New-York tribune., 1870-12-14

ton and por cent Of the net receipts toward the pay
mept of bonds aud interest u clearly uMno" oy o tbo
roads the semannua pay ment OF Interest as ~ III
and this amendment was voted down moreover, u .nis
oblletlon was upon thon the obligation to apply per
cenum OF the net receipts 10 the payment thoreoI, .ns
no effect because the interest being met under the
general obligation. nothing more cOud posslpy o pa
until the principal should mature, and there u no sign Oh
anyproyIson that per centum was 10 form sink
ing flnd. ,,., A.. A. r,orar,r,ont had
fuy committed itself to this construction OF the law by
paying to the corporation IN money one i IN a6 ,9
was opened and OF bonds who have been sat
sd OF their Sa % Sy 6a nSl action Sy o Of the IT,
sef may feel Justly aggrleved: NJ.
Holders Of land grant bonds have cause TO be dis
tubed as n specially stipulated that the lien Of tho
Government shall only apply 70 lands remaining ing IN te @
ownership Of the roads at the ne ol M n and a. aps
bonds have been issued transferred It's tle or parted
with it ownership tile trustees OF the land grant bonds
in order to make the of land grant bonds possible the
Government In OF proved default OF tue r9s
is barred from enforcing It's lien upon the lands 1hey
are owned by tho trustees, to be sold Tor the pay
ment of the land grant bonds, and only the surplus
any, will revert to the road. ,
first mortgage by express provision IN the second aet
that lien Stockholders are, OF course subject 70 al con-
tngencies and rightly So since they elect the oneers
who are bound to fulfill all obligations 1t IA the holders
Of the bonds whose interests have been harmed by TINS
agitation, which we hope may be settled soon III eAht
tion may be taken the conditions Of the law itself and
its original expedency As II stands, both government
and corporation are bound by IT,
The parties In the control and management TOOK
the charter as they found II asked Its amendment De
cause upOn its original terms the work could not DE u
deraken; obtained the right to issue first mortgage
bonds and tile release OF One-haf the Government rhs-
portaon fees and then great risk and with Immense
efforts completed the road long before the year 1876
which was the time originally contemplated for Its COM
pIeton The completion OF this road to the Pacific has
been counted great public gain yet in many respects
the persons who have rked large private fortunes IN lis
construction often censured, as II they had CON-
mted grave fault OF had done some great injury Inc
question TO whether or not the Government shona
grant subsidies bonds IT, railroads at oil Is distinct
Question and ia not part of this case In TINS case the
act was passed not far the Union Pacific Is con-
cerned at the instance OF those by whom 1t Is now con
trolled and by whom 1t has been built.
They assumed II rs they found it-asked an amend,
ment-which was granted-by which the risk involved
In its construction was intended to be made somewhat
incur again. they did what has been esteemed great
service They will receive exact Justice from the GOV
ernment: but from the people they deserve cOnsdera
well justice meted out with NO IlhDera OF mar
row reservations. T. ATKINSON.