The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1867-06-13

very little talk, and great deal of work
Almost before the public were aware. it
had been begun. On the First of jan
uary, 1867, the Union Pacific Railroad
was finished for 305 miles west from Oma-
ha, and fully eqipped with Locomotives,
Rolling Stock, Repair Shops, Depots, Sta
tions, &c.-and the Company have on
hand Iron, Ties, and other materials, suf
icient to finish the road to the Rocky
Mountains, or 5l7 miles from Omaha, by
the first of September, 1867. 1t is ex-
pected that the whole line through to
California will be completed in 1870.
The 6rst 305 miles were graded brid-
ged and ironed, with heavy Trail, and
supplied with suitable Depots, Repair
Shops, Stations, Locomotives, Cars, and
all the necessary appurtenances, of first
class road, for, $4,000 per mile, and it
is believed that the remaining portion,
will not increase the average cost to more
than $4,000 per mile, exclusive ofequip-
ments
MEANS FOR CONSTRUCTION.
When the Government determined
that the road must be built, it also deter
mined to make the most ample provision
to render its speedy construction beyond
a doubt
1st.-THE GRANT OF MoNEY.-The
Government issues to the Company its
SIX PER CENT. THIRTY YEAR BONDS at
the rate of SIG 900, per mile for the whole
road and, in addition, for $50 miles a.
cross the Rockp Mountains this grant is
treJled making it $4S, 600 per mile and
from the termination of this section to the
California line (about S9S miles), the
grant is doubled, making S32 900 per
mile,-the whole amount being S44 ,208,-
600 These bonds are issued by the
Government only on the completion of
each section twenty miles, and after the
Commissioners appointed by the Presi-
dent Of the United States have certified
that it is thoroughly built and supplied
with all the machinery, &c, of first class
railroad. The interest on these bonds is
said by the U. S. Treasury, and the Gov
ernment retains, as sinking fund to be
applied to repayment of principal and in
terest, 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 improbable that the value of
the services to be rendered to the Gov
ernment during that period will consti-
tute sinking fund sufficient for their re-
demption at maturity.
2d-THE FIRST MORTGAGE BONDS.
The Government permits the Company
to issue its own Mortgage Bonds at the
same time, end on the same terms, and for
the same amount, and By specied act of
Congress these bonds ofthe Company are
made q FIRST MORTGAGE on the entire
line and property of the road, the Gov
ernment bonds being suJordnote. 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 construction Of the road.
3d-TRE LAND GRANT.-While this
is certainly munifcent, at the same time
it is most advantageous to the Govern
ment, for without it, all its own lands
would remain almost worthless 1t is a
donation of every alternate section for 20
miles on each side of the road, or 1880
acres per mile, and amounts to 20,032,-
600 acres, assuming the distance from
Omaha to the California State line to be
l ,565 miles. Much of this land, espe-
cially in the Valley of the Great Platte,
is a rich aluvium, and is considered
equal to any in the world for agricultural
purposes. The Hon 4. d. Mansfield,
the learned Commissioner of Statistics for
the State Of Ohio, estimates that at least
9,400,0 900 acres will be available to the
Company within a moderate length Of
time, and that it is far within bounds to
estimate this entire grant at Sl.50 an
acre, or $50 100000. The Illinois Cen
trail has realized more than four times this
sum from similar grant.
REHABILITATION OF MEANS FOR ,565
MILES.
U. S. Bonds, equal to money, Si4, ,20S. 1000
First Mortgage Bonds, 44,2OS,0O
Land grant, 20, ,032, 900 acres,
say 3O,000,0O0
SllS,4l6,000
equal to cost of nearly $4,000 per
mile, which is believed to be liberal es-
innate. This does not take into the ac-
count the value Of the right of way and
material, the stock subscription 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 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 running west
from Omaha, the receipts for the first two
weeks in May were Sll3, ,009; and as the
road - avtandad towards tho orpat m in