Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1867-06-06

cipal and interest, one nall tne regular
charges made for transportation by. the |
Company against 1t. These bonds. which |
are a second martgage, are not due for
thirty years, and it is not improbable
that the value of the services to be rem
dered to the Government during that
period will constitute sinking fund
sufficient for their redemption at matu-
rity. |
2d.-THE FIRST MORTGAGE BONDS
The Government permits the Company
to issue its own Mortgage Bonds at the
same time, and OH the same terms, and
for the same amount, and by special Act
of Congress these bonds of the Company
are made q FIRST MORTGAGE on the en-
tire line and property of the road, the
Government bonds being s,tbordindte.-
The amount of these bonds to be issued
by the Company is limited to an amount
! equal to those issued by the Government
! to aid in the construction of the road.
| 8d.-THE LAND GRANT.-While this
is certainly nunificent, at the same time
| IL is most advantageous to the Govern
ment, for without it, all its own lands
would remain almost worthless. 1t Is
! donation of every alternate section for 20
miles on each side of the road, or 1890
acres per mile, and amounts to 2O,O32,-
900 acres, assuming the distance from
Omaha to the California State line to be
1855 miles. Much of this land, especial
ly in the Valley of the Great Platte, is q
rich alluvium, and is considered equal
to any in the world for agricultural pur-
poses. Hon. f. ID. Mansfield, the learn
ed Commissioner of Statistics for the
State of Ohio, estimates that at least 9,-
100000 acres will be available to the
Company within moderate length OF
time, and that it is far within bounds to
estimate this entire grant at 81 80 an
acre, or $4,000, 600, The Illinois Central
has realized more than four times this
sum from a similar grant.
REHABILITATION OF MEANS FOR ,565
MILES.
Y. s. BoNDs equal to money ,.....""sii @ @S C OCO
First Mortgage Bonds ds.................. ~ 12O5,00O
Land grant @O32 600 acres, say ...... 3o,OO0,OOO
$ll8, 900
equal to cost of nearly $4,000 per
,, mile, which is believed to be a liberal
estimate. This does not take into the
account the value of the right ofway and
material the stock subscription already
paid in or TO be paid in the future, or the
, present discount at which the bonds are
p offered, as they are expected soon to be
| at par.
THE INTEREST ON THE BONDS is more
r than provided for by the net earnings OF
the various sections of the road, as they
n are completed. On the 305 miles Oh
!, which the cars are now running West
I from Omaha, the receipts for the first
I two weeks in May were $113, 200; and as
r the road is extended towards the great
: mining centers, the business in freight
v and passengers constantly increase-ant
q as there can be no competition from RI
O val roads, the Company has full power to
i charge remunerative prices.*
n PROSPECTS FOR FUTURE BUSINESS.
: 1t needs no argument to show that thu
traffic of the only railroad connecting
the Atlantic and the Pacific, and pass
g ing through the great mining region
: must be immense.
9 Although our annual product of thu
u precious metals is now officially estima
l. ted at $l00, 100000 per annum, vast
3 ly greater sum will be obtained as soOI
I, as the Union Pacific Railroad opens the
q way to the golden regions of the Rock.
$ Mountains. Now, the difficulties ant
cost of communication are so great, tina
,r none but the very richest veins can b
n worked but with cheap transpol tation
L. hundreds of thousands of hardy miner
oi will successfully develop other mines
n that, with less costly working, will b
even more profitable than the average q
~ those now in operation; and the busines
l. of this constantly increasing mining in
q, terest must pass over this road.
d The records of our shipping office
Nc show that not less than 10000 passenger
"a now annually travel by sea between tn
j. Atlantic ports and San Francisco; an,
T. these reckoned at $3.50 each (about on
n half the steamer price, would produce
m revenue of 81, 100000.
y The overland travel Is even greater
u In a single year, tWenfy-sepen Honsdn
u teams comprising u vast number of en-
W. igrants and travellers, departed from tw
Ill points only on the Missouri River o
their Westward journey. If the trut
m of this statement was not familiar to a
ne frontier's-men, 1t might well be quei
ms toned. but, estimating the overlan
ok through travel at the same figures I
ly that by steamer, and we have 100000
IT. ms the minimum estimate on the sam
Is number of passengers. But the faciliti'
IA for cheap and rapid transit furnished !
n railroad always vastly increases IL
le, amount of travel with the same popui
or ton. The difference between the nun
X bers who would take an ocean steam'
Ky or n prairie wagon and modern palac
be car, with its luxurious state-rooms, whe
nd the traveller eats and sleeps almost
dt comfortably as at home, may be rs gre,
ra as the difference between the numbe
Tic who were jolted over the mountains
lst an old fashioned stage-coach and tho
dy I'm an Express train between any tv
m great cities. Then, Is 1t not safe to sf
that this through travel will be at on
ST. doubled on the completion of the road
80, 1870, and, with the rapid increase of 2
q, en- cific Coast population in the next fe
IN, !; years, more than quadrupled? Is it
-, all extravagant to assert that the hroul
WI passenger business during the first ye
'au after the first train of cars runs fro
oi' Omaha in Nebraska to Sacramento, W
w co- be worth twenty-five million dollars9
Ps, When to this we add half as much me
ny for it's pay passenger business, and mo
nv nv than as much more than both for
.ne freights, expresses and mails, ETC., q
,n1 pnn there not the best reasons In the woi
'o,, s,: for believing that the Union Paci
me Railroad will be one of the most prof
'eo able as well us one of the grandest wor
L., of modern times?
md THE SECURITY AND VALUE OF ITS BoNl
,air We have made these calculations Il
md the public may have some brief data
rst- facts from which to form their estimi
/ Is of the value of the Union Pacific Rs
will road Company's First Mortgage Bon
ore Besides men of the greatest Railroad I
lip perience in the country have shown tn
.N.aa.aA