North Branch democrat. [volume] (Tunkhannock, Pa.) 1854-1867, 1867-07-17

We hear great deal about PACIFIC
RAILROADS now a-days, but we have rea-
SON to think that 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 Mountain, 10 certainly not the
most paeifc business in the world. And
vet, 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 will help
preserve the equilibrium between. any
storm clouds that may arise, East or West
in the future. There are six railways CALI
ed "Pacific," which deserve the title, from
the fact that they are dting nothing, while
there are two Companies which are con-
structing the only Great Pacafc line across
the continent. These are the Central Pa
cifc of California, which has 81 miles in
operation, and ten thousand men at work
building east from Sacramento; and the
Union Pacific, chartered by act of Con-
gress, which is building west from Omaha,
Nebraska. The Union and Central Pacif.
ic will meet and form but a single line
The Union Pacific Company, Gen. John
A. Dix, President, and Hoa John j. Cisco,
Treasurer, with Board Of Directors COM
posed Of some of the most experienced
railroad builders in the country, has an
authorized capital of one hundred million
dollars (of which five million dollars have
been paid in on the work already done.
This Company has already expended over
seventeen million dollars on the road, ard
has 400 miles in operation. and it is un-
der contract to be done to the eastern base
of the Rocky Mountains, a distance of
SIT miles, in September next.
The energy with which the work has
been pushed on, and the amount already
done, make us credit the estimate of the
Company's engineers, that the Atlantic
and Pacific will be united by rail in 1870.
When this happy event takes place. there
will be a grand reunion between the long
separated parents and children of our far
East and farthest West, and the live
Yankee may see the sun rise over Boston
Light House, Monday morning, and set
through the Golden Gate OF San Francis
CO on Saturday night. This great result
will not be accomplished without LIBERAL
expenditure of money, although it is be-
lieved that about one hundred million dol
lars will be sufficient for the purpose. Or
this sum, the U. S. Government advances
Fifty million dollars in the U, S. Six per
cent currency interest bonds, taking sec
ond lien upon the road for security. The
interest On these bonds Is paid out of the
U. S. Treasury, and the Government re-
serves one half the amount of the Company's
bills for transportation as credit against
this account. The Government permits
the companies to issue their own First
Mortgage Bonds to an equal amount. and
also donates l2,800 acres of land per mile
as additional aid, but as these lands will
greatly increase in value as the road pro-
crosses, it is considered a wise policy to
keep them out of market for the present,
so as to obtain better price at futuae
early day.
The Union Pacific railroad has become
so indispensable to the Government for
the transportation of troops and stores to
its forts in the mountains, ard to assist in
arresting Indian hostihties, that General
Sherman, who cammands the U. 5. forces
! in that region, says "that it conld well af.
ford to build the whole line. and make
money By the operation" For this. as
we'll as more general reasons connected
with the public welfare, Congress granted
such liberal although necessary assistance
as would ensure the speedy completion OF
the work. The fact that daring the pres.
ent season the Union Pacific has laid down
an average of near ly 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 L. S. Government
has taken good care Of its own interests
II issues its own bonds to the Company
! only as each section Of twenty miles is com.
pleted, and then only after the Government
Commissioners have carefully examined
the work. and pronounced it frst-class in
every respect, and fully equipped with To-
comotives, cars, ETC., and ready for business
On the first SIT miles-on the easy portion
Of the ruad-it issues its bonds only at the
rate of $4,000 per mile, and on the more
difficult portion at the rate OF S32, 900 PEI
mile and for $50 miles of the Rocky
Mountain Region at the rate of $4,000
per mile. The Union Pacific Railroad
Company is also restrained by its charter
from issuing its First Mortgage Bonds ex
cept as the work progresses, and to the
same amount on the various sections as
are issued by the Government. The mort
gage which secures the bondholders;s made
to Hon. E. d. Morgan, u. S. Senator
from New York, and Hon. Oakes Ames
Member of the U. S. House Of Representa-
tives, from Massachusetts, as trust. es, who
alone can issue the Bonds to the Company
and who are responsible for their issue il