The weekly Placer herald., 1854-04-29

when executing the contract, deposit with
the Treasurer Of the United States in
money, or in State stocks, worth par
value. or stocks of the United States, at
par value, two millions of dollars as
security for the performance of the con-
tract; the contractor shall receive to his
own use the interest or profits on such
stocks: Provided, The United States will
pay no more interest or profits thereon
than the rate of interest or profits which
the said stocks yield 10 them and which
shall actually be received in case of State
stocks; whenever the individual or COM
pany shall fail to carry on the construc-
ton and equipment of said road as herein
before provided, he or they shall forfeit
to the use of the United States one hum
dred thousand dollars of the moneys and
stocks SO deposited, for every month that
such default shall continue. When the
work shall have been completed within
the period before mentioned, to the salts
faction of the Secretary Of War, then the
moneys, or stocks so deposited, or the
portion thereof remaining after such for
FIXTURES, shall be repaid and redelivered
to said individual or company. The in
dividual or company constructing said
railroad shall, within the said period of
seven years, fully and adequately equip
the same tor transportation and travel,
and put it into operation. They shall
enjoy to their own use, for forty years
from the time Of it's completion, the profits
and emoluments of the SAID road, but they
shall, nevertheless, at all times, keep the
road and equipments in good order, and
tho h,
naval stores, and munitions Of war of the
United States, at reasonable rates, to be
determined by the department requiring
such transportation; and Congress shall
have the right, at any time, to reduce the
tolls and fares to be charged for passen-
gers and freight, if they shall think neces-
sary; so, however, as to allow always a
profit of twelve per cent. per annum upon
the actual investment Of the indididual
or company; and the said individual or
company contracting shall, at all times,
keep a complete and discriminating ac-
count Of all receipts and disbursements,
profits, and losses, which shall always be
open for the examination of such officers
or agents as the President of the United
States may at any time designate, and in
default of compliance with this condition,
the United States reserve the right to sus-
pend payment for the mail service until
such accounts be furnished for inspection;
and the United States may. also, by an
act of Congress, resume the said road,
and all the franchise hereby granted, on
paying to the said individual or company,
the moneys which he or they shall have
actually expended in making and equip
ping said road, with nett profit of twelve
per cent. interest per annum thereon, ex
elusive of the moneys and land to be
estimated at one dollar and twenty five
cents per acre, received from the United
States, and also with the deduction of
such profits as may have accrued to such
individual or company up to the period
of such assumptions; upon the expiration
of the period of time specified in the con-
tract for the construction of said road /,
when the same shall cease to lie the pro-
perty Of said contractor, it shall be sur
rendered to the United States, with all its
equipments in good order, it being UNDER
stood that any failure in this respect shall
be made good by the Government at the
cost of the contractor; and upon the sur
render of the said road to the United
States, at the expiration of the aforesaid
period of forty years, or in the event of
the resumption of it and the franchises
thereof by the United States, as herein
before contemplated the said road, or so
much thereof as may be situated within
the limits of any State, or States, which
may be hereafter erected out Of the Ter
ritory, shall be ceded by the United States
to such State or States, upon the cond-
ton that the mails, troops, military and
naval stores, munitions of war, all the
property of the United States, passengers
and freight of every description shall be
carried at such rates as Congress shall pre-
scribe, and upon such further conditions
as Congress may hereafter stipulate.
SEC. 2. find be 1t further enacted, That
to aid in the extension Of said road from
it's terminus on the eastern boundary of
California, to San Francisco, on such
route as may be determined by the State
of California, there is hereby granted
to that State every alternate section
of land designated by odd numbers, with
in twenty sections in width on each side
of said extension; but in case it shall ap-
pear that the United States have, when
the line or route Of said branch road is
definitely fixed by the authority aforesaid,
disposed of any section or any part there
of, intended to be granted as aforesaid,
or that the right of presumption has at
tached to the same, then it shall be lawful
for any agent or agents, to be appointed
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