The Nevada Democrat. [volume] (Nevada, Calif.) 1854-1863, 1860-05-16
PACIFIC RAILROAD.

PACIFIC RAILROAD.
The special committee Of the House OF Rep
resentatives, 10 consider the various bills, me-
morials and resolutions relating to The Pacific
Railroad, have submitted their report. They
recommend the Central route, conmeEeing on
the Missouri river and terminating on the nav
igable waters Of the Sacramento, as being the
shortest, and superior to all others in accom-
modAting ell sections Of the country. The COM
nittee estimate the total cost of the work at
$l20 600, OOo and the gross receipts at $780,
OoO. 900 Der annan, Of which $6,5OO,e geo would
be paid by Government for transportation Of
nails, troops, munitions Of war, eto. This is
sufficient to pay current expenses, and a fair
dividend upoa the cost OF construction. The
estimates are made upon the present business.
In regard to the plan Of executing the work,
the committee say
A very great diversity Of opinion exists in regard
to the best plan Of prosecuting the work. The COM
mittee after much examination, recommend the
plan Of the Government issuing thirty year bonds,
bearing five per cent. interest," in payment for tee
graph and transportation service to be executed du-
ring the progress and after the completion Of the
road TO be advanced only as sections of fifty miles
supposed to be only enough to aid capital, the
amount per mile is to increase the work proceeds
from both ends towards the center, where the ex-
pense is Of course, the greatest These advances to
be first mortgage on the line and equipment,
which, with the six and half millions of work to be
done annually for the Government, would seem to
be ample security. 1t is proposed to advance as
the work progresses, $50, 10000 which may be in
creased by accruing interest over service, to $780,
OOO, 900. The annual interest would then be 49,
1000 the service So 500 900; so the service would
exceed interest SO, 100000 This last sum would
remain with the Government as a sinking fund sufh-
cient to extnguish the bonds in less than twenty
four years. and therefore, before the bonds will be-
come due.
II remains TO be seen whether the 500 900, 900 re-
qured from private enterprise will be invested. AZ
ter taking out Government service, there would be
1923 500, 900 Of the annual receipts with which to
pay repairs, expenses, taxes and dividends. The
average cost of running train mile is 81 upon
our present railroads, the principal item in which is
fuel This being scarce, we will put the cost at W.
per mile. Three trains day each way would do
all the business here contemplated The daily cost
would then be $l8 per mile per day on 1000 miles
of road-$36, 900 a day, or Sl2960O00 per annum.
Take this from 1923 SOC, 900, and there remains SO
0OO to pay taxes repairs, supcrvsion and divi-
dends. For taxes, repairs, and supervision, say
81 900 per milc-S2, 900, 000-and there remains
SO $40, 600 which is IL per cent per annum on the
sum of $40, 900 000 to which the $50, 100000 may
possibly swell, by interest, during the completion OF
the work.
Your Committee have tried to adapt the plan to
the nature Of the Government and the public will.
The sum required seems large, but it is only to be
advanced in yearly installments, and then in bonds
secured by first mortgage on the railroad The Mex
lean war cost us 5000 100000. The construction Of
the Pacific Railroad would accomplish more good,
and add moro to our national glory, and we would
therefore be justified by posterity, If we sink twice
$50 600 900 in such national achievement.
A Pacific Railroad is consistent with the progress
OF the age, and worthy Of great and powerful ma
ton. 1t will unite isolated sections OF our own
Europe and Asia, and revolutionize the commerce
and advance the civilization Of the world
The report is accompanied by BILL which
provides for single central route between the
forty second and thirty-6fth parallels Of lati-
tudO, starting one branch from ST. Joseph, Mis-
souri,, and another from Leavenworth or Sioux
City, and uniting two hundred miles west Of
the Missouri river, thence through the South
Pass, near Salt Lake City, to the navigable wa
tiers OF the Sacramento river. II givesthe COM
pany sixty millions of dollars and sixty millions
acres Of land.
A minority Of the committee have reported
in favor Of two routes-the extreme southern
and central-and recommend the same grants
for both routes as expressed in the bill reported
by the majority.
The Texas company arc the incorporates Of
the southern road, and gentleman from various
States, including Wall street capitalists. are the
proposed incorporators Of the central road.
| THE DEL NoRrR CoPPRR MINHs.-The Crescent