The Placer herald., 1865-01-07
THE PACIFIC RAILROAD,


We have received from some source un.
known to us two pamphIets--the Report of
| the Chief Engineer Of the Pacific Railroad, :"
and "Defenre against its Enemies" etc
These statements, published under the aus.
pces of the Directors of the Company. must
necessarily be taken as presenting the best
face which can he put upon its management
In that view we have given them critical
examination, in no cavling spirit, but with a
sincere desire of arriving at the truth, and
the result is that our doubts in regard to
the management of this great enterprise are
confirmed into convictions that it has been
directed by wIIful stupidity or rascaty in a
manner to defeat the object as public ben.
eft. The exhibits Of the affairs of the Com
pany present no satisfactory details but ag-
grecate amounts in which we discover sew.
era discrepancies which show remarkable
carelessness if not an intention to msreprel
sent. In the Report Of Mr. Monanya to
the Board Of Supervisors, endorsed by pub
icaton under the authority of the Directors,
We find the statement-"1he amount of the
capital stock of the company is s8,500,0OO.
Of this 81 1854 900 has been subscribed, and
s99S, 400 has been paid in" In the report
Of the Secretary, dated January %, 1864
nearly year aoo--we nd-"The amount of
stock subscribed is 81 1854 900; of the which
sum Of 81 ,040,4 ,440 has beeu paid in" A
statement made under oath by the Secretary
of the Company to the Supervisors of Placer
county, Sept. IA, 1864, says-"Ihe amount
of cash subscriptions of the stock by indi,
vi1ualS .n1 tbo iS.u and duo t.,
contractors for work done and materials fur
nished, is 1928 800; the am 'unt subscribed
by PAGER county is *25o,00 the amount
subscribed bv Sacramento county is $500,
OO0-total, 81 ,462, 500" In the same state
ment the assets of the company are:
"Amount due from stockholders, ,$203 $50 6S;
$50 Placer county bonds, $75 600; 327 Sac
ramenlo county bonds, $lG3, 500" - total
$442,3SG G8 due on subscription to capital
stock which being deducted from capital
stock subscribed as above would show ST.
O20,ll3 80, as the whole amount received
on Subscription to the capital stock on the
l4th of September, 1864; reported in Jan
uary, 1864, at 81 ,OtO, ,440, and subsequently
by Mr.. Montanya at 5097,40 If the bonds
on hand issued for stock are not to be de-
Quoted from the amount reported as paid,
then we have less amount returned as paid
upon capital stock in September than in
January last
We have in these pamphlets no tabular or
detailed statement of receipts and dsburse'
ments and can on y approximate results by
comparison of one statement with another
and with known facts. One Of the condi
tons of the grant by Congress to aid in the
| construction of the road was, that from the
day the act was accepted by the company
twenty five miles of railroad must be put in
running order every year; if not the grant
is forfeited and the road revers to the United
States But thirty-one miles of the road
has been completed at the expiration of two
years, and the grant, together with the fran
chses of the company, are forfeited, and can
only be recovered by Congressional relief.
The Defence charges the delay to San Fran.
cisco in withholding its promised aid to the
amount of $4,000 in bonds. 10 complete
tbs fifty miles of road required by the grant
mostly over level country, the company
has had the following resources TO draw upon
without the aid of San Francisco:
Subscription to capital stock (say) s. 100000
State appropriation $4,000 mile. 100000
| oaCTdulelLO UOlluS. oOO,OOo
Placer county bonds ................ 100000
U. S. bonds pledged Cat leasO.. 900, 600
20 sections of land to mile-G4O,O00
acres at (say SIPS 100000
100000 first mortgage bonds ....... 100000
$5,950,000
Was not money and first class credits
equal to $4,000 mile sufficient sum to
justify more energetic prosecution of the
work under judcious management! If with
this aid fifty mites of road could not be com
pleted over level plain in two years, how
much time and money will be required to
build the next fifty miles over the mountains?
/ We cannot ascertain definitely, from state'
ments before us, how much has been receiv'
ed or how much expended in completing the
road the first thrtyione miles; from the
September report Of the Secretary he exhb-
its receipts up to that date amounting to
81, ,462 500, and indebtedness OF the company
to the amount Of 81, ,4sO,70O, showing ex-
penditures to the amount Of S2,943,2OO. 1t
also shows expenditures beyond the thirty
one miles completed, not to exceed sl5o,ooo;