220 HISTORY OF THE GRANGE MOVEMENT; OR, 



the Western division of the road, in the vicinity of 

 Portland, Oregon, twenty-five miles of the line, through 

 Washington Territory, in the direction of Puget Sound, 

 are so far advanced that they can be opened for traffic 

 by the end of this year, we have all that can be stated 

 about the present condition of the Northern Pacific 

 Railway, and we can turn to the consideration of the 

 future. 



" 10. The consideration of the future, in order to keep 

 within bounds, should be limited to answering the fol- 

 lowing three questions : First : Are the means provided 

 for the construction of the Northern Pacific Railway 

 adequate to complete the line ready for traffic ? Second : 

 Does the finished line offer the necessary guarantee that 

 the net profit of its income will yield the sums required 

 for the half yearly payment of the stipulated rate of 

 interest on the bonds ? Third : Will the sums realized 

 from the sale of lands suffice to redeem the bonds within 

 thirty years ? 



" 11. Respecting the first of these questions, whether 

 the building capital is adequate to the completion of the 

 line, we must revert to the detailed estimates. The first 

 item of these estimates, which provides $60,320,000 for 

 the construction of the line, or $30,000 a mile, leaves 

 no cause for uneasiness, inasmuch as the contracts al- 

 ready disposed of afford proof that the lengths contracted 

 for can not only be completed for the amount, but that 

 savings are made so considerable that by means of them 

 the more expensive mountainous parts can be under- 

 taken. The chief engineer of the company is a well- 

 tried man, his honesty, experience, and capacity are be- 

 yond question, and he has positively declared that the 

 item in question will not be exceeded. 



