The national Republican., 1869-01-08
GRAND LINE TO THEPAclFic

VIII ne open buktuehh IN tne Snm-
mer Of 1850.
The regular Government Commissioners have
pronounced the Union Pacific Railroad to be FIRST
CLASS In svery respect. and the Special Commits
sion appointsd by the President says:
"Taten as whole, THR UNION PACIFIC
RAILROAD HAS BEEN WILL CONSTRUCTED.
AND THE GENERAL ROUTE F0k THE LINE
EXCEEDINGLY WELL sRLECTBD. The energy
and perseverance with which the work has been
urged forward. and the rapidity with which It has
been executed without parallel In history, and
in grandeur and magnitude Of undertaking 1t has
never been equalled." The report concludes by
| saying that "the country has reason to eongrstu-
late itself that this great work Of national mpor.
tanee is 40 rapidly approaching completion under
| such favorable auspices" The Company now
have in use lS7 locomotives and nearly 1000 cars
| OF all descriptions. large additional equipment
Is ordered to be ready In the spring. The grading
nearly completed, and ties distributed for 100 miles
| in,advauce ofthe western end Of the track. Fully
I'D miles Of iron for new track are now delivered
west ofthe Missouri river. and % miles more are
en- route. The total expenditures for constructing
purposes In advance Of the completed portion Of the
oad is not less than eight million dollars.
| Besides a donation from the Government Of
u. 800 acres Of land per mile, the Company is en-
titled to a subsidy In United States bonds on Its
line completed and accepted, at the average rate
Of about 90, 900 per mile. according to the difleu
ties encounterei, for which the Government takes
| a second lien as security. The Company have
already received s2i 07. 900 Of this sub dy. being
In full the 90 miles that have been examined by
the United States Commissioners.
Government Aid---Seturity Of The Bonds.
By Its charter the Company is permitted to Issue
Its own FIRST MORTGAGE BONDS to the same
amount as the Government Bonds, and o more.
These Bonds are First Mortgage upon the whole
road aud allits equl Jments. Such u mortgage
upon what for long time, will be the only raj
road connecting the Atlantic and Paclhe states,
takes the highest rank as II safe security The
| 'arniuEs from the way or local business for the
year ending June 70, 1855, average Of tTi
miles. were over FOUR MILLION DOLLARS,
which. after paying all expenses, were much more
than sunioientto to cover all interest liability upoa
/ that distance. aud the earnings for the last ave
| months have been o.. SS6, So They woald have
been greater, II the road had not been taxed to its
utmost capacity to transport Its own materials for
construction. The income from thu great passen-
ger travel tho China frelghts. and the supplies for
the new Rocky Mountain States aud Territories
must be ample for all interest and other liabilities
No political action can reduce the rate OF ntere,
It must remain for thirty years-sir per cent per
dnnum n 90 d, now equal to between eight and
nine per cent In currency. The prfncip . Is then
payable gold. 10 bond with such guarantees
were issued by the Government, its market price
would not be less than % to 26 per cent. premium
As these bonds are issued under Government au-
thority and supervision, upon what Is very largely
Government work. they must nj tmAtely approach
Government prices.
The price for the present Is PAR.
| subscriptions will be received in WaShiugtuu by
First National Bank, Rittenhouse,
Fowler, d Co..
| and In New York
At the Company's once, No. 30
Nassau Street,
John J. Cisco a. Son, Bankers,
No. SO Wall street,
And by the Company IS advertised agents through
out the United States
Bonds ssatJTee, but parties subscrib o through
| local agents UfN look 30 them for the r safe de.
| livery
| ANEW PAMPHLET AND MAP WAS ISSUED
OCTOBER LIST, containing report OF the progress
| OF the work to that date. aud a more complete
statement In relation to the value OF the bonds an
| can be given In an advertisement, which will be
sent free on application at the CompAny's offices or
to any OF the advertised agents
N The Coupons Of the First Mortgage B Jnds OF
| the Union Paeihc Railroad Company, due January
!, 1870, will be paid and after that date In Com
CoIE, free OF Government tax, At the Company q
| once, No. 20 Nassau street. New York.
| JOHN J. CISCO,
| Treasurer, New York.
JASrARY !, 1869.