Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-09

a winter journey to Washington across the
Rocky mountains to awaken the state de-
partment to the movements going on, in
British interests, to ALLEVIATE from Us
our Oregon possessions. Under
this impulse diplomatic negotiations were
pushed and guided till the treaty of 1916
drew the boundary line between the two
nations and terminated the joint posses
sion. Thus all the early instincts and as
pirations for this transcontinental cennec-
ton fastened themselves upon this north
ern route. The spread of knowledge and
zeal in the minds and hearts of our coun-
trymen had to do with this project and no
other.
But the acquisition of California, the
discovery of its till then hidden gold, the
absorption of people and government in
the terrible struggles between freedom
and slavery for the occupation of our new
domain, and finally the civil war aroused
new motives and new arguments which
urged irresistibly the transcontlnental
connection, but diverted the first compli-
ance with the political, military and
popular exigencies from the north
ern to the southern aud central routes.
Thus, once more in human affairs, the last
was made first, and the first last. During
this period, however, the agitations of the
subject before congress and in public
meetings by Asa Whitney, the convention
at Chicago in the spring of 1S49, and at
ST. Louis in the fall of that year, the We
hement and persistent propagandism of
Josiah Perham, all had to do with this
northern route, and the feeling and inter
est thus awakened and developed, with
this object, we're, no doubt, easily trans
ferred to the service of the other routes,
when paramount motives gave them the
precedence. In 1858 congress made ap-
propliations for the exploration and sur
vey of all the proposed routes, and val,
liable and adequate exposition of the
northern pathway across the mountains
was secured. The survey from the east
under the charge of Governor
Stevens, and from the west conducted by
Capt. Mcclellan, met near the point where
we now stand, and these surveys have fur
nished the basis upon which the calcuIa-
tions and combinations, corporate and
financial, ever afterwards proceeded, till
the point was reached when actual con-
struction needed to be provided for.
On the I'd of July, 1864, the bill for the
construction of the Northern Pacific rail-
road was signed by Abraham Lincoln. The
enthusiasm of Perham. which anticipated
rush of his countrymen that would bring,
if need be, million subscribers for 800
of the stock apiece, induced the insertion
of a clause in the act prohibiting either
the issue of bonds or the creation of a mort
gagein aid of the construction. This inan-
cial folly, and much time and labor spent
in trying to obtain from congress very
moderate aid by the government in the
shape of guaranty of interest for lmi-
ted period, held the whole enterprise in
allegiance till, in 1870, the obnoxious sec
ton was expunged from the act, and some
other beneficial provisions inserted, and
the company took the resolution to build
the road on the faith that capital would
show in the enterprise itself, and IN the
prospective value of the government land
grant should the construction be carried
through.
Perham's popular subscription having
proved wholly abortive, his organization
of the company was transferred to one
made up in New England in December
1865, of which j. Gregory Smith
of Vermont, became the pres
ident. The financial agency of the enter.
prise was offered to, and after careful ex-
animation and new survey, accepted by
the eminent bankers, Jay Cooke & Co..
then in the highest repute from theil
wonderful administration OF the immense
treasury transactions in the issue and dis
tribution of the bonds of the United
States.
The wisdom of the selection of this emf
nent financial agency and the immense
enginery at its command were quickly
demonstrated. During the years 1870 and
1871 the company received nearly
$50 100000 from the sale of its bonds con
ducted by Jay Cooke & Co., and the money
was rapidly applied to the actual build
ing of the road. The source of supply
however, proved not to be perennial nor
inexhaustible, and the company was
pressed for funds in the summer of 1872
A change then took place in the presi
dency. The financial outlook for the en-
terprise became less and less encouraging
till this gloom spread over all our affairs.
and the general panic of 1873 swallowed
up the company and its financial agents
in the common Insolvency. But this brief
period of plenty and prosperity was we'll
ANO'Oi "oo VIC PI oOChNO -.
making hay while the sun shines more
clearly illustrated. In this period the road
was built from the east to the Missouri
river and on the west between Columbia
river to Puget's sound. Upon this firm
basis, as the pou Sto of Archimedes, the
skiIlful engineers of the cempany's present
prosperity have lifted the heavy globe
from the cataclysm in which it was
engulfed, till now it blazes upon our eyes.
''totus in seipso, tereS, atgue rotumdus.'
Gen. Cass succeeded Gov. Smith as
president, and skilfully nursed the ener-
gies of the enterprise during the lnglorious
period of it's eclipse. He became its re.
ceiver upon the decree of bankru ptcy in
1875, and, through the actual cautery OF
foreclosure and sale, the property became
vested in the present reorganization I'M
der the honest, generous, substantial and
| successful scheme of Cancellation between
the disappointed interests of the past and
the hopeful interests of the future known
as the Billings" plan. This eminent gen.
| tleman, who unites the unusual distinc-
| ton of credit as lawyer among lawyers
and fnancier among financiers, became
director in the company in 1870, and has
| continued in its management ever since.
succeeding Mr.. Wright,of Pennsylvania in
1879, and succeeded by Mr.. Willard in
1881, as president, after temporary &C.
cupancy of the place by Mr.. Barney. As
Mr.. Billings dates his connection with the