The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1866-05-30

The European 6 North American Railway
project has come to life again in the Massa-
chusetts Senate, the following bill having been
reported to that body on Monday:
Sec. /. Upon and after the completion of
the European and North American railway of
the State Of Maine, and of the province of
New brunswick, and of the connecting lines
in New Brunswick and Nova Scotia, so that
there shall be a continuous line of railway
from Boston in this Commonwealth through
st. John in the province of New Brunswick,
to Halifax in the province of Nova Scotia, and
upon and after the extension from Portland in
the State of Maine to Boston in this Com
mOnwealth, of the broad gauge used by the
railroads of the State of Maine, and OF the
British provinces of North America, viz, the
gauge of five feet and six inches, so that there
shall be railway or railways of q uniform
gauge between Boston, and Montreal and Que
bee in Canada, and between Boston and ST.
John in New Brunswick, and Halifax in No
va Scotia; there is hereby appropriated the
sum of one million dollars to be lent to the
European and North American Railway Com
pany of the State of Maine, out of any mon
eys which may be received or realized by this
Commonwealth, from the government of the
United States, for or on account of any claims
or causes which have occurred or happened
since the year eighteen hundred and sixty /;
and the treasurer and receiver-general of the
Commonwealth, is hereby authorized and di-
rected, under the supervision of the Govern
or and Council, to invest the aggregate sum
of one million of dollars, so received and re-
allied, in first mortgage bonds of the said Eu-
ropean and North American railway of Maine
to like amount; said bonds to be for the
principal sum of one thousand dollars each.
payable thirty-three years from the date of
their issue, with interest at the rate of six per
cent. per annum, at the treasury of the Com
monwealth, on the first days of January and
July Of each year.
Sec. 2. The said bonds so issued by the
company, shall not exceed one million dollars
in the whole; and as security for the payment
of the principal and interest of the same. the
railway of said company from Winn, in the
State of Maine, to the boundary line between
Maine and New Brunswick, distance of fifty
miles, shall be conveyed in mortgage to three
trustees residing within the State of Massa-
chusetts, and acceptable to the Governor
thereof; such mortgage to be valid incum-
brance on the said railway under the laws of
Maine.
Sec. 8. There shall be provided by the
terms OF the said mortgage for the retirement
OF the SAID bonds, sinking fund equal to
one per cent. annually Of the amount OF bonds
purchased by this Commonwealth, and said
treasurer and receiver-general shall, under the
direction of the Governor and Council, have
the management and supervision of said fund !:
and when said payments to the sinking fund
with interest thereon at the rate of six ner
cent. per annum shall equal the bonds of the
company purchased by the Commonwealth
as aforesaid, then the said bonds and morfcaoa
shall be cancelled, and all claim against the
said company ON account Of the same shall be
discharged.
sec. 4. In case OF the failure by the eompa-
or principal of the bonds aforesaid which may
become due and payable, the said trustees
shall be authorized to enter upon, take posses
sion, aud hold and manage said railway for
and ON account OF said Commonwealth, as
for condition broken.