual condition Of tho Northern Pa-
cltic Railway Company"
should hayo been followed up but it was not
| with any degree OF energy. NeverthelosB We
arc indebted 10 tho Committee for what little we
know Of tho subject. Banks. after moving the
resolution, suddenly drops from the aceno, ana
Of Louisiana, was Chairman Of the Committee
OF Investigation. This Sypher amounts to
about as much AZ any other. 11e is an appro'
rriate porson to Put Oh Committee Of lnvostt'
cation. About tho most energetic thing in hls
| report is The statement that " notice wEs giyon
Hon. L. N. Banks, who moved the resolution
thnt tho Committee waB reatiy to commence the
| Investigation, and wished him to Indicate the
line Of inquiry, which ho aebirod to hnyo made
This request was repeated afterward without
Why Banks dropped out is not known. Flo Ii
not hoard of in connection with tho inyestiga
tion, only as tho mover Of tile resolution of in
Tho Committee got over tho investigation
prctty oaaily. Thoy only examined one witnos
1Snlith, tho President Of tho company, ant
asked him but forty-six Questions, aud thes
wore IN tho form OF Wflsteh heterogeneous.
The intorrogatories up to The ninth amount t.
nothing. The ninth olicitB tho fact TINT the tn
hundred aud twenty-nino miles Of tho oastors
ond then constructed {June last) coat $23, u
por milo. Tho twonty- five mileB OIL the paciti
ond cost 928,5G0 per milo The questions from
tho l,iuth to tho nineteenth refor to the rolllnl
stock, tho iron, the contractH, tho amount o
laud, etc., but nothing Of especial importance
We arc told that tho Company ia rapidly survey
ing, mapping out and locating its lands and tha
it will 10 entitled to. 2,9l8, 400 aores in Mime
tory, for ni1sy-.iye miloB Of road to be con
strutod thoro this yenr. ......
It sooms that up to Juno tho Company ha
not sold an aero OF land This is tho question
| aud luHMer: