[BroJoeK]

In “End of the Pacific Railroad Scheme” the editors say it will cost about 18 months of federal revenues, an amount not then affordable.

The estimate was pretty close, actual cost appears to have been $65 million or roughly 18 months of 1858 revenues.
But as a percentage of Civil War costs, that was a drop in the bucket.

The cost estimate presumably does not include $10 million already spent on the Gasden Purchase in support of the Southern route.
That may help explain why Southern lawmakers insisted it must be the Southern route or nothing.

[BroJoeK]

editorial: "End of the Pacific Railroad Scheme"

**Spoiler alert** ;-)

I looked up some better estimates of both the transcontinental railroad's cost and US Federal revenues.
Plus, it helps to keep some perspective:

1. The first transcontinental railroad, completed in 1869, ran 1,900 miles from Council Bluffs, Iowa, to San Francisco Bay.

2. During the 1860s total US railroad miles nearly doubled from 30,000 to 57,000 miles.
   So the transcontinental railroad represented less than 10% of the total US railroad building effort at the time.

   For comparison, today's total US railroad route mileage is ~140,000, including at least six transcontinental routes.
   Rails carry about 40% of US freight, #1 item being coal.

3. Actual Federal revenues in 1860 were $56 million which, at the same percent of 1870 GDP, would be $170 million.
   Actual Federal revenues in 1870 were $411 million.

4. A better estimate of cost for 1,900 miles of US transcontinental railroad is $125 million from 1863 to 1869.
   That could be called 18 months of Federal revenues, but remember, 1,900 miles was less than 10% of the 27,000 miles built during the 1860s.

By 1880 US railroad miles nearly doubled again to 93,000 including a second transcontinental route using Secretary of War Jefferson Davis' Gadsden Purchase land.

1880 US railroads: