218 HISTORY OF THE GRANGE 40VEMENT J OR, 



fairly be compelled to do much more than roads built 

 entirely by private capital. ' Reasonable ' profits on 

 roads of the former class cannot be measured by a per- 

 centage on their cost, because their cost was defrayed 

 in a great degree, if not entirely, out of the public fund. 

 It cannot be measured by the capital, because that is 

 largely fictitious. The limit of their right to take toll 

 must be fixed by a general review of all the circum- 

 stances of the roads and the history of their construc- 

 tion; and common sense will demand that in coming 

 to a determination on this point the share which the 

 public took in building them shall be fully considered." 



When the bonds of the Northern Pacific road were 

 offered in the European market, the German capitalists 

 sent two commissions of experts to this country to ex- 

 amine into the affairs of the road, and upon receiving 

 the reports of these commissioners, they declined to take 

 part in the loan. One of these reports, that of Herr 

 Haas, of Berlin, has been recently published by the New 

 York Tribune. We give it as sustaining our view of the 

 matter, and as a queer commentary upon the assertions 

 and reassertions with which our press has overflowed 

 of late years, that this was the safest and most profitable 

 loan of the day. 



After describing the location of the road, Herr Haas 

 says : " Accordingly the estimates prepared for building 

 the Northern Pacific Railway are limited to the present 

 project, the cost of the branch line not being included. 



ESTIMATES OF COST. 



" 7. These estimates calculate the cost of construction 

 of the main line as follows : 



