Letter from Oliver Ames to Thomas C. Durant, December 3, 1868

In this letter from December 3, 1868, Oliver Ames writes to Thomas C. Durant regarding the financial status of the Union Pacific Railroad. He states that the company has a right to ask the government to advance it two-thirds of the cost of "work done in advance of the track," and believes the company possesses sufficient funds and materials to have all the security that the government would require for the completion of the road. He also tells Durant, "your idea of letting them [the government] have the lands or Land Bonds as Security is a good one, and I think will be a good get off for them from the infamous position they have taken in regard to our Road."

Union Pacific Railroad Company
20 Nassau St.

New York
Dec. 3^d 1868

Dr. T. C. Durant

Dear Sir,

By Section 8 of the Act of 1864, we have a right to call upon the Gov^t to (Send out Commⁿ and)advance us ²/3 of the Cost of Amt of work done in advance of the track. We now have expended Three Millions [sic] in advance of the track for grading as near as we can [here] estimate it, and we have nearly 4,000,000 of Iron Ties and Superstructure on hand, and most of it pd for. There is no question, but that we have in work done and material furnished for the Road in advance of the present track $7,000,000, which ought to be all the Security that the Gov^t should ask for the completion of the Road. Your Telegraph to associated Press and quotation from the close of the Comⁿ Report is having a good effect and will make our Finances easier to manage. We have got along very well to-day, and I hope you will be able to have the thing so fixed, that we may get the Bonds by end of the week. Your idea of letting them have the lands or Land Bonds as Security is a good one, and I think will be a good get off for them from the infamous position they have taken in regard to our Road. I saw Senator Fessenden Last Evening, who feels that we ought to have our Bonds but does not feel like asking any favor of the Pres^t on ^a/c of the Position he Stands in, in refrence [sic] to him. Rollins goes on to Washington to-day and will talk him, Fessenden, up on his way with him to Washington. Your Letter is rec^d. Williams just droped [sic] in here a moment, but I did not have a chance to say any thing to him about Matters at Washington.

Yours Truly,
Oliver Ames