The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-08-13

| made In longer time than that en-
ployed by other steamers as aforo aid,
then any contract made under the
provisions of this act shall cease and
determine at the pleasure of the gov
eminent of the United States.
SEC. 3. And be it further enacted,
| That the compensation for carrying
and transporting the mails by sea. as
herein provided, shall be agreed
upon, aud shall be in conformity
with the act Of Congress, APP
proved June fourteen, eighteen
hundred and fifty-eight, and shall in
no event or contingency exceed the
sum therein provided, being all
postage on letters, newspapers, and
all other matter transported by or IN
the mails carried by said navigation
company, shall belong 10 said com
pany, and shall be paid to said navi-
CATION company quarterly, or applied
to their use or benefit, az hereinafter
provided: Provided, That when the
receipts of said navigation company
from sea hostages, under any contract
to be made In pursuance of this act,
shall equal or exceed the sum of four
hundred thousand dollars per annum,
then the right of said company
to receive the inland hostages
shall cease and determine, and
said company shall only receive
the sea hostages Provided. That such
hostages shall not exceed six hundred
thousand dollars per annum, after
the discontinuance of said inland
postage.
SEC. A. And be it further enacted,
That to insure the co Instruction of the
above mentioned vessels within the
time and in the manner hereinbefore
provided, and the maintenance of
the said line, the said Commercial
Navigation Company may issue bonds /
to such an amount that the entire
annual interest thereon shall not ex-
coed the sum of two hundred and
fifty thousand dollars, such bonds to
be made payable at the expiration of
the before named fifteen years, and
the interest thereof to be made paya-
bic semi annually, the principal and in.
terest of such bonds to be made paya-
BILE in coin of the United States. That
for the protection of the holders of
such bonds they shall be severally
registered at the Post Office Depart
ment and certifed-by the chief clerk
of the department., with liability for
the payment of the interest or princi- |
pal of said bonds upon the part of |
the Post Office Department only 10
manner as hereinafter provided. And |
the Postmaster General shall receive |
all moneys for postage earned by the |
steamships of said company, and shall |
apply the same as far aj needed |
to the payment of the semi
annual interest upon the before
named bonds, and shall retain
the surplus after paying such interest, /
and shall invest the same quarterly |
In the securities of the United States I
to form sinking fund, to be held /
solely for the benefit of the bond |
holders, and to be applied to the pay I
ment of the principal of such bonds
And whenever, and as soon as such /
sinking fund shall equal in amount |
the entire principal of said bonds, /
then from that time forward the in |
terest of said bonds shall be paid out I
of the income of such sinking fund /
and the principal thereof out of the |
same fund at their maturity And /
all postage earned after the time when I
said sinking fund shall be made up 10 |
the amount aforesaid, shall belong to |
aud be paid quarterly to the said com
pany by the Postmaster General of |
the United States.
SEC. 5. And be it further enacted. /
That the aforesaid mail steamships |
shall be commanded and Differed only |
by citizens of the United States, shall /
mount an armament, if required, of |
two guns each, and shall have at least |
one apprentice to be instructed in en-
cheering, seamenship, and naviga-
ton, for every two hundred tons of |
registered tonnage for each steam |
ship; and the government of the |
United States shall have the power
to take and use the aforesaid mail I
steamships as transports or for |
ships of war whenever, In the
opinion of the President, the exigen-
cies of the United States may require |
them, who is authorized, in such an
event, to take said mail steamers and |
pay said company a just and equitable |
sum for their use, or purchase the |
same, as may be deemed most for the |
interest of the United States; said |
payment, whether for purchase or |
use, to be made to the Postmaster |
General, who shall pay to said navi. |
cation company whatever balance be |
due them, after deducting sufficient |
for payment for all the before named
registered bonds. the amount of vhich |
in this event shall be paid to the
holders thereof at maturity of the
same. a,..r
Sec. 6. And be it further enacted,
That the foreign mail agents of the
government of the United States shall
have free passage on the ships of the
said Commercial Navigation Com
pany whenever the Postmaster Gen
erai to such foreign mail agents issues
passes certifying to said company that
such is their official character.
SEC. 7. And be it further enacted,
That the said navigation company
shall keep up and maintain for pc
Rod of twenty years, for the said
United States mail service, at least
the said number of seven first class
steamships. 5le4a
SEC. 8. And be it further en-
acted, That the rights and privileges
herewith granted shall be and remain
to this company, and in no event
shall this company transfer or assign
the rights and privileges herein grant
ed, nor shall it be lawful for any off
Ger of the government hereafter to
recognize any assignment or transfer,
it being the intent and meaning of
this act to secure an American line
of steam vessels for the transportation
of mails and the proper conveyance
of emigrant passengers between the
port of New York and tie European
ports above named and Congress
may at any time hereafter, during the
period of fifteen years, terminate or
abandon any contract of the United