The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-06-14

scendentalism and extravagant French prefer
ences, possesses the soul of a true cosmopolitan
has recently indulged in one of his brilliant
rhapsodies, in which he expresses the firm
conviction that the millennium is at hand; /;
that Tennyson's Federation of
the World" will soon be fait
acconpH; and that the "Parliament of
Man" is about to assemle-in Parisi But un-
less he will accept the present gathering Of
kings, sultans, mandarins, czars and khans at
the French capital as sufficient fulflment of
his prophecy, we must beg leave to differ from
that eminent authority, particularly as to the
place OF meeting. -...ri .. -...-s..t.s .
Yet, the cheerful spirit of the great exile
cannot be sufficiently commended, and it is in
marked contrast with the gloomy forebodinss
of DR.. Cummings and the whole race of Cas-
sandras, whose morbid fancies or bilious tenn
peraments are constantly leading them to sing
the approaching destruction of their favorite
Troy or of the universe itself
On our side of the water we have at least
one Cassandra in every county with deputies
in every school district. Dyspeptic retail deal
ers, ex-presidents and bankrupt Spectators
generally secure the appointments, and their
hoarse tones may be heard of hot afternoon.
predicting financial ruin, civil war and the in
evitable disappearance at very early day of
all that renders this state of existence tolerable.
Indeed, if these melancholy oracles are to be
credited, Macaulay's New Zealander, who is
coming to sketch the ruins of St. Paul's will
find it necessary to begin his artistic labors sew
eral centuries earlier than was anticipated if
he wishes also to secure rough draught of our
national capitol before its very site becomes
problematical
There is no probability that these Jeremiads
will cease while men are afflicted with indiges-
ton, or have selfish purposes that may be ad-
vanced by persistent snuffling. But to indiv-
iduals Of more hopeful instincts the present
unsatisfactory condition seems to be but tenn
porary. ..i
Among the many considerations from which
happy auguries for the future of the United
States may be drawn, the rapid progress of the
Pacific Railroad may be reckoned one of the
most important 1t is likely to prove most
efficient agency in repairing tho waste of our
late civil war. When the road is completed
the United states must become the great high
way of nations, for it will no longer be neces-
sary or desirable to cross the equator twice to
reach Asia. What the effect will be upon the
development of our own resources, and the
building up of Western civilization, cannot be
doubtful in the mind of any one who has OBJ
served the magical results that have attended
the construction of railroads of infinitely less
Importance. af H.4.aJ.aa s.t.rF' -. e
The progress now made on each end of the
line is in the highest degree satisfactory. The
work is under the control of two distinct and
Independent companies The Union Pacific
Company has completed 345 miles, commence
ing at Omaha on the Missouri river. The
close of the present year will bring this branch
of the road to the base of the Rocky Noun
tains, 500 miles from the eastern terminus. In
two years more it will meet at Salt Lake City
the Central Pacific Railroad, coming eastward.
TIE latter has at present been completed only
about 100 miles from Sacramento; but the OBJ
struction of the Sierra Nevadas, has been in a
great measure overcome, and 100 miles here
are full equivalent for the 500 at the other
extremity. Next month the locomotive will
have fairly passed the mountain region, and at
the close of the year point 238 miles from
Sacramento will be attained. If these expect
tations are realized, and nearly one half of the
1850 miles from the Pacific to the Missouri is
finished on the first of January, 1868, the two
years from that time allowed for its compile
ton will be amply sufficient for that purpose.
Yet when the subject was first agitated twen-
ty years was thought not too long time for
the construction of so gigantic work.
The estimated cost of the whole road is
$100000000, of which sum the United States
States government has guaranteed the pay
ment of nearly one half
1t is matter of public interest that the fl
nancial condition of both companies is surpris-
inely good. The net earnings of the Central
Pacific Company are sufficient to pay their in
terest engagements, upon the part of the road
already completed, several times over The 156
miles to be finished in July will cost 500 ,OO0,-
000 but so literally has the road been SUI s.died
by the government, by the State of Califor-
MIA, and by private individuals, that only half
million is required to pay the Company's
part of the interest. The government has Sc
cured itself by bonds of second mortgage,
thus leaving the road free to secure private in
dividuals who purchase its bonds by first
mortgage. The financial agents of this road
now offer for sale the First Mortgage Bonds,
of even date and tenor with the government
bonds, drawing six per cent interest and prin-
cipal payable in gold. 1t will be seen from the
following statement of the resources and liza
bilites of the road that this is of the safest
and best investments now offered to capital
Interest
Resources. Liabilities.
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