New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-28
[PUBLIc REsoLUT1oN-No. AL

A resolution authorizing the Northern Pa
cific Railroad Company to issue it's bonds
for the construction of its road, and to
secure the same by mortgage, and for
other purposes.
Resolved, By the Senate and House
of Representatives of the United States of
America in Congress assembled, That the
Northern Pacific Railroad Company be,
and hereby is, authorized to issue it's
bonds to aid in the construction and equip
ment of its road, and to secure the same by
mortgage on its property and rights of
property of all kinds and descriptions,
real personal and mixed, including its
franchise as corporation; and, as proof
and notice of its legal execution an efectu-
tual delivery, said mortgage shall be filed
and recorded in the Office Of the Secretary
of the Interior; and also to locate and con.
struct, under the provisions and with the
privileges, grants, and duties provided for
in its act of Incorporation, its main road
to some point on Puget Sound, via the
. valley of the Columbia river, with the
right to locate and construct its branch
from some convenient point on its main
trunk me across the Cascade Mountains
to Puget Sound; and in the event of there
not being in any State or Territory in
which said main line or branch may be To-
Gated, at the time of the final location
thereof, the amount of lands per mile
granted by Congress to said company,
within the limits prescribed by its charter,
then said company shall be entitled, under
the directions of the Secretary of the In.
terror, to receive so many sections of land
belonging to the United States, and desig.
mated by odd numbers, in such State or
Territory, within ten miles on each side of
said road beyond the limits prescribed in
said charter, as will make up such de-
fciency, on said main line or branch, ex-
cept mineral and other lands as excepted
in the charter of said company of eighteen
hupdred and sixty-four, to the amount of
the lands that have been granted, sold,
reserved, occupied by homestead settlers,
pre-empted, or otherwise disposed of SUBJ
sequent to the passage of the act Of July
two, eighteen hundred and sixty-four.
And that twenty-five miles of said main
line between its western terminus and the
city of Portland, in the State of Oregon,
shall be completed by the first day of
January, ammo Domini, eighteen hundred
and seventy-two, and forty miles of the
remaining portion thereof each year there
after, until the whole shall be completed
between said points: Provided, That all
lands hereby granted to said company
which shall not be sold or disposed of or
remain subject to the mortgage by this
act authorized, at the expiration of five
years after the completion of the entire
.Soad, shall be subject to settlement and
presumption like other lands at price to
be paid to said company, not exceeding
two dollars and fifty cents per acre; and
if the mortgage hereby authorized shall at
any time be enforced by foreclosure or
other legal proceeding, or the mortgaged
lands hereby granted, or any of them, be
sold by the trustees to whom such mort
gage may be executed, either at its ma
turity or for any failure or default of said
company under the terms thereof, such
lands shall be sold at public sale, at places
within the States and Territories in which
they shall be situate, after not less than
sixty days previous notice, in single Sec
tions or subdivisions thereof, to the high
est and best bidder: Provided further, That
in the construction of the said railroad,
American iron or steel only shall be used,
the same to be manufactured from
American ores exclusively.
Sec. 2, And be it further resolved, That
Congress may at any time alter or amend
this joint resolution, having due regard to
to the rights of said company, and any
other parties.
Approved May 81, 1870.