Progress of the Union Pacific railroad west from Omaha, Nebraska, across the continent, making,: with its connections, an unbroken line from the Atlantic to the Pacific Ocean.

28
ing the through traffic at the earliest practicable moment. At the
time the act of incorporation was passed, it was expected that the
earnings of the road would be very large, and the government reserved
the right to reduce the Company's charges whenever the profit on
the cost of the completed line should be more than ten per cent.
per annum. [Sec. 18, act of 1862.]
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THEIR SECURITY AND VALUE.
As before stated, the Union Pacific Railroad Company are authorized by Congress to issue their First Mortgage Bonds in the
same amounts as are issued by the Government to the Company
on the various sections of the road as they are completed, viz.:
On the first 517 miles at $16,000 per mile,.. $8,272,000
On Rocky Mountain region, 150 miles, at $48,000 per mile, - 7,200,000
On 433 additional miles at $32,000 per mile,.. 13,856,000
Total for 1,100 miles,. $29,328,000
All these bonds are for $1,000 each, and have coupons attached.
They have thirty years to run, and bear interest at the rate of six
per cent. per annum in gold, payable on the first days of January
and July, at the Company's Offices in the city of New York.
PRINCIPAL AS WELL AS INTEREST PAYABLE IN GOLD.
The recent agitation in relation to the redemption of the government bonds in currency, has induced many parties to inquire
how the principal of the Union Pacific Bonds will be paid. While
the Company have never supposed that it would be paid otherwise than in gold, yet, to put all question on this subject at rest,
at a meeting of the directors held on the 12th of March, 1868, it
was unanimously
g~tg,Dltd, That the President and Treasurer are authorized and directed to enter
into a covenant with the Trustees of the First Mortgage Bonds of this Company, to
pay the principal of said Bonis, at maturity, in United States gold coin.
o+.