New-York tribune., 1868-07-24
TIE NEW EUROPEAN STEAMSHIP Line.

WASHINGTON, July 23.-The following is the
bill passed in the Senate to facilitate tie establishment
Of a new steamship line between Ncw-Hork and certain
European ports:
BE Il eudcfed That the Postmaser-General IL cmpOw-
cred and hereby authorized 10 contract with hc Comnc
cisl Navigation Company OF the state OF NeW-10rk
corporation existing under the laws OF the state OF New
York, under special chdItcI passed ny the Nesdl
Of said state under date OF April 23 1866 FOR inc weekly
mails of lie United states between Ncw-York and Brc
men, touching at southampton, England, or Liverpool
shps 10 be constructed in the United states and owned
by said Company for term not exceeding ten years In
SIC T. That the said ayIgatOn Company shall, with
,,rose Of ueriOrfuug tho above service build contract,
and 1T out within year from tic passage OF this act
Which sJali not be les fsp 400 TINS each Govern
ment measurement; aud t8O others Of not less than
5000 each all Of which yesshs shall be constructed
in the beet manner under ~ supervision and Inspection
OF the American I1oydst Or "ideftd Dy tle Iosll.l
terGeneral under ~" nspec,ion OF me mort eoniotenI
engineer to DO detailed for This purpose by the secretary
o. the Navy, upon written applcatOn o the POstna.
terGencral, So that when completed, each vessel sall
De CI the HIhi cdts In ttIy I'ltc ah WIN @ ii 'G
mOdcrudmprOyelnsnts IN model machinery, ana oulnt,
which steansinps when 90 constructed shall be organ.
ized into, and compose the United States Mail
mails ara passengers, ~ hereinafter provided
the time Of sailing ana all other details TO be ARRANGED
aud agreed upon between the SAID Company ana the
General, with power 20 modify such agree
ments from time to time as may promote tne OBJECT ia ia
detained fOr the purpose OF being sent Dl ls hc ana
shps Of the said Navigation Company shall not he less
that Of the steamships of other lines upon the same
or similar routes and for the space Of three months the
INNS successvey of the steamships OF said Company
shall be made in longer time than that employed by other
steamships as Aforesaid, then any contract made uhoe
the provisions of this act shall cease aud determine at
the pleasure Of the Government OF the United states.
SIC. That the compensation for carrying ana trans
porting the mails by sea, as herein provided shall be
agreed upon. and shall be in conformity with the act OF
Congress approved June H. 1856 and shall IN no event or
cOntnge exceed the sum therein provided hehg an
postage on letters, newspapcrs ana al 9'HtI
transported by the mail carried by SAID navigation
Company, shall belong to said Company ana snail pe ad
10 said Navigation Company quarterly, OF ,aPbIc" W
their and benefit, as hereinafter provided iTOped
that when the receipts OF SAID Navigation SOmpdhy ron
sea pOsteges. under any contract 10 be iaue ~
OF this act shall equal exceed the sum o SioDO per
annum, then the right OF said Company to receive me
inland pOstagcs shall cease ana determine anu rilu
Company shall only receive the sea pOstages, PROVIDED
such pOstages shall not exceed 100000 per ahulh atef
the dscOntnuance Of the said inland postage.
SIC A. That 10 insure the construction or tho above
mentioned vessels within the time and IN the manner
herenbeOre provided and the maintenance OF the said
hne the SAID Commercial Navigation Company may issue
bonds snch amount that the entire annual interest,"
shall not exceed the sum OF S1O0OO such Dohas 20 De
made payable the expiration OF the before named ten
years, and the interest thereof to be made payahe se
annually The principal and interest Of such Donds 10 oe
made payable the coin Of the United states Thai ior
the protection Of the holders OF such bonds, they shl D
seycraly registered at the POsOce Department ana
certified by the Chief Clerk OF the Department without
liability for she payment OF interest or principal OF saiu
bonds upon the part OF the POstOce Dcpat tmeut Ohy
in the manner hereinafter provided anu the iost
earned 10y the steamships Of said Company and shal ap
ply the same far needed 10 the payment on th9
semiaDnual interest upon tho before named bonds anu
shall retain the surplus, aiier paying such interest,"
and shall invest the same quarterly IN 'he
securities Of the United states, 10 iOlu "A
sinking fund TO be held solely for the benefit OF the BOND
holders and 10 be applied 10 the payment OF the plhc
pal OF such bonds, and Whenever ana as soon az suc
sinking iund shall equal Ia amount the entire pflhelp OF
said bonds then from that time forward tho interest," OF
said bonds shall DC paid ont Of the income Of snoh SINK
at tie maturity ard all postage earned after the TINE
when said sinking fuDd shall DE made uD 10 tDe amouh'