The New York herald., 1850-01-26
HUNTED STATES Misr-co,sAcx OF 1910.
9l3,266


Total. ............. % 5l9,5l3 S59l3,2oo
in Of the imperfection in the die il will
be some time before there will be any coinage Of
double eagles The demand for gold dollars has sub
sded and 1t is doubtful if the aggregate coinage du
ring the two years authorized by the act Of Congress-
will exceed one million dollars.
Railroad bonds stock certificates, in fact railroad Sc
curties Of all kinds rapidly losing ground In public
estimation, and 1t s i'm preston that before the
lapse Of another year so, there will be as great
q panic in this country in these stocks, as has
been experienced in Great Britain during the past
year. Events have recently transpired in this city
and Philadelphia calculated to disgust every
with railroad securities, of every and nature.
Holders Of railroad bonds have been compelled to
vert and extend them upon such terms railroad
nsgrs pleased dictate go without their interest and
have no guaranty that they will get the principal
The Reading Railroad Company have lately made .
financial operation of this Sort aud for the purpose OF
preventing those bondholders who unwilling to.
convert the bonds due uto bonds having twenty
years to run the company have applied to the Lsgs
sture Of Pennsylvania for law authorizing legal
pg the transfer Of the whole property of the
trustees for tie benefit of holders Of the two sets Of
mortgage bonds. This Is the most infamous act We
have heard Of and the holders have redress u
the annexed bill passes the Legislature and becomes
law
TIE PHILADELPHIA AND REaprSo RAILROAD CoxrAvY.
further supplement to the act entitled an oct to
authorize the Governor to incorporate the Phiadel.
phia and Reading Railroad Company" approved the
i, 1ay April one thousand eight hundred and
Section Be it enacted by the Senate and House of
Representative Of the com wealth Of Pennsylvania
In General Assembly me and it is hereby enacted by
the authority Of the same That the mortgages here
tofore executed by the Philadelphia and Reading Rail-
road Company in trust, be, and they hereby de-
clsred to be good ard valid in all their provisions and
pany shall and may With the assent Of the trustee
nsmedin the morgsge dated the Ith day OF November,
one thousand eight hundred and forty nine remain In
the possession the control of the ssid COM
psny without prejudice to the security OF any Of their
held and regarded In the possession and custody Of
the trustees lateral mortgages according to their
Of the raid company shall not be liable to levy sale
under any Judgments hereafter obtained, until the
provided that the provisions OF this section shall be-
construed to extend osly to the holder holders Of
Section 2 That It any time the eaid company
shall surrender their real personal estate to any
and delivery Of possession shall bs hsid and
regarded rs though made to the OF each OF
the morgssss re.psctiysy and succsssivsly and se-
perty shall be held and regarded in the possession
such trustees Of the sewers. mortgages. respectively
according TO their respective rights and the trus
tees may at any time st their discretion and without
personal liability and without prejudice to any OF the
mortgages or the rights thereby secured the
said estate so surrendered to the said company.
Section g. That is shs be lawful for the said
pany TO give notice of the execution Of their movtgage
dated November 7th. 1870, and the purposes thereof
and Of this act in daily newspaper the cities Of
New York Boston, baltimore and rhilsdsIphia, tor
fosr consecutive weeks and that all the holders Of the
bonds Of raid company payable January 1st 1850 who
writing to said company, their dissent thereto shall
be taken and considrsd to have asented thereto az
with like effect such holders had duly
their said bonds payable sstoresaid hsd accepted
new bonds In lieu thereof payable In 1870 aud secured
by said mortgage aud thai shall be isgd for saiS
company 10 Psy any Of the holders .. the bsmds hereof
due Jsnuary Isl, 1850 any principal herecG
unfi such persons shall hare sndersd or osr
ed 70 surrender in wrifing oerctse, sush bond or
bends. cnd here r,eersd sered bonds SEE
cured By the ssrd mortgage. dated Norem5er ia Is4o,
rnt the morfgasd debts Of said company paid satis-
This bill has already passed the Ser ate Of Pepusv,v.
mia, and the probability h that 1t will tass the lower
house IL vill II passes sanction Of the greatest
svindling operations the Reading Railroad Company
OF any other company guilty Of IL Is nothing
more or less than &C. suthorring this company To-
transfer Its property to trustees for the purpose of
preventing Its creditorsthose hoding its bonds which
have reached maturity and over due-from obtain
ing their Just claims The passage Of such Law would
be disgrace 10 the LesslAturs Of Pennsyivsuis and
We trust II will receive that confederation Ia the lower
house which its Importance demands. 10 would be .
greater blow to the progress Of public works than
anything else We can imagine and II would still further
diferedit this class Of securities In the market.
The unconstitutionslity Of such Law is beyond q
DOUBT and the holders Of the bonds Of 1850 could soon
settle that question in the Court Of the United
states The Reading Railroad Company are little
late In Its application to the Legislature for this
supplementary act, aud 1t may fail, on account Of
its connieting with that provision of the dscls-
ration Of rights which expressly declares that
no er poH faeto Law, nor any Law impairing con-
tracts, shall be made. IL the bondhodrrs of ls7o
are an unpleasant position, the holders Of toe
bonds for 1850, unccnveted may step ia and secure
their Gains We have csse similar 20 this in this
State 10 the plan proposed by the Long Island Railroad
extend the bonds about falling due twenty
years BY converting them into morsags bonds Our sd-
vice holders Of all railroad bonds which hare matured
or are about maturing refuse to become parties
nv OF the proposed arrangements The bill presented
70 the Lsgslature Of fennsylvania, by the Resding
Railroad Company, is one Of the most artfaliy drawn
Documents ue have seem and have given IL en-
tire an evidence % the hrewdness OF The ananciers
managing that concern. The third section caps the
climax, and men guilty Of drawing up. such . bare
faced svndlins proposition, should BE- branded with
irfsmy.
II such scts the Erie, Reading, and Long Island
Railroad Company have psrpctrssed in avoidisg the
payment Of their boads. when due not enough to
destroy the credit Of these concerns and all confidence
In railroad secures nothisg cam and corporsons of
all kinds svindle and cheat their creditors with
punity Holders of overdue railroad bonds should
however consider thing In dealing With such men
as compose the msessem-nt Of our railroad onpanes
generally and that Is, the question Of u.ary 10 direc
tors hnd that they csnnot get Law through the Les
lstute iessiisps their ra.csly operations and the
bondholder commence suts for the recovery Of their
claims the plea of usury may be put iu and vs have
ne doubt could 10 every instance be susta ned tis
our firm belief that there not q railroad bond In this
country that could not BE- repiateo upon that p,ea;
be liquidatsd In that cay.
stock Exchange.
''sg eco urr'.' SER. He, sS'A' aar,n RI 80 s
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goc go Pensss ps SO 90 S,s
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