Monopolies -- United States; Railroads and state -- United States
"That for three hundred miles of said road, most mountainous and
difficult of construction, to-wit: One hundred and fifty miles
westwardly from the eastern base of the Rocky mountains, and one hundred
and fifty miles eastwardly from the western base of the Sierra Nevada
mountains, said points to be fixed by the president of the United
States, the bonds to be issued in aid of the construction thereof shall
treble the number per mile hereinbefore provided, and the same shall be
issued, and the lands herein granted be set apart, upon the construction
of every twenty miles thereof, upon certificate of the commissioners as
aforesaid, that twenty consecutive miles of the same are completed; and
between the sections last named, of one hundred and fifty miles each,
the bonds to be issued to aid in the construction thereof shall be
double the number per mile first mentioned, and the same shall be
issued, and the lands herein granted be set apart, upon the construction
of every twenty miles thereof, upon the certificate of the commissioners
as aforesaid, that twenty consecutive miles of the same are completed;
provided that no more than fifty thousand of said bonds shall be issued
under this act to aid in constructing the main line of said railroad and
telegraph."
This vast amount of bonds was issued to the main line of the road,
which, as will be seen by an examination of the first section of the
act, terminates at the western boundary of Nevada territory. This
company, under its charter, gets $50,000,000 in bonds; its charter does
not authorize it to construct the whole road to the Pacific, but to the
western boundary of Nevada, where it meets the Central Pacific railroad,
built by a company chartered by the legislature of California. Fifty
millions in bonds, with the privilege of subrogating the security for
their payment to a like amount issued by the company as first mortgage
bonds on the road, with the grant of lands above named, the right of
way, and the right to all building material within ten miles of the line
of the road; this is deemed a fair provision for one company. In order
that no charge of selfishness, or want of charity, should be brought
against congress, it next turned its attention to other companies.
Perhaps it was thought promotive of the interest of this corporate
power, now controlling the government, that there should be unity of
action and purpose; that its strength should be so great, and its
ramifications so extensive, that neither private persons nor the public
would dare to resist its demands. The necessity for a railroad from the
Atlantic to the Pacific states was not the only consideration
influencing the law-making power of the country. This fact is clearly
apparent from the provisions of the charter, for numerous branch or
spike roads are included in the charter, and provided for in the land
grants and subsidy bonds.
Public-domain text, read in full here on John Shaqi.
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