The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1867-06-14
NOR. than sos. 900 per mile. ..o,u,l,. of equip
nIAxs roa oeKsraucfIox.

construction beyond doubt. 'r.t v...'.t.-.
is1-Tns GsAxf or noxEY.-rhe Govern
mentiss to the Company its Six pkR Cent
TnIRrY-YsAR Bosns At the rate Of 900 pei
mile Tor the whole road. and, in addition, for
$50 miles across the Rocky, Mountains thl,
grant 10 trsblsd, making Il $4,000 per mile
and from the isrminstion OF this section to ths
California line (about s9s nilss). the grant d
doubled. making $32 900 psr nils.--ths whole
amount being ~, 40. 600. These bonds an
Issued BY the 0oversneut only on the compile
tion % each seotion OF twenty milss. snd sher
the Commissioners appointed BY the. President
Of the United States have certified that II u
thoroughly built aud supplied With oil the
machinery, 60, Of . asst-clsss railroad. The
interest on these honda 10 paid by The y. 8.
| Treasury. and The Government retains, a. a
sinking fund to be applied to repayment Of
principal and interest, one half the regular
charges made for transportation by the Com
pany against Il. These bonds, which are .
second mortgage. are not due for thirty years.
and Il Is not improbable that the value Of the
services to be rendered TO the Government dur
| ing that period will constitute . sinking fund
sufficient for their redemption at maturity.
2d.-THE FIRsr MoRroAoE BoSps.-Ths
Governmsn, permits the Company to issue Its
own Mnrtgase Bonds at the same time. and on
the same terms. and for the same amount. and
by special .det of Coasress these 6oadsI Of As
Company are Mode FrRsr MoRroAus on the
entire line and property Of the road, tho Gov
ernment bonds baag subordinate. The amount
OF these Bonds to DO issued by the Company b
limited to an amount equal to those issued BY
the Government to aid In the construction OF
the road.
3d.-THE LAND GRANf.-While this is GER
tainly munihcsnt, at the same time II u most
advantageous to the Government, for without
/ Il, all Its own lands would remain almost
worthless. Its donation for every alternate
section for 20 miles on each side OF the road. I.
or II. 800 acres per mile, and amounts to 90
o32, 900 acres. assuming the distance from Oma-
ha to the California State line to be ,5es miles.
Much Of this land. especially In the Valley Of
the Great Platte, Is . rish alluvium. and 10
considered equal to any In the world for agri-
cultural purposes. Hon. Z. D. Mansheld, the
learned Commissioner Of Statistics for the
State Of Ohio. estimates that at least 9.loo 900
acres will be available to the Company within
a moderate length Of time. and that II Is far
within bounds to estimate this entire grant at
l.3o per acre, or $50 900 900. The Illinois
Central has realized more than four times this
sum from similar grant
NATURALIZATION OF HrAxs foR .oGo NILEs.
U.S.. bonds. equal to money, S+A A,2os. 900
First Mortgage Bonds, 4%,sos.ooo
Land Grant, 20 .o32, 900, say, 3o.ooo.ooo
siis,4i6. 900
equal to cost OF nearly SIC, 900 per mile.
which Is believed to be liberal estimate. This
does not take into the account the value Of the
right Of way and material. the stock subscrip-
ton already paid In or to be paid In the future
or the present discount at which the bonds are
offered. as they are expected soon to be at par.
The IsrERrsr ON THE BoxDs Is moro than
provided for by the net earnings Of the various
sections of the road. a. they are completed,
On the Jos miles on which the cars arc now
running west from Omaha, the receipts for the
6rst two weeks In May we're $li3,ooo; and as
the road Is extended towards the great mining
centers, the business In freight and passengers
constantly increases-and - there can be no
competition from rival roads, the Company has
full power to charge remunerstivs prioss.t
PoRsrEcn roR ruruRE BUSINESS.
Il needs no argument to show that the traffic
Of the only railroad connecting the Atlantic and
tks Pacific. and passing through the great min.
ing region. must be immense.
Although our annual product Of the precious
metals is now officially estimated at $iOO. 900. =
900 per anuuu, vastly greater sum will be OBJ
taiued as soon as tho Union Pacific Railroad
opens the way to the golden regions Of the
Rocky Mountains. Now, the difficulties and
cost Of communication are 80 great, that none
but the very richest veins can be worked; but
with cheap transportation, hundreds Of thou
sands VI hardy miners will successfully develop
other mines, that, with less costly working,
will be even more profitable than the average Of
those now In operation; and the business OF
this constantly increasing mining interest must
pass over this road.
The recorisof our shipping Offices show that
not less than $1,000 passengers now annually
travel by sea between the Atlantic ports and
San Francisco; and these rcckoned at $50
each (about one half the steamer prioe) would
produce revenue Of 81, 500. 900.
The overland travel Is even greater. In n
single ysar. t,ssniy-ssrsm tAousand tsans, COM
prising vast number Of smgrants and tnvel-
ers, departed from two points only on the Mis-
souri, River on their westward journey. 1.-THE
truth Of this statement were not familiar to oil
froutier's-men. It might we'll bs questioned.
Bat, estimating the overland through travel at
the same figures - that BY steamer. and ws
have $i5, 900 900 - the mailman estimate on
the same number Of passengers. But the faoil.
tiles tur ohesp and rspid transit furnished by
railroad always vastly increases the amount Of
travel With the same population. The differ.
encs between the numbers who would tahs An
ocean steamer ora prairie wagon aAd mod
ern palaoe-oar, With Ia luxrious stats-rooms.
where tAs traveller saas ssdy slseps almost -
comfortably - u home, nay b - great - the
diferenoe between the numbers Who jolssd over
the mountains In n old-fshionsd stage-onaoh
and those In an E1press train between any two