The Superior times. [volume] (Superior, Wis.) 1870-1912, 1875-01-02

owns ~ per cent. OF ali the land to be made
accessible by the building of the road: this
public domain, part of the assets of the ma
ton, the completion of the road will increase
III market value by an amount many times
greater than the entire cost of the work.
The completion of the road will transform
a belt OF territories, now governed and pro-
rected at great cost to the nation, into self
governing, self protecting States, whose
industries and natural wealth will swell the
revenues of the rational government.
The document goes on to state
the results accomplished The
company have made a heroic efforr
to build the road by using the road
i'SeItaud the land grant as IA basis
u, credit 1t has built $50 miles Of
railroad and telegraph; it has an
equipment Of Is locom Jtives and | ;
65S ears; it owns valuable proper
ties on Like Superior and Puget's
Sound. Il has become entitled to
lu,010, 800 acres of land, and has
already sid at an average price of
$3.50 per acre more than 250,0O
acres largely to actual settlers.
I"c company now proposes to
complete the road westward and
extend il eastward through Wiscon-
Sin TO the boundary of Michigan on
the south shore OF Lake Superior.
1t WI then have something more
than 1000 miles OF completed line
extending through ali our northern
tier OF states ana territories from
Lake Superior to Puget Sound. Tge
writer Of the document estimates
that One third of the net earnings
Of the Union Pacific in 1873 would
nearly or qil'e meet the annual in
ter"s' at per cent "n the entire
cost OF the Northern Pacific Rall-
road.
To enable the company to fin
Isl the road, the bill npw pending
provides that IN addition to the
bonds now issued, the company may
issue ) per cent. gold bonds to
the amount of $4,000 per mile of
its authorized line OF road-the en-
tire issue to be delivered to the
Secre' of the Treasury.
2 As often rs the company shall
complete 20 miles or more of
new road. the Secretary of the
Treasury shall deliver to the com
pany $4,000 of these bonds, inter
est only guaranteed by the United
States; the remaining $4,000 to
constitute a reserve interest fund.
3..For each $40, 900 of these guar
anteea bonds the company shall de-
liver to the Secretary $4,000 Of its
own 7-3O fist mortgage bonds, to
secure the United States for it's
guarantee ol lhteres'' ana the nod
e'H u '"e . per cent oo"uS "io>e
P'i'' '"' - ''o' S"'i a'l''7u os 'he
9oltIilIhen''
+, As Il lurther security, the com
Pdhy 3 10 S"rfehdcr It's ehtire land
grant ol oo'ooo'ooo acres to the
-"' g ''''leh' 70 "t So'" oy me Sec
'e'afy o' me lnVtF'oF on tfuSt' al
thc dte Vi 9L'oo % ac1"u SeIIefS
-ahd aH q iurlher security, every
NiA 'noil'IlS 'ic e"t'r1 net earnings
"' '"9 '''" i"I 'ile o.e .e9ea','S SIX
'ii'''' - ''e 90 pe paul mo lile ma
.'oL''' treasury
=. o. 1N'i sui l''U> Iuii'' - rom me sac
~ "a 80 80 :" ., 'o P''' ''i,2 d '''N'' :
I ,'''' io' " I',e P's 'itI' u ''le Pfilici-
Pa, ava ''''ei - u '"e . per cent
'',''tr ~,
o. ma any noloef.oI 'iie o''VSIahn-
ny '-'o oohn@ iSS"eu PRIOR TO the
passage oI I''lS "ct may eN mango
I'e''i lor 'h9 per cent Su"''h 'ee''
'''''>
Z. That Congress may fix and de
termine the fares, tolls and charges
on the Northern Pacific railroad.
II is difficult to see what val
ii objections can be made TO the
terms on which AID Is asked. 1t
virtually SurrenderS the land grant
to the government it reduces the
price OF agricultural lands to $3.50
per acre; it forever abollshes any
monopoly Of transcontinental traffic
by reServing to Congress the right