Sioux City register. [volume] (Sioux City, Iowa) 1858-1871, 1862-05-31
From the Burlington IIawk-Eyc.
THE PACIFIC RAILROAD BILL

railroad and telegraph line from the Mis-
souri, river to the Pacific Ocean and to
secure to the Government the use of
the same for postal, military and other
purposes recently passed the House, of
which we make the following synopsis
from a copy furnished US by our Washing
ton correspondent:
The first section des;gnates commir. on.
ers from the several States who, with Eve
to be appointed by the Secretary of the
Interior, are Incorporated under the name
Of the "Union Pacific Ralroaa Company"
for the construction of the proposed road
and telegraph line from the one hundred
and second meridian of Longitude Yves.
from Greenwich at the termination of the
Leavenworth, Pawnee and Western Rail
road and Telegraph Line, to the western
boundary Of Nevada territory upon the
route aud terms provided in the BILL
Among the commissioners named are vii
liam L. Colbaugh, Lucius A. Langworthy,
Hugh 1. Red and IIoyt Sherman of Iowa
William b. Ogden, Chas. G. Hammond,
Henry farnum, Amos c. Babcock and
". Selden Gale Of Illinois. The capital
stock OF the company will be on hundred
million dollars IN shares of one thousand
dollars each, and to avoid monopoles it is
prescribed that not over two hundred
shares Of such stock to be held by one
person. The first meeting Of the Beard
will be held at Chicago At the call Of the
Commissioners from Illinois within three
months after the passage OF the bill Pro
vision is made for the organize alton of the
Board, AMI for the opening Of the books
IN the principle cities of the Union-ten
per cent of such subscriptions to be paid
at once. AS soon as two thousand shares
are subscribed and ten per cent paid in
the subscribers will elect thirteen Dircc-
tors to which the President Of the United
States will add two Directors on the par,
OF the Government at the first, aud each
tri,enniai election thereafter.
The second section grants right of way
through public lanes aud authority to use
earth, stone and timber and other mate,
rails al accent to The line of the road.
The third section donates every altern>
ate section of land to the amount Of five
sections per mile on each side, excepting
mineral lands, and in case such lands
granted are not sold or Opposed Of by the
company within three years after the com.
pIe,on of the road they shall be subject
TO presumption like other lands Mt one
dollar and twenty-five cents an acre-,o
be paid to the company.
Section four aud five provide that upon
completion of each forty consecutive miles
OF the road and telegraph the Secretary OF
the Treasury shall issue to the company
United States six per cent bonds Of one
thousand dollars each, payable thirty years
after date. TO the amour, Of sixteen thous
aud dollars for each mile completed with
the usual sureties for repayment to the
United States.
Section six preleribrs the transportation
and transmission Of Governmcn, goods
and dispatches, the compensation for which
together with five per centum of the net
earnings shall annually be applied on the
Indebtedness Of the road
Section seven cnacts that the road and
shall be completed as specified
in section first before Jaly lst l114, with
the rroYjso "Ihat in fixing the poin, Of
connection of the main trunk with the
eastern connections, it shall be fixed at
the IN ost practicable point tor the coustruc.
ton Of the ilra aud Missouri branches"
Sections eight and nine Incorporate the
Leavenworth, pawnce 4 Western Railroad
with similar privileges with pro.iso that
the eastern and western termin Of said
road must connect with the Pacific Road
and the several roads from St Joseph and
Iowa authorized by the az; to conntc;
Herewith. The Central Pacific Road
chartered by the State of California is
granted similar privileges and conditions
regarding connecting points
Section ten makes !urther' stipula.ions
regarding the completion of the dtleren.
road, and the eleventh grants additional
facilities for the construction OF the road
over the mountainous aud difficult points
for the distance OF three hundred miles in
the vicinity Of the Rocky and Sierra Ne
vada mountains.
Section iuur.t en- enac's that the Union
Pacific Railroad Company shall construct
from the western boundary OF the State Of
Iowa westerly upon the most direct aud
practicable route line Of road and te'e
graph to connect with the main line not
further west than one hundred and second
merician longitude, aud whenever road
shall be completed through Minnesota or
Iowa to Sioux City on the Missouri river,
the Pacific company shall construct a
branch from Sioux City to connect with
main line within three hundred miles of
the Missouri river.
Section seventeen provides that il
road from the Missouri river to the city Of
Sacramento is not completed on January
lst, 1876, the eu:lra road shall be forfeited
to the United States.