The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1878-11-27
TheNorthern Pacific Railroad.
Chicago Tribune Editorial.

The Texas Pacific lobby, in its recent
gathering in this city, in it's resolution to ask
aid from Congress, coupled the Northern
Pacific with the Texas-a gratuitous perform
ance, for the Northern Pacific put in no ap-
pearance to ask for any such action. The
lobby evidently thought that If they coated
over their pill with something that really
had sweetness, hepublic and Congress would
swallow it. But the two enterprises are to-
tally unlike.
The Texas Pacific has vast Immigrant.
and now it asks for money; while the North
ern Pacific only asks for a brief extension of
time, and not dollar of money or bonds.
Dismissing the Texas Pacific, let US ex-
amino the position of the Northern Pacific.
which has in operation 45O miles between
Duluth, on Lake Superior, and st. Paul, on
the Mississippi, and Bismarck, on the Mis-
souri,, in the heart of Dakota, and 1O5 miles
between the Columbia river and Puget
sound. Up to 1873 the company was not in
iault. but the failure Of Jay Cooke forced it
into bankruptcy. It had Issued $29,1l9. 900
IN bonds; it had floating debt of about
pS,Voo,VoO. In the foreclosure. made in
1910, the coupons were capitalized, up to
Inc present time, in preferred stock; the
bonds we're changed into stock, and coupons
ana Donds alike made exchengeble for land.
Durlng the present year about 1000, 900
acres, at an average value of 1870 per acre,
nave been taken by the holders of the stock.
from the outset the company has dealt
fairly and squarely with its creditors and
STOCKHOLDERS, and since the foreclosure the
road mas been managed with such economy,
ana the development of business has been so
rapid, that the net earnings last year
amounted to $5S2,0OO, and the company, not
owing dollar, has resolved to 60 on with
the construction, and has advertised for
proposals for the building of the section be-
tween the Missouri and the Yellowstone next
year.
At the last session of Congress the COM
pany asked simply for an extension of time
10 complete the construction, and two bills
were reported,-one in the Senate and one in
the House. The House committee then re-
ported:
thirteen years ago grant of land was made
by Congress for the construction of the road
!ts route lies for much of the way through 6
fertile country, rich in all the hysical charac
terlstlcs necessary for the support of vast anG
prosperous population. It's grades are easier
than on most of the Eastern States, settlers
have preceded it in faith of its construction
and prosperous territories all along its rout.
n lation WAITING mS;oh for the additional popu
speedily bring to claim their places among tn.
States. The committee are of the opinion tina,
due regard to the interests of these terri
tories, and of the hardy pioneers who have set
tied them, demands liberal action on the par,
OF Congress to complete this road to which il
measure the public faith is pledged; that the
lands originally granted for il are held for the
enetlt OF those settlers; and that, even if
Tact.SSam' j"'7s advantage might be taken of
ne FAILURE to meet the requirements of the
charter in point of time, still, good policy, il
not good faith, requires the waiver of that ad.
vantage and a reasonable extension of time tc
secure the accomplishment of this great
national work.
The bill accompanying this favorable re-
port had rider put upon it. The COMPANY
by change of location, proposed to surren-
der 100000 acres of land, whereupon the
people of Oregon, in the interest of the
Union and Central Pacific roads, asked that
those lands might be granted to road run
ming through the Columbia valley to Ogden.
The Northern Pacific naturally objected to
any such arrangement.
The Senate bill was made especially OBJ
noxious by Senator Mitchell, OF Oregon, by
the putting in of clanse compelling the
company to construct their road on the
south side of the Columbia, which could
only be done at a cost of several millions
more than on the northern bank, and also to
construct twenty-five miles per annum in the
Columbia valley, with most obnoxious terms
in regard to lands.
Now the company naturally and rightfully
protest against any such riders being put
upon them. They ask not a dollar of
money, nor for any privileges other than
those IN the original grant. Time is their
only request.
The opening Of the road to the Missouri
has already saved the government large
amount of money in the transmission of
military supplies and transportation of
troops. It has been of immense value to
the public. The present year over 1 200, 900
acres OF the public lands contiguous to the
Northern Pacific have been entered in the
land offices by settlers. If it had not been
for the construction of the line, the entire
region, now one of the most valuable agri-
cultural sections of the continent, would
have been solitude. In view of what the
company has done and what it proposes to
do, it should not be coupled with any other
enterprise, but should be dealt with on its
merits, literally, fairly and promptly by Con-
gress during the forthcoming session.