Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1879-11-28

permitted or operated OH any portion
Of its road. At present it is an open
question whether The company shall
erect and own all the grain elevators
and storebouscs on its line. Honest |
| caro- has also been taken OF the coal
deposit, ON the cofnpany's land grant
| in Washington Territory. The sup
ply Of first class bitulninous coal for
all the Pacific coast il to come from
these exceedingly rich fields. by rcs-
oiu,ions Of the board Of directors they
have been made safe from rings, in
side and outside, and are to be admin
stcro'i wholly in the interest Of the
! Stockholders.
The time fixed in the charter OF the
company, AS amended for the com
! pieiion Of III. Northern Pacific road is
July I, 1879. That day is passec,.
But i. is only after the company has
been in default for ono year from that
date that congress can interfere, and,
in the language of the charter, do
any and all acts which may be needed
for the speedy completion Of the aid
road" not for its stoppage, nor for It's
destruction, nor for its eonfiscation,
but for its completion. 1t, however,
is the settled law Of the land that I'M
til Congress does interfere by atlirina-
tive, hostile legislation against land
grant railroad, the company loses none
of its rights by lapse of time, 1t can
go on and construct, and by construct
ing earn its contlitionally granted land.
The executive department of the gov
eminent has within the year expressly
recognized thi, principle as its rule Of
action with respect to the Northern
! Pacific company. For five years the
corporation has gone to Congress, SOS
sion after session, to get it's time to
build extended AT each session it
has been beaten by rival interests,
skillfully using the advantages to oh-
struct offered by the rules Of the house.
It is now hoped that we may never
: again see the Northern Pacific beg
gar in the Hobbies of the Capitol 1t
$ would seem incredible that Congress
: could be assembled so senseless and
: wicked as to stop the construction of
this most important transcontinental
+ highway by a declaration of forfeiture,
: while its owners were completing it at
: the rate of 200 miles a year.
t. The scheme for completing the un-
), flushed portions is to do the middle
: divisions; to raise the necessary money
By nortsaging separately the roads
d and lands Of each division, to issue
bonds limitedly under these mortgages.
$ Under the plan of congratulations the
net earnings OF all the completed road
! arc pledged to pay the interest or
such oonds, and provide sinking fund
i for them. Money was raised for the
Missouri division, between the Mis-
y souri, and Yellowstone rivers, by a
mortgage Of $4,000 per mile on the
y road amounting to s2,500,000 Two
;, million dollars Of six per cent forty,
year bonds with a like amount Of pre-
u ferred stock were offered to the com
u panys stockholders and eagerly taken
n For the construction of the Pen
q dOrcille division six per cent. forty
u year bonds are to I've issued, not to ex,
; ceed $4,000 per mile, secured by q
u first mortgage on that divisions roac
. and lands. The lands will amount &c
over five millions of acres Much Of
e this, now under cultivation, produces
y currently fifty bushels to the acre. The
: bonus inducement to take these secur
v tiles was offered in the recent perio {
y of financial distrust and depression
u 1t is not probable that it will eve
7 again be given. All these division
a bonds are held, and to be held, by ont
= of the principal trust companies il
= New York city, to be registered an,
u countersigned by it, and proportion
ately issued to subscribers, or thei
II assigns, only on successive certificate
le Of the company's engineer that one o
:, more twenty five mile sections of tn
"a road have been finished The guard
20 against fraud and over issues seems t.
20 be complete.