SCENE AT TROY MILLS
MILL AND DAM, COGGON
Soon after the first of these grants was made it became the policy of the government to give away its public lands to actual settlers. Until the railroads were built through these vast bodies of vacant lands it had not been possible for the United States to even give away its lands, but after the construction of such roads the whole of this vast territory was in a few years occupied by actual settlers. This settlement and the growth in population and wealth resulting therefrom have more than any one thing contributed to the present greatness of this United States.
The land grant railroads taken as a whole have not been a source of much profit to the original stock and bond holders. In many cases the companies have been forced into extensive and costly litigation to protect their rights; taxing authorities—both county and state—have regarded these land grant companies as legitimate prey. The fact that these several lines of road were built in advance of settlement and civilization in almost every instance, made the first earnings of the roads insufficient to pay interest on bonds issued for construction, let alone dividends to stockholders, so that quite often a large portion of the avails of the sales of these lands had to be used to pay interest on the bonds.
A majority of the land grant railroads have gone through reorganization and foreclosure, some of them several times. In the cases where there has been a profit to the original investors, it has been no greater than it ought to have been considering the risks run.