Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1868-06-05
Ellsworth American, :::::" Extra.
Ellsworth, Maine, Friday, June 5, IS.
Gold for Green backs.

Should one OF our prominent business
men, whose word was beyond questioning.
announce that for the purpose Of complet-
ing work of great value to the public, he
wished to borrow money upon his notes,
paving per cent. Interest in gold therefor.
and, furthermore. that while he would take
greenbacks at par, he NoIld redeem the
notes in gold. there would be but the one
question ofsecuity to decide f,yolably. be-
fore the demand for these notes would be
so @reat as to require Il banking-otfice for
the reception and accommodation of the
geuteman's customers. and the more
promises to pay he should issue. the bet
Ter would the public be pleased. Now. the
Union Pa cific Railroad Company is max
in@ just such a proposal to all who have
money for investment. The Treasurer of
that Company offers for sale the Compa-
ny's First Mortgage Bords. at par and ac-
crued interest III currency. but principal and
Interest PAYABLE in gold. As this is propo-
silion of unusual liberality. let us see if
the security is satisfactory. If not, the
promise to pay gold for "reenbacks is
worthless.
In the first place the assets of the COM
pany are ample. The railroad which is
being built from the Missouri river to the
pacific has an assurance OF success such as
10 other railway of the country can boast.
L Will be the only avenue of passage and
transportation by which the miner. the
trader. the farmer, and the capitalist who
help to develop the rich interior Territ cries
will reach the mar kets of the East and
West. 1t will also be the continental rail-
road over which the trade between China,
Japan, Eastern India, or australia. and
Europe, will find its shortest route. 10
meet these requirements, and to be an en-
during internal Improvement. the Road is
being thoroughly built and fully equipped.
When congress granted its very liberal aid
in the construction of the line. it required
that each successive section of twenty
miles should be favorably reported upon
b. three Government inspectors, as first
class in every respect. before the distance
should be opened for business. Tie Road
is, therefore, good of itself. with 4 certain
ty of a large and remunerative traffic.
Upon this Road, the bonds offered fer
sale constitute a first mortgage. Govern
ment donates toward the building os tie
line l2.S06 acres of pubic land tor every
completed mile. So great is the national
Importance of the work, and SO evident
its financial success. that for security for
this loan the Government accepts a second
lien. giving to holders of the Company's
OWN bonds an absolute first mortgage upon
the entire Road. What better security
could be asked for than this?
But there is another and perhaps the
most conclusive evidence of the financial
soundness OF the Company's paper. The
completed portion of the Union Pacific
Road extends $50 miles from Omaha to
the summit of the Laramie Mountains.
More than two hundred and fifty miles of
he line were built last year. Each day saw
an advance of the end of the completed
track. 1t was built into the wilderness with
its prospective terminus many hundr'd miles
away upon the Pacific coast. 1t was the
and civilization. Naturally, its business
would BIT light. at least until reaching the
mining centcrs. Yet. the report of the
Treasurer shows the remarkable fact that
the net earnings of the Road from Local
business, upon the incomplete section,
were more than three times the interest
upon the bonds which had been issued.
This is an evidence of prosperity which
gives assurance of the payment of interest
upon the bonds. and furnishes a powerful
incentive to push the road to the earliest
practicable completion.
Much might be said of the mission of the
Union Pacific Railroad Company in popu-
lating and developing the western half Of
the American Continent. and of the COM
mercial supremacy which it will ensure to
the United States by reason of the foreign
trade which it will control, but our object