Vicksburg weekly herald., 1877-11-23

OHApu aNAuNssss esisso9g -
Central Pacific OF California. . 25, SS5, 100
Kansas Pacific. tc.................... B,303 0O0
Central Branch Of Union Pacific. 100000
Western Pacific ......... ........ 1870 600
Sioux City and Pacific ........ i,62S, $40
So, ,623,5l9
These bonds run thirty years from
date of issue, at 6 per cent interest,
payable semi.annually. The interest
is paid By the United States until the
maturity OF the bonds, when the prin.
cipa! and interest become due and pay
ablo by the several companies; so that
the whole liability of the Government
up 10 the maturity Of the bonds
amounts without the interest upon
interest paid every half year. TO $780,.
945.SS3. Some provisions have been
made in the Acts Of 1862 and 1864 for a
partial paymen; each year by the sew
eral companies, but have not been
complied with in a single instance"
The two Acts, those Of 1862 and 1864,
must be taken together in discussion
of this subject, Many very important
advantages were secured by the com.
panies in the Act of 1864, in addition
10 those granted in the Act Of 1852,
while scarcely any additional obliga-
tions were imposed but the two Acts
must be construed as one Act. BY the
Act of 1864 the security for The bonds
issued was subordinated 10 an equal
amount to be issued by the companies,
and 10 be secured by first mortgage
upon all the property OF each compa-
ny, thus making the security TO The
Government second leln. This gave
each company double the amount OF
the Government bonds granted or
mile, and equal 10 cash at par, or nearly
so. BY this change the Uuion Pacific
could realize in cash on their entire
line about $4,000 per mile, 0: more
than the probable cost of the road and
equipments, See House Report No
rs, Forly.seconi Congress, third ses.
sion, page H.
BY the Ac! OF 1864 the aud grant
was doubled-a!l the roads receiving
over thirly.one mil ion acres, or more
than the area Of seven entire States o
this Union, and more than the whole
area Of New York or Pennsylvania Oh
Ohio. OF this amour; tho Union Pa
cifc Company received over twelv,
million acres, from which up 10 De
cember 81, 1875, tina. company had solo
l,200009 acres at an average price o
SAT- per acre, or So, $4,000. A. thi
rate the land grant alone would pay tn
whole entire cost OF the road. Thes
lands are an absolute gin 10 the seyera
companies. By the Act Of 1864 th
exception Of mineral lands was 3
modified as to allow the componies l.
take coql qul iron !aDls. This va. 9
immense value TO The DuiyH pacill
: Company, especially Oh the wcster
: half OF ,hcir roal. The Act of lSt
provided
That all compensation lor service
renleted for the Goyernmcn, shall b
, applied TO the payment Of said bono
and intercs. until The whole Omcnn.
, fully paid.
{ by the Act OF 1864 this amount WI
reduced one.half, so that only one-ha
the amount due the companies fro
the Government. for services renderC
. is to be applied to the paymCn. OF Il
2 bonds and interest Many other 81
J vau,ages were given 10 these eomp
4 nies by the Ac. Of 1854
4 From the above, which We take iro
3 Senator Chadee's great speech, delivc
IS cd in Congress on the 18Th of III
. month, it will be seen that the demal
|. OF the South is extremely modest
compared to what one other trans.co
tinenlal road has aeceived. The Sou
:, only asks that the interest on little ov
q half the, amount OF bonds given Il
}. Union Pacific be secured by the Cover
h ment to aid her in building the road
% San Diego. The rate of interest paid
the Union Pacific bOndsis six per Gel
while that on the Southern Paci