Year: 1867

building of a railway to the Pacific ocean. Less than twenty years ago, Col. Benton advocated In Congress railroad, "where practicable, across the country from the Mississippi coast; but his moderate propo

 sal was considered to be far in advance even of his progressive age And yet to-

 day, more than one-third of this vast work

 has been finished. The Union Pacific Railroad Company, organized in 1863, be- gan to build in 1864 had only fairly got tc work in 1865 and in October, 1867, have completed five hundred miles of road which has been pronounced by Govern ment Commissioners frst-class in construct. ion and equipment. This Go. is construct ing the eastern end of the line, beginning at Omaha, Nebraska; while the Central Pacific Company is building the western l end, beginning at Sacramento, California The peculiar and impressive features oi the Pacific Railroad are: Ist, Its impor. tance as national enterprise; 2d, The us. usal care taken by Government enactments for the safety of investment in it's securi- ties.

 The national importance of a railroad to the Pacific can hardly be overestimated. The Government is spending millions oi dollars annually in transporting men and material to its frontier posts; with rail. road in operation this expense will be re- duced at least s4ths. The gold and sil. 1 yer mines of the Western States and Terri tories yield annually about one hundred million dollars; with the facilities for ,emi grafton, and for tranporting the requisite machinery for the thorough development of the mining region which railroad will afford this production will be at least dou. bled. The public lands in Nebraska, and in the Territories west of that State, have been comparatively worthless, because they were inaccessible, and, consequently, un- productive; the Union Pacific Railroad opens all the great valley of the River Platte and vast regions beyond to the occu- pancy of thrifty emigrants. and has already established such a succession of thriving towns as will bring all land in the vicinity of the railroad into active demand. In case of foreign or domestic revolution, the existence of railway line, by which troops could be conveyed from the Atlantic to the Pacific, or vice uersa, in week, would be of incalculable value; while under any cir cumstances of internal trouble, necessita- ting arepetition in kind of the Utah ex- petition, the saving to the Government by means of this road would be enough to construct the entire line. Gen. Sherman has said that s'The Government could af- ford to build the whole road rather than be without it. aud there are abundant reasons for prououncing this opinion a sound one.

 So great are the manifest national advan- tages to be derived from Pacific Railroad that the two powerful companies authoriz- ed to build it received very extraordinary grants from Congress. Donations of land were made to the companies to the amount of +, 800 acres per mile; and then United States bonds, to an average amount of about $50, GOO per mile, were advanced to the Companies, which have the privileges of paying a large part, if not all, of this in- debtedness to the Government, by the transportation of mails and war and other national material. No other industrial en- terprise ever received so liberal aid from the Government as this.

 Having made such special grants as indi- cated it's entire confidence in the the full success of the undertaking, the Govern ment took unusual care that those who joined with it in assisting the Union Paci- fc Railroad Company should be amply se- cured against any probability of loss or failure. The Company was authorized to issue it's own bonds to an amount equal to the advances of the Government, and these bonds constitute the first mortgage upon the road, the claim of the Government be- ing made second lien. The Government appoints five Directors, who shall look carefully after the management of the road and also three commissioners, whose duty it is to thoroughly inspect each section of twenty miles, before the bonds can be is- sued upon that section. Thus the bonds n% a ofo1o :-1 may be completed, but a finished and equipped railroad, earning very largely in excess of its expenses, and with a future which cannot fail of being eminently prof. table.

 The future business of the only railroad connecting the Atlantic and Pacific states must be something marvellous, and we ven- ture the prediction that no single track will long accommodate the endless successor of trains that will crowd its entire line. Western Flu. ope is waiting for it, as the shortest route to eastern Asia; and how many anxious hearts in the old home states are longing for it, to join hands with friend and relative, without the cost and risk of a long, dreary and dangerous voyage in a crowded steamer along two oceans

 But If the business of the completed line IS to be something marvellous, the local business on the sections already finished is not less satisfactory. The earnings on three hundred and twenty-five miles for 8 single quarter this season are officially re- ported at one million dollars, and as the road goes further towards the great mining regions, this sum must be increased.

 Every reader of this sheet is interested in the rapid prosecution of this work. Eve ry new agricultural or manufacturing com munity established by the opening of this road will add to the national wealth and aid in paying the public debt. Every acre of land hitherto unimproved, which shall now be cultivated, increases the store of food for our own population or for export Every additional ton of gold or silver that IS mined puts money in tl,e public purse. The road will be the great agent in the de- velopment of the American continent, and Its completion in 1870 will benefit an en- tire population. With such future be- fore it as the finished line is certain to have and with so many guarantees for the pro- tectlon of the interests of those who invest in it, we cannot but think that it's bonds constitute one of the best investment now before the American people. Their special advantages are set forth elsewhere, and the character of the financial officers of She Company is sufficient guarantee that those advantages are not exaggerated in the Il T. LII