New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-06-28

ments the government of the United
States stands pledged for the success of
this magnificent enterprise Organized
under several acts of Congress passed
in 1862 and 1864, the company is con-
trolled by twenty directors, five of
whom are appointed by the President
of the United States to represent the
government, and fifteen elected by the
stockholders. The authorized capital
is one hundred million of dollars, and
the available resources of the company
are as follows:
l. An absolute grant by govern
ment of twenty alternate sections
| (I2, 800 acres) per mile of the public
lands through which the road runs,
that is, through distance of 100
miles from Omaha to Sacramento, with
the right to use the coal, iron, and
lumber thereon.
II. Congress has authorized a special
issue of the six per cent bonds of
the United States to the amount of
fifty million of dollars for the benefit
of the road.
Ill. The government grants the
company the right to issue its own
first mortgage bonds on its railroad
and telegraph lines to an amount equal
to the bonds of the United States, as
lien prior to all claims of the govern
ment, or to any claims whatsoever. 1t
is also provided that the company
shall transport the government mails,
messages, troops, supplies, etc., at its
regular rates, half the compensation
to be paid in cash and the balance ap
piled to canceling the government ad-
vances. 1t is estimated that the land
grants are now worth 81 50 per acre,
and as these lands are now in market
and in demand they will net the COM
pany an enormous revenue. And the
present earnings of the yet unfinished
road dispel the least doubt as to the
financial success of the enterprise.
For the year 1867 the gross earnings
of the road were 81, 42I, $50 81; the OPP
Grating expenses, $685., 623 90; and the
net earnings, $1,OS7,90 IS. And
this is but an earnest of the future.
1t is universally admitted that when
the road is finished it will be one of
the most productive properties in the
country. 1t is estimated that the
wagon freights across the mountains
in single year amounted to $l3,000,-
600; that 100000 tons are carried
westward, and that not less than
$4,000 persons pass and repass an
nually from the Atlantic to the Pacific;
f and at present prices for both passen-
gers and tonnage, the transportation
would amount to $3l 100000. No one
, can doubt the increase of business
when the road shall have been COM
pleted, and it were low figure to put
I the earnings Of the road at $55, O00,-
GOO per annum. With these fact;
before us we can not but be proud that
we live in this age of mechanical and
commercial wonders-the triumph o.
American genius. And, having ira.
+ versed the route to the base of the
Rocky Mountains, we most heartily
> commend the line of the road to those
/ of our citizens who are contemplating
permanent residence in the far West
! THE GREAT RESULT.
> The Imagination falters in the at
a tempt to compass the magnificent re
t suits attending the completion of thu
: Union Pacific railroad. Betting tn,
continent; traversing five of the lar
a gest territorial sections Of our natiena
n domain; linking together two Of th'
c mightiest oceans on the face of tn
: globe bridging three of the longes
8 American rivers, and itself intersectei
!. by other roads from every oonsidera
Q BILE inland point, it is apOlitical power
g the Importance Of which, whether il
i peace or in war, can not be fully est
y mated by man. As channel Of com
: merce, it raises the United States
5 the position Of q supreme commercis
. Importance among the nations Of tn
}, earth it gives New York precedenc
!; to London it opens up new avenu
is for the products of the farther East
d it renders unnecessary the tediou
d and perilous doubling Of Cape HOrr
h and transfers to the land the powe
It and wealth of two seas. China, Japan
and the East Indies are now our neigh
d bors, and q trade with them, whie
lt is worth in the aggregate sl35,
. 100000 per snnum, and whic
n has been shared only by Western En-
10 r0pean nations, 10 now laid at the feC
l.. Of American enterprise.
y But rising above these political an
o. commercial considerations Pin bsnsf
: cence and glory are those Of NOR,
. and religious character. Along thi
y great highway Of our ration sha
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