Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1861-02-09
The Sunbury and Erie Railroad.

The followingi is the bill introduced in
the House of Representatives on Thurs
day, by Mr.. Ball, of Eric.
BE IL enact'd, DC, that the corporate
name and title of the Sunbury and Erie
Railroad be, and the same is hereby
changed, to that Of the Philadelphia and
Erie Railroad, by which name and under
which title the said company shall here.
after be managed aud conducted, with the
same effect as if the name thereof had not
been changed.
Section q That said Philadelphia and
Erie Railroad Company be, and is hereby
authorized to execute and issue under its
corporate seal, five thousand bonds not
exceeding in amount the aggregate sum of
81 100000 sterling money OF Great
Britain, or s5,O00,0 900 lawful money of
the United States; any number or all of
which may be issued for e200 each,
sterling money aforesaid, and any number
or all of which for $1,000 each, payable
in twenty years from the date thereof
The said bonds shall bear interest at the
rate of q per cent per annuni, payable
semi annually, and shall not be subject
TO taxation and as security for the pay
ment of principal and interest of said
bonds, the said company is hereby au-
thorized to execute in trust, under its
corporate seal, mortgage of the whole
line of its Railroad, finished, unfinished
or to be finished, from Sunbury to Erie
Harbor, and its appurtcnances, including
all locomotives and cars which may at any
time be placed thereon, together with all
its real estate, rights, liberties, privileges
and franchiscs-whch said, mortgage
shall be delivered to the trustees herein
named, and recorded in the several couu-
ties in which the property therein desert
bed, or any part thereof, may be situate,
and shall thereUpon be and remain the
first mortgage on all property therein de-
scribcd until fully satisfied, except as to
that part of the road of said company
which extends from Sunbury to William
sport, on which mortgage for SlOO 900
now exists.
Section 3. That said Philadel lphia and
Erie Railroad Company be, and is hereby
authorized to execute, under its corporate
seal, forty bonds for 100000 each, paya-
bic in forty years from the date thereof,
bearing interest at the rate of six per
cent. from ana after Jan. 1st, 1872, and
secure the payment thereof by mortgage
to be executed to the Commonwealth of
the whole line of railroad, finished, unfn-
ishcd, or to be finished, from Williams
port TO the harbor of Erie, and all the
real estate, rights, privileges and fran.
chises of the said Company, which said
mortgage shall be deposited in the office
of the State Treasurer, and shall there
on all the property therein described until
fully satisfied, and the said Company may
deliver the said forty bonds to the Com,
missioners of the Sinking Fund, in pay
ment of all the five per cent, bonds of the
Sunbury and Erie Railroad Company
now owned by the State; and upon sucl
payment being made, it shall be the duty
of said Commissioners to cancel and sur
render the said five per cent. bonds to the
said Company, and it shall be the duty O
the State Treasurer forthwith to cance
and surrender all the five per cent. bond
now owned by the said Company deposit
ed in the Treasurer's office, under til,
provisions of the act for the sale of til,
State Canals, approved the 2lst of April
1858.
! Section A. That upon presentation to th
Trustees of the Mortgage for S7,0OO,OOI
t duly executed under the provisions ofth
said act for the sale of the State Canals
of all the . per cent, bonds cancelled o
paid, the payment whereof was intended
> to be secured by the said mortgage,
, shall be the duty of the said Trustees
enter satisfaction on the record thereof
and cancel and surrender the same to tn
. said Philadelphia and Erie Railroad Com
! pany.
LII the House Mr.. Gordon called up Iii
resolution inquiring of the Attorney
General of the State by what authorit
. the deiaulting banks, suspending speci
, payments for over thirty days, continu
to hold their charters.
J The resolution was adopted.
II THOSE people who turn up their most
|. Mt thn world might do well to reflect tht