The national Republican., 1862-07-25
road and branches and telegraph line upon the
lerms and conditions provided In this net

road and branches and telegraph line upon the
terms and conditions provided in this act.
Sec. IL. And be U further enacted, That In
case said company or companies shall fail to
comply with the terms and conditions Of this
act, by not completing said road and telegraph
aud branches within reasonable time, or by
not keeping the same In repair and use, but
shall permit the ssme, for an unreasonable
time, 10 remain unfinished. or out Of repair,
and unfit for use, Congress may pass any act
to Insure the speedy completion Of said road
and branches, or pnt the same In repair and
nse, and may direct the income Of said railroad
and telegraph line TO be thereafter devoted 10
the use Of the United States, 70 repay oil such
expenditures caused BY the default and neglect
OF such company or companies: Provided, That
u said roads are not completed, 20 "a 10 form a
continuous line Of railroad, ready for use, from
the Missouri river 10 the navigable waters Of
the Sacramento river, In California, by the first
day OF July, eighteen hundred and seventy six,
the whole Of all said railroads before mentioned
and to be constructed under the provisions Of
this act, together with all their furniture, Hx-
lures, rolling stock, machine shops, lands,
tenements, and hereditaments, add property
OF every kind and character, shall be forfeited
to and be taken possession Of by the United
States: Provided, That Of the bonds Of the
United States In this act provided 10 be dellv-
cred for any and all parts Of the roads 70 be
constructed east Of the one hundredth meridian
ot west longitude from Greenwich, and for any
part Of the road west Of the west foot Of the
sierra Nevada mountain, there shall be re-
served of each part and instalment twenty.f five
per centum, TO be and remain In the United
states Treasury, undelivered, until said road
and oil parts thereof provided for In this act
ars entirely completed; and Of all the bonds
provided TO be delivered for the said road,
between the two points Aforesaid, there shall
be reserved out of each instalment fifteen per
cenh,m, TO be and remain In the Treasury until
the whole Of the road provided for In this act
10 fully completed and II the said road, or any
part thereof, shall fail Of completion at the
time limited therefor In this act, then and In
that case the said part Of said bonds 80 re-
served shall be forfeited 10 the United States.
Sec. IL. And be U further endctei, That when.
ever II appears that the net earnings Of the
entire road and telegraph, including the amount
allowed for services rendered for the United
States, after deductipg all expenditures, inclu.
ding repairs and the furnishing, running and
managing Of said road, shall exceed ten per
centum upon its cost, exclusive Of the Eve per
centum TO be paid TO the United States, Con-
gress may reduce the rates Of fare thereon II
unreasonable in amount, and may fix and es.
tablish the same by law. And the better to
accomplish the object Of this act, namely, to
promote the public interest and welfare by the
construction Of said railroad and telegraph
line, and keeping the same In working order,
and TO secure TO the Government at all times
(but particularly In time Of war; the use and
benefits OF the same for postal, military and
other purposes, Congress may, at any time,
having due regard for the rights Of said com
psnies named herein. add to, alter, amend or
repeal this act
Sec. 10. And be il further enacted, That the
several railroad companies herein named are
authorized TO enter into an arrangement with
the Pacific Telegraph Company, the Overland
Telegraph Company, and the California State
Telegraph Company, 80 that the present line Of
telegraph between the Missouri river and San
Francisco may be moved upon or along the
line OF said railroad and branches as fast ~
said roads and branches are built; and IL said
arrangement be entered into, and the transfer
of said telegraph line be made in accordance
herewith TO the line OF said railroad and
branches, such transfer shall, for all purposes
of this act, be held and considered fulflment
on the part Of said railroad companies Of the
provisions Of this act in regard to the construc
lion Of said line Of telegraph. And, in case o.
disagreement, said telegraph companies art
authorized TO remove their line Of telegraph
along and upon the line Of railroad herein con
templated without prejudice TO the rights o.
said railroad companies named herein.
Sec. 20. And be Il further e,,acted, That tht
corporation hereby created and the roads con-
nected herewith, under the provisions Of thi
act, shall make 70 the Secretary Of the Treasury
an annual report wherein shall be set forth
First. The names Of the stockholders ant
their places Of residence, so far as the SAINT
can be ascertained;
Second. The names and residences Of the
directors, and all other officers Of the company
Third. The amount Of stock subscribed, and
the amount thereof actually paid 10;
Fourth. A description Of the lines Of road
surveyed, of the lines thereof fixed upon for tht
construction Of the road, and the cost Of suci
surveys;
Fifth. The amount received from passenger,
on the road;
Sixth The amount received for freight there
on;
Seventh. A statement of the expense of sale
road and its fixtures;
Eighth. A statement of the ndebtedneas o
said company, setting forth the various kind
thereof. Which report shall be sworn to by the
president of the said company, and shall be
presented 10 the Secretary Of the Treasury OF
or before the first day OF July In each year.
Approved, July l, 1862.