The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-06-16

fxrsa tAs ~ Loam kspas tsaa. Jupe u
. s1nss pracassr Of part OF ths aaaAeen Il ths
ekis 40 Msssssp. railroad ey shch they last wssk
asssrnssd - execute 70 Page Bacon asts fos e.
csrig tSssSs deed Of trust upon eli ana saguir the
prspsr fneos ana pro6ts Of the said rosa-With pow
@ . s.ss s ,.sss,s Gays s ess,s'..s' n:
sstsssSsd e t. vhils sot fsw App cd hsrsA spthsts
e - psstlss 70 ths scheme The movsmsns vas Do
81 q aad Asi % shs ia must BE- ssd they
mgAs veil prsat BY 1t any one else II was also
n Ne aas the, e;
ssss 49, e psss :. 2, than after they had
her avshsndzsd hsssand do,ars, aad She couat with
tive hs.tfyt theassrd dollars and individual saoscrib
lars thsy 70 be sold out iocx, stock and barrel
bsossss al "a alleged they would not send So 1000
nsss after that xhisa had ALREADY e'sn spent
Whist h NOV the condition of the roadr Before the
rscst movement Of tae four directors Of the company
by which debt Of 81 1t8 4o4 81 hunted up and
ksswlsdgsd In favor OF Page Bacon, and deed OF
trust exsoutsd making the lad liable to sale ct twenty
tho reed IN running erosr. At the meeting Of Page
Bscou's creditors, month or two before IT Vas an
The road ana that Of this sum had boon already
prsvdsA and the money to pay the accruing July In
tsrsst. Now, however supposing there did exst dis
fioa q 20 much money the difficulty has been comp-
Gated By the note and deed Of rast given Page Ba
nsvr was Desired o. the part Of Mr. bacon and those
aosiag Win him in the matter And why2 simply be-
cause there was difficulty before In raising quarter
OF noa Of dollars, that difficulty has been purposely
and grsss increased BY the sum to winch It has been
W Md sts,.vS Mr. Bacon "a /. Nsv York to na,o.
tats ~ ,pots made tnese fast' conditions. He
expeoh ef course TO get ,oey eaough the note
a.lsa - nssa and he, or those who may hsids, Will
bsesrs y ~ complsted, tho locomotives running to
vnese.nul neither the CITY, ner county, nor iadi
On zach sght notice, Mr.. Bacon his represeatA-
sivss tn have the privilege Of buying ths fora
Song, subject course, 10 the incuu srAnces OF the
art AZ ssoond mortgages, eating to ,o0O
But thsse benos are not pay able for about eighteen
promptly, and the prinoipal when it maturss rhis
ansnay s also pressntedtaat the city And county Of
s. Los deprived or ali iat.rsss IN ths mad By these
nsssA mn hAvs ths sati.faoton Of providing annually
for tkslpaynsat Of $4,000 interest On their bends
give. tssshd sfpad which has sold out Of their
rosA wa 10 cumming to vnc-aaes, the ne owners viii
be In reospt 81 all the income, amounting in future to
% the operation nd the Of tue sharp prAc-
tioe which has been exhibtsa this oity Within few
days, means 30 not taken TO head it.
Bat The County Court IA not TO be idle In this
matrr. Yesterday Judge Hackney, in the absen Of
his sssoostes BY advice OF the counsel Of the
CHASE ~ TIE note given to Page Bscoa on account Of
its charaofer and requesting that the utmost pub
ssss IN he forsnssa and Il is unders;ood tpss as,os
King o behalf Of the CITY, prepared similar despath
asA !sft q the telegraph Office, but that after
w dssbt have the effect Of preventing toe sssign-
meat Of the NOTE but toink 1t very desirable that
the couaty and CITY authorities should act In harmony
n ths nsstsr They represent very large interest In
tho read, and 1t 10 their duty to that It is not
swamped and lost forever Tbs Council this after
neon, and they viii BE- expected to take action
upsa u. ssat
Whils this subject, It may DO gratifying to kno~
that both tho city and county have
to Pay tho Aterest falling due their b,nds In July
next Whatever else may happen they intend to carry
cut their engaeements or this the holders Of CITY and
Ceunfy bands he assured -"
Efforts having been made to make the publio believe
that impsrstiveiy necessary to sell the road in
eedor 70 meet the various ss OF interest cue July
Little explanation may be proper Ii il true that the
coupons On the first and second mortgage bonds are
due q ~ arst Of July .sxt and they oasht be mst
Bus they sheul0 net DO paid ct maturity, there il
Asthsg U the mortgages TO authorize SALE This can
enN hs dene By regular foreclosure In the courts OF
Winos 30 that, while 1t admitted that the interest
coupons esshs 70 b met ~ tue osy when DUE there
nethizg to justify the Assumption that an In Mediate
s.s oee BE- ordered The road coad not b sold in
neKt twelve months under the deed OF mortgage and
leng beisre that tue with propar mana cement ths
whsae mc9y ccsld Be adjusted the interest promptly
nsk, end principal paid at mstufity.
We hope that something may ct DO done 70 avoid the
asrnstve Of sale o. the failure to meet the interest
coupons dus In JAY.