THE FARMER'S WAR AGAINST MONOPOLIES. 235 



holders by the general laws of the United States of 

 America, 



CONCLUSION. 



" 25. To sum up, I cannot deem it advisable that 

 European capitalists should be encouraged to partici- 

 pate in the enterprize of the Northern Pacific Railway, 

 as, in my opinion, after the completion of the line a 

 period will ensue during which the company will not be 

 able to fulfil the obligation it is under respecting the 

 payment of interest on the bonds. It is certainly pos- 

 sible that this period will not ensue immediately upon 

 the completion of the main line, inasmuch as the branch 

 line, equally provided by the charter, will issue new 

 mortgage bonds, out of which the interest may be paid 

 for a while, but this will only postpone, not avert, the 

 crisis. 



" That the Northern Pacific Railway may be a good 

 and profitable enterprise after the years of its child- 

 hood and troubles have been survived, will not be 

 enough to commend it to the European money market ; 

 it will have to be proved that the company will be able 

 during the early years of the enterprise to fulfil all the 

 engagements entered into. In the full consciousness of 

 the responsibility incumbent on me as a member of the 

 European Commission of Experts, I cannot consider 

 that this proof is forthcoming. HAAS. 



BERLIN, Nov. 8<M, J871." 



