Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1854-02-04

Said directors shall make an annual report to III
Secretary Of the Interior, before the first day
November of all their proceedings receipts and expend
lures which report shall be communicated to Congress
by the said Secretary Said company shall be REQUIRE,
keep books in which shall be entered specifically an,
in detail all receipts disbursements. and expenditures
which shall at all times be open the inspection of thu
Government commissioners hereinafter mentioned or
any committee which Congress may appoint for that pur
pose And whenever he may deem it necessary the Sc
cretary Of War shall order sufficient force troops and
military to accompany and protect the person.
/ engaged in the construction of said road The stock
property and effects of said company shall be exempt
from all taxes levied by under the authority of any
State or of the Federal Government.
i Sec Is. And be further enacted That the said rail
road shall be built in the most durable and substantial
manner with all necessary bridges, yaducts culverts
turnouts, crossings and drainings with all necessary
passenger and freight buildings enginehouses machine
shops, water tanks platforms, and other appurtenances
required for rstclass railroad and with all the reaui
site equipage passenger and freight of the best
quality of structure and material Said road shall have
uniform gauge Of six feet and the rails for the track
said road shall be of uniform weight of not less than
ninety pounds to the neal yard and shall be of Amer-
can manufacture: IroDided, the said company shall be
able to obtain them at such times and in such quantities
the progress of the construction of the road shall
Gure and provided they be obtained any price not
exceeding sixty dollars per ton at the place of manuac
| ture. '.7
Sec 16. And be further enacted That board Of Gov
eminent commissioners consisting Of three in number,
of whom shall be scientific and practical engineer
shall be appointed by the President Of the United States
by and with the advice and consent Of the Senate
salary of three thousand dollars EACH whose duty
it shall be- under the direction of the Secretary of the
Interior, to take all necessary to protect the
public interest who shall make thorough and minute ex-
anaons of the work during the progress of
on and who shall that all the terms and conditions
of the provisions Of this act fully and strictly
piled with and shall make report from time to time to the
said Secretary of the proceedings of said company and
of the state condition. quality and progress of the work
upon said road No person shall be eligible to the office
bo1lh
directly indirectly interested in said company
stock bond holder, shall be debtor creditor of
said ,company and if, after his appointment either Of
said commissioners shall become interested in the
aforesaid, it shall operate and have the effect Of legal
disqualification for the Office, and his Office shall there
upon be held and deemed vacant which said vacancy
shall be filled by the President by appointment in
the manner aforesaid. The duties Of said Government
commissioners shall commence with the organization OF
said company, and shall terminate upon the full compile
ton and equipment of said road and the final estimate of
its COST which shall be made under the Supervision of
said Government commissioners
Sec IL Aad be II further enacted, That for the purpose
of further aiding in the construction of said road the Sc
creary of the Treasury of the United States SHALL within
yenr from the passage of this prepare aud have
in readiness for delivery certificates of United States
stock in convenient sums to the amount of fifty millions
of dollars, bearing annual Interest of FIVE per cent
redet NAB in fifty years. in the city OF New York. and IN
the cities of London, Paris, and Amsterdam, in Europe
payable to the order Of the of said company
which shall be delivered to said company from time to
hereinafter prescrbed aud the faith Of the Govern
ment is hereby pledged to the delivery of said fifty mill
lions of dollars of United States stock much thereof
or so much in addition to that as may be necessary
Tor the full completion and equipment OF said railroad
upon the compliance of said company with the said
scrbed terms and conditions thereof When the said COM
pany shall have expended two millions Of dollars Of their
money, raised upon their subscriptions to the
capital stock of said company towards the construction
of said road including necessary expenditures for eng
neerng surveys labor and the purchase OF implements
wagons CARTS horses and mules necessary TO be used in
the work Of said road upon the same being so
certified to the Secretary Of the Treasury by said Govern
ment commissioners then the said Secretary of the Tre
sury shall issue and deliver said company MILLIONS
Of dollars of said United States stock and when said
company shall have expended upon said road in the man
aforesaid, additional half million Of dollars Of their
money raised aforesaid together with million
Of the two millions of dollars Of the United States
stock delivered to- said company aforesaid and the
being certified aforesaid then the Secretary OF
the Treasury shall issue and deliver to said company three
millions of dollars of said United States Stock and when
the said company shall have expended towards the con-
sruction, furnishing and equipment of said road fur
Their of two and half millions Of dollars of their own
money raised aforesaid together with the three mil
lions dollars of United States stock last delivered to said
company aforesaid and being certified aforesaid then
the Secretary Treasury shall issue and deliver to said
company five millions dollars Of said United States stock
and when the said company shall have expended upon
said road aforesaid the further of two and half
millions Of dollars of their money raised aforesaid,
together with the five millions Of dollars Of United States
stock last delivered to said company as aforesaid, and
the being certified aforesaid then the Secretary
of the Treasury shall issue and deliver to said company
five millions Of dollars of said United States stock
And thenceforth, in like manner often as said conf
pany shall expend upon the construction Of said road
the Of two and half millions Of dollars Of their
money raised upon their subscription to the capt.
tai stock of said company, together with the full
amount of the last preceding receipt of United States
stock and being always certified aforesaid by said
Government commissioners the Secretary OF the Treas
ury shall thereupon issue and deliver to said company
Hxay IF
until said road shall be fully completed, equipped and
furnished through its entire leagh that is to say and
il to be understood that of the entire cost
of said railroad shall be paid by said company out of
ney raised from their subscriptions to the capital
stock of said company and twothrds of said cost shall
be paid from the avas Of the United States stock to De
issued and delivered to said company be the same more
less; the final estimate of the cost of said road Us
well the previous estimates from time to time being
always made under the supervision and to the satisfac
ton of said Government commissioners One-haR the
Of said United States stock which may be issued
and delivered to said company aforesaid shall be held
and deemed to be absolute and rreyocable grant The
other half Of said United States stock delivered to said
company aforesaid shall be loan to said company, on
which said company shall pay to the Government an
annual interest of five per cent after the first day of jan
uary A. D. 1861 and the principal Of which shall DO re-
funded to the Government by said company before
! the first day of January, A. ID. 1885.
Sec 1S. And be further enacted That before any of
the United States stock aforesaid shall be issued and de-
vered to said company, the President Of the company
under the direction and authority Of the board of drec-
tors declared resolution to that effect and entered upon
their records shall execute mortgage deed of said rail-
road with all its appurtenances equipments and fran
chses the people Of the United States conditioned for