Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-07-03
The Northern Pacific.

lands to the Northern Pacific railway
company, made before the house on
the 9Th inst. Hon. j. B. Caswell
said:
The Northern Pacific railway COM
pany received its franchises and grant
of lands from congress July 2l, 1864.
The country through which this road
was to pass was then vast wilderness.
Prior to 1870 the company was en-
gagged in explorations and surveys
preparatory to location Of the line
For two thousand miles between Lake
Superior and Puget Sound surveys
we're made until million dollars were
thus expended Not until 1910 did
the company begin to build the road
For three years which then followed
the work was then pressed forward
with great vigor and success. The
bonds of the company, based upon a
grant of lands of forty seven million
acres, were placed upon the market
under more favorable circumstances
than ever before attended the sale OF
railway securities. The prospect OF
an early completion of so important a
road gave great currency to the bonds
and S29,1l9, 400 of them bearing in
terest at the rate of 13 per cent. were
negotiated. These securities were
sought after by trust companies, guar
dians and trustees throughout the
whole country. People residing in
nearly all the states of the Union,
north and south east and west, invest
ed their money in those bonds.
Owing to the fact that the holders
of the bonds could at any time ex-
change ard use them as money for
lands within the grant, large num-
bers invested their savings Of few
hundred dollars in those bonds with
the intention of locating lands as soon
as the road was built TO accessible
points, and in this way large numbers
of poor mel became interested in this
road and are now by reason of the
failure of TIE first company and the
prospect of a lapse Of the old grant,
obliged to take their places as prefer
red stockholders in the present com.
pany.
1t was well,known that the range
of country through which this line
was to be located was very rich and
productive and would be rapidly taken
up by settlers. Emigration at once
began, and thousands of people pushed
far into the wilderness, anticipating
an early completion of the road. The
capitalists and people everywhere
placed greater confidence in this than
any other enterprise known in the
history of railroad building.
The benefits resulting from a road
which would connect the great lakes
with the Pacific Ocean and secure the
inland trade between them, as we'll as
the Endorsement by congress in giving
the company a franchise and grant of
lands. secured for it such prominence
as has rarely if ever been enjoyed by
any railroad company in this country
The Union and Central railroads then
in operation we're drawing each year
large sums of money from the Indus
trial and producing interests of the
country for freights and tariffs and
were fast growing into most dangerous
aud oppressive monopolies. The
Northern Pacific road as a competing
line when built would relieve the pup
lie from these oppressive rates. After
expending over Sl9,OOO,OOO 10
surveys, construction and rolling stock
the company was swept into bankrupt
cy by the financial crisis of 1873.
Whatever it possessed of assets. grants,
grants, franchises, passed into the
hands of the bondholders A new
company was thus formed, the bonds
were surrendered, and capitalized into
preferred stock, which with accumu-
lated interest amounted to $34, ,267, 100
By this bill these stockholders are ask
ing a renewal Of the grant of lands to
the extent of forty million acres,
omitting from the original grant six
million acres which had oeen set apart
for the construction of a branch
through the Cascade Mountains.
The company has now complete and
in operation six hundred and fifty-one
miles of road, FIVE hundred and fifteen
miles of which is at the east end and
one hundred and thirty.six miles at
the west end. There are eight thous-
and of these stockholders; they reside
in thirty-three states. The benefits
which will follow the road are so ap-
parent that time need not be consumed
in referring to them. For two thous-
and miles country will be opened
which, for soil, climate and timber,
will compare favorably with any por-
ton of the states. Here is breadth
of country which will furnish land and
houses for millions of people. The
commerce of the Pacific coast ia al