Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1883-09-12
The Northern Pacific.

The Northern Pacific.
The most notable American event of the
pas. week was the driving of the colder
spike that marked the completion of tn,
Northern Pacific railroad. This took place
ut Golden Spike. Montana, which is abou
1850 miles from st. Paul and about $50
from the terminus of the road on the
Pacific.
President Willard had four trains o.
guests accompany him to the opening
celebration and the party included many
German capitalists and statesmen. The
main speeches of the occasion were made
by President Willard, by his predecessor
Frederick Billings Of Woodstock, and by
VIM. NJ. Evarts.
Each of the speakers dealt with Il
portion of the history of the road but that
of Mr.. Billings had perhaps the most tc
interest those who care to know how II
great enterprise like this started and how
it was carried out.
He gave due credit to Thomas Jefferson
who as early ms 1884 sought to have the
traveller Ledyard explore the Columbia
and who later organized the Lewis and
Clarke expedition that gave so much
information about the northwest; also the
missionary Whitman who came across
the continent and made known at Wash
ington facts which perhaps saved the
territory north of the Columbia TO this
government in perfecting its treaty with
England.
But most of all he gives praise to Asa
Whitney, the New York merchant. whom
he says he heard 40 years ago addressing
the Vermont legislature on "his hobby
which was a transcontinental railway in
high ATTITUDES thus making short high
way from Western Europe to Easter
Asia. He calls Whitney, who spent his
fortune and saw not the fruition of his
hope. "that railroad St. John who SO
early cried in the wilderness Prepare ye
the way"
To Gov. Stevens, to Josiah Perham the
first president of the road, to E. +. john
son and w. M. Roberts the first and
second engineers he also gives praise for
their zeal as we'll as to others who carried
on the work. j. Gregory Smith succeeded
Perham as president. and after him came
George w. Cass and Charles Is. Wright.
Mr.. Billings became president in 1880 and
was lately succeeded by Mr.. Willard.
Perham got the charter in 1864. lie
died in 1868 and under Gov. Smiths
presidency Jay Cooke took hold of the
finances of the road and from 1870 TO 1872
sold thirty millions of its bonds. The
road was completed through Minnesota in
1871 and before the financial crash of S73
was finished to Bismarck on the Missouri
and los miles built on the Pacific end.
But ten years ago this month Black
Friday came and everything went under.
Jay Cooke was buried so deep that his
financial resurrection seemed impossible.
He is now out of his bankruptcy honorably
and again power in financial circles
The crash of 1873 stopped the road and
not till 1875 did there come any reorgani-
zltion of its finances. The plan on which
the enterprise was again started was due
to Mr.. Billings who had faith in the
In 1879 the enterprise began
to flourish so that outsiders could see its
coming success and since then it has been
hurryng to completion under Mr. Billings
and after him under Mr. Willard. The
latter gentleman is a German of the
Palatinate by birth; came to this country
early; was a newspaper correspondent for
years; visited Germany for his health in
1871 and made study of American
securities. On his return in 1874 he made
investments for German capitalists and
within two or three years got them to
invest largely in this road.
The gentlemen who talked and some
who did not talk out at Golden Spike the
other day may well congratulate them
selves that their brains, pluck and money
have established the great highway which
gives the shortest cut from American
industries 10 the wealth of Ormus and of
Ind" and which will be greatly used in
transportation from Western Europe to
Eastern Asia.