|BALORAD SECUrTY OF $43,517,370. representied in tie equipnent and rolling -
Thbatis theatual value atpresentfe seo ct of the road is kept and must be
!i*Ll intothe i~dl ~,fth~ 0er -l-kePt uP to itsG- leve anld can be
^miif-ortheloani . tuICamnot iit- kcept; up to its levelJ, e it has a
a o a he faft ti ?n ati oBr ave tio lts a i nP traffic. It is th or a secrty
p r t ell. Mtaosr it'I is of fec, that* ill not d epate but ppreiate in
a -tit itt a th? every dol r value ow is i 9 reference to tthe 1ds ?.
t eir call of t ccle s la a te e of
;ias: : ,i
| m na^ f tghgs a o?B t point, ana t. wochi8o ragh? I? na to or t?kg
e e ?/svTe italypoint as wt t p zrt tell by, the amount whch
with is H ouse o thq 0U !i25000 has been already recelved for Whast has been
Writ~':i (ernmel is wae r,t $48 5 r1ehaveY so _ ld,f-and that is at the rate of d61
or)` g?~ e Q a d E = resC. I think, however, we ean take ?
ate tb g0 :ohe . e eis bes i ~e ittle more in argment out of analaous
| Subidf te27, be paid ach the ny . I go ove r the Unn Pacific
si?id eto W e have as eatrateed the com- an.I find t hat its lands ld, from e188 to
p y, by e contrt of 1881, and hich, if 1883, at from $4.28 to'$4.82 an acre.; tfind
| ;eyr carry out teirontract isno more burs that tle Kansas Pific land` sold at fromn
tlm a sftilon h of li in the moon is ours. $4.03 to $4.93 an acre; I fian that the esales
~t;$12,710,788 haislso to be paid-out and of the GCettral Pacifiec lands avraed, sinac
aiEitid to the cn/uto n of thie road,mak- t870,$?85 per acre; I take t;he hern
a to of $2,710,788 to go nt it c- Pa, h ire ana to or
struction. Now, Mr point S this: thi e very road, because it has the element of n?rness
moment we canioat this contract and make to a certain extent, and their Ialnd,' i# 1882,
them the loan bf $2500000, we have the sold for from $2;60 to $3.60 per aCre. Now
present Saue of the ralway eort $43,17, we: have this fact that the lan aredy sold
370. ThCovernoe nt hasto see that every of the Canadian Pacfic , rbave aver-
dola, ofthe $27,c000,0hattheypay to the aged $2;36 per acre; that sales f land on
ompany is reareseted by actual eonstrue- anaaous ros averaged ?fro2. 0 to 5-
ti f the roa so tit When the two years pe acre in round number;anid I think I
have nast, and the end of 1885 has comte,and ave fair ground for the condtntion that the
alth a and sebsidy f ai d to theo . remin der of those lands of our road will be
pe will ve an actua l railroad,va lue WORTH ANVERAGE- OF $2.3; IPER ACRE;
o,7r10,78 8 to add to the other a t3;517,- [
37a s aogrs security for the payment of atleast. Will theselands depreciate orappre-
th? loan. That is wee hea risy in a ciateinvalue? Theymus>appreciateinvalue?.
railod wJich is not a li fi in4t is an Ivery year, on aeeount of t[ increased im-
.appre1oia23 i :e 4 eult, ? d( ti rows il .a etus which is being given to buying and
th o amount of evry d eollir ic h is paidJ selling them, so that the value of rea-estate
over of that loan d that a dy into the iwill creep up, especially within a certain,
hands of thecompany. That gives us,at the distance of the grat line of iway, and
end of to years- ' r ail adty worth, these li e with in that distance. To my Iind,
in onsuctioa a lue, 1, ,18. Buaht these is no question that the security ff_e
ise?t? thae only seurhty v eine. i We hav? for the loan asked is amply sifflcienti If it
abnothe security tf the 1ld aiou ting ,to comes Io be a faet, if the "ibtl ity ever be-
21,240,9 ?cr:es. i ga inst t his 224,600 comes a probability, ana that probabfity
aclesoand hand over to the Government ever merges inin a fact, that the company
nse o esri, the e ise a lien of $1,- makes default'and is t not able to ycarry out
123,12,which leaves, if we can its obligation, I, as an h_umble member of
this-P1srBament, will not be sorry to See_ Se
-*w?!thatra iwE ,p erFty TdEpr D e W va?ea ble a propert -fall into tbe hand as oe.
at thethe tprice w hu bee ady re- the Government,and th e people, at o mah l
alized for what h as been d-- 36a an acr price It would be a good thing for the:
-we have a balane of some "19,796 re- coatry and a badL thing for the company.
preSlted tous in orthof lands pl.aeed in after te expenditure of al the energyp and
the hands of this Govemnment as additional cant' tiey have put into this gi_gnstie
security. That is, we have in nl ay and r se. There is one other coneration
ied seurity, at tha rate of p luln, I i trable th ue t ith, in reference
$12,247,953, Is that o,Wi?t,?ty for to this. Is the roal, provided it falls into
a loan of $22,500,000 am a contin t lean our bands, going to be . dead weight ? or
of $7,380000, which never will be 4ed for will it be a live and relizable aecurity.:
if ~ :'rTee ment is caried out. I eeur- That is, supp this road were finished
ity of fo r ever y do that is lae con- tomorrow fro m the Atwtic to the Pa.ific,
sidered to be suffciet security ? There. E and the Company male default, and it came
an~othepointwlih aNddg! ri foree tothis into our hands, would it be a bill of ex-
-vilU ay prop[ deprat e $r .ee or a means of income to us? That is.
th:isi l~891 iwupng it runs so long:? a verr im point, because upon that
Will it depreciate i, value bewe tisd r ests ipart the value of the seurit in the
188 ? sir, it is 4nstantl,appreciting conitidgency that the Company s mllalake
in value, The railadproperty which is default and that the property shall come-
. .. . , b~~~~~~~