Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-05-01
The PACIFIC RnIIrond Lnr.

SAh . SaA- ~
The following is the Pacific Railroad
law now pending in the House.
Be Il enacted, &c, That for the purpose
Of securing the commencement of the
obstruction of the Northern Pacific rail.
road snd telegraph, and its full compile
ton at the earliest practicable time, the
Secretary of the Treasury of the United
States is hereby authorized and direc ed,
whenever and as often as the commission
ers named in the fourth section Of the act
of incorporation shall report the compile
ticn Of twenty-five or more consecutive
miles of said road, to pledge the credit OF
the United States in such form as the Sec
rotary Of the Treasury shall prescribe to
the payment of the interest Of the stock
of the said company from the date of Is
sue Of the same, and for "a period not ex-
ceeding twenty years from the date Of
said issue, at the rate of six per centum
per annum, payable semi annually on the
first days of July and January in each
and every year, in the legal currency Of
the United States at the Treasury of the
United States or any of its deposito-
ries, TO the following extent; that Is 10 say,
for that portion of said road which is en-
braced between its eastern point or points
Of commencement, wherever the same
shall be hereafter located, and the one
hundred and first meridian, two hundred
shares per mile; between the one hundred
and first and the one hundred and elev-
enth meridians, two hundred and fftv
shares per mile; for the six hundred and
twenty and one half miles between the
one hundred and eleventh and the one
hundred and nineteenth meridians, being
the mountain district, fire hundred shares
per mile; for five hundred and twenty
miles, and between the one hundred and
nineteenth meridian and the western point
or points Of termination, including the
mountains and ranges Of the coast three
hundred shares per mile.
SEC. >. And be II further enacted That
foF the purpose Of relieving the Treasury
Of the United States at the earliest prac-
ticable time from the payment Of interest
on said stock, it is hereby further enacted
that the Treasurer of the Northern Pa
cidc Railroad Company shall, on the first
days of July and January in each and
every year after the completion of
twenty-five miles of said railroad, in con- |
formity with the provisions of it charter,
pay into the Treasury ofthe United States 1
twenty-five per centum Of the gross re-
ceipts OF said railroad for the payment Of
the interest on said stock as before pro-
.yided, until the amount so paid she'll equal |
the amount paid by the United States, |
as provided in section first, after which ali
ful Their payments to the United States
shall cease and for the further security of
the Government for the pledge Of the
payment Of interest as aforesaid over and
above the deposit of 25 per cent. Of the
gross receipts as above ProriicE, The
proceeds of the sales ofall the lands grant,
ed by the charter of the said company.
situated on the southerly side of tho line
of said railroad, shall, as often as the
sales of the am shall be made, be held as
security for the payment of the interest so
paid by the Government, as aforesaid, and
shall be deposited in the Treasury of the
United States by the treasurer Of said
company on the first DAYS of April and
October in each and every year, to be ap-
piled by the Secretary Of the Treasury to
the Government for any
moneys paid FOR interest, as aforesaid;
and also as security for the future pay
ment by the Government Of any interest
sccruing under said pledge until the Gov
eminent shall be fully reimbursed for the
payment of the interest as aforesaid. and
10 secure the payment of said per centage
Of the gross receipts and the deposit of the
proceeds OF the sales Of the public lands as