Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1873-10-09

or the Northern Pacific Railroad
| we mean. jay Cooke d Co.. are It's
nominal owners. Only S20O,O09
| worth Of stock has been taken, a I'd
they control that. Some six hun
bred miles Of the road have been
built, and they have reported that
| bonds representing from twenty-five
to thirty millions have been sold.
| These bonds have built the road.
| But where is tho money for building
the remaining 200 miles to come
from? And what il to pay the inter
est on the bonds already sold? 1t
will require at least forty millions
| more to finish this road. There are
no cities along its line to vote sub
sides in aid of its construction. The
600 miles already built cannot pay
running expenses, and VIII hardly
yield Il dividend until the millenni-
um. The road runs most OF the way
| through an unbrOken wilderness,
and much Of the territory on either
side is barren and inhospitable TO
| the last degree. There is danger
| that the settlers, who have been lur-
ed there by the rose colOred dcscrip-
tions of fertile soil and picturesque
scenery and untold mineral deposits
and climate Of unsurpassed salu-
brity, will perish from cold and star
walton before the winter is out.
What Is to become Of this rond, Of
which we have read so many splen-
did descriptions, and whose bonds
were represented as more valuable
than those Of the Government until
farmers and traders and widows and
the trustees of orphaned children in
vested their small savings in them
in preference to safer but less Wanted
securities nearer, home? Jay Cooke
& Co.. Theoretically failed leavin"
o.thirds Of re road unbuilt. i o
go hundred miles already complet Il
ut an immense cost cannot possibly
pay the interest on the twenty-five
millions in bonds already placed
somewhere and probably every
where. 1t is a question whether
this stretch of road would not bank
rupt any company that should under
take to operate il for the immense
tract OF public land IA region larger
than Indiana and Illinois-which
Congress voted away for the build
ing Of this road, is practically una
valuable, because it is not wanted for
settlement, and probably will not
have Il market value for half cen
tury. Certainly the bond-holders,
who have already been bled to the
lainting point and have nothing but
worthless parchment TO show for
.I.k., .AF ApI .,.
money, are not likely to come for
ward and treble their subscriptions;
the money they have already paid
out Is practically sunk, Messrs.
Cooke ~ Co., cannot finish
the road, If they try, without Il
further sale Of bonds, which nobody
will be foolish enough TO buy.
There would seem To be only one OF
two courses leit--either the abandon
ment of the whole enterprise or its
assumption by Government. But
will the Government dare to assume
such a burden? In the present state
Of public feeling, with the recollec-
| ton Of the Central Pacific fraud aud
Credit Mobilier scandals fresh in the
public mind, will Congress be likely
| to venture into such "a speculative
scheme: Hardy. Itwoula require
unusual courage even to advocate the
measure on the floor of the House.
What remains, then. but the ahan-
! donment Of the whole enterprise ?
True, it would be monument Of our
folly. 1t would be pointed to 81 q
| national disgrace. Bat we have had
so many national disgiaces that we
have got pretty we'll used to them
and il the sinking Of twenty-five
millions in a wild attempt TO build a
railroad through barenness and desc
lation rom nowhere TO nowhere, for
the accommodation Of n popu' ation
that does not exist. will have the
sniutary effect OF curing our people Of
that species Of folly and making ali
similar schemes forever impossible,
we are not sure but it will be a wise
permanent investment Gydphlc,
sept. %.