Year: 1876

| In regard to the protection Of the Terrific


rial bonds in the future. 1t has been shown


how they can be guarded in their issue, and


that they should not be paid over to COM


pany except for work actually done, and done
| in the Territory. The memorial to the Leg
! islature shows how the Northern Pacific


Company expect to protect the interest cou-


pons, and to provide sinking fund to re-


deem the principal without taxation, namely,


from the proceeds of the business on the road


west of Bismarck to and from Montana. Two


hundred thousand dollars per annum protects


interest and principal; sum less than fifth


of the amount now yearly paid out for team


ing alone.


The consideration, to the people of the
Territory, for the issue of the bonds to aid
the construction of the railroad, as proposed,
is two fold: First, in the advance of the
railroad into Montana for the accommodation
of its business and of the travelling public !;
! and, second, the appropriation of the gross
receipts, as stated, to cover the interest and
principal of the bonds.


In case the grading, etc., on two hundred
or more miles should occupy say twenty


MONTHS there would he an expenditure in the
Yellowstone valley of about one hundred
thousand dollars per month. Some of this
would of course go to pay labor brought from
the East, but there could not be hundred
thousand dollars month expended along
that valley without largely beneftting Mon-
tana. The Territory needs something of this
sort to prove that it is alive and stirring.
There would be this prospect: That if the
bonds could be made available in the market
by the Railroad Company, the people would,
within three years, have main line railroad
in their midst. If the bonds cannot be thus
made available, the Territory would not be
involved, either for interest or principal. An
argument may be advanced, that ii Montana
unites as proposed with the Northern Pacific
Company, it would prevent her from giving
subsidy to the Utah Northern project. This
is one Of the very points for the people of
the Territory to decide. If Montana does
not feel able to help both roads. to which, if
to either, shall she offer her aid? 1t is not
yet known what proposal, if any, will be
made by the Utah Northern Company. If
they should offer as good Cor better terms as
those presented by the Northern Pacific Com
pany, the people could then judge and decide
intelligently to which, if to either, they should
extend helping hand. Nevertheless, it will
always be true, that the Introduction of the
Northern Pacific would be vastly better than
the extension of the narrow gauge


1t is proper to consider whether without
the rivalry of a northern east and west rail
road, built into this Territory, the people of
Montana could ever stand on fair footing
at Ogden or Corinne; where, after transfer
ring from the narrow gauge to the broader
gauge, they would be in the power of the
great continental line, compared with whose
immense interests Montana interests might be
regarded as comparatively small. After pass
ing over five hundred miles of narrow gauge |
railroad, transferring and changing cars, etc.,
and paying full price therefor the citizens of |
Montana would be no better off than when |
they started from home, if they had the |
Northern Pacific outlet-cven if the Union !
Pacific played fair.


Suppose two millions Of Montana bonds to |
be placed in the hands Of the Utah Northern
Company, and that they should agree to ex-
pend the proceeds in grading, etc, from
Franklin northward, to whom would the
money go, and where would the work it
might accomplish be: The money would be
paid out to Mormons, residing in another
Territory, the materials, cross-tics, provis-
ions, etc., would be brought up by the narrow
gauge road from other Territories, and ex-
pended in Idaho, and the work 1t accom-