Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-01-10
UNION PACIFIC COMPANY.

The bonds OF the companies were necessarily
issued below par, which reduces somewhat the
total amounts as here stated. The Union Pa
cidc company realized on its land grant and in
Come bonds not much more than was actually
given to the Central Pacific company, in Cali
fornia. Some people who know little or nothing
of the matter have been forward to accuse
the Union Pacific company of some
thing very bad in its management (they
don't know WHAT, because its financial condi-
ton has not been quite so easy, since the road
was opened, as that of the Central Pacific COM
pany. These figures will help them to an ex-
PLANTATION Of the matter, and suggest the pro-
priety of little more care in making such
charges. They will do well to consider, also,
that the Union Pacific railroad does twice as
much business for the government as the other
road; while, at the same time, it has not, like
the Central Pacific road, been able to realize
"net earnings" on its general business, beyond
what has been required to pay interest If the
Central Pacific had not been so largely endowed
by gifts in California, it would now be paying
interest on land and other bonds, as well as on
its first mortgage bonds. The Pacific railroad is
not TO be failure great business awaits it
in the future, which win be steadily and surely
developed with every year. The Union Pacific
road was built almost wholly through the wilder
ness Its influence must create the towns, cities,
and settle communities that will give it local
business; and the great through business it is
sure to have, can not be fully established in a
day OF a year; but it can surely bring itself to
much easier financial condition, if the govern
mcnt will adhere faithfully to the contract made
with IFS builders, in 1864.
There are several other roads, private under
takings, which claim to be Pacific Railroads"
and have received aid from the government
But, the Pacific railroad proper is the line rum
ming from Omaha to Sacramento. This railroad
ID as an enterprise of the government.
)rk which no private company could
rtake without important aid from the
treasury. Long before any private
as thought of in connection with it,
ament made extensive surveys, to de-
the best route for the road, and pub
nshed reports of these surveys in thirteen quarto
volumes. 1t contemplated building the road it.
self, if necessary; but, such work, in the hands
of the government, would have made frightful
drafts on the treasury, for it would have fur
nshed an extremely rich "placer" for sharp
contractors and inscriptions jobbers. There
fore, the government sought diligently to induce
<private parties to undertake the work, offering
any aid that might be necessary, in whatever
form should seem most desirable. Not until
1864, did private parties come forward and ac-
cept contract with the government. What
this contract was, is recorded distinctly in acts
of congress. In these acts, Mr.. Boutwell, who
took part in making the record, can read and
understand it. if he will, just as it has been I'M
derstood and carried out, from the beginning I'M
tilAnow, both by the government and by the
men who built the road. We can not believe
that congress will tolerate a reputation of this
contract