The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1873-10-02
The Northern Pacific.

The failure Of the banking house Of
Jay Cooke 4 Co. would seem to be the
death blow to the Northern Pacific
Railroad. On general principles few
/ will care that this Is so. From it's In.
ception till the present time 1t has
been one Of the most gigantic frauds
ever perpetrated. Giving away to an
association Of capitalists 5s,OO0, 900
acres of our national domain-area Of
land more than eleven times the size
of Massachusetts which will some
time be wanted by settlers, was an
outrage OH this and future genera
ton. The location Of one terminus of
| the road ut Duluth, and the other at
an obscure hamlet on Puget Sound,
too insignificant to be laid down on
our maps, was an evidence Of fraud
and wish to benefit spectators ut
the expense Of the country. II is sd
mitted on all hands that the company
had paid up stock only to the amount
| of 500 000-abOut enough 10 build six
| miles of road. instead Of y road almost
1000 miles long.
1t raised all the money 10 build the
road already completed, about 500
miles in length, by sale Of bonds,
for which about S25 900, go have been
realized. \ large portion of this sum
has been spent in commissions paid to
Jay Cooke & Co., for the sale Of the
bonds aud in advertising them and
another large portion has been spent
in paying the interest on the bonds
themselves. Money was obtained on
the principle, If you don't buy bonds
how do you expect We can pay you
were sold To build the rai further in.
to the wilderness, to lay the running
| expenses Of the portion in operation
| to pay interest on bonds aud to pay
Jay Cooke l. Co.. for selling them
There are now about 200 miles o
road to be built, which will cost, q
least, $50, 600 600. About S2,Oon,o00
year will be required TO pay the inter
est on the bonds in the hands of tn,
owners, and rs the road does not pa,
running expenses, as the lands alon,
the route are uu- salabla, aud as u,
more tonds can be sold, it is plain tn,
interest cannot be paid. Bonds tina
promise interest, but do not pay it
are valuable az paper stock, but no
as paying stock.
Two classes ofreop.e are to be pi.tie,
ia connection with the bursting o
this bubble; the unfortunate people il
this and foreign countries who wer,
beguiled into leaving their homes anC
settling on the lands along The line 0
this road, and the credu lous persons
who invested in the bonds. Uudoub
;edly, these bonds are mostly owne,
by persons of limited means, as the,
. were chiefly advertised, not in til,
great commercial papers. but in relig
ions and literary journsl-. and the ed
itoria! praises OF so-called securities
were commonly found in this class o
papers. The consequences Is that thes'
bonds were largely purchased by cler
gymen, teachers, widows, farmers an
other persons Of small means, and moi
by large capitalists.
! The question is frequently heard
who is 10 complete the Toai: ~ Al
ready there is q movement, TO Undue.
Congress al its next session 10 make
an appropriation to finish it. TO this
project We trust there will be a pro.
on the part Of tax payers Of the coun.
try. In our opinion the road should
stop where it is, half completed bu,
suggestive monument OF the folly OF
our age and the unfitness Of our pub
lie servants. There was not. and !.
not, any demand for this road outside
the spectators who expect private
gain from its building. in justice t.
innocent bond holders, il would seen
| right for them to receive portion o
the land along the part completed
since their money built the road A,
for the remainder ofthe land, it shoult
revert to government To be kept fol
the use and occupancy Of another gen
Grafton. The people whose allotted
time is In another century may in
habit the land now occupied by wild
beasts and Indians, and need rail.
road from Puget Sound to Lake Sup
erior and then will be time enough to
complete the work that has 9, uncer-
enormously stopped. Prairie Farm-
or.
The United States Circuit Court
will ho held Mt Das MOines Tho Hrsf