, 1873-11-25
THE NORTHERN PACIFIC RAID ON CON-
GRE8H,


Tho report Of the Government Commission
ers to examine tho Northern Pacific Railroad,
which recommends tho acceptance of another
installmont Of tho road, will load to tho Issuing
Of patents for tho proportion Of tho Government
land-graut which Ia duo on the mileage titus far
completed. Tlis looks as though it woro tho
intontion Of the oflcers Of the road to secure oil
the lnnd they cau bcforo thoy go to tho next
Congroas with their petition for tho guarantee
Of Northern Pacific bonds. It is understood
that tho proposition will bo to surrender all that
portion Of the Immigrant to which title has not
boon acquired in lieu Of the guarantee. As tho
acceptance Of the last 100 miles that hayo boon
built will transfer all tho land along tho frat 400
miles Of tho road, which is probably worth moro
than all tho land thot will go with tho remaining
1,400 miles Of road yot to bc built,
it is obviously desirable for tho NORTH
ern Pacific managers to acquire title to
| this bcforo attempting to eaddlo tho building Of
| tho romaindor OIL tho Government. Thoy will
then hayo mado very neat thug out Of tho
/ undertaking. They will have acquired about
! 16, 600 gquare miles Of the best lands on tho
line Of tho road, and will ondoayor to foiat upon
| tho Government the task Of making tho Who1o
property valuable.
Tic proposition that Government shall guar
antoe su1I1ci ont Northern Pacific bonds to COM
plete tho road Is so prepostorous, In yiow of what
is now known OF tho enterprise, that We can
scarcely belioye that anybody will hago tho
"cheok to present 1t to Congress-. IT could
only be brought forward on the ground OF gym
patl,y, einco tho enterprise bus no financial
merits to commend it. Thon the question
ariacs Who, Of oil concerned in Northern
Pacific. is entitled to Government sympathy ?
1t cannot bo tho stockholders. Tho law Of Con-
grcsa authorizing tho construction Of the
road only required that 92,000,o0o stock should
bc subscribed. and only 10 por cent Of this paid
in. at the bost, then, the Stockholders have
only paid in $500, 900 with which to build road
1,sQD miles In length, and tho history Of otho,
land-grant railroads justifes suspicion thai
thoy have not paid even this much. So muol, oi
the road as has beon built Ia tho result Of crodi
furnished by tho Government in tho enormous
grant Of land, which, by m extraordinary loga
process, could be 1nortgaged before the road hae
acquired tit1o. Tho stockholders, therefore
hayo no c1aim on Government sympathy, be
cause thoy hayo mado no Investment. Tho.
have simply embarked in q real estate spooula
ton on borrowed capital. The situation of th
7 bondlolders is not any moro entitled to sympa
, thy. Thoy hold q mortgage not only on th
franchise, road-bed, rails, aud rolling-stook o
} tho road, but On forty square miles Of land 70
, every milo Of road that has boon built. I'll
: Government will givo titlo, according to it
' agreement, to all tho lind that has beo
, honestly acquired, so tlat tho bondhold
D ers are soourod to tho full extent tho
J., | contracted for at tho limo tloy invested thol
+ money. II tho inyostmont was d foolish ono,
: ia certainly not incumbent III the Government t
malo good tho deficiency, aftor having furnishe
q all tho security tho bondhollera now have.
/ noith8r tho stockho1dors nor tho bondholdei
q arc entitled to sympathy, who ia There
n nobody left hut Jay CooIo. Flo wont into
i hugo Misrepresentation moro exteneivo than job
d Aaw's Mississippi scheme and equally illusly.
4 and calculated upon making hiB million
II he has failed Of lila purpose, It has not bee
!. through auy lack in tho reck1oHsneaa OF Il
@ representations, or through charity for tho me
IL ho has dragged down with him. Hundreds eli
:. thousanas Of men throughout tho COUNT
' attribute their ruin to tho raahuoaa OF j
= Cooke. II It IL tho iutention Of tho doyenmo,
=, to beoomo 4 charitable inatitution for tho mail
l. tonanco Of bankrupt spectators, 1t should rath
ID begin with tho men WHO regard themselves
y Jay Cookies victims than With jay Cool
10 himsolf.'
10 We hayo aatd that tho Northern Pacific Hal
ID road was q huge Misrepresentation. Tho grant
t, land for building 1900 miles OF railroad