New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-03-31
THE PACIFIC RAILROAD.

necessity policy and proprety of the construction OF
line of railroad to connect the Atlantic and Pacific
coates within the territory of the United States is now
an acknowledged and apparent fact and the growing
importance of the Pacific States in the conederacy and
the steadily increasing extension Of the commerce OF
this &C untry with the Eastern Continent inperavely
demand its construction by the quickest aud most
feasible method and the project is too vast for ndivid
nal euterpre alone and that insuperable objections
exst to ts being exclusively a Government measured
and it appears to your memoraEss that power is TO
he found in the present railroad interests Of the country
by which, if properly combined with individual enter
prise and governmental credit, this now earnestly
sought desideratum be contaminated with ultimate
gain TO the Government, and without any present
dimnutiOn of its means or resources.
IL is well known to your honorable body that the
various Railroad Companies of the United States,
which performing It's mail service, have con-
sIucted their roads, after their own means and the
Government and State aid we're exhausted, by ans
from capitalists, for which mortgages upon the roads
have bsen given at excessive aud often runous rates
of interest so that many well conceived enterprises
aIe now harrassed and hampered by the debts incurred
in their realization and the property in the roads
eoparded from their inability to discharge the obga-
lions 20 created while the Companies themselves are
poweIess TO protect these great interests and prevent
their passing into the hands OF foreign capitalists WITH
ont eXtraneous aid
In view of the vast intrinsic value of these COM
bined interests the profer of legitimate and proper
aid by the Government is wei worthy the consldera-
lion of Congress; more especially if it can be fur
rished incidentally, without detrmen TO the Govern
ment without constitutional objection, and upon slch
terms as will provide for and secure the immediate
construction of railroad TO the Pacific coast.
Your memoTast farther represents that he has pro-
ected method by which, in bis opinion, the Pacific
Railroad he built the interests of the stockholders
in the present railroad companies be incidentally pro-
Il ced, and the mail service pc formed at less, con.
nrA MIA m fta a
Post-Ofce Department than exists, aud he there
fore respectfully begs TO call the attention OF your
honorable body to outline of his proposed method.
From documents now before Congress, it appears
that the total amount actually paid during the past
fiscal year, for the transmission OF mails by railroad
s1om The i:pcrt Of the Po.ims,icfencia also
before you, Il eppesrts tn the estimate the cost
of Il @ California Mail Service for the coming .
Being total of....... iuSl44 W
In view of the constantly increasing nature of this
service, it is very low estimate TO assume that the
average cost Of this servce entirely by rail- for thirty
years will be S50C0,00O per abnum.
To provide for this cost and to insure the faithful
Performance OF the service 10 obtain the means, eX
per ence skill liability necessary to build thu Pacific
Railroad and to relieve the present roads Of much of
their mbarrassmeDt, your memorabilia proposes that
an Association be formed, under the ;on of Con-
ress of parties to DO designated by the present Rail-
road Co ppanies in which their interests and efforts
shall be Represented and concentrated, and which shall
maize all necessary negotiations and contracts with
tese Companies, and obtain concessions from their
creditors to free mail service for thirty years.
and The necessary negotiation with capitalists for all
noneys required for the construction Of the Pacific
Raro not otherwise provided for, and W hch shall
do and perform all other acts necessary for the accom-
plishm ent of the proposed objects without completely
OF detail and without an annual increase Of cost 10
the Government for mail sersice.
Yonr memoralst believes this to be not only possible
but EN- emily practicable; and for its speedy accom-
plishment, he earnestly, but respectfully prays that
law may be enacted by Congress substantially as fol-
lows. To enact:
FIRST. That the Postmaster General ex-oficio, to-
% Their with six other persons, TO be named In the BILL
or such of them shall be appointed by the
President, with the concurrence of the Senate in
Of vscancy-be constituted a Board Of Commissioners
to receive subscriptions for a period Of six months
after the passage of the act from such persons may
be designated by the different Railroad Companies
now performing mail service, for such pro-rata pro-
portion of capital stock Of ten millions of dollars,
shall be awarded to them respectively by the Com.
missoDers according to the amount and extent OF mail
service now performed by the Companies making such
designation ard ia the event that the full capital of
$4,000 COO sha Dohave been subscribed for at the ex
piIation Of the said period of six months, then the
Board of Commissioners shall receive subscriptions for
such portion has not then been subscribed for and
award the the majority of their numbers may
determine, and all subscribers their heirs successors,
assigns provided they shall wtho sixty days after
notice from the Commissioners pay in twenty live per
centum of the amount subscribed, and satisfactorily
secure the payment of the remainder shall be deemed
10 he bona fde subscrbers-p possessing all the rights
and benefits beso we'd by this act, with power to in
crease their cap tai stock and associate other parties
them, such terms as they may, by majority in in
terest, thereafter decide.
Second The Association shall undertake and agree
to construct and eqnp railroad to the Pacific, be-
tween sueh termni and upon such route, Congress
may designate and according TO such specifications
shall from time TO time be agreed upon with the Board
Of Commissioners, within ten years from the passage
Of the law and transport the mails and along
said railroad, as may be directed by the Postmaster
General, free of cost or charge TO the Government
for period of thirty years from and after the compile
ton OF the road The association shall asof furnish the
Government with contracts duly executed by the Raul
read Gcmpanes now performing its mail servce for
the continued performance Of service for period
Of thirty years from the date of such contracts respect
lively, free of coat charge TO the Government and
the association shall guarantee the due performance OF
all such contracts.
ufed for the location and construction of the road 200
feet in width through the public lands traversed by it,
and all necessary lands for depots satonhouses, and
other necessary and convenient appurtenances TO the
road and TO further grant TO the Association the first
right of purchase at rate double the present assessed
value Of Government land, viz; 81 80 cents per acre
to belt of land % miles in width each side of the
road IN the Territories through which it shall pass and
to belt elk miles in width on each side of the road in
the States through whih il shall pass the Govern
meDt IeservDg the right to all precious metals min
erals in California which said belt Of land may include.
Fourth: Congress TO authorize the issue of such
amount of Government stock or bonds by the Secre-
tary of the Treasury, in such form and manner 1t
may determine bearing interest at the rate of v
cent per annum, and redeemable in thirty years,
shall be the cap of the assumed average annual cos.
for thirty years Of ts mail service by rail- including
that to the Pacchat is TO cay, $lOO 600 600 and to
get apart and specifically appropriate for the redemp-
ton OF such stock bonds the proceeds of the sales Of
the aforesaid belts ofland whether sold to the assoca-
ton or TO other partes and IT, at the expiration Of the
term of the said free mail service any Of sad stock or
bonds shall be unredeemed the association shall within
ten years thereafter take the then unsod portion Of
said ots Of land and pay the then outstanding amount
of deemed bonds and TO insure the faithful per-