The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-07-18
THE UNION PA CIFI0 RAILROAD.

nowadays but we nave reason to think tnat
they are not very pacific. The cutting through
the great gorges OF the Sierra Nevadas, now
finished, was done only after many combats
with the solid rocks, and fighting Indians on
the Platte, and thus clearing the track up TO the
Rocky Mountains is certainly not the most
pdoifc business in the world, And yet, the
building of this greatest line OF railway ever
known will bind the two sides of the continent
closer together, and, like the electric wire, the
iron track wlll help preserve the equilibrium
between any storm clouds that may arise, East
or West. in the future. There are six railways
called .'Pactfc," which deserve the title, from
the fact that they are dong nothing while there
are two Companies which are constructing the
onlv Great Pacific line across The continent. These
are the Central Pacific Of California, which has o4
miles in operation, and ten Thousand men at
work building east from Sacramento; and the
Union Pacific, chartered by act of Congress-
which is building west from Omaha, Nebraska
The Union Central Pacific will meet and form
but single line. The Union Pacific Company,
General John A. Dix, President, and Hon. John
]. Cisco, Treasurer, with Board of Directors
composed of some OF the most experienced
railroad builders in the country, has an author
Ized capital of one hundred million dollars
tof which five million dollars have been paid
in on the work already done.) To this date
July 10, 1861 the Company has expended
over seventeen million dollars on the road, and
has AGO miles in operation, and 1t is under con-
tract to be done to the eastern base of the
Rocky Mountains, distance Of 5lT miles, in
September next.
The energy with which the work has been
pushed on, and the amount already done, make
ns credit the estimate of the Company's engi-
neers, that the Atlantic and Pacific will be
.s,AH 49, IN -.
takes place there will be grand reunion be-
tween the long separated parents and children
OF our far East and iarthest West, and the live
Yankee may see the sun rise over Boston Light
house Monday morning, and set through the
Golden Gate OF San Francisco on Saturday night
This great result will not be accomplished with
out liberal expenditure OF money, although it
is believed that about one hundred million dol
lars will be sufficient for the purpose. Or this
sum the United States Government advances
fifty million dollars in United States six per
cent. currency interest bonds, taking second
lien upon the road for security. The interest on
these bonds is paid out of the United States
Treasury, and the Government reserves one-half
the amount of the Company's bills for trans
poItHtiOn as a credit against this account. The
Government permits the companies to issue
their own fret mortgage bonds to an equal
amount, and also donates 12,S00 acres Of land
per mile as additional aid, but as these lands
will greatly increase in value as the road pro-
gresses, it is considered a wise policy to keep
them out of market for the present, so as to
obtain a better price at a future but early day.
The Union Pacific Railroad has become so
indispensable to the Government tor the trans
portaton of troops and stores to its forts IN the
mountains, and to assist IN arresting Indian
hostilities, that General Sherman, who COM
mands the United States forces in that region,
says ''that it could we'll afford to build the
whole line and make money by the operation" !"
For this, as we'll as more general reasons con-
nected with the public welfare, Congress granted
such liberal although necessary assistance as
would ensuIe the speedy completion of the
work. The tact that during the present season
the Union Pacific has laid down an average of
nearly two miles OF track per day, Is evidence
that the confidence of the Government in the
Company has not been misplaced.
But while liberal, the United States Govern
ment has taken good care of it's own interests.
1t issues its own bonds to the Company only as
each section of twenty miles is completed, and
then ouly after the Government Commissioners
have carefully examined the work, and pro-
nounced 1t first class in every respect, aud fully
equipped with locomotives, cars, ETC., aud ready
for business On the first 5l7 miles-on the easy
portion OF the road-It issues its bonds only a
the rate of $4,000 per mile and on the more
difficult portion at the rate of S32, 900 per mile
and for $50 miles of the Rocky Mountain regloI
at the rate of $4S,000 per mile. The Uniol
Pacific Railroad Company is also restrained b!
its charter from issuing its first mortgage bonds
except as the work progresses, and to the sam(
amount on the various sections as are issued b.
the Government. The mortgage which secures
the bOnfholders Is made to Hon. E. ID. Morgan
United States Senator from New York, and Hon
Oakes Ames member of the United States Hous
OF Representatives from Massachusetts, as tru;
tees, who alone can issue the bonds to the Con
panY, and who are responsible tor their issue Il
strict accordance with the terms of the Law
The amount of the bonds is probably not NOR
than oDetbird and is certainly not one.half {
the cost of the road.
The only question of value that can the
arise, is:-Wlll the road do paying business
IL is scarcely worth while to ans wer it seriously
Will the only railroad between the grea
Atlantic and Pacific States pay?
Will the only railroad connecting the tw
sides OF a country which now contains thirt.
SIX millions of people, pay?
viii the shortest tran sit line between Wester
Europe and China and Japan, pay?
VIII road that reduces the time schedu
between New York and San Francisco fro
twenty-five days to six, and reduces the tal
one-hRli, pay?
Will road without competition, and that ca
charge its own rates, and that must do all u
transit business East and West for thirty-s
States, pay!
viii a road that is the only highway to all Il
immense mining regions OF the Rocky MOu
tains and over which the constantly lncreasiI
tide of emigration and business to these ne
El Dorados must go, pay?
Win road which takes across the plains Il
freight that once required between thirty al
forty thousand wagons in single season, pay
Might we not ask with more propnety:-Ho
long will il be before a road doing sucn Ou
ness will require a double track, and was the
not good reason Tor the restriction imposed
Congress, that whenever the company mat
more than ten per cent. on Its capital, 1t shou
reduce its rates
These questions certainly answer themselve
but fact or two may be added. The UniC
Pacific Railroad has DO present terminus.
1a,as L. ao1No, kyur mill fO.HQ