Delaware Republican. (Wilmington, Del.) 1843-1874, 1873-09-25
From tie N. Y. Journa, of Commerce.

THE MOTH PAcIFIo--lTs HISTORY AND
MysTERY.-When the Northern Pacific scheme
first came up In Congress we exposed It's hol-
low and speculative character. We showed
that tho idea Of such road was In the first
place premature. There was no Immediate
need Of it, and no necessity for lie existence in
the early future. The country through which
the road was to pass was and 10, for the most
Of the route wilderness, with no thriving set
Elements dottinx its course, and there was no
reasonable expectation that population would
follow the track of that enterprise for years to
come. The engineering difficulties TO be con-
quered were enormous, particularly In scaling
the Rocky Mountains at height Of 5000 feet
above sea. There was no such demand for the
road as that which seemed TO warrant the COM,
struction Of the line to San Francisco. The
Union and Central Pacific supplied all the
means of Intercourse at present wanted between
the East aud West, and touched, or connected
with, cities and towns already built or building,
aud traversed agricultural and mining districts
comparatively well settled up. The time would
come, some day, when Northern transconti-
mental road would We decided convenience, If
not necessity; but to force II into existence at
that junction was a most foolish and perilous
attempt This IS what we have always held,
and time has vindcated our views. Especially
we were opposed 10 the lavish patronage be-
slowed by government upon the road. In the
case Of the Central and Union Pacific, the gov
eminent reserved to Itself 1.-THE nominal right 10
take possession and reimburse itself II the
scheme failed. That afforded o plausible ex-
cuse for the money aid which It rendered.
But the national gifts to the Northern Pacific
were outright. The government parted with
its ownership Of Al 000, 600 900 acres, or IA, 423
square miles, and upon that vast tract the COM
pany executed a mortgage TO secure the pay
ment of bonds not exceeding $4,000 mile
We denounced the Unprecedented loossness Of
this transaction at the tune. 1t virtually gave
to few individuals the absolute control Of q
territory of incalculable future value; and the
leaders 10 the speculation flattered themselves
that they would eventually become the riches,
men In the world-a delusion now cruelty ex
ploded. The inner history of this extraordina
scheme may sometime be known. Future In
yestigation may uarldde it; but now il Is deer
mystery. We only have at present the moral
evidence to make us believe that stocks and
| bends and land grants were freely distributed
among members Of Congress and all persons IL
positions of influence who would accept the
bribes. One thing Is certain-.he road was
| never asked tor by the American people, or any
considerable number ofthem. No public meet
ings were held in the great cities TO approve o.
it, and 10 recommend 1t to Congressional favor
1t was almost universally cried down as piect
Of oonsummatc folly and uubridled extradlgance
But in defiance ofpublc opinion 1t was crowd
ed through by the INSCRIPTIONS means that W.
have named. The people being thus disregard
ed and defed, took the only revenge left then
they refused to buy the bonds readily ant
greedily, though by ono means and another
large amount has ultimately been sold. Thes
securities have been advert ised extensively an,
In mastery manner. The agents, Jay Cook
& Co., did all that mortals could do, TO brinl
the merits OF the bonds before the public, an,
/ cOura0p Ousiv manifpsta1 their own faith Ii
them ESQ scantily shared by other bankers) b.
lending largely upon them and this error o
judgement was the primary cause Of their un
i fortunate failure.