Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1874-05-30

the Department should award the comS
tract to Ben. Holiday. with Portland
rs the starting-point. It is difficult ~
see where the justice of their demands
rests. Your Delegate has, of coursa
made a strenuous opposition to this ef..
fort to subordinate the interests of tho
Territory to those of Oregon. H.
claimed that Port Townsend was Tho
natural terminus of the route: tbot
your merchants and traders carried nm
ample stock from which supplies could
be obtained; that the bar at the mouth
of the Columbia river and the freonent
interruption to its navigation by ice. an.
dangered commerce and enhanced tho
rates OF insurance. Besides this, the
depleted condition of the Treasury. and
the spirit of retrenchment which ner.
vades everywhere, would not Justify the
payment Of a $35, 900 subsidy for n
monthly mail from. Portland to Port
Townsend, when there is virtually n
daily service by water and rail between
those points. What the result NAV he
however, is uncertain. The influence
of a powerful delegation, though it nav
not make water run up hill, is capable
of making the Treasury bleed, and
oftimes in the face of reason or ius-
tice.
DAILY MAIL on THE SOUND.
Delegate McFadden has been assured
by the Postal Department that there
will be no difficulty in obtaining a dailv
mail service on Puget Sound after the
first OF July. This will be q large stride
forward.
THE SALT LAKE RAILROAD.
The Salt Lake, Dalles and Portland
Railroad bill has been reported upon
favorably in both Houses, and has a
reasonable hope of success.
THE NORTHERN PACIFIC BILL.
The bill to aid the construction of the
Northern Pacific Railroad, introduced
into the House and Senate We sterday au-
thorizes the company to issue five per
cent. thirty-year gold bonds to the ex-
tent of fifty thousand dollars q mile for
the length of road built and to be built.
These bonds are to be delivered to the
Secretary of the Treasury, and to remain
in his possession.
Whenever twenty additional miles of
road and telegraph line are built and
equipped, and certified to by the Gov
eminent Commissioners as being COM
plete and ready for operation, the Sccre-
tary of the Treasury shall, in the name
of the United States, make this indorse-
ment on the five per cent. bonds. "The
United States of America hereby guar
antees to the holder of this bond the
payment of the interest thereon, in gold
coin, at the rate of five per centum per
annum, semi-annually, namely; on the
LIST day of January, and on the
LIST day of July, in each year. And
to secure the payment of the prin-
cipal of this bond at maturity, the
Northern Pacific Railroad Company has
delivered to the Secretary of the Treas
ury, as collateral security, abondo of like
amount, bearing interest ut seven and
three-tenths per centum per annum, Sc
cured by the first mortgage of the said
company on it's entire road, franchise,
lands, and other property, to be avail
able othe holder thereof, when the prior
lien of the Government of tho United
States shall have been extinguished by
the payment by said company of the in
terest on all the bonds SO guaranteed"
The Secretary of the Treasury shall
pay out these guaranteed fives to the
railroad company as follows: Whenever
twenty Or more continuous miles of road
are constructed, equipped, and ready for
operation, forty thousand dollars of
bonds are to be handed over to the COM
pany, and at the same time ten thousand
worth in amount are to be put away in
the Treasury as security to the Govern
ment for the prompt payment by the
company Of the guaranteed interest.
As further security to the Govern
ment, simultaneously with the delivery
to the company of forty thousand per
mile of the five per cents guaranteed,
the company shall deliver to the Secre-
tary of the Treasury its seven and three
tenths first mortgage bonds, in the pro-
portion of fifty thousand of the latter to
forty thousand of the former.
Forfurthersecurity, and for additional
means to provide for the guaranteed in
~terest, the railroad company turns over
to the Government its entire Immigrant,
acquired and to be acquired, to be ad-
ministered by the Government, and by
it sold in limited quantities to actual set
tiers only, at two dollars and a half an
acre, subject, however, to the vested
rights and equities of third parties.
For further security, twice every
year, and fifteen days before the guaran-
teed interest shall fall due, the railroad
company shall pay into the United States
Treasury the net earnings of the road
for the precedings six months, and any
sum besides necessary to make up the
interest.
For further security, if the sales of the
company's lands and earnings of its road
prove insufficient to provide for the in
terest on the guaranteed bonds, the Sec
rotary of the Treasury may sell enough
of the ten thousand per mile retained by