Salt Lake Herald-Republican | 1874-11-25 | Page 1 | The Texas Pacific Railroad-Seventy Millions Wanted

The Texas ;paeiflc Railroad Seventy Millions Wanted. Washington, 24. Col. Thomas A. Scott announced hia purpose openly to come to congress at the approaching approach-ing session and ask aid tor bis Texas Pacific road. He says he wants $70,-000,000 $70,-000,000 in all to complete the road. This he proposes to raise on forty year bonds, the interest of which at 5 per ceut. gold be proposes to ask congress to guarantee. To secure the government it is proposed to turn over all the land grants, all machinery, machin-ery, track, rolling stock and appurtenances, appurt-enances, and to issue bonds only as last as the road is completed in sections, sec-tions, at the rate of $30,000 a mile for the plains and $-10,000 a mile for heavy grading. Scott says he is confident con-fident he will never be obliged to ask the government to pay tho coupons, and tbat it is proposed to pay interest inter-est on the firot four years out of the proceeds of the bond's.