New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-04-07
PACIFIC RAILROAD.

mttee on the Pacific Railroad.
SIR: bad the honor 10 present TO Congress,
on the 25th ultimo., memorial setting forth, In
brief outline a projected method for constructing
railroad to the Pacific through the territory OF the
United States, which referred to your Committee
In that memorial tho necessary brevity compelled
me to omit all else than mere glance at the more
salient points of the project without elaboration or
comment; but stated at its close that prepared
with details for the examination Of your Com ntee
l now propose (assnmng that your Committee are
familiar with the memorial ss briefly as is consistent
Win full UNDERESTIMATE OF my views, to specify the
most important Of these Details to show their FEAST
bllty, and the desrsbleness Of the project that the
Committee may have its practical workings before
them before taking any action upon the reference.
Your Committee have already noticed presume,
that the projet designates neither route nor ter
mini 1t leaves such designation, where it properly
belongs, with the wisdom Of Congress Its aim Is
as shall not only insure its earliest completion but
most widely duse its varied benefits throu Oh the en-
tire community.
The status Of Government in the matte the risks liz
any that will assume by the loan of its credit-ths
security tbat will receive for the just performance of
all the proposed akings-ts coexisent az well as
ultimate position in regard to the road and It's accruing
advantages, will be fret detailed as they will frat and
prominently occupy the consideration of your Com
miiiee.
The risk which Government assumes il, by my
method, rendered as trivial anything which depends
upon mere human action and contingencies can pos
sby be. Its bonds not issued until the scheme is
in practical operation, and then by ilstalments
ard oDy for such amounts have been first alb
iolutey expended upon the road or represented
by contracts for free mail service. The Government
is not to take the first STEP by the Issue Of its credit
that taken by the Association, and then Government
issues no faster or further than the Association sha
have already, by foregone and definite action, per-
formed in anticipation OF snch ISSUE The OF the
work is on the Association, Government only acting
after the Association performs, or part pdsss with
such performance.
This estops all risk until the roads completion; and
meanwhile, the road as executed Is mortgaSed TO the
Government Trustees secarity for its completion,
and the free mail service ia being performed on all
contracts with existing companies.
The position OF the Government upon the maturity
Of its bonds will be- that has paid no moneys not de-
rived from land sales, except such az it would have
paid for current nail service (dad probably not as
much and it has outstanding only such Of lis bonds
nc shall then be unredeemed by the sales of the desg-
baed belts Of lard, for the redemption Of which it
wonld have not OILY the un;od lands, but also the
Obligation OF the Association, secured by hrst lien
mortgage the entire line of completed road TO the
tactic, in full operation, so ample in vane and re-
sources that the for such payment could readily
be obtained thereon in commercial marts. The
Governments risk therefore, is 30 eight as to require
no further consideration.
But what have been the benefits, meanwhile, opened
up in Governments behalf 1t is hardly possible to
overrate them. leaving out Of view the ordinary
inevitable advantages that accrue not only at the
ei uni but at intervening points all trunk roads,
the benefits that will arse from the nearer approxima-
ton OF such important regions tue Pacihc and AT.
Ian tic cossts being they are in the direct line of
CT mmuDicaiion OF the entire commercial world, and
the consequent peoppg Of the intervening space with
industrial ard ep;eprisDg 81 odus from all parts OF
The civiliLea woTlo appear 90 vast IN perspective rs
almost TO oveishsdow the more mmed ate and widely
difufed effects resulting from the regular ard steady
disbursement Of such amounts as IN the con-
structon OF the road will be distributed for labor asd
materials through all and channels Of busiGess
and society.
Viewed as a matter of public policy, that is wise
ard idst nse Of Government credit which enables the
present generation by the appropriation Of the pro-
ceeda OF q comparatively snail portion OF the public
comsin 10 establish O railroad nucleus fr0m watch VIII
spread ont empire over the basia OF TIE MISSISSIPPI
AS well afford Government peace or war
10 prot the property ivee Caly augment NJ
on our Pacific coast ard that Is benef cent policy
which applies the proceeds Of these lanis, that in
cdenially and without enhauced rick or eos. to the
Government the interests OF its ctzena, in tie hun
oredp of tributaries 10 the main trunk sh 81 be rescued
from impending ruin and the full benefits of the La lds
he participated in by every citizen; system OF rail-
wsys permeatiDg Il does by is financial, CONNER
cisl and transitional ramif cations, every portion OF the
Confederscy, benefits TO them will, reoty or indi-
| rectly, benefit every member, however exalted or
humble be may be.
The method proposed being simply pledge of the
proceeds of the tale OF the designate belts OF land with
ont any aer alton Of title except sold, contrasts
| favorably with the system which has heretofore OBJ
ared in granting donations Of lands to certain States
| 10 DO Dy mem gwen 10 ~
sppesr from a moments consideration of the practical
OF ersCn and effect OF each system In the cases re-
f6ed to- the lands psssed rapidly from the corpora
tors trustees collateral to mortgage bonds to be
later to the agents of the 70 egn
capitalists and u0hH0pgerS who have furnished tae
ueans and IRON procured by such bonds tins placing
the title Ia the lsnds in fact not in form 10 foreign
eIs, well as sending their proceeds abroad for the
purchase Of iron and othtr materials Such land
grants have ever been regarded of equvocll expe
disDcy and have been only Iesoried 20 as the best
krown mears of promoting necessary intercourse,
where inadequate money resources LETT no other alter
native. Under my proposed method the money will
DO realized at home, and our coal and iron helds,
.reaer in extent than those of any other country on
The globe will be developed aud stimulated into
healthy and uccessul competitor with those OF Great
Britain, while he title to the public lands VIII remain
bona tide with American citizens
Having thus detailed the position of the Govern
meLt and alluded to of this benefits the country
Will derive, propose to notice some OF the more
me rninent ans by which these results 10 be ac
complsbe6 and the manner in which the railroad CON-
paD'.s and other parties in interest may DO protected
and benefited.
Itmay be a query with some of your COMMITTEES as
TO the nece ssy 70 an association rather than direct
arrange merit with the existing Railroad Companies Ii
So the will be- that certain of these Companies
arc known be prohibited by their charters from en-
ga9ng in enterprises foreign theretoj but the power
exists 10 confer other parties the right to engage
and 10 couple it with conditions by which ultimate
berefiss may enure to the Companies the nselyes.
Important negotiations are also to be made with the
creditors Of the respective Companies which would be
embarrassed, if not completely estopped, If they
direct recipients Of the bonds proposed to be issued
Thar higher grades of securities would be advanced
in the bands of the holders principally EuropeausD
that the fund.- hereinafter referred 10, and the
for the ]leon Of the road to the Pacific
10 be realized thererom would be vastly reduced and
the success of the enliIe enterprise jeoparded.
Again, an association originating from the railroad
companies, yet entirely independent of them, would
be far better adapted 10 the prosecution Of the road
both in its general policy and in matters of detail than
any attempted Greet action of the companies, which,
from the very nature of things, would be subject to all