Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-10-24

the privilege OF increasing it to six mill
ions. Shares were fixed at the no minal price
of one hundred dollars each, with proviso
that in no event should they be sold for
ess than SIS, and so much of the
road as lay between Saltwater and st.
Paul was to be completed within six
years.
In 1855 the act was amended in some
minor details, and the time for compile
tiCn of the work extended. A number of
citizens living along the line of the pro-
posed road subscribed for stock and some
of them in large quantities and paid
their SIS per share and awaited develop
ments.
Years passed but nothing was done,
and in 1869 the act was again amended
so as to make the road run direct from
Saltwater and st. Anthony: thence across
the Mississippi, thence to junction with
the Minnesota Valley road, or Hastings
6 Dakota road, or both, with branch to
Red river, via Kandiyohi, where it was
then thought the state capital might some
day be located, and another branch to the
ST. Louis river. Work to be commenced
within three years and completed when
ever the company got ready to
complete it. It was about this
time that Mr.. Washburn and others
began to see money in it, and they set to
work to enrich themselves for the good of
the dear people of Minneapolis. Owners
of the stock which was represented to be
worthless and which certainly had no mar
ket value were importuned to give out
right their stock to these public spirited
citizens. and most of them did so, includ-
ing J. p. Wilson, Iwell known here, who
gave up his title to over 100 shares rep
resenting upwards of $4,000, and in re-
turn now rides on free pass with Presi-
dent Washburn's name on it. But there
were others who figured that if it was worth
nothing they could afford to keep it, and
who did keep it until they got their money
back or part of it. One of the fortunate
ones was the gallant old Major Fridley,
now candidate for the state senate, who
received $500 for 100 shares, and was glad
to lose his interest at that.
It is safe to assert, and 1 assert it, that
the old stock of the Minnesota Western
railway did not in the first instance cost
the syndicate of which Washburn was and
is big Ingun, on an average more than
three dollars per share-the public-spirit-
goody-goodies didn't want to make any
money, and couldn't afford to pay for
stock, but when they got hold of it they
kept it. Don't forget that. I mean they
kept it until it paid them we'll to sell out.
The preliminaries having been success
fully arranged, tie act was again amended
in 1870, SO as to authorize the present
route, and so as to authorize change OF
name and the issue Of preferred stock. It
also provided that the road should be ex-
nj from, ia yatJn7, for fbrco cfpr
completion, then pay a tax of one per
cent. on road earnings, in lieu of all other
taxes, for three years, then two per cent.
for seven years, and thereafter three per
cent.
This act was approved February 4th.
1870, land then the 'spublic spirited
began to reach for the
peopl cash. In less than week
another act was passed authorizing
the people of Minneapolis, at special
election to be held in less than two weeks
more (Oct. 2D to vote on the question of
issuing two hundred and fifty thousand
dollars in bonds to aid in the construc-
ton of the road-no bonds to be .deliv-
cred until one hundred dollars had been
subscribed and forty per cent paid in
Think of it-you to pay them $685.
IL WOuAO 1hsCoo Yfo,oOO LII LhCII OWA
business, and all for the good of Minneap-
oils.
At that time the Tribune was the only
daily paper published in Minneapolis, and
was owned by w. D. Washburn, w. S. King
and others, Mr.. Washburn having nearly,if
not quite, a controlling interest. The
me tell you what promises it then made in
tho ;nto c%o IF Mr. WoohHnrn 4
laborers for the public good.
In the Tribune of February 16. 1870, in
an editorial headed ''Wil the Railroad be
ecured to U.s." the people were assured
that sThe road shall be to all intents and
fare for her traffic and travel, to be for all
time to come absolutely under the control
of her citizens. There is a provision in
the bylaws that no stockholder shall part
with his stock or subscriptions except he
first offers it to the company, and the pro-
visions OF the charter are so guarded as to
prevent its passing out of their hands. If
this were not so where would be the good
sense of building it at all? If, as soon as
completed, it were to be handed over to
others with the privilege accorded to them
as the owners thereof, of raising their
tolls again, why not just as we'll be sat-
isfied with the existing facilities and say
no more about it!''
Evidently those by laws since have been
amended, for Mr.. Washburn did not offer
his stock to the company-if he did the
stockholders didn't know it. In the issue
of Feb. Is, find one article headed ''Leav-
ing st. Paul out of the way" the character
of which is suggested by the title. Now
St. Paul is the terminus of the road, and
Minneapolis way -station. But of course
we must not censure Washburn-he was
working for the good of Minneapolis.
In the same Issue were numerous items
ringing the changes on ''the good times
coming" of which this is specimen
brick:
eff the mechanics and laborers Of Min
neapolis want coal at five dollars a ton,
wood at three dollars cord, and good
beef at ten cents pound let them vote
for the railroad"
And again find the following which is
more suggestive now than it was then:
s'The cry has been raised that the pro-
jectors of the new railroad want to make
money!
Well We didn't believe it then. We
know it know it now. ''Hindsight is bet
ter than foresight" Believing that unless
the bonds were voted the road would not