STATE GRANGE OF ILLINOIS. Ill 



and commerce is transportation. How necessary is it tlion tliat the com- 

 mercial interest, and others wliich are largely dependent ujjon the pros- 

 perity of that interest, should have some voice in the niauagement of our 

 transportation system. 



We have stated the prohable cost of a railroad to the West such as we 

 have described at about seventy millions of dollars, and the most impor- 

 tant point to be considered is how this sum can be raised. We have shown 

 that both our real estate and commercial interests are largely interested 

 in this subject, and are yearly losing more than that sum for the want of 

 such a road. We believe that if a hearty co-operation of these interests 

 can be obtained, the amount can be raised, say one-half in this city, one- 

 quarter at the West and along its line, and one-quarter on first mortgage 

 construction bonds. If the merchants of New York will take stock in 

 such a road to the extent of one per cent, upon their annual sales for 

 three years, it would raise the entire sum, or if our real estate owners 

 would do the same to the extent of seven per cent, upon the present re- 

 duced valuation of their property, it would raise the entire sum, as it is 

 certain that unless we' in .some way obtain lower rates of freight both mer- 

 chants and real estate owners will have to submit to greater losses than 

 these: and as it is almost equally certain that capital invested in an 

 honestly constructed and managed railroad, would, as before estimated, 

 pay largely as an investment by itself, there ought not to be much diffi- 

 culty in raising capital to carrji- out such an enterprise. 



"The American Hoard of Transportation and Commerce," (formerly 

 Cheap Transportation Association) met in Chicago on W'ednesday, 15th of 

 December, to discuss the Transportation question. It is to be regretted 

 that our meetings thus accidentally come in conflict with each other 

 as we are all working toward the same object. This question of a 

 people's railroad will come up there and we hope to have the moral 

 support of every farmer and patron in the United States in favor of 

 the building of such a road. 



I wish you could, when you adjourn, come there in a body and aid 

 us; and if not possible to do that, that you send a special delegation 

 for that purpose. 



With the sincere hope that your efl'orts at co-operation and cheap 

 transportation may be carried with success. 



I remain, truly your friend, 



R. H. FERGUSON. 



