Let us now consider with more care the circumstances under which the local and federal authorities extended such generous aid to the transcontinental project, and the extent and quality of the aid given. We may begin with the state and local grants, and in order to assist the reader, a portion of the table which was printed on page 21 will be set forth again at this point in slightly changed form. As thus presented the table is as follows: AID DERIVED BY CENTRAL AND WESTERN PACIFIC RAILROADS FROM STATE AND LOCAL GOVERNMENTS IN CALIFORNIA Approximate Par Sum Source of Aid Value Realized Aid by Cities: San Francisco, donation to Central Pacific $400,000 $300,000 Sacramento, subscription to Central Pacific 300,000 190,000 San Francisco, donation to Western Pacific 250,000 175,000 Aid by Counties: Placer County, subscription to Central Pacific 250,000 160,000 San Joaquin County, subscription to Western Pacific 250,000 125,000 Santa Clara County, subscription to Western Pacific 150,000 100,000 Aid by State: Assumption of interest for twenty years on $1,500,000 7 per cent bonds. Arguments for Local Aid Aid from local political bodies was considered legitimate in the early sixties, and was extended freely to a great number of corporations. Voters were told that the construction of railroads increased land values. Until transportation should be improved, it was argued, agriculture could make but little progress, because the products of agriculture could not be brought to market. The mining interest was depressed in 1870, and in partial explanation publicists pointed out that freight charges to the mines ranged from $50 to $180 a ton. Nor was even more precise calculation lacking. An advocate of subsidies in 1870 stated: