FREE BOOKS

Author's List




PREV.   NEXT  
|<   62   63   64   65   66   67   68   69   70   71   72   73   74   75   76   77   78   79   80   81   82   83   84   85   86  
87   88   89   90   91   92   93   94   95   96   97   98   99   100   101   102   103   104   105   106   107   108   109   110   111   >>   >|  
sidies the several companies were to receive land grants of 12,800 acres to the mile in alternate sections contiguous to their lines. Upon the same terms the Central Pacific, a company incorporated under the laws of California, was authorized to construct a line from the Pacific coast, at or near San Francisco, to meet the Union Pacific Railroad. * These ambitious designs were never fully realized. The main line ran eventually west from Omaha, meeting the Sioux City branch at Fremont. The only other branch which was constructed to connect with the Union Pacific was that from Kansas City and it ran first to Denver. The public was quick to realize the significance of this huge enterprise, for the papers of the day were full of such comments as the following: "It is useless to enlarge upon the value and importance of this great work. It concerns, not the United States alone, but all mankind. Its line is coincident with the natural and convenient route of commerce for the world.... Over it the trip will be made from London to Hong Kong in forty days, over a route possessing every comfort and attraction, which takes a continent in its course, and which, from the variety and magnitude of its sources, from the race which now dominates it, and from the extent of their numbers, wealth and productions, must soon give law to the commercial world." Notwithstanding these and similarly optimistic sentiments, the meager financial support given to the enterprise by the public at large had been very discouraging. Although the construction had been liberally subsidized by the Government, gross extravagance had promptly crept in; juggling of accounts for the purpose of securing profits on the government advances was freely indulged in, and after only a small section of the line had been completed it was announced that more capital must be forthcoming or the work would cease. Out of this situation grew the plan for subletting the work to a construction company known as the Pennsylvania Fiscal Agency--a name which was afterwards changed to that of the Credit Mobilier of America. The story of the Credit Mobilier, with its irregularities involving conspicuous politicians, is one of the most disgraceful in American history. The detailed history of these operations need not be considered here; it is sufficient to say that finally, in spite of political scandals, the Union Pacific lines were brought to completion. Within two years
PREV.   NEXT  
|<   62   63   64   65   66   67   68   69   70   71   72   73   74   75   76   77   78   79   80   81   82   83   84   85   86  
87   88   89   90   91   92   93   94   95   96   97   98   99   100   101   102   103   104   105   106   107   108   109   110   111   >>   >|  



Top keywords:

Pacific

 

enterprise

 

Mobilier

 

Credit

 

public

 

branch

 

construction

 

history

 

company

 

purpose


accounts

 

juggling

 
commercial
 

government

 

productions

 
dominates
 

profits

 

extent

 

wealth

 
securing

numbers

 

Notwithstanding

 

financial

 

liberally

 
support
 

sentiments

 

Although

 
discouraging
 

subsidized

 

Government


extravagance

 

promptly

 
similarly
 

optimistic

 

meager

 

capital

 

American

 
disgraceful
 
detailed
 

operations


irregularities

 

involving

 

conspicuous

 

politicians

 

considered

 

completion

 

brought

 
Within
 

scandals

 

political