Of Pirates, Bankers & Railroad Men

In 1513, the Spaniard, Vasco Nunez de Balboa discovered ? en the Pacific Ocean. Soon, others would follow, including Cabrillo, Cortez, and Ferrelo. It was a time of romantic exploration, but also one of imperialistic land grabs and nation building.
The Spaniards were followed by the British, and by 1579, one of Britain's most respectable explorers (and pirates), Francis Drake sailed up the Oregon and Washington coasts. He was so good at what he did that Queen Elizabeth knighted him for it; imagine that, a government reward for being a good thief.
Those here, who know their pirate lore much better than I have told me that Pirate's Cove, just north of Depoe Bay, was an anchorage for not only Drake, but other pirates as well. Whether or not any of them tried to use the perfect pirate harbor in Depoe Bay (with its Zorro-like entrance) to dart out and surprise passing ships is unknown. They tell me, though, that what Pirate's Cove was more famous for was the smuggling of hooch during Prohibition.
At any rate, pirates have a deep and romantic hold on the collective imagination of the good folks who live in the Depoe Bay area; with several pirate oriented public events throughout the year.
But wait, the reality of pirating is not so glamourous. As I peer back through the mists which separate the parallel universes (the PUs) I see a different story. What pirates were really noted for: • stealing other peoples wealth • kidnapping folks and holding them for ransom • overpowering and striking fear into the hearts of innocent citizens • generating lawlessness and malicious mayhem • killing for the love of money.
The truth is that pirates were more like an early motorcycle gang on water than romantic rebels on a grand adventure.
While sea-going pirates are still a problem today (especially in the South China Sea & Indian Ocean), there is another group who fit our pirate profile above to a 't': Investment Bankers and Brokers. These freebooters are located everywhere, and they have gone good ole Sir Francis Drake and his contemp-orary buccaneers today one better. After they loot your ship they come back brazenly and do it again. and again... and again?! Each time receiving more and more government rewards for being good thieves.
Well, down the coast a few miles from Pirate's Cove is the mouth of the Yaquina River. And, a few miles up river you come to a fishing dock known as Sawer's Landing. This is the site of Yaquina City, the former terminus of the Oregon Pacific Railway Company, the first railroad to reach the Pacific Ocean in central Oregon. This entrepreneurial adventure was the brainchild of Colonel Thomas Egenton Hogg in 1871. The actual construction was an on-again off-again affair with many delays along the way. Towards the end 11 million dollars of bonds were sold to makeup for the difference in construction costs from $25,000 per mile to $80,000 per mile.
Finally, the company was put in receivership. However, with all the style of today's corrupt legal system, Hogg was made the receiver. Well, after several more legal maneuvers the company was finally sold to A. B. Hammond for $100,000, and after all was said and done the bond holders and investors received 9¢ on the dollar for their trouble. Sound familiar?
The railroad &Mac222;nally got built but Hogg’s campaign to make Yaquina City Oregon’s San Francisco never materialized. His investors lost their money and he just quietly slipped into the fog bank of history.
Balboa, Cortez, Drake and even Hogg are gone now, but we have names like Greenspan, Bernanke, and Maddof to replace them. It is good to know that our beloved pirates are still alive and with us. Note: This article was conceived and written a few weeks before the seizure of an oil tanker off the coast of Somalia in November, 2008.
Illustration: Johnny Depp as Captain Jack Sparrow.