The Portland daily press., 1862-11-15
Saturday Morning, Nov. Is. 1862.
from the Buffalo Commercial Advertiser. /
The Pacific Railroad.

from the Buffalo Commercial Adsertiserl
The Pacific Railroad.
The first, and very important, legal step
has been taken by the body corporate to whom
Congress, by their recent act, have entrusted
the construction of this great National work.
For the purpose of organizing the company, a
large body of Commissioners, over $50 in
number, representing all the loyal States north
of the Potomac, and also including Kentucky,
were designated by the act TO open books of
subscription to the stock. 1t also provided
that the first meeting of the Commissioners
should be held at Chicago.
The amount of capital stock fixed by the
act Is one hundred millions, in one hundred
thousand shares of one thousand dollars each
but the Company is allowed to organize, by
electing directors, as soon as two thousand
shares lbeing s2,000O00) are subscribed, and
ten per cent. on that amount actually paid in.
To the Company thus formed, the Govern
ment grants 6,400 acres Of land adjacent TO
the road, for each mile of its length, and also
six per cent. bonds of the United States, hav-
ing thirty years to run, for $4,000 mile for
the two divisions east of the Rocky Mountains
and west of the Sierra Nevada. These dyi-
sions, with branches extending from the Tooth
parallel of longitude eastward to the Missouri
river, will, in the aggregate, embrace ineal
extent of about 1000 miles. For the two
mountain divisions of $50 miles each, embrac-
ing the Rocky Mountains and the Sierra Ne
vaoa, lhe ponas are 10 De issued Tor s4o,ooo
per mile. and for the intervening space, about
too miles, embracing the territory oi Utah.
anu anu portions OF ooiorado anu Nevada, ior Soz'-
wy per mlie.
grants in available pecuniary credit, exclusive
of the lands adjacent to the road, between six
ty and seventy millions of dollars, render
matter VI ueep sis in'e,s, " elle .oun'iy
.hat tne en1erpIlse shoaiu oe eohnilteu W
Aone:. auu eapcoe naiuo. =
II y etluen. nosi sne paolisn.u ps'i. lepoI.S ~
tne proceeulss VI 'e Soui'isSioncie a. lliei1
Inee.ihg az Icaso, .ua' .a my are TN iuiy awals
ol lne nagH i,;. s " :ne nuss ane ee,a.eu
,one anu spirit oi .neil ploceeuinss anu reso-
,,s iunon5 e.lnce , .nen ~, ad - ~, a -
possloie, W se.uie s,ae oohnTenee ~. " 'ne
elhen. anu snc a'. eouns o, .ne paol'shi
80 ~ ;,s.,..as, asoa,,, a., s,s,sn. o.,
s s,;st ~ So, a.,,i;,,ss 90 frn;slef !, ~
's.l.. =. ...!,s.s ~. sI,;o,, 80 -, LII
m me"spapel o.s ~. ..,,, aus., wiii
t e,a;. a,,ho .u' ,ba ,a,';as n,aaa
Ds ,' ;ne '.h. ;n, d;sc,,ss;o1a u % pr hs.eo
~, .,,,,;o,s nao n,ad .r,e snal
,ea 1. b;ahs, .ne ns.;nnoi ;,tarss, ;uvorn no, "
" the vast commercial. mineral. and fiscal re-
sources 70 be drawn from the Pacific coast and
the great interior. but the very existence of
the Republic as one Of the continental powers
of the world.
From the organization of the Board of Com
missioners we augur happy results. The Hon.
WILLIAM B. Ogden. Of illinois. q gentleman
widely known throughout the country for his
energy in business affairs counled with bigb
nersenai ;ntelieence and singular renial;fv
and Courtesy of manner is chosen President.
The mice ~ Secretary Il Allied by Mr. HrN-
nv Poop verv favorahv Known as tho
editor Of tbe Railroad .Journs, and as q v;gor.
ons. wr;tar On indnstrial and fnanc;al ton;cs
The vitality imnortant most Of Treasurer on
whom the ewes Of the subscribers will be mar.
t;culari- fsstened has been most wisely and
fortnnatelv Committed 10 Mr. THoNAs w
OIoorr the welI-known experienced md
snccessf,, banker Of Albany He i the verv
synonym of all that is accurate, diligent, and
trustworthy in the sate-keeping of money, and
peculiarly fitted to be the custodian Of the
large sums which may come to his hands from
the subscribers to the present stock, and the
proceeds of Government bonds.
Immediately after this organization COM
mittee was appointed, consisting of one from
each State and territory, to report to the
Board the business proper for its action. 1t
embraced the following members:
SAMJvFI. r. RITGGLFS Ny Chairman
JOHyM WOOD Maine
r w WOODMAN New Hamnsbire
CHAS y M ET1,HFR Rhoda Island
TnW.pD % IT TINYEp' xa 1nouo SIAM. ~
CS prSuSFi pry n = Cnn.ao,;a',. aanu'e''''
Cn T -S 4iIIN II Ell, r,IL;,D nollrec'iIu.
GW cASs pannsn1,au;a I" oe''e''
a ST0NT T. nh,y anna
HENRY EARNaM tn;no,.
SAMITEr HANNA 1nd;an.
c4AS r. CoRH.M Miah;r.
Holm CATIiN wisconsin