The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1867-07-11

J the Government did not wish to en-
, ter upon any new, sytem of interna
/. improvements on its own account.
f and its only alternative was to gran
its aid in the most cdreful maliheI
: to such respdhsible individuals O
lsilitable character and energy a.
? might be willing to risk portion o
!, their private means in the construc
!, ticn Of the road. -+ ... .#, /
THE COMPANY CHARTER. AND ROUTE
Foi This charter was granted ant
! perfected by various acts of Con
gfess, and the company comprise
men of the highest reputation fol
II integrity, wealth, and business ex;
: Eperlence. Among the officers are
Gen. j ohm Dix, p resident; Thos,
: C.Durant, Nice-Pfesident;; ambition.
JohnSJ Cisco, late Assistant Treas
4 ufer OF the United States, Treasurer.
The Capital authorized by the
4 Charter is 1One,3H undred Million
Dollars, of which tbs estimated that
not exceeding Twenty Fiv e Millions
will berequired. and of which Five
Million l1aNe already been paid in.
Ia Surveying parties were at once
ipushed 2'out in various directions
across the continent TO find and To-
cate the best available'line between
/ the Missouri River and then Pacific
! Ocean. This was: established at
Omaha, in Nebraska, on the east,
t-snd will finally be at San Francisco,
in California, OH the west-a dis
tantance of nearly 1000 miles. The
Chicago and North Western Rail
road is now completed from Chicago
to Omaha, distance Of 492 miles !;
and several other roads are rapidly
building to unite with the Union
Pacific at the same point: so that
it's eastern connections will be nu-
merous and complete.
The generallire of the road from
Omaha is west up the Valley of the
Great Platte, and thence across the
plains a distance of SIT miles, to
the Black Hills, or easterly spur Of
the Rocky Mountains. Col Sey-
morr, the Consulting Engineer, re-
ports that the grade is much more
favorable than was anticipated--t the
maxim to the Rocky Mountains not
exceed 30'feet to the mile, and from
that point to the summit, or divide
of the continent, it will not exceed
50 feet to the mile. From the Rocky
Mountains, the best practical route
will be taken to Great Salt Lake City
and thence by the Valley Of the
Humboldt River, to the eastern
base Of the Sierra Nevada Noun
tains. The Central Pacific Railroad
is now being rapidly built east from
Sacramento, Cal.,. and is already
completed about 100 miles, and will
connect with the Union Pacific.
WHAT HAS BEEN DONE AND IT'S COST.
As we remarked before, there has
been very little talk, and a great deal
Of work. Almost before the public
were aware, it had been begun. On
the first of January, 1867, the Union
Pacific Railroad was finished for 3O5
miles west from Omaha, and fully
equipped with locomotives, rolling
stock, repair shops, depots, stations,
&c, and the Company have on hand
iron, ties and other materials, suffi-
to- finish the road to the Rocky
Msuntains, or 517 miles from Omaha,
blythe first of September, 1867. 1t
is expected that the whole line
through to California will be com
pfe1ed in 1870
The first sos miles wefe graded,
'bI'irged and iiFoned, with heavy T
rail, and supplied. with suitable de-
pots, repair shops, stations, locomo-
tives,, ears, and all the necessary APP
.pnrtenances of first class road, for
S50,0OO per mile, and it is believed
that the. rem aiming portion will not
increase. the. average costto more
than $G6,0o0 per mile, exclusive of
equipments.
+, 80. MEANS FOR CONSTRUCTION.
When the Government determin-
ed that the road must be built, it
also determined to make the most
ample provision to render its speedy
construction beyond a doubt.
lst. The grant of oney.-The
Government issues to the Company
it's six per cent Thirty year Bonds
at the rate Of $4,000 per mile for
the whole road, and, in addition, for
$50 miles across the Rocky Noun
tains this grant is trebled, making it
$48, GOO per mile; and from the ter
mination Of this section to the Cal
ifornia line (about S98 miles) the
grant is doubled, making 1000
per mile-the whole amount being
$44, ,20S,CO0. These bonds are is
sued by the Government only on the
completion of each section Of twenty
miles, and after the Commissioners
appointed by the President of the
United States have certified that it
is thoroughly built and supplied
with all the machiney, etc, of q first
class railroad. Theinterest on these
bonds is paid by the .. S. Treasury,
and the Government retains, as
sinking fund to be applied to repay
ment of principal and interest, one
half the regular charges made for
transportation by the Company
against.it. These bonds, which are
second mortgage, are not due for
thirty years, and it is not improba-
bic that the value of the services to
be rendered to the Government dur
ing that period will constitute a
sinking fund sufficient for their re-
demption at maturity. IN {
q Cd GFhe First Mortgage Bonds
The Government permits the Com
pany to issue it's own Mortgage