Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1867-08-08
mn. UnIon PACING naiIroa.l.

tn NeNdudb, HOW HHlhHet, was uois "i'y,
after many combats with the solid rocks, and
fighting Indians on the Platte, and thus
clearing the track up to the Rocky Noun
tains, is certainly not the most pdcifo busl.
ness in the world. And yet, the building OF
this greatest line of railway ever known Will
bind the two sides of the continent closer
together, and like the electric wire, the iron
track will help preserve tho equilibrium be-
tween any storm clouds that may arise, East
or West, in the future. There are six rail
ways called Pacific which deserve the
title, from the fact that they are doing
nothing, while there are two Companies
which are constructing the only Great Paci-
fic line across The continent. These are
the Central Pacific of California, which has
"a miles in operation, and ten thousand men
at work building east from Sacramento; and
the Union Pacific, chartered by act of Con
gress, which is building west from Omaha,
Nebraska. The Union and Central Pacific
will meet and form but single line. The
Union Pacific Company, Gen. John A. Dix,
President, and Hon. John j. Cisco, Treas
urer, with u Board of Directors composed
of some of the most experienced railroad
builders in the country, has an authorized
capital Of one hundred million dollars (of
which five million dollars have been paid in
on tho work already done) To this date
(July l5, 1860 the Company has expended
over seventeen million dollars On the road
and has 400 miles in operation, and 1t is un
der contract to bp done TO the eastern base
of the Rocky Mountains, distance of 5i7
miles. in September next
The energy with which the work has been
pushed on, and the amount already done,
make us credit the estimate of the Compa-
ny's engineers, that the Atlantic and Pacific
will be united by rail in 1870, When this
not, fob ,x1an xxttn In
grand reunion between the long separated
parents and children of our far East and
farthest West, and the live Yankee may ser
the sun rise over Boston Light House, Mon
day morning, and set through the Golden
Gate of San Francisco ON Saturday night.
This great result will not he accomplished
without a liberal expenditure of money, al
though II is believed that about one hundred
million dollars will be sufficient forth pur-
pose. OF this sum, the U. S. Government
advances Fifty million dollars in o. 5. Six
per cent. currency interest bonds, taking
second lien upon the road for security. The
interest on the bonds is paid out of the U. ).
Treasury, and the Government reserves one
half the amount of the Company's bills for
transportation as credit against this ac-
| count. The Government permits the com
panies TO issue their own First Mortgage
Bonds to an equal amount, and also donates
l2,SO0 acres OF land per mile as additional
aid, but as these lands will greatly increase
| in value as the road progresses, ii is consid-
| cred wise policy TO keep them out of mar
| ket Tor the present. so as to obtain a better
| price al a future but early day.
The Union Pacific Railroad has become so
Indispensable TO the Government for trans
portation of troops and stores to its forts in
the mountains, and to assist in arresting In
dian hostilities, that Gen. Sherman, who
commands the U. S. forces in that region,
says, that ii could well afford TO build the
whole line, and make money by the opera
tion," For this, ms well as more general rea-
sons connected with the public welfare, Con
gress granted such liberal although necessary
assistance as would ensure the speedy com
plction of the work. The fact that during
the present season the Union Pacific has laid
down an average of nearly two miles of track
per day, is evidence that the confidence OF
the Government in the Company has not
been misplaced,
But while liberal, the U. S. Government
has taken good care of its own interests. II
issues its own bonds to the Company only as
each section of twenty miles is completed
and then only after the Government Com.
missioncrs have carefully examined the work
and pronounced il first class In every respect,
and fully equipped with locomotives, cars,
ETC., and ready for business. On the first
81 mlles---on the easy portion Of the road
lit issues its bonds only at the rate of SiG,-
900 per mile, and on the more difficult por-
ton at the rate OF So, 900 per mile; and fol
$50 miles of the Rocky Mountain Region al
the rate of $is,0oO per mile The Union
Pacific Railroad Company is also restrained
by its charter from issuing Its First Mortgage
Bonds except us the work progresses, and tt
the same amount on the various sections as
are issued by the Government. The mortg
age which secures the bond-holders is made
to Hon. L. d. Morgan, U. S. Senator, from
New York, and Hon. Cakes Ames, Member
Of the Y. S. House of Representatives, from
Massachusetts, as trustees, who alone cai
issue the Bonds to the Company, and VIII,
are responsible for their issue in strict &C
cordance with the terms of the law. TIL,
amount Of the bonds is probably not NOR,
than one third, and is certainly not one hal
: OF the cost of the road.
The only question of value that can arise
is:-Will the road do a paying business 2?
| 1t is scarcely worth while to answer it scri
ously.
Will the only railroad between the rrea
Atlantic and Pacific States, 21ay2
VIII the only railroad connecting the tw,
sides OF a country which now contains thil
ty-slX millions of people, pay?
VII the shortest transit line between Yves
tern Europe and China and Japan, pay?
Will a road that reduces the time schedul
between New York and San Francisco iron
twenty-five days to six, and reduces the far
, one-half, layY
: Will n road without competition, and tina
can charge its own rates, and that must d
all the transit business East West for 3
States, 7uy!
G Will road that is only highway to all til
5 immense mining regions of the Rocky Noun
+ tains, and over which the constantly incrca,
!, ing tide of emigration and business to thcs
new III Dorados must go, pdy2
, Will road which takes across the plain
the freight that once required between thirt
and forty thousand wagons in single sea
r son, pay !,
Might we not ask with more proplicty i
: How long will II be before Il road doin
: such business will require double tracl
G and was there not good reason for the rt
, striction imposed by Congress, that whei
. ever the company made more than ten pc
cent. on lis capital il should reduce its rates
: These questions certainly answer then
! selves, hut II fact or two may be added. Til
G Union Pacific Rrilroad has no present tci
minus. Its line is about two miles farthe
d west to-day than it was yesterday, and wi
! be two miles farther tomorrow than to-du,
!, | put MISUNDERSTANDING lHiS lts warehouses; al
running over with freight for the mines, til
y levee at Omaha is covered with il, and til
i Company's earnings for the month of Ma
o were officially reported at $2GI,sl2 d
e enough to pay the interest ON its bonds seye
If raj times over in gold after all expenses wcr
= deducted, so that if not another mile of iii
"a road were ever built, the part now don
, would constitute All ample security for til
! First Mortgage Bonds.
- We write freely of this Union Paciti
g Railroad, because we consider it the grea
e national undertaking of the time. II will b
IS the longest line in the worlds it also seem
y as if it would be the most profitable; an
g It's completion will certainly be the beginn
IA ing Of Il new era in our national progress.
-
y RULERS IN MEXICO SINCE 1921. The fol
Il lowing is list of the rulers that have sue
eecdcd one another in Mexico since its indie
Is pcndence in 1921
|, lS2l-Yturbide, Gcnera-in- Chief.
# lS22- Yturbide, Emperor
a. lS23-Generals Guerrero Bravo and NJ
y CRETE, Dictators.