The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1867-06-14

viii be completed in 1870.
The first sos miles we're graded,
bridged and ironed, with heavy T rail.
and supplied with suitable Depots, Re-
pair Shops, Stations, Locomotives, Cars,
and all the necessary appurtenances of a
iirst-clsss road, for $50, per mile,
and Il is believed that the remaining
portion will not increase the average
cost to more than soe,ooO per mile,
exclusive of equipments. ,is si b..
MEANS FOR CONSTRUCTION. Il.
When the Government determined
that the road must be built, it also de-
termined to make the most ample pro
vision to render its speedy construction
beyond doubt. s @
lst-lTHE 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, and, in addition, for $50
miles across the Rocky Mountains this
grant is trebled, making it $4,000 per
mile; and from the termination of this
section to the California line (about s9s
miles), the grant is doubled, making
$S2, 900 per mile,-the whole amount
being $44, 2Os,ooO. These bonds are
issued by the Government only on the
completion of each SETON of twenty
miles, and after the Commissioners ap-
pointed by the President of the United
States have certified that it is thorough
ly built and supplied with all the ma
chinery, &c, of a first class railroad.
The interest on these bonds is paid by
the U. s. Treasury, and the Govern
ment retains, as sinking fund to be ap-
piled to repayment of principal and in
terest, one half the regular charges made
for transportation by the Company
against it. These bonds, which are a
second mortgage, are not due for thirty
years, and it is not improbable that the
value of the services to be rendered to
the Government during that period will
constitute a sinking fund sufficient for
their redemption at maturity.
2d.-THE FIRST MORTGAGE BoNDs.-
The Government permits the Company
to issue its own Mortgage Bonds at the
same time, and on the same terms, and
for the same amount and By special Act
of Congress these bonds Of the Company
are made FIRsT MORTGAGE on the en-
tire line and property of the road, the
Government 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 Govern
ment to aid in the construction 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 worthless.
It is donation of every alternate sec
ton for 20 miles on each side of the
road, or 1880 acres per mile, and
amount to 2O,oS2, 900 acres, assuming
the distance from Omaha to the Cali
fornia State line to be 1865 miles.
Much of this land, especially in the
Valley of the Great Platte, is rich al
luvium, and is considered equal to any
in the world for agricultural purposes.
Hon. Z. D. Mansfield, the learned
Commissioner of the Statistics for the
State of Ohio, estimates that at least
9,4OO, 900 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 sl.5o an
acre, or $50, 100000. The Illinois Gen.
tral has realized more than four times
this sum from a similar grant
RECAPITULATIoN OF MEANS FOR
I,565 MILES,
U. s. BoEDs, equal to money, $44 2O8 900
First Mortgage Bonds A, ,206 ,006
Land grant, q, O,0S2, ,O0Oacres, say 10000 900
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