THE CENTRAL PACIFIC RAILWAY.

Lyttelton Times, Volume XXVIII, Issue 2126, 14 October 1867, Page 3

THE CENTRAL PACIFIC RAILWAY.

(I'rom the fannum Mercantile Chronicle, AiKjiml 24.) The Centra] Pnciiic Railroad Company has about a hundred miles now built eastward I'rom Sacramento and fifty, more chiefly graded, which will be increased to a total of over two litm, dr-ed by the close of the year. This wi'H leave but a thousand miles interveiling botweeu the two oceans unspanned by the rail, and this gap, it is thought, can be closed in 1,870. The main stem of the ftiyitie Kailroad is committed (0 the care of two distinct; and powerful companies, who are building from opposite ends toward a meeting point in the centre. The Act of Congress gives authority to each to push onward until met by tho other, when a junction must be formed, so that the two cau be operated as one road. The Government granted a loan of its credit to be issued as the road was built, and in proportion to its difficulty of construction.

_ % the original Act of Congress to :aitl the construction of tlio Pacific liailroad (July, ISG2,) the advances .of the Government were made a first lion upon the road, its property, &c; and It was provided that the several com■pauies embraced iu this. Act should transport the Government mails,' messages, troops, supplies, &c, at their regular rates, half the compensation to be paid in cash, and the balance applied to the llquidaliou of their indebtedness to the Government, until the whole lino should be completed, when 5 per cent of their net earnings should also be so applied, until the whole amount should bo repaid. It became evident, however, that the best interests of the country aud of the Government required the earliest practicable completion of the great enterprise.j and as a further induce-' nieut to private capital, Congress in July, lStji, amended the general law, so as to waive the prior lieu of the Government upou the roads iu favour of such claims as private capitalists and investors might assume. Iu other words, the companies building the National Pacific Ilailroad were authorized "to issue their first mortgage bouds on their respective railroadsand telegraph Hues to an amount not exceeding', the amount of. the bonds of the United States," granted for the same purpose; and it was provided that " the lieu of the United States bonds shall be subordinate to that of the bonds of the said companies." The Government by this amendment surrendered its awii prior lien and sub' st.itute.cl in its place that of the first mortgage bondholders; being Satisfied to look for the repayment of its own advances mainly to the services of the road, and a small percentage of the future: traffic extendiug over a long series of years, on the conditions prescribed by the original act. The goveruineut aid on the western portion' is greater iu proportion to the distance to be built than on the eastern division, being 45,000 dols. per mile for 150 miles west of the California boundary, and 32,000 dols per mile east of it. The cost of the 100 miles now built was about 18,000,000 dols which, however, includes a very liberal equipment, and embraces the only difficult sectru of the road. Through Narad a the line follows the course of the Humboldt river and theiiee passes to the north Salt Lake to. Weber river. This portion of the route •lias; all beeu carefully surveyed, and the line found to be very favourable has been adopted by the company, As the western Jink will be out of- its mountainous tract about the time that the eastern link is entering' the ordeal of the Rocky Mountain ranges, there is little doubt that the meeting point will be somewhere east of Salt Lake City, A tunnel at the very crest of the Sierra Nevadas is all that now temporarily stops the advance.

Tb? following table will Bhew the rate of progress on the Pacific side, and the.elevatibn above the sea level ;

Miles. Feet, Jan.. 1,1864, to New Castle ... 31 930 .M«y;,13,1865, to Auburn ... 36 .., Juiie.'lO, 1865, to, Clipper Gap ... 42 1600 .Sept; 4,1865,:t0 Colfax... ii# 55 2 243 : Maj 8,18.66; to Secret Town ... 65 2415. July iq, 1866, to Alta 73 3025 Nov. July,, 1866 to Summit 105 7042 :'S'ej).Mß67, to Virginia Station, estimated ~' 150 5800 July, .1868, to Humboldt, estimated i.. 250 4060 Dee;; 1870, to Salt Lake City, estimated;,.: 775 4285 . The..Secretary of the Interior, by whom these:roads are finally accepted and approved; iii a letter to the Secre.'.tar.y of. the Treasury, February 14 ;18G7, says'!'the point 0 f junction of .the Union; Pacific'and Central Pacific has been assumed to be .79 295-1,000 luiles east;of Salt Lake city, or at a rppipt; which will entitle each of tlie companies to the : same Mount of 'bonds."- ; It is now generally undor-stopd;:that-/the cbiiuection, though not :oflicially detennined, will be made somewhere- iii the vicinity of Salt Lake; ..

: ;" TjViß would give the Cloioii Pacific a line of.nine' hundred, and fifty miies (including the extension from men.to to: San Eranciscp, which is now made by river), while the. government subsidy wi)l : be about tp each, besides, alternate sections of land ■pii each side. Ot the line amounting to .twelve thousand eight hundred acres. Besides these helps, the state and municipal .corporations of California, ■..fully aljye: to the importance of' the road,, which Waa to give them control of the great interior trade with the mining regions, subscribed liberally to the capital stock of the company, and ; made extensive loans pf meney and credit.

The portion of the road now in

running order is earning four times its operating.expe'nseß, although its trailic 'lies ■ mainly up tho mountain side. This year it will tap some of tho richest, mining.- 'districts in Nevada, and next year those. ; of .Idaho and Montana. California' has; such remarkable attractions of scenery, agriculture, mining and Asiatic, trade, that an immense volume of -business may be expected to pass-over this.road.