The Clerk read the letter, as follows:. Conuissiossns OFFICE, NORTHERNIse iric ltsiLnoin COMPANY, h o. 258 F Srnsnr, WASHINGTON, D. 0. April 25, 1866. DEAR Sis: I havp the honor toacknowledsa rs ceipt ofyours of this diite inquiriiis: 1. Whe the r the Northern Pacific railroad has been legally organised and when and whether any report has ever been published by the company. 2. )Vhethort ere has been any change in the board of directors since the 1st.election and when and who now constitutethe board PIN]their residences. 3. Whether anything was paid or agreedto be paid by th new directors as a.bonus or otherwise for the c mg;of management. 4. bother anything, and what, has been done by {Be pregent hoard toward obtaining funds to build e roii. 1. In reply to the 1st inquiry I would state that on the 7t day of December, 1864, the company was organized in accordancewith the provisions of its charter. as appears by the report of the company, which I organizasteionnd, accompanyingthis. The record of this before the gentlemen now composing the board of directors were elected nwas submitted to the examination of gontlemenpf high legal pesition in the city of Boston and their opinion given that the proceedingswere regular and the organization legs and complete. 2. In reply to the 2nd inquiry, the following gentlemen compose the presentboard of directors: J. Gregory Smith. St.Albans, Vermont: Onslow Stonrns, Concord, NewHampshire; George Stark, Nashua, NewHamgshiro;. D. Rice, Augusta, Maine; Edward S. oley, Boston, Massachusetts; GeorgeC.Richardson, Boston, Massachusetts;James C. Converse, Boston, Massachusetts; Benjamin P. Cheney, Boston.Massachusetts; George H. Gordon, Boston, Massachusetts; Frank Fuller, NewYork; George Briggs. New iork; Philunder Reed, NewYork; L. D. M. Swctt. Portland, Maine. Thelssttbree weremembersof the old board. The others were electedon the 5th day of January last. 3. In reply to the 3rd inquiry I would say: the changein the board of directors waseffectedat the solicitation of the membersof the old board. The charter had beenheld by them for over a year, and they had been unable to secure the confidence of capitalists, or to obtain the fundsnecessarytoiustify the commencemento.f the work by the time limited in the charter, July 2. 1866. Finding themselvesunable to enlist the confidence of capitalists in this country theyopened negotiations in the autumn of 1860With the president of a company representing a lerireforeign corporation, to becomethe purchasers of the franchise of this company, with a YIOWto make it a portion of a line then enstiu which should be extended across the continent is proposition. as I formed, hsyc been in remained open till January, 18o6this company, however, retaining the right to adopt other measuresin the meantime to insure the construction of the ropd. Pending these negotiations with tho. representatives of this foreign corpprntion thelsubicct was presentedto the considerationof lcediiiiz capitalists of NewEngland and other parts of the country, and they were strongly urged to engageiii the outerpnse, an thus saveit either frqmutter failure from want of funds or from passing into the control of foreign ca italists. be subject received a favorable consideration at the hands of thesegentlemen.nnd theymanifesteda willingness to becomeidentified with the enterprise, provided the management of the companycon il be placed in the handsof gentlemenwhom they might select, and in whomthey had confidence. The gentlemen no wcomposing the new directors wereselectedby capitalists of Boston and elsewhere to take the mlinagcmont of the company. The new boardwcfqasked to relieve the old board from the legalliabilities of the company, for someof which they had becomepersonally holden and to make immediate provision for the more pressingof these claims. An arrangementwas accordingly made by which the now b mrd stipulated to provide the menusto pay such linbilitits as worejustly due from the companyto on amount not exceeding$150,000. This agreementhas.so for XL!my knowledge ox tends, brou faithfully oxccuted. There was no bonus required, and nonein any form mud. oragreedto be paid. for the surrenderof the franchise.nor for any transfer of the management.nor for any purpose whatever. 4. In reply to the 4th inquiry, I would say that immediately after assuming the duties of their appointment and with a view to savethe charter and prtHltltthu iucans for the early prosecution of the work, the newdirectorse onferred with leading capi talists and financial men of the country, asking their opinion asto the probable prospect of obtaining the necessaryfund upon the stock of the coinpany by iuson the land grant. uniform opinion of financial men was, that the amoupt of securitiesupon the market offer. ipfi a more desirableinvestment.it would beim os mb 9 to obtain the funds necessaijyto Justify no or takiag the work. The result of thise onsultation was that if the Government would lend its aid in some form of guarantee for a limited period. the stock would acquire a value, and capitahstsyould thereby be indutjedto invest, and the work might be under en with confidencein the ability of the company to rose cuto it with vigor and economy. O raise the funds for this purpose, and to afforda basis of credit with which the companymayconstruct its rpad and thus develop not only its own resources at in a muchhigher degreethe wealth of the coup try, weask the temporary aid of the Government in the presentform, confidently believing in the ability of the company to repay fully all that may be advanced by the Government, not only in kind but many fold in the incidental benefits which willsesult to our commoncountr and to the world. I have the honor to e, dear sir, very respectfully. your obedient.servant. J. GREGORY SMITH. PresidentNorthern Pacific Railroad. Hon. TBADDIUS Srrvsits. M. 0.