The Atlantic Monthly, Volume 20, No. 122, December, 1867: A Magazine of Literature, Science, Art, and PoliticsVarious
General
The Atlantic Monthly, Volume 20, No. 122, December, 1867: A Magazine of Literature, Science, Art, and Politics
Various
American periodicals
For the next few months the efforts of all the companies converged upon
Congress. The Union Pacific Company appeared at Washington in great
force. The Central, equally urgent, presented arguments that amounted to
demonstration; the chief points being the energy with which they had
striven to comply with the terms of the charter, and the painful failure
that had attended their endeavor,--a failure clearly imputable to the
insufficiency of the original bill. The Kansas Company, though rent in
twain by rival boards of directors, was also on the ground, animated by
very ambitious purposes, and with a determination to win its ends in
spite of internal complications. The vigor with which the latter body
took the field gave a complex character to the struggle, and very much
prolonged it. On vital points, however, all parties were in accord, and
in the main results of the campaign each achieved a splendid success.
The supplementary bill, approved July 2, 1864, as much surpassed the
legislation of two years previous as the sixteen hundred million
national debt of 1864 exceeded the five-hundred million debt of 1862;
The colossal expenditures of the war had led Congressmen to accept the
estimates of railroad men with implicit credence, and to second their
demands with generosity. The land grant was doubled, the government
bonds were made a second lien to the roads under construction, the
twenty-five per cent reservation was removed, and one half of government
business was to be paid in money.
The Union Pacific Company effected an important modification of the
charter in respect to their particular interests. Their maximum capital
was still fixed at one hundred millions, but individual shares were
lowered from a thousand to a hundred dollars each. Furthermore, the
hitherto unwieldy board of direction was limited to fifteen members. On
the other hand, the Kansas organization obtained the privilege of making
their own road the grand trunk route, connecting with the Central
Pacific, in case they should anticipate the Nebraska line in reaching
the one hundredth meridian, and the latter road should not appear to be
proceeding in good faith.
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