The Superior times. [volume] (Superior, Wis.) 1870-1912, 1891-08-08

J. l,tN YOU l IT H-oltN YOU itsfN ''''S 49,
in the rail road taking its charter
! but | VIII notbuld the railroad.
| reply, Mr.. Walnridge asked: How
about the bonds of Douglas county:
Return them all back to the county,
said Mr.. Cooke.
ITO this Mr.. Walbridge stated that
lie had entered into Il contract with the
ppor,le OF Douglas County to build Il
railroad for them and felt able and
/ coInIetent TO bHilI II. and therefore
/ did not see how he could consistently
accept the proposition and 90 back on
them This Of course ended the IN
teryieW.
Soon after this the Northern Paci
fic Railroad company commenced eN-
tensive improvements in Duluth-the
building OF docks. dredging, ana etc.
Soon after these, improvements were
commenced | saw Geo W. ClsS. who
was then President of the Northern
Pacific, and asked him what was the
meaning of the expenditure of SO much
money by the Northern Pacific at Du-
lulh, when he knew and expected that
the final terminus Of the Northern Ia
c:tic would and must be at superior In
reply to this he stated that Mr.. Cooke
had interviewed several directors or
the Northern Pacific Railroad comp
any, imp0rtuning them to eXpend at
least SIN 900 III Duluth. in order to eS-
tablIsh his city before Superior could
get started. Beng unsuccessful III
moving them to action. Mr. Cooke
went to Mr. Cass himself with the pro-
position, but was told the Northern
Pacific had no money, for such pur-
pose and that if they had the first thing
desired was to extend the railroad
from the Red River of the North to
the Missouri river.
= Mr.. Cooke then stated to Mr.. ClSS:
Il Will make you this proposition: II
YOU VIII get through the board OF di-
rectorS OF the Northern Pacific a reSo-
luton to eXppnd S2WODO, in Dulnth,
our firm VIII enter into Il contract with
Northern Pacific railroad company to
take all the bonds required to build the
road from the Red River of the North
to Missouri, giving YOU the cash as
fast as You require It and take the
chances of selling the bonds to the
public
MIR CasS stated to me that he
thought that To acquire tie sum OF So.
OU3, 900, the amount required To bulli
the road on III expenditure of ;2bo,o)0
was Il cheap commission, and he secured
the passage of the resolution asked Tor
by Mr.. Cooke. The contract was made
for the work and construction WIS
pushed rap dly forward.
long i'll the Latter part of -, and
all through the winter, spring and
summer of -, the money market
tightcned up, times We're hard, and il
became impossible for the house of JAY
Cooke \ Go. to market n.any of the
u 10 toll ~, Il
had taken. IN September, 1873, the
house Of Jay Cooke x Co, as conse-
quence failed. which preciptated the
great, the terrible pane Of 1873
That day or the day after | went
TO the office Of the Northern Pacific
railroad company in New York, saw
Geo, W. CaSS and asked him among
other things about his contract with
TIL house of Jay Cooke X Co,-if he
had received all the money on it. In
reply he stated: All but about $50, 200
an had they remained solv mt Il few
4 lays lon ger, the Northern Pacific com
pany would have received the whole
am DGnt OF the contract. asked him
ii he did not consider that the fatal
contract made with the Northern T..
ci!c Railroad company Was the CAUSE
of the failure of the house Of JAY Cooke
x 60. and of the panic then upon us,
and he said that lie did, and, OF course
exceedingly regretted ii.
The results Of the state Legislature
which determined that the st. Paul x
DuInth railroad should be within the
state Of Minnesota at the head OF Lake
superior, regardless of the great natnr-
II Obstacles To be surmounted, has been
lik,. all similar legi>l ttioa, detrimental
IN In rs..ll ut N l'1Ia -
the Northwest, 1t WAS an Immeucc
cost ana waste OF human energy, de
ytlo.cd an infant citYat Duluth, which
until I, Gently, WIS Successful IN max.
ing the world believe that She alone
WAS TO be the great commercial and
/. manufacturing city which SageS Ike
: Horace Greedy, stephen \ Douglas
and many other equally eminent men
early fnrcsaw and PIE iicted must spring
up at the hea Of Lake Superior.
1t has retarded, held back and re
pres sed the development of Il city OF
the magnificent plateau of superior
: where the dislgn of natl IRE IS 50 clerelN
manifest. This demonstrated by the
results OF the natural developments
that hay" taken plac: during the last
, five Years ana which grew out OF til,
. building and terminating here OF q sin
: ole railroad, the Eastern Minnesota OF
| irreat Northern. IN that blief splc,
there has sprung Up i'll Superior, wheel
before WAS Il wilderness, Il solid city
containing 15,cao people, and possess
I ing more substantial and costly i'm
proycmentS i'll coal docks, elevators
: sliip Yards, steel plants, etc, etc, than
/ are possessed by Duluth, which la
been more than twenty Years growing
(, up 10 It's present SIZE.
{ II has uyeTtaken and passed Duluth
/ III the amount of >nnage handled, do
/ ing i'll fact probably the largest hu>t
ness OF any place OF its SIZE III th'
. world
: This IS bat an can 81 Of the future
; Tor when the world finds out the rta
facts OF the layout here for i city, tht
! Topography OF the country at the lleat
~ the Lakes, and how it has been mis-
! led Hy the false statements and rs
| SumptlouS of Duluth, there viii he II,
/ limit 10 The amount of money that vii
{ pour III here for buildings and i'm
/ rToNemtulS Of all kinds, the sane a
At Chicago after the great fire. 1t vii
g bound up from the repression of TIL
u false ana unnatural start of Duluth
h and grow with a rapidly such rs fey
cities in the world have ever eNpel
fenced.
Hay Cooke affirmed that Superio
t !G"St wait. In administering this dos
0t waiting 1t cost HIM his fortune
7 But NOW i'll the race for commerc1;'
i 5 supremacy She buds fair to soon dist
an t puluth. The philosophical out
J. cone VIII be that Duluth Will have I
4 take her dose OF long waiting in repoS
+ and until It's grounds are required fo
Residence purposes by the Overflow
from SEp%rlor.
IS But Tins, said Mn Robbins, is
7 DEPRESSION, | have omitted Ia stat
Il the fact made Interesting 10y recen
4 events, that Shortly2gter the contrac
i made I,y the \ Northern Pacific compan
d wlih jay joake \ CO 10 eNpend $2oO
t o@a IN pulHth, on the condition befor
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