The Portland daily press., 1874-05-13
The Little Game of the Northern Pacific.


munications that are not used.
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The Little Game of the Northern Pacific.
1t has come at last-the long anticipated
movement Of the Northern Pacific Railroad
Company and the unfortunate holders of the
bonds thereof, to induce the United States to
help them out of their difficulties and as
sumo their losses. As might be anticipated,
the scheme is elaborate and specious. They
want the government to assist in the devel-
opment OF the lands lying across the north
ern part of the country from Lake Superior
westward, by taking first mortgage OF the
road and the land grant, and issuing therefor
10000 per mile of five per cent thirty year
bonds OF the company, whose interest shall
he guaranteed by the government. They also
propose that such bonds shall be exchanged,
dollar tor dollar, for the outstanding mort
gage bonds of the road to the amount of over
twenty-five millions of dollars The present
low value of these bonds indicates where the
profit lies in one branch of this stupendouS
job, and the vast pecuniary interest involved
in its success to the holders of these bonds,
and particularly to the spectators who have
bought up large masses of them at nominal
rates.
The road as projected will be two thousand
miles in length. About six hundred miles
are already built, on which the present mort
gage bonds are based to the extent of $4,000
per mile, or about $50, 100000 in all. These
.hop6c tho oopti &c fo 1,ua w.
change for the new five per cents, and in
addition is to issue bonds to the amount Of
$4,000 per mile on the remaining 400 miles
making S56,000,000 more, or about $S6,O00,-
900 in all. Such are the modest propositions
of these Northern Pacific patriots. A prac-
tical addition to the bonded debt of the
United States of eghty-six millions of dol
lars, to be secured by mortgage on the prop
erty of corporation whose past history is
by no means free from the faint of bad man.
agement, if nothing worse.
1t may be assumed by the average citizen
on first contemplating this monstrous prop
osition that there is ne danger from it: that,
after the recent exposures of Credit Mobiliel
and other fraudulent transactions and the
manifest public disgust at the very mention
OF railroad subsidies, no public man would be
found hardy enough to blast his good name
by advocacy of such a thing; that,
while the nation still lags on the road to SOL
vency and the financial situation is far from
satisfactory, so bold ard shameless PROPOSE
ton would receive no favor anywhere. But
1t is not safe TO assume this. Where great
pecuniary interests are at stake, advocates,
technically respectable, are always found.
Every scheme of plumber has exhibited a
veneering of respectable" men and the la
test operation of all, the Centennial three
million, has for apologists two or three men
who have always been rated A. 1. On
the very instant of the presentation of
this Northern Pacific scheme. out
comes the respectable Boston Advertiser
in advocacy, lending to this papably outrage
Gus job the prestige of its historic good char
acter and judgment; but, then, it will be re
membered that the Advertiser apologized
constantly for the Credit Mobilier .sfinan-
GERS" and is ardent in support of the Cen
tennlal appropriation, giving countenance to
the Boston rumor that the stakeholder is ov-
er potent in the counsels of the paper. So il
Is quite ceFEsll f6aE orators yin flSe Ia Con
gress, that the genins of America will be elo-
quently invoked, that we shall hear about
manifest destiny and our Western empire, and
that our unhappy and much tousled bird OF
freedom will be made to emit strident shreks
in behalf of the Northern Pacific subsidy.
The very magnitude of the thing makes
it dangerous. Its employees in Congress
will strike hands with the henchmen of the
other Pacific roads, the cotton tax men, the
Cuban bond-hoders and all other men who
have some little game of their own.
making combination which will be
beaten only by the constant, persistent,
sturdy and unyieldmg hostility of the good
men in Congress. That there is sufficient
majority of such in both branches, we enter.
tain no doubt; but they must be vigiant or
they will be beaten by disreputable minor
ity who work under stimulus of great person
al interest. n
The people are excessively and justly sem
sitive on these subjects at this time and will
tolerate neither yielding nor inertia on the
part of their representatives. The action or
inaction OF every man is sedulously watched
and there will be stern day of reckoning
with unfaithful servants, in which he whose
talent is buried in the earth will be con-
demned equally with him whose talent is
misused. Upon the Republicans especially
does the responsibility rest. The party is
solemnly pledged in its national platform
against railroad subsidies and every kindred
diversion of public treasure and that pledge
must be redeemed. The political unrest and
discomfort which are manifest everywhere
can be al!ayed only by steady adherence to
good courses on the part Of representatives.
Let all public servants beware lest, in the
rise OF the tide of popular Indignation, the
men who have failed to prevent evil suffer
equally with those who have done il.