New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-08
THE NORTHERN PACIFIC.


,,st the through traffic will hardly offer any better
chances The Northern Pacific Railway. terminus
of which stuatedIst Duluth Lake Superior IN Min
n,.ota aud the other at Puget Sound, viii hardly oc
able 10 reckon through traffic IN the course OF Sc
scs Of ycs, far II relates solely to American pro
since the crniui do mot furnish basis for su'
Iranc Puget Sound, favorabiy as It may be situate"
for shipping has for the time being. nothing III INC
sha pc Of industrial establishments except ie" gu
hryu oolicrios yet insignificant, and some iupo'
ssv-mils which procure their raw material w N".''
and whose selling markets not on American SOL ou'
abroad, requiring ships 20 export their pr"uuo'' VIM
Dnluti town Of about 400 inhabitants II SUN III e
bryo 80 that 1t Is hard tell what uaic may AMOR"
hereafter.
40 The Asaiic through trade. so far ASH ahe''s ,ne
existing Pacific lines. and the importance OF Wuicn
must not e too highly estimated since II CONSISTS "i TWO
artcl,s only tea and dk. will only be attracted Win
g,uI,, In the Northern Pacific road because. on the
mn, hand ptu the branch line prov idcd for IN the char
Ter ~ completed which will reduce the distance rom
Puast sound % Duluth from 900 miles Oh the main me
"a I'm miles on ae branch line, the distance on the eN
,st pac huos about equal 20 that OF the Northern
Ps,be which offers shortening of the Journey by land
aud ,sc ou the other hand the commerce ial relations
hetvcca Nev-York and Chicago and san Francisco are
90 closely tied that removal OF THE agency Of the san
Francisco houses concerned IN this commerce can hardly
be thought Of.
q After This exposition, though readily acknowledge
thing al she opening instance, the important con
arguments ~ supply the military forts with provisions
The transport o provisions for the Hndsons Bay Com
pany the products Of tine mines Of Montana ldaho ana
Washington insiguhcan, az present. must incline to
The opinion that after the completion ~ the line ana inc
simultaneous cessation OF paying interest out OF The
capital longer shorter period Of time vii intervene
durn which the working OF the road will not proauce
Tho required income "a pay an interest Of 80 per cent on
the capital invested after deducug the working eA
pensos n the provided in the statutory reguiS
tons OF which shall speak further on, by which sup
Plies are 10 be raised IN when the regular income
does not suffice 10 pay the interest, Will fan to AFFORD
remedy as shall ondcavor 20 prove, have no hesta-
tiou 10 saying that The obligations undertaken by the
promoters the enterprise respecting The payment OF
mt rcs cannot De fulfilled during the period eniateb
following The opening Of the line.
VALUE OF TIE LAND GRANT.
"a With regard to the third question, whether the sale
Of land will realize the amounts by which the redemI-
top of the entire bonded dehi be Effected within the
80 wears specified, / must. first Of all contradict an
opiron which has teen wiCcly circulated representing
te regions rsverscd by the Northern Pacific Railway
as uufavcrabc 10 civilization, agriculture. and indus
try The Apcricncc have acquired from personal IN
spsction a. well the most Trustworthy Information
from official sources have everywhere gathered on the
spot has convinced that tue region through which
the Northern Pacific Railway passes D, one Of the most
fertile on tie American Continent, aud n IN every IT,
sport suitable colonization. Minnesota ana Dakota
belong 10 the GRAIN growing region; Montana and Idaho
ATE rich IN minerals and pastures, and Oregon and
Washington Territory belong 90 the region Of minerals
fun timber. ana agriculture.
TIC Government land grant 10 the Northern Pacific
,gnil,gav COMPANY representing already mentioned.
OO0OC0 for the mau line has an opIrcciahe value
TIE money price oi which, 40 the rate at which HE limos
Central sold is land would amount 20 $i5oW0cOO; at
the rate 80 winch Minnesota disposed o1 her scho"
land % would amount 90 Sj0Wno0o; ana az the rate az
which the Kansas Pachc realized, 10 would amount
a. Nc5OoOoOO. Granted that even the last figure
- put zoo high. we NAV fan back on tine
minimum price below which the United states
Government has bound itself 20 the Northern
Pacific Railway Company not 20 sell land IN the alter
mating sections adjoining the line At = % an acre the
land Grant Of the Company Is worth $l26,0pOOJ-an
amount still more than sufficient 70 redeem the entire
tlnoolW0 Of bonds even the redemption at 10 per cent
above par permitted by the statutory regulations re-
curing redeem the bonds would stu leave
a handsome surplus. However. another question Is
whether the aud can really be disposed Of by way OF
sale within the 30 years fixed for the redemption OF the
bonds aud whether the demand for these lands Will so
nearly equal the supply that sales can be made At the
given prices ana during the specified period OF mei
Te answer Ia this question is essentially depencent on
the snme points Inch have been already considered ~
connection Will the security for the payment OF interest
OIL the bonds namely whether in this case the popua
neny rpd 10 insure that after the lapse of 80
the whole land Of the Company shall have changed
hands and been transferred to private owners SO Tar
az human calculations at all forecast what may be
accomplished periods Of such duration, this question
may be an swered in the affirmative. The experience
of the past in the United States, well as what Is seen
every day, gives ample proof that, as rule, after
pn,nber OF years have passed subsequent 10 the opening
Of Inc in new and uncutyated regions and new set
Elements have been established In consequence OF the
railway such land be sold well and easier than any
other land Thus, though period OF several years io
lowing immediately upon the opening Of line may nave
few sales TO show yet in the longrun all will be right and
the period Of redemption is long enough to warrant
confidence, based upon experience, that within the
period of redemption the Of the Northern Pacific
Railway Company will have changed hands for the ben
cit Of the Company. However. that during the first
few years after the opening Of the line the sales will
assume hut small dimensions. can hardly be doubled
SINCE as has been already observed. the immigration
tnrning toward the newlyOpened regions OF the North
eru Pacific Railway will be Of sufficient magnitude
10 create an active demand and as furthermore great
many immig grants Who'll may turn IN that direction TO
look ont for new settlements will prefer 10 avail them
selves Of the facilities offered by the Homestead law
according TO which every man on American SOIL above
q wears OF age and declaring that he will remain, mas
secure on easy the possession OF 80 acres OF public
land by simply paving a fee Now, in the regions
crossed by the Northern Pacific Railway the public land
lice adjacent in alternating sections, and Is consequently
without any difference Of quality, the immigrants WILL
nj the outset prefer the public land, and the railway
company will only be able 10 effect exceptional sales
49, To what extent public land is disposed of under the
Homestead may be gathered from the fact that dur
inc the year the Government OF the United states
sold for cash 100000 and allotted under the Home
stead Law 23 600 acres during the year 1870 1t sold for
cash 2I5OOOO acres and allotted under the Homestead
law 800 600 II thus the land sales OF the railway
company should be of little account for several years
one Of the means already alluded to- Of experimenting
tho fund ouof which the interest on the bonds D. 20 he
naid In YEAR Of deficiency. will simultaneously iall The