Provisions of the First Railroad Bill
The point of value in the bill was its land grant. Opposition to the giving of the public domain to corporations had not yet developed, and the subsidy worth $5,000,000 at the least was sufficient to induce capitalists to lend money on a work costing not more than $30,000,000. Great stress was laid in arguing for the bill on the fact that the Pacific sea-board was open to the attacks of a foreign enemy, and that to make the Union and Central Pacific railways effective in repelling invasion there should be a rail line parallel to the coast to allow … Read more