The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1867-05-30

/ lTOH, tltS anu QUIET us1ISTIdlS, SUM-
Gent to finish the ROAD to the Rocky
Mountains, or 81 miles from Omaha,
by the first of September, 1867 1t
is expected that the whole line
through to California will be compile
ted in 1870.
The first 3O5 miles were graded,
bridged and ironed, with a heavy
Trail, and supplied with suitable
Depots, Repair Shops, Stations, Loco
motives, Cars. and all the necessary
appurtenances of a frst-class road,
! for $4,000 per mile, and it is be-
lieved that the remaining portion will
not increase the average cost to more
than $4,000 per mile, exclusive of
equipments.
MEANS FOR CONSTRUCTION.
When the Government determined
that the road must be built, it also
| determined to make the most ample
| provision to render its speedy con-
| struction beyond doubt.
| Ist.-THE GRANT OF MONEY.-The
| Government issues to the Company
its Six per Cent. Thirty Year Bonds
at the rate of $4,000 per mile for the
whole road, aud, in addition, for $50
miles across the Rocky Mountains
| this grant is trebled, making it $4S, 600
per mile, and from the termination of
this section to the California line
| (about 1893 miles,, the grant is doubled,
making $50, 900 per mile-the whole
amount being $44, POS, 000 These
bonds are issued by the Government
only on the completion of each Sec
ton 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 machinery,
&c., of a first class railroad. The
interest on these bonds is paid by the
u. S. Treasury, and the Government
retains, as sinking fund to be ap-
piled to repayment of principal and
interest, one half the regular charges
made for transportation by the Compa-
ny against it. These bonds, which are
second mortgage, are not due for thir-
ty years, and it is not improbable that
the value of the services to be render
ed to the Government during that pc
riod will constitute a sinking fund
sufficient for their redemption at ma
turity.-
2d.-THE FIRST MORTGAGE BONDS.
The Government permits the Com
pany to issue its own mortgage bonds
at the same time, and on the same
terms, and for the same amount, and
by a special act Of Congress these bonds
ef Tie Company are made FIRST
bonds being subordinate. 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 construc-
ton of the road.
3d-THE LAND GRANT. While |
this is certainly munifcent, at the
same time it is most advantageous to |
the Government, for without it all its |
own lands would remain almost worth |
less. 1t is donation of every alter |
nate section for 20 miles on each side /
of the road, or 1880 acres per mile,
and amounts to 20,032, 900 acres, as
Stunning the distance from Omaha to |
the California State line to be 1865 |
miles. Much of this land, especially |
in the Valley of the Great Platte, is |
rich alluvium, and is considered |
equal to any in the world for agricul-
tural purposes. Hon. Z. ID. Mans
field, the learned Commissioner of /
Statistics for the State of Ohio, esti-
mates that at least 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 per acre, or
S30. 600, 900. The Illinois Central has
realized more than four times this
sum from a similar grant.
The interest on the bonds is more
than provided for by the net earnings
of the various sections of the road, as
they are completed. On the 305
miles on which the cars are now run
ming west from Omaha, the receipts
for the first two weeks in May were
S113, 900; and as the road is extended
towards the great mining centers, the
business in freight and passengers
constantly increases-and as there
can be no competition from rival roads,
the Company has full power to charge
prices.
PROSPECTS OF FUTURE BUSINESS.
1t needs no argument to show that
the traffic of the only railroad con-
Meeting the Atlantic and Pacific, and
jdSSluS through tuc SICdC uuIntuS IT,
gion, must be immense.
Although our annual product of
the precious metals is now officially
estimated at S100,O00,000 per annum,
/ vastly greater sum will be obtained
IS soon as the Union Pacific Railroad
opens the way to the golden regions
IF the Rocky Mountains. Now, the
difficulties and cost of comm unication
ire so great, that none but the very