, 1873-10-08
thsen OF the tonds and whethcr tho doand for

demrtlon OF tho tonds and whether tho demand for
nsas 9aHaa Sase. s .Sn9y a IT, .pse 1:a.
fed ges;ca Fl time Te snswor to this saosen Is
bse aisady eonsdeTe IN eo'aecon e viii h o 'sse 50
scy 1D1 to Of interest o. Thy i, pons
fcg1ons will increase n rate sufficiently
r.. & ts Insure that af!or tho ar,o q thirty ,cars
ACCOMPLISHED in periods Of sucli duration. tla qca-
e1'ce Of tho past In lie Unite staes. wo a. what
sas 1s seen every dey gves ample proof that a. ruiz
opening Of iiuo III now arll unuavated reg!ons and
new soltlenonts have been established IN ooiiGeqence
erai years following upon tic opening of
al VII bs rlgt. anl !ho poriod Il redemption los
enosa On to %'f at tn, n 1assa
domptien tic area OIL Of tho n' Nortlern ie Paciao s
Railway oompnny win have changed hands ior 'tlo tho
opsas q ho no aatns ss saes is
Will assume but amnli tuaonsiona, can hardly bo
aadn ma hns zen m ,hs In
the Northern Pacific Hallway will not 10 Of saIlctont
magnitude to create MI active demand, and ftl1sher-
direction to look out fo Fcttlenena viii prefer to
avail themselves of tho facilities offered by tic Home
soi At above a years. Of aae, ahd declaring that
NC vii somn MI sy secure o terms M
nroased by tho Northern pacidc HALLWAY tic n,Glio
scauently without my licrrnce Of asy, tho i'nn-
grants will, n the outtc prefer tho public and and
tie Halway Company will only bo abo to effect exoor.
a. 10 wha extent public laud Is DISPOSED O., updor
o Homestead la y be gathered from tho fact that
ha nessa 1ss 1s :nS aotea s
the Homestead law S7O0 900 acrca II thus t1o lind
saios Of the Railway Company should be Of nttlo ao-
s ssP'%sn'is e tss ssads fsn i oHt TT e e.
hestatoy regulations spnste hat to Sonds shs ss
d SS @ boast up wh Tho proceeds the
It poritte in Of tie treasury of the GonanY
being exhausted, nnd consequently without lo necee-
lind salcs. or ths Company ia bound to msEe
restitution to tho iand fund Of hmount taken ont,
Il tho 1aMd eaiea aro only Of d limited oxtent at
1: nEst' and tho proceeds corrcspondingy srnal Il
vnnces Inward paying the interest, and sinulta-
neousy, a. have previously assorted, tho ino Will
Is certain that longer or shorler period win ons,c
S SRphss hnse to ofeso
"a. IN continuation Of the foregoing, have get
Holders are to Sa nder ana sc 3i c III
% tho 1s swaq m9rS o 5a @
sde7to which tho hondholdera havo to submit |
that In case tho Company should not be abte
q he Sos and hs aeuy I'm IN ts aSmsSs psS
nent has laasod three months the Trustees shnll lave
Company as vi" bo necessary to realize tho amount
1red to pay tho interest; {3 when the delay in tho
Empowered to take c'argo of hs % Inc sd work st t
tAemsclves and to make all tho necessary arrnnge-
nss s ns s ns the
powered to sell the ne an nfl the Possessions per-
Ioadhoders lto good. viii ssfcrance %s CO to to
s. se Ass j. i 7. aos n ' VII H'ss. e.
vantage would 10 gained for tho bonano'sts s BY BY
fnakine use Of them. Il the lind were saablo tho
tue bonda md It will 10 only Of the lind
not being ssable saoEtly after the opentne Of % ine
vii e sais e"1 oi and Is
by M sale Il unstable nd IS not 9sn
The sumo objection applies to the measures provided
q hs ns sna wa4 IT, L s "
benefits ben. % IRE % tho bonahGess koy to derive from
tat? Iho Trustees @ : viii hardly 10 able to convert
out, out Of tho han4a Of psonle acauainted Vtl
ensued which by No e1ertona and foresight could by
any human possibility hare been a,ertea. Fnal1y
ought to have been given IN ,y opinion, by Article j.
II the interest tho bonds should not 10 paid, Tie
|
Railway-must, according to my Wow Of the matter,
hRyo the power to bring the object nlortgogcd, III the
case before us the property Of tho Northern Pacific
Railway Company, under tle hummer Of tle AIT |
tloneer In order to reaze out of tho proceeds PRO
rata dividend upon their clalne In any other case
9! Insolvency but this power 1nlat not bo withheld
for spaco Of three years, and only conceded when
other aud questionable measures haya proved fruitess
find In the mortgage Of July /, 1870, which deter
mines the rights Of tho bollodcrs less security for
the exercise Of those rights than troublesome osa-
ce to tho execution OF rights guaranteed to the bot-
holders by tue general lAws Of the United States Of
America.
a. To sum up, cannot deem It advisable that Eli
roppau capitalists shoull be encouraged to participate
In tho enterprise Of tho Northern PnriAc Railway aa
III my opnion after the completion Of tho line i
period will eusue during which the Company will not
be ablo to fulfill the obligation 1t IL under
respecting tue payment Of interest on the
bonds. It is certainly possible that this
pcriod Will not ensue Immediately Upon the
completion Of the main line, !uaBmucll US tho brunch
line. equally provided by the carter, will tssne now
mortgage bonds ont Of which the interest .nay b. paid
for while, but this will only postpone, not avert the
crsis.
That the Northern Pacific Railway may bc good
and profitable enterprise after tie years Of its childhood
aud troubles have been survived will net he enough to
commend 1t to the European nlonoy market 1t will
lave to be proved ihat the Company will be able dur
Ing tho carly years Of tho enterprise to full all tho
engagements entered into. In the full consciousness
Of the responsibility incumbent 0 mc,nber OF
the European Commission Of Experts, cannot con- |
slider that this proof IN forthcoming. HAAS,