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

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 connec-
tion 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 and 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 1853 congress made ap-
pliations 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 calcula-
tons 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
a rush of his countrymen that would bring,
if need be, million subscribers for 500
of the stock apiece, induced the insertion
of clause in the act prohibiting either
the issue of bonds or the creation of mort
gagein aid of the construction. This fnan-
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 limi-
| 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 their
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
| $30,OO0,000 from the sale of its bonds con-
Quoted 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 com pany 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 well
| employed. Never was the prudence OF
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
skillful 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,
! ''totats IN seipso, teres, Gtgue rotundus."
Gen. Cass succeeded Gov. Smith as
| president, and skilfully nursed the ener-
gies of the enterprise during the lnglorious
period of its eclipse. He became its re-
| ceiver upon the decree of bankruptcy in
1875, and, through the actual cautery of
foreclosure and sale, the property became
| vested in the present reorganization IN
| 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 fnanciers, became
a 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