 This legislation formed the basis of the Pacific Railway Acts enacted in 1862, which granted a charter to the Union Pacific Railroad Company to construct the first transcontinental railroad in the United States and to provide federal support in the form of land grants and bond subsidies.The committee was made a standing committee on December 22, 1863 during the 38th United States Congress to oversee matters related to construction of the railroad.After construction was completed in 1869, the committee decreased in relevance and in 1873 when it was replaced by the Committee on Railroads.