, 1868-04-24

be expended, unless the profits to accrue
promised largely in excess of the outlay. 1t
is estimated that one hundred and forty
millions of dollars will be required for the
building of the Central Pacific Road, alone.
1t is not only that London will be brought
within forty days Of Hong Kong, via New
York, by this mode of conveyance; not
merely that the silks, teas, spices and valua-
bic woods of China and japan will swell the
bulk of its commerce, not exclusively for the
superior and cheaper accommodations it
will secure to tens Of thousand of passengers
coming and going, but Of the waste land 1t
will bring under cultivation the increased
stimulus it will cause to be opened up, the
roads to be cut, the orchards to be planted,
the towns and cities to be built, the markets
to be furnished. the comforts provided, the
countless millions of wealth to be added 10
the country in the way of taxable property.
Railroad Profits in California.
The net earnings Of the Central Pacific Rail>
ROAD for 1865 and 1866 were 1896, 900 10 gold.
For 1867 they were estimated at $1,000, 900.
These returns have been upon less than 100
miles of railroad in actual running condition,
through country which, as yet boasts Scarcely
on its carrying trade in general merchandise,
passengers and granite, for its income. 1t had
been estimated that the wagon trade across the
mountains to Virginia City aud intermediate
points was equal to So, 600, 900 per anLum, pre-
vious to the commencement of this road. The
first railroad constructed in the State was the
Sacramento Valley Road, extending from Sacra-
mento to Folsom, distance of 222 miles 1t
has been operating for about eleven years, and
from the most reliable data to be procured, has
earned over and above expenses, about Sl26t 900
per annum, or over 81 1856, 900 since the date of
its Inauguration. This road, it is said, was con-
structed at actual cost of not more than
| $64O, 900 The country through which it ex-
tends is partially cleared, slightly timbered and
a considerable portion oft is devoted to mining.
Very little of its trade is of local character
that is to say, derived from the cultivated region
| intervening between its termiui. As the country
fills up, its profits from that source will be much
| greater. The railroad from Marysville to Oro-
vile, 264 miles, paid ls per cent. the first year
of its operation. At the present time we are
unable to state the amount of net earnings on
the other operating roads in the State, of which
| there are over 200 miles. OF projected roads,
there are nearly 300 miles.
other California Roads in Operation.
Besides the Central Pacific and Sacramento
| Valley Roads, the other Railroads in operation,
or wholly completed, are Placerville and Sacra-
mento Valley Road from Folsom to Placerville (;
total length Sc miles, partially completed from
| Folsom to Lincoln, total length 81 miles, COM
| plete Lincoln to Marysvile, total length "a
miles, completed lS miles from Marysville to
0roville, total length &c miles, completed from
San Francisco to San Jose, total length 80 miles,
completed from Encinal to Vallejo Mills, total
| length &c miles, completed from Vallejo to Cal
istoga, total length 40 miles, completed IL; from
| Coperopols to Stockton, total length 80 miles,
| complete l3 miles from San Jose to Sacrament
to, ria Stockton, total length l2O miles, complete
| 20 miles.
Projected Roads.
| California and Pacific Railroad, from Vallejo
| to Sacramento entire length, 100 miles Califor.
MIA and Oregon Railroad, from Marysville to Or
egon, entire length 800 miles Southern Pacific
| Railroad, from San Jose to Colorado, entire
length, 600 miles from Headsburg, in Sonoma
county, via Santa Rosa, Sonoma City, to Suscol;
| from Oroville to Virginia City, Nevada from
Martinez to Amador Valley, to connect with the
Western Pacific Railroad. Others have beeu
mentioned, for the building of which no corpoS
rations have yet been formed. Up to the first of
January, 1867, according to estimate, there has
| been expended in this State for construction OF
railroads, Sl2, 100000, of which, S4 200 900 were
subscribed in the State, principally by the coun-
ties-sO deeply were they impressed that their
| prosperity depended in great degree upon such
an outlay. This conviction, so far from proving
erroneous, has strengthened with time; aud not
withstanding several of the counties have been
shamelessly swindled, by improvdent and dis
honest managers, they ART still liberal in their
| donations, whenever the local requirements
make a demand upon their Golfers.
The Effect of Railroads in Enhancing the
Value of Real Estate.
|
ten years, from 1850 to 1860, the taxable pros
perity of the State Of New York increased "a
per cent. In the same period the taxable property
in the States Of Ohio, Illinois, Indiana, and
Iowa, $4,000, 100000. At the later date they
had s,57l miles of railroad, and at the former
only 9l3. For the same period in Missouri
the increase in the value of property was $363,
566, ,69l. An examination of the statistics oi
other States, where railroads have been opera.
ting, would perhaps show proportional annual
increase of wealth. An experienced Civil Ems
gneer, in advocating the increased construction
of railroads in California, some time ago, sug,
gested that the State create debt of ten mill
ions of dollars for that purpose, and loan her
credit at the rate of one million per year for lC
years. In arguing the he says: E" We will
assume that the appropriation is made 10 State
bonds at the rate of $4,000 per mile. This aid
would insure the construction of one thousand
miles 10 ten years, and taking the aggregate
result of the increase of taxable property, this
expenditure, aided by the operation Of our lib.
eral railroad laws, and that Of the railroad or.
ganizations would increase our taxable property
not less than twenty-six millions per year, fol-
that time. Taking the result as shown in Illinois,
the increase would be twentyrsix millions per
year for ten years taking the result as shown
in the State of Louisiana, the increase would
be thirty seven millions per year for ten years
| taking the State of Georgia, the increase would
be thirty-oue millions per year, for ten years,
while the increase in the the State of New York
would seventy-six millions per year. Now,
supposing this exhibit to be correct, land we
cannot dispute it, so far as can be procured from
the best eveidence of authenticated returns oi
the census of ls60) let US see how the balance
would stand here at TIE end of ten years Phe
return and interest that would become due and
payable during this time would if the assistance
was given at the rate of one million per year,
amouat $4,000, 900; ; and taking the lowest rate
of increase, at twentyssix millions per year, the
first years interest at per cent, would be
10000 and the taxes collected off the increase
of twentysix millions per year, ,.at one per cent,
would amour: 10 $3.50 900; the second year $