Daily national Democrat., 1860-06-24
The Union on the San Francisco and
Marysville Railroad.


The Union on the San Francisco and
Marysville Railroad.
The editor of the Union has forfeited all
title to respect among those who have prac.
tical knowledge of the building Of railroads,
10y his comments upon the condition and
prospects Of the San Francisco and Marys-
Vile Railroad. lie says, with an air ofgreat
triumph, that the Directors have themselves
admitted that the main dependence for the
construction of the road is the sale OF the
bonds Of the Company In the name Of all
common sense. what better dependence is
needed As long as the bonds Of the Com
pany can be sold and money commanded
upon them what more is wanted? All the
roads, nearly. that have been built in the
world, have mainly depended upon the same
thing. Those roads which have no basis ex-
cept that of mere subscriptions of stock, must
certainly fail, can never be built. The Sc
curity which road has 10 give on its bonds
IS its true wealth and where that security is
a thing tangible and apparent, there is no
difficulty in the sale Of the bonds. We will
venture to cay, that in regard to this kind Of
financial basis, no road that was ever con-
structed in the United States began with a
surer foundation and a more perfect security
than the San Francisco and Marysville Rail
road. Sixty thousand acres of swamp and
overnowed land, donated by the State and
moderately estimated at 100000; sixteen
hundred acres of land donated by Captain
Frisbe at Vallejo and half mile of water
front, worth at least million Of dollars; do
nations at Marysville and along the line Of
the road for Depot grounds DC, valued at
S150000; Yuba county subscription $780,
600, and Solano county subscription $780,
900 more. This is what the road begins with,
aside from individual subscriptions amount
ing to S226,7O We would like to ask now,
if this is not basis guaranteeing the sale of
.he bonds of the Company, without Difficult
ty? With such an amount (S2,376,700) of
real estate and personal assets, how is it pos.
sible that any man, pretending to the least
financial aeumen, can imagine that the con
dition of the Company is anything but flour
ishing? 1t only requires money to build the
road and the sale of the Company's Bonds
will produce the money
All roads calculate upon having a debt
upon their completion. This debt is paid by
the profits of the road The profits of this
San Francisco and Marysville Railroad, who
can fail to appreciate? No man, with the
least grain of practical sense about him. can
think Of disputing that the amount of business
drawn to and transacted upon this road will
be vast. The Engineer, Mr.. Scott, estimates
that the annual receipts will be 81 ,952 ,s7s
Expenses FOR operating S736,570 %. Nett
earnings Sl,Sl6,3O 10. Equivalent to forty
five per cent per year, interest on the esti-
mated cost of road, equipment and buildings.
amounting in the aggregate to S2,9O5,O2G "a.
1t is somewhat singular that the Union,
while SO manifesty under the impression
(which no practical fnaneier familiar with
roads could possibly labor under) that a Com
pany has poor show which depends mainly
on the sale of its bonds, at the same time goes
into perfect ecstaces over the Central Rail- |
road,-the Sacramento and Folsom one
which has been built so far upon no other
means whatever but those raised by selling
its bonds