Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1868-12-30
Grand Line to the Pacific
win be open for Business in the Summer Of
1863.

The regular Government commissioners have pronouu.
eed the Union Pacific Railroad TO he FIRST CLASS In
every respect and The Special Commission appointed By
the President says
"r'scn as a whole, THE UNION PACIFIC RAIL
\ ROAD HAS BEEN WELL CONSTRUCTED, AND THE
GENERAL ROUTE FOR THE LINE EXCEEDINGLY
WE'LL SELECTED. Tho energy and perseverance with
which the work has been urged forward and the rapidtv
with which IL has been executed without parallel In
history aud n grandeur and magnitude u undertaking
IL has never been oquallodr The Report states that anv
deficiencies that exist only those Incident to all new
roads and that could not have been avoided without ma
teraly reariing the progress Of the great work Such
dehccncic are supplied by all railroad companies AFTER
the completion Of the line when and wherever exper
ence shows them to he necessary The report concludes
by saying that the country has reason 10 congratulate
itelftha this great work Of national Importance is 90
rapidly approaching completion under such favorable
auspccs" The Company now have in use l37 locomo-
tves and nearly 1000 ears Of all descriptions large
additional equipment ordered be ready in the Spring
Tho grading is nearly completed and ties distributed for
l2l miles in advance Of the western end Of the track
Fully 10 mile. Of iron or new track are now delivered
west " the Missouri River and % mies more are en- route
The total expenditures for construction purposes in ad
vance Of the completed portion the road is not less
than eight million dollars.
besides donation from the Gov Of 40 acres Of land
per mile, the Company entitled to a subsidy in U. S.
Bonds on is line completed aud accepted at the aver
age rate Of az out sa0O per mile according to the d
entities encountered for which the Government takes
second lien security. The Company have already ro
oevcd ~ 57o)o Of this uhady Of which g. $4,000 was
paid Dec. 9Th, and s6i0ooO Dec 18th.
Government Aid--Security of the Bonds.
BY IT, charter the company permitted to issue its
own FIRST MORTGAGE BONDS to the same amount as
the Government Bonds and more. These Bonds arc
frt Mortgage upon the whole road and all its equip
ments. Such mortgage upon what for long time,
will be the only railroad connecting the Atlantic and
Pacific States takes the highest rank ~ safe security
The earnings from the way local business for the year
ending June 30, 1868, average Of ~ miles, were
over FOUR MILLION DOLLARS, which, after paying
all expenses, much than sufficient to ali
interest liability upon that distance and the earnings
for the last Ave months have been 81 3sd s70 They
would have been greater the road had not been taxed
TO Its utmost capacity to transport It's own materials for
construction The Income from the great passenger
el the China lreghts, and the supplies for the new
Rocky Mountain States and Territories must be ample
for al interest aud other liabilities. No political &C
tion can reduce the rate ofnterost II remain for
thirty yearssir per cent per goli now equal to
between eight and nine per cent in currency. The
principal is then payable in gold If bond with such
guarantees issued by the Government its market
price would not be less than from 20 to 2j per cont pre-
MUM As these bonds Issued under Government au-
thority and supervision upon what is very largely A
Government work, they must ultimately approach Gov
eminent prices No other corporate bonds are made 50
secure.
The price for the present PAR and accrued interest
6 per cent? from July lst 1868, In currency.
Subscriptions will be received in MoSrPELIEa by
MONTPELIER NATIONAL BANK,
and in New York
At the co1pany's Office, No. 20 Nassau street.