Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1867-06-07

These bonds, which are a second
mortgage. are not due for thirty years,
and it is not improbable that the t
value of the services to be rendered
10 the Government during that PERIOD c
will constitute sinking fund sufh- 1
cient 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 special Act Of Congress these bonds
of the Company are made a FIRST
MORTGAGE on the entire line and
property of the road, the Govern
ment 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.-Whlle |
this is certainly munifcent, at the same
time it is most advantageous to the
Governm 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 2O.O32,OOO
acres, assuming 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 a rich alluvium, and is con-
sidered equal to any in the world for
agricultural purposes. Hon. 4. ID.
Mansfield, the learned Commissioner
of Statistics for the State of Ohio,
estimates that at least 8 400, 900 acres
|, will be available to the Company
within moderate length of time, and
that it is far within bonds to estimate
this entire grant at $50 an acre, or
$30,000,000. The Illinois Central
has realized more than four times this
f sum from a similar grant.
Reorganization Of means for 1865
: miles,
U. S. BONDS, equal to money, S44,208, 600
: First Mortgage Bonds, 44,2O8,OO0
Land grant, 20, O32 900 acres, say 3O,OOO,O0O
SllS,4l6,0OO
equal to cost Of nearly $4,000
per mile, which is believed to be a
liberal estimate. This does not take
into the account the value of the right
of way and material, the stock sub
scription already paid in or to be
= paid in the future, or the present dis
count at which the bonds are offered
as they are expected soon to be al
:. par.
The INTEREST ON THE BONDS is
more than provided for by the net
e earnings of the various sections of the
5 road, as they are completed, On the
e 300 miles on which the cars are now
o running west from Omaha, the re
e ceipts for the first two weeks in May
were $4,000; and as the road il
n extended towards the great mining
e centers, the business in freight anC
e passengers constantly inCreases-anC
e as there can be no competition from
e rival roads, the Company has full
e power to charge remunerative prices.
'e Prospects for future business.
" 1t needs no argument to show tina
n the traffic of the only railroad con
- Meeting the Atlantic and the Pacific
= and passing through the great miniGi
- region, must be immense.
, Although our annual product of tn
!, precious metals is now officially est
= mated at $100,000,000 per annum,
;, vastly greater sum will be obtaine
as soon as the Union Pacific Railroa
: opens the way to the golden region
49, of the Rocky Mountains. Now, tn
= difficulties and cost of cOmmunici
=, ton are so great, that none but tn
~ very richest veins can be worked
~ but with cheap transportation, hun
dreds of thousands of hardy miner
. will successfully develop other mine
as that, with less costly working, wi
al be even more profitable than tb
ic average Of those now in operation
IN and the business of this constantly il
on creasing mining interest must pas
% over this road.
ly The records of our shipping office
ny show that not less than $4,000 pa
"a sengers now annually travel by sc
We between the Atlantic ports and Sa
,e- Francisco; and these reckoned {
to $50 each (about one half the steam
es er price, would produce a revenue
IN $7,5O0,OOO.
he The overland travel is even grea
i'll er. In a single year, t,Uenty-seul
thousand teams, comprising va,
ID, number of emigrants and traveller
T. departed from two points only on I'll
'e- Missouri River on their westwar
20 journey. If the truth of this stat
ry ment was not familiar to all frontier
ID, men, it might well be questioned
" But estimating the overland throue
OF travel at the same figures as that
an steamer, and we have $I5,000,00O ;
n the minimum estimate on the san
number of passengers. But the fac
lities for cheap and rapid trans
furnished by railroad always vast
0o increases the amount of travel wit
80 the same population. The differen,
NC between the numbers who would tai
II an ocean steamer or a prairie wage
and a modern palace-car, with i
. luxurious state-rooms, where the ira