The Dillon tribune., 1883-09-14

The restoration, howeve-, :of. anan
cial confidence and strength, was b,
% means immediate or unchecked
rhe preferred stock after The reorran
cation commanded only twenty-five
# thirty cents on tho dollar in Wal
street, and at one time fell to % ,
share and the common stock to $3.50
Appeals to Congress to aid its secur
tiles BY guaranty Of interest were
gain resroted to and again re-
efused: But in the meanwhile the
sood management Of the fragments Of
completed roads showed net earning,
IT some $4,000 in 1870, and som.
eso0y0oQin 1873. This kept alive tn.
srganization and confirmed conf.
dence. The merits Of the route and
the value Of the lands when the read
should be finished were courageously
relied upon by the experienced and
able men who put their own fortunes
In the enterprise. to attract the conf.
dence Of capital and give credit to
the bonds and value to the stock Of
road.
And. now, the food OF the tide Of
financial prosperity Of the whole
country floated this enterprise which
It's sbb had left stranded. The re-
sumption Of specie payments by the
government in 1879. the rapid CONVEX
sion Of the public debt into ~, 4, 81
and 3 per cent. securities, the rapid
reduction Of the debt itself, set at lib
erty great amounts Of capital for par.
tictpation in the active employment
Of money. These stupendous trans
actions Of the treasury at once COM
PEELED and attracted immense invest
ments in we'll founded enterprises of
industry and trade.
l cannot stay your train to unfold
The manifold qualities in the manage.
nent Of this enterprise, which deserve
illustration. but l may insist for u
moment upon few principal traits.
cannot discover that there has ever
been en9rafted upon this enterprise
my construction company to suck
The prosperity that belongs to the
riginal growth. lido not perceive
hat excessive rates. either If inter-
vt or money or Of payment for labor |
Y materials for want Of money, have
mposed spon the enterprise burdens
lisprOporti0nxte to the values which
u dsbentnres Or its stuck fairly rep !!
sseut. find no fair ground for cavil
It the land grants Of the govern ent
'Iong the route. rs impr0vident or
howing no adequate return Of value
itber t. the treasury or to * .,eclxnt
-ttlers on the public du,naim. Even
We !ook at the government in the
mere light Ut private proprietor,
rho will not himself incur the
Expense ard the risks Of opening. ON.
Iunication between his unpeopled
'ilderness ami the IL d seeking pop.
l"tion. we 6nd the government, with
ut dollar Of outlay, made more
han y hole for the lands it has parted
nth by the enhanced selling v-lue
I Its wide domain. But, when VIZ
ensider that the future settlers on
he co'npany's lands, NJ well rs in the
served public lands. forever contrib.
to to the tax-paying wealth Of the
eople. and the strength aud power
the nation, we see that there il no
,nsi"le analogy between the interest
y private person In the ownership
land and that Of the government :
an administrator, for the general
elfare OF the public domain.
The Northern Pacific railroad thus
has, Mr.. President, through
'ur seasonablo and successful con.
1ction Of its system with the we'll
sveloped and fully operating scheme
the Oregon Railway aud Naviga-
On system. by the arm ties Of justice
I'd interest. been secured against
cissitudes and disasters to which. Z
18th less prudence and less good for. 9
Inc. it might have been exposed, 1t I
not, then. merely upon the con,in- !
'us track that you have just estab- L
lhed. but. also, upon the united and e
apregnable chain Of travel and Q
ahac between the Pacific and At
ntic coasts, that your company Il
day looks with satisfaction and +
'ur guests offer their congratula. G
3ns. z
A. We have net time or space to- 9
lbltsh tho remarks Of the speakers &
DO followed, 1t will not be out Of q
acc to give a brief history of the 1
'terprtse. As long ago ~ 1895 tbs b
oject Of building . railroad from II
ew York City to the mouth of the ]
'lumhia river was discussed by the
wspapers. In 1876 Asa Whitney, q
nm VsNrlr nnornh.o<