208 HISTORY OF THE GRANGE MOVEMENT; OR, 



CHAPTER XII. 



THE CASE OF THE NORTHERN PACIFIC RAILROAD. 



The Road chartered by Congress An Imperial Gift of Land The Nation 

 robbed of Fifty Millions of Acres Eoute of the Eoad Character of the 

 Country through which the Road is to be constructed A Wilderness 

 Popular Doubts respecting the Success of the Eoad The Capital of the 

 Company How it was to be raised The People to pay for the Eoad The 

 Stock-Holders to receive all the Profits The Bonds of the Northern Pacific 

 Eailroad declined in Europe A " Popular Loan " inaugurated Jay Cooke & 

 Co. undertake its Negotiation A Terrible Blunder The Loan does not 

 command the Public Confidence The True Character of the Scheme What 

 Might Have Been The Sequel Eeport of the German Commissioners A 

 Capitalist's View of the Scheme The Eisks too great to warrant the In- 

 vestment of German Capital A Eemarkable Statement of the Character and 

 Prospects of the Northern Pacific Eailroad. 



THE Northern Pacific Railroad has lately been 

 brought very prominently before the public by the 

 failure of the great house that went down weighted 

 with the bonds of this road, which it could not sell. 

 It will be well to examine its history. It will be found 

 full of food for reflection, and overrunning with instruc- 

 tion. 



In 1 864, Congress granted a charter to the Northern 

 Pacific Company, and by this charter and subsequent 

 acts authorized this company to build a railroad from 

 Lake Superior, through the State of Minnesota, and the 

 Territories of Dakota, Montana, Idaho, and Washing- 

 ton, to Puget Sound, by the valley of the Columbia 

 river, through Portland t in the State of Oregon. In 



