The Placer herald., 1870-01-01
PLACER COUNTY AND THE RAILROAD.

showing, beyond oil doubt or cavii, that the
Central Pacific Railroad Co. was indebted TO
this county hundreds Of Thousands OF dollars.
if mol reaching into millions. The facts
upon which the article was based we're gath.
cred from The sworn and official statements
made BY the company and its financial
agents. Al the time ws psnnsd the srIic's
ws bad no positive authority for bslisviog
tba, ihs company intended any wrong to
Placer county a. a heavy stockholdsr, nor
have w now, as ws believe it has never
been asked (~ilhin the las. i've yssr') by
the agents Of The county for au exhbiI Of ito
receipts and disbursmsn,s, showing the
profits on construction and net sarnings.
In 1862 Congrs" granted to . company
organized under the laws Of this State, (tbs
Central Pacific Railroad Company of Cal
iforuis,) the righ. to construct . railroad
from the navigabs waters Of the Pacific
Union Pacific Railroad, graotiug The com
pany the francb lss, rigb. Of way, vast bodies
Of land asd timber and advancing U. s.
bonds At 81 6 900, $32 900 and 5000 per
mile, owing to the character Of 'hs country
over which it passed.
This company. comparatively speaking,
was composed of poor men and how to
build tho first three or four twenty mile di-
visions of the road, The lands, timber and
bonds not enuring to the company until
twsnl, mile sections Of The road were com
pls,sd and accepted by the govsrnmsnt,
was the rub. San Francisco capitalists
offered 10 take . majority Of the stock, but
this would leave the original incorporaIers
"eut in the eold," a. they would loose con-
troll Of the company and the vas! donations
Of the government. They turned their at
ten.ion 10 securing the taking Of I" much
stock ~ possible by men Of small msans,
aud in addition 10 this applied for State and
county aid. Ia this effort they succssdsd
in getting from San Francisco 100000 in
gold bonds, from Sacramento, 100000 or
ils equivalent, from Placer $250.000 and
$4,000 per mile from the State. San
Francisco resisted The les uancs OF her bonds,
Sacramento bonds we're almost unstable ip
the make, and the State aid could not be
had only a. the road was constructed, but
Placer was out Of debt and bad money in The
trsasuts a. her bonds were good and alone
furnished The means TO start the road. This
kept the company 10 funds and the work
progressing until eompro misc wn affected
with San Francisco and her $4OO, 900 in
bonds received (,hs amour. originally voted
was 100000, but the company bsing hard
up for means, accepted 100000 less in
order 10 secure means a! once.) Placer re-
csivsd $25o,OOO 10 full paid stock for her
sixteenth of the entire stock Of The com pauy,
the capital stock Of !hs company being fixed
At s. 100000. There can be but little if any
doubt .ha. Placer count, has paid into the
companies tsasury more means than all the
other stockboldsrs combinsd, San Francisco
having rsnqulsbsd her right to stock in ,h.
compromiss. This is a brisf history Of the
organization and the commencement; of the
construction of the road. Su s'qusn,ly,
Congress doubled The land grant aud rshu-
qui'bsd ito right to frat mortgage bonds,
which, in effect, for the purpose Of the com.
pany doubled ths subsidy in bonds. The
company prosesdsd to construct the road
with oil possible energy and economy; in
deed the graots and subsldiss we're 90 boun-
t.ous aud bouudiess that il became . race
With this company and ts eastern conpstl-
ton which would build and own the mos,
miles Of road and poke. the greatest
amoun, of land timber and bonds. W.
give our company grsa! credit for The skull,
energy, perseverance, and economy it dis
played 10 the cons.ruolion Of the road aud
for securing ito acceptance and the various
don alions and subsidiss due il.
We do not know but the officers Of the
company are ready aud willing to make a
com pets, thorough and detailed statement
stockholdsrs. Such an exhibition would be
HttlpR uohl0 10 tu0 KTset IaOoIS hnu aO-
complsbmsn,s of the managers Of the com
pany for the past seven ysars. The com
pany was 10 limited circumstaucss, without
adequate msans 10 prosecute the work
when Placer, rich, out Of deb, and money
TO spare, came to i.s relief and pIac-
Cd it on the high road 10 wealth aud tame.
and nov the company and i,s managers are
exceedingly wealthy and the county is poor,
though she has been the heaviest con,rlbu.-
ing stockholdsr Of oil. Wh~n G. p. Hunt.
ing,ou can subscribe his two million Of dol
lars to an eastern Railroad after being di-
rector in this road for seven ysar'. Why not
Placer, ths, paid moro than be did. bs able
TO do tho sams9 We think the officers OF
the company have no. been asked for this
exhibit and that dividend be declared, by
the Sup.rsi.ors Of our county who r.pr.s.u.
Placsr's stock, bsoauss they naturally sup
posed the company would voluntarily do sll
this without. being urged. Placer is Al a
heavy interest expense on the bonds Issued