222 HISTORY OF THE GRANGE MOVEMENT; OR, 



year upon one-quarter ; at the end of the second year 

 upon one-half: at the end of the third year upon three- 

 quarters, and at the end of the fourth year upon the whole 

 of the building capital. Hence the interest during the 

 four years will be two and a half times the annual interest. 



"13. With an emission of bonds to the amount of 

 $100,000,000, at a rate of interest of 7.30 gold, the in- 

 terest during the building period will foot up $18,250,- 

 000 gold, and though the building fund need not be 

 burdened with that, since the money obtained for bonds 

 and not immediately required for building purposes may 

 be otherwise employed with advantage, and since also 

 the intermediate finished portions of the line will yield 

 a revenue before the whole line is opened, nevertheless, 

 what may be gained in this way must not be overesti- 

 mated. The estimate of $3,250,000 is sufficiently high, 

 so that $15,000,000 interest will have to be paid out of 

 the capital. Item 9, therefore, will have to be increased 

 in proportion. 



"14. If, according to these calculations, the estimates 

 require manifold augmentations on the one hand, we 

 must not lose sight of the fact that on the other hand 

 the fixed building capital, $100,000, 000, is not reached 

 by the sum total of $85,000,000 of the estimates, 

 but exceeds these estimates by $15,000,000. In case, 

 therefore, the bonds are not issued too much below par, 

 the respective items may be augmented by this surplus, 

 and this may be the more easily effected, as, according 

 to the communications of Mr. Jay Cooke, in a conversa- 

 tion on the subject, that gentleman is prepared to con- 

 sider the matter with a view to such augmentation. 



" 15. With regard to this last point, but only in view of 

 the possibility of these anticipations being realized, there 



