The story of the first trans-continental railroad : $b its projectors, construction, and historyBailey, William Francis
History
The story of the first trans-continental railroad : $b its projectors, construction, and history
Bailey, William Francis
Railroads -- United States -- History; Union Pacific Railroad Company
The end came, the bill was finally passed, and the news thereof caused
the hearts of Californians to leap for joy. Ground was broken at
Sacramento, and work was commenced immediately. Another battle was to
be fought, a financial one. Before they could receive any aid from the
Government, forty miles of road must be built and stocked, which would
cost at least four million dollars, for that forty miles carried the
road far up among the Sierras, through a great portion of their heavy
work. Money was "tight"--in fact it always is when a man wants
some--commanding two per cent. per month in California. The
corporators put in their entire fortunes. The city of San Francisco
issued bonds in assistance of the work; the State and several counties
also rendered material aid, but all combined was but a trifle compared
to what was required. C. P. Huntington, then Vice-President of the
road, went to New York for aid, but among the capitalists there he met
the same answer that had been given to Judah by the moneyed men of San
Francisco. Finally, he met with Fisk and Hatch, dealers in government
stocks. They feared not the result of the scheme. These energetic
capitalists with the promptness of young and active minds--while
older capitalists were questioning whether there was really a serious
intention of building the road--pledged their faith to furnish the
Company with what money they required and when they required it. The
sum ranged from five million dollars to twenty million dollars per
year; but they failed not, the money was always ready. The success of
the enterprise was now assured. The bonds of the Company were put on
the market, and advanced rapidly in price, and soon the Company had at
their command all needful funds.
When the summit of the Sierras was reached, the road was pushed
rapidly forward. But long ere this was gained, when the Company was
toiling among the mountains, jeers and taunts of derision could be
found in plenty in the columns of California newspapers. "The Dutch
Flat Swindle," as the road was termed by some of these far sighted
journalists--when the Company was laboring to overcome the heavy grade
near that town--has passed into a byword in California, and now is
suggestive of success. The route, after the "summit" was gained, was
then comparatively easy, and rapid progress was made. The Chinese
laborers, who had worked on the road from first to last, drove the
work forward, and on May 10th, 1869, the roads met on Promontory
Point, six hundred and ninety miles from Sacramento. The following
will show the number of miles completed during each year: In
1863-1864-1865, twenty miles each year; in 1866, thirty miles; in
1867, forty-six miles; in 1868 three hundred and sixty-three miles; in
1869, one hundred and ninety-one miles.
Appendix I.
_Roster Union Pacific Railroad._
PRESIDENT.
Public-domain text, read in full here on John Shaqi.
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