The Portland daily press., 1877-05-15
Iowa Central Railroad Complications.

AOWA OtutTdl hd1lTOaU COmpllCallOuSs
1t is few years since the press of the
country was noticing Iowa as a great pro-
gressive state, developing rapidly, with in
ternal improvements going forward assisted
by eastern capital which would produce fruit
full returns to the investors. In this ex-
pectation, many of our confiding friends in
this state sent 7on their surplus which years
of painstaking care and economy had en-
abled them to put aside.
The Central Railroad of Iowa was favor
ite project: it was to become the great high
way to commerce across the state, carrying
coal from the south end of the road to the
north and into the state of Minnesota, where
the rigors of the long winters would cause
infinite demand. Returning, the cars would
60 laden with lumber back into the state
where lumber does not grow. A trust COM
pany with the appellatlon Of Farmer
which signifies good faith in this State-was
employed to sanction the obligations as of
genuine issue. The road was built; the inter-
est was paid till the bonds were all sold when
the picture changed. and the lawyers of Iowa
swooped down on it like devouring birds of
prey. The truth became known, the bonds
had been over issued and this "Farmers'
Trust Co." was early among those grasping
for possession of the road to secure large fees.
1t procured lawyer in whose Office the
Judge of the Circuit Court holds his cham
bers. 1t turned out the person in whom the
bondholders had confidence as manager.
That person was succeeded by one of the
group OF original promoters of the scheme
and director when the road defaulted, and
that person as receiver and manager has
since had unlimited sway. He is politician,
the patronage of the road Is given to his
friends and the court refuses to interfere. A
decree of foreclosure has been obtained in
favor of our unfortunate bondholders, but the
court declines to execute, insisting that the
property suffers no injury by the delay or
while managed by the receiver.
After year of bad management the en-
ployees are dissatisfied because unpaid for
three months, the receivers obligations go to
protest and the revenues are found diminish
ing.
Here the matter stands. We might emu
merate with precision the acts of bad faith
from which the road is now suffering; suffice
it to say that, did not the enterprise promise
well, it would not now be in operation. The
question which will present itself to every in
telligent, thoughtful mind is, can vast state
such as Iowa, mainly dependent on the East
for resources to enlarge its means of commu-
nication and develop its producing capacity,
afford to allow clique to thus discredit it?
The picture of Washington which Fred
Douglass has drawn with a free and bold
hand, and which has led to demand for his
removal by those who hate to have the truth
told will commend itself to the Northern
reader by its force and correctness. Mr..
Douglass may have been at fault in taste, but
until love of truth-telling and hatred of evil
become sins he must be held guiltless Of any
offense which would justify his removal.
This is the picture:
Washington had bad beginning and never
produced any great statesman or philanthro-
phist. The descendants of its old families have
loyalty, and its selection was great mistake,
being sandwiched between two slave states,
and the headquarters of the slave trade, where
boys were sold as swine. 1t was cruel without
reason and indecent without shame. Freedom
Of speech and of the press were unknown, and
its idol was slavery. John Quincy Adams was
threatened with death for advocating the right
of petition. Drinking and gambling were pre-
valent under the dome of the capitol, the duel
ist was in repute, and the place filled with
pOis0pOua xycnda and
a sham; all was fair without, but foul within.
Its boasted chivalry was to challenge North
ern man to fight and to whip negro with his
hands tied. The people applauded Breckin-
ridge in his treason, stood between Andrew
johnson and impeachment, and in their midst
was hatched the devilish plot that robbed Lin
coin of his life. During the war JEFF Davis
would have been more welcome than Lincoln,
Lee than Grant, and the stars and bars more
than the star spapgled banner.