The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-04-01
COIN PAYMENTS.

Pay Day Among the RnilrOnd Companies
Coin ys. Currency-COIn No GO-An Almost
cisioa.
The principal railroad companies having their
Offices In this city to-day paying the interest
on their bonds and mortgages According to
the legal-tender decision of the Supreme Court
these companies are required to pay in coin aud
not currency, but the ma ority have determined
to set aside the decision, giving as an offset a
receipt stating that at a future time the differ
ence in favor OF coin will be paid If such pay
ment shall be rendered necessary by the law of
the land. No attention is paid to the fact that
such at the present time is the law of the land.
Among the railroads which refuse to comply
with these demands are the Pennsylvania Cen
trail, the Philadelphia and Reading, and the
Camden and Amboy The North Pennsylvania
also does so, because rs its own representatives
have said, it must do as the Pennsylvania Rail-
road does. The Pennsylvania Railroad has the
following formula in the receipt which 1t gives
to-day to all to whom interest is paid
Wcas this a deg presented re S & for pSy%snt
bonds Of the SAID company WHICH coupons to tie
sum Of - dollars and has demanded payment thereof
said coupons has paid to the said holder By the said
udce to his right to recover the difference between the
said nominal sum and the currency value Of Ike sum in
the ssd agree to pay in Legal std tender notes
first day of April A d. 1871 upon the surrende Of this
unless in the meantime il shall be decided
e S G r" 6 6s dis
R
within the first day Of Hp
se ho Of FeSa Gt the be a
gold the said company will within twenty days from the
in legal tender notes, with interest.
The Philadelphia and Reading give the follow
ing receipt
This is to certify that Mr. - has this day delivered
to the Philadelphia and Reading Railroad Company
Railroad Company due April l, ls7O which bonds and
e thS SUM % so % ds
that the amount Of the said bonds and has been
in United States legal currency without prejudice
to the right Of the holder to recover the be,
in gold which difference amounting 20 the sum of ,
Reading Railroad Company agree to pay to the said
holder with interest from date the Of this
II the meantmg Y shall be decided by the supreme
ipTior the date Of the aot, payable in law
ul money Of the United states can be discharged by
the event of which dsG'On s Obligation pay Snyshng
agreed however that case the Supreme COURT Of the
United States shall before the said first day of April
he Legal tender sct PAYABLE lawful money q the
PHILADELPHIA and Reading Railroad Company will, within
sixty days from the of such decision
the Aforesaid sum OF dollars (being the differences as
aoresad) in egatender currency with interest thereon
1t is believed there will be several suits begun
before Aldermen against the above companies
by holders of the coupons, and in this way
final decision will soon be attained. Single
coupons are within an alderman's Jurisdiction.
There are some honorable exceptions to this
lawless course by several companies. These
are the Camden and Atlantic, the Lehigh Navi-
cation Company, and the Morris Canal and
Banking Company. These all agree to pay in
gold. This is fine example for the larger
companies. On the strength of the decision of
these companies, several New York papers take
occasion to crow over Pennsylvania, stating
that New Jersey is the more honorable of the
two in this particular. They evidently forget
that the Camden and Amboy Company, which
is the greatest representative of New Jersey, and
in fact is itself the State of New Jersey, has
joined the ranks of the ignominious backsliders.