Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-05-18
snnTHERN PACIFIC RAILROAD.

The 'logic of dollars" presented by the Bulletin
of last week upon this subject, elected much in
terest that we propose to extend this line Of afgU-
ment to unfold the subject Of its pecUniary aspect
We have heretofore, viewed it politically, socially
aud commercially and now to the dollars Il is
proposed to sell only $4,000, 900 of i've per cent
stock-six millions of this amount being sold. This
amount of stock sold, will furnish the means, am
pie ard abundant, with the assets Of the company,
TO construct at least fifty miles Of the road when
this is DONE the company will be entitled to receive
from the State of Texas 5l4 900 acres Of land, and
a loan of six thousand dollars per mile, making
$500 Co., The rights of the company will then be
complete and ixed-subject to no fOrfeitures. The
company will issue, we think safely, $500 00O.-
The company will ISSUE we think safely, 50 900 600
of its bonds upon $4,000 acres of land, and 8
road in full operation of fifty miles, with fair, yea
certain assurance of a ready sale.
This amount could be expended in slaves, and at
81 SOC each would purchase, if sold at par, 2 900
hands. They, together with the land, would con-
stautv add by finishing section after section Of the
road. additional lands to the property Of the com
pauy-for il is believed, 1000 hands construct
two hundred miles per annum. The loan Of six
thousand dollars per mile is almost sufficient to pur
chase the iron and equip the road. The money
ACQUIRED by the issue Of bonds upon the $4,000
acres of land for the first fifty miles Of the road
being invested in property, becomes in addition to
the road aud the lands security of the fullest most
unbounded character for the protection and pay
ment of the bonds of the company. There can be
no difficulty in selling bonds which are so perfectly
occurred. 1t will thus be seen how the pittance Of
i've per cent paid upon the S6O000,0OO Of stock is
ample to construct the road through the State Of
Texas because its expenditure brings the com
pauy IN full possession Of property, rights and
franchise-and each section thereafter supplies ad-
dtiOnal resources to the company as the work pro-
crosses Three millions paid upon the sixty mil
4st-.4. Ill ,-l, -, 6
its stockholders If more be needed it will not be
raised by additional farther calls or assessments
uBon this stock 1t is however, believed no more
will be needed. Then, it will be seen that three
millions constitute the capital by stockholders; and
the State of Texas supplies the remainder Of the
means TO construct the road.
The lowest estimates placed upon che lands which
this company will acquire is five dollars per acre.
We believe they will yield if wisely disposed Of the
price of the lands belonging to the Illinois Central
Railroad AMI more, selling at about fifteen dollars
per acre. At the lowest prices they will give the
company $40, 100000. The estimated cost of the
road, by able and competent engineers, fixes it at
less than $4,000, 00O Let US however, assume
the cost at 20, 900, OOO Now VINO gets the surplus
$40 900 900? The SO, 100000 Of stock subscribed
and paid for which will be S33 80 Is for every S.
maid by stockholders. This the stockholders will
receive as fund for distribution, or else expend it
in building the road from FL P2ssO to the Pacific
Ocean.
Who then, receive the dividends from the road
itself which is believed, by calculating men, will
not fall short of twenty twenty five per cent upon
It's actual cost2 The three millions of capital paid
in by stockholders must receive annually and for
ever the dividends II will thus be seen the most
enormous results which ever came from so psltry an
investment must and will inevitably be realized with
3 faithful administration of this work. Let us
assume the Illinois Central lands a basis of cal
culaion-and We think this below the reality-and
what have Wey
The vast sum OF one hundred and twenty millions
of dollars. Twenty millions expended upon the
road, leaves $780, 0OO,O 600 for distribution Who
gets it, The S3,OOO,OOO of capital stock of the
company must be the basis of its distribution For
every So paid in by the stockholders, they then
have upward of $3.50 for distribution; and the an
nual profits of the road which has cost the sum of
$40 600 OOO.-N. o. Creole.