The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1876-10-12

-. evone - - UnGoDD Dall.
Ro01.
yoshi = cDuld be more unfair, o.
moFe sxtitute Of actml foun1ation In
ius.s and truth, than the attacks
nos sAng mAde upon Mr. Pnce, by
the Des.~ocnfie editors and others OF
this Disa'ct, In relation 10 the votes Of
that gentleman On the Pacific Rail-
rod Hill II the hst session Of the 3ssh
Congress. Those attacks are all hased
on the simple fact thst Mr.. Price
united with the majority Of the mem-
hers Of the House. with Ill who really
favored the early construction OF the
Pacific Railroad. Democrsfs and Re
pubiicsns alike, In supporting the only
measure which made the early build
ing Of the rod II all possible.
Let US look At the precise facts in
voIved- The building Of . railroad
from the Missouri to the Pacific, thus
ensuring direct connection and speedy
communication between the Pacific
and the Atlantic coast, had in 1s6.
become . national necessity. In 1850
the Republican party, in its national
convention, had expressly declared in
favor Of the early undertaking Of that
"xreaf enterprise" At that time, a.
for previous years, the attention OF
capitalists and Of enterprising rsilroad
men had been earnestly directed TO
the task of solving the difficult prob
lem Of how TO build the road The
obstacles presented were apparently
insurmountable, arising mainly from
the extreme difficulty Of securing the
very large amount Of money deemed
Necessary for the enterprise. AT
length, after years Of discussion by the
press and among the men who con-
trolled the influences which governed
the money centers Of the Union, .
scheme OF governmental aid was de-
vised. In 1852 the Congress Of the
United States offered liberal grants Of
Lands, and pledged additional aid in
government bonds, to any company Of
capitalists by whom the task Of build
ing and operating the road might be
undertaken. But this offer Of aid was
conditioned on the possession by the
Government OF "a first mortgage lien
on the road, ~ security for the full
payment OF the bonds and interest.
This provision proved 10 be fatal TO
the undertaking Of the road. The aid
offered by the Government being
manifestiy inadequate it was seen that
any corporation undertaking the en-
terprise must borrow money largely
in order 10 obtain the means with
which to build. But no money could
he procured for that purpose, because
no capitalists would purchase bonds
on . second mortgage security. Hence
II waA thaf fss two whole year. from
1852 until 1854, Notwithstanding the
increased anxiety on the part Of the
people that the road should be built,
no one could be found to undertake
the enterprise. No company could Be
Organized TO attempt the building Of
the road under these circumstances.
Not dollar was or could be obtained
for that purpose, either in subscription
to stock or in loans or bonds. The
enterprise was absolutely dead, with
no hope Of its resurrection unless more
favorable inducements could be offered
to investors. Two years passed away.
Still there was no improvement In the
prospects Of the road. At length, in
1854, Congress 80 amended the bill
extending aid a. to place the lien Of
the United States second, thus author
king the issue Of first mortgage bonds
that might be sold In open market as
security to loans from industrial in
vestors. Forthwith the building Of
the road was begun, soon successfully
completed and the greatest OF all Blooms
to national commerce fully secured.
How greatly the entire nation has
been benefited by that building and
OF the great highway, by
which the citizens Of the Atlantic and
Pacific coasts have been enabled to
clasp hands, while the vast territories
that stretch between the Missouri and
the Sacramento have been made to
bud and blossom a. the rose, need not
here be told. Mr.. Price aided in Sc
curing these glad results. In giving
that aid he voted a. did every member
Of Congress from Iowa, in relation to
the government lien second,
and precisely AS every intelligent citi-
zen Of Iowa would then have had him
vote. Not a single vote given by Mr..
Price on that measure was ever called
in question by even solitary indi-
vidual In Iowa while he WAS in Con-
gress. Nor would one Of those votes
to-day be criticised in even 80 slight a
degree were 1t not that dishonest par
tisans resort to such criticism In the
hope that unthinking or prejudiced
persons may thereby be induced to
from Mr.. Price the support
due to him, in behalf Of the best inter
ests Of the country in November next
- davenport Gazette.