Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-02-25
Go the Associated Press.)
WASHINGTON, Feb. "a.

THE STEAMBOAT Bull,
Which passed both houses and awaits the presi-
dents signature, is more stringent than any of
similar character before enacted for the prescr-
walton of life and property of passengers. In
case of loss or accident to personal property
owing to noncompliance with law, passengers
are to recover damages by suit Ii the life of
any person is DESTROYED by misconduct or viola
tion of law by any owner, inspector, or other
public officer, he or they shall be deemed guilty
of manslaughter, and upon conviction, shall
be sentenced to confinement at hard labor for
not more than ten years. Provision is made for
salaries of officers, and fines and penalties are
prescribed for the infraction of law.
THE PACIFIC RAILROADS.
Senator Carpenters report on the Pacific rail-
roads commences by citing the fifth section of
the act of 1864, upon which the question arises
and constructs the effect of that section to re-
qure railroad companies to repay bonds and in
terest, not absolutely and in the ordinary course
of business, but as hereinafter provided 1t also
provides that the secretary of the treasury may
take possession of mortgaged premises, on re-
tusal Of a company to redeem said bonds, or
any part of them, IN accordance with the pro-
visions of this act. But, as this section neither
provides for the manner in which the principal
and interest shall be paid, nor the manner in
which SAID bonds or any part of them shall be
redeemed, we must look elsewhere in the act for
such provisions.
We find it in section 6, as follows :-"Section
6-That grants of lands and bonds are made
upon condition that said company shall pay
said bonds at maturity. and shall keen slid rail
road and telegraph line in repair and use, and
shall at all times, transmit dispatches over said
telegraph line and transport mails, troops and
munitions of war, supplies and public stores
unon said railroad for the government whenever
required to Go SO by any department thereof
and that the government shall nj ali timee
haze preference in the use of the same for All
purnoses aforesaid. and all comnensotion for
services rendered for the government shall he
applied TO the payment of said bonds and in
terest until the whole amount is f,1lv noid
SAID company NAV also pay the United States
wholly or in part in the same or other bonds.
treasury notes, or other evidences of debt
against the United States, to be allowed Mt mar.
and after said road is completed until said
bonds and interest are paid, at least FIVE per
cent of the net earnings of said road shall he
annually applied to the payment thereof"
In other words, the preceding section, saving
that a mortgage shall be created TO secure the
payment as hereinafter provided. and that the
secretary may seize the road, if the company
shall make default in redeeming the bonds or
any Tart of Them in accordance with the nro
visions of this act, refers to the sixth section.
which declares when and how payment seen red
Inv mortpape shall he made and how honde
shall be redeemed. Turning 10 that section we
read as follows: "ist-Said company shall nav
said bonds at maturity y That is said comment
shall nav said honds IN thirty years from, RI,
date. because then tbe hon AZ nature In CON-
mon speech and in IegaI lannnage n bond mo-
lures when the PRINCIPAL or some mart of If falls
dine. coupon bond is not matrred or , mast
due when its FIRST coupon is dine. 4 hond With
overdue coupons attached if The nrinoinaI snm
he NOT due. is still A neootiable instrnment and
fine statute of limitations docs not be@in IN RIM
even upon the first common until the bond itseiP
that is the principal sum secured nv the bond
becomes dine.
There is therefore no ANALOGY between sucb
bond and note or contract, where the princi-
nal sum is poyable nv instalments bride "City
We Tamson. q Wall A77'Jl When therefore an
act If congress refers m The maturity of a bond
II must he construed IN mean the fine when
The nrinc;nol snm secnred NV tho bond falls dive
This would he tho IeGaI effact of collateral nm.
mr. IN, N noD, n the aoo,,nt Of o.
SonJ &c + e;la3 W ~, Pry - NV 10 roa.,,r ~ !;
oo,,tJ WOO, notb;no poIsSo bonorSo n hord 'doos
49, No tro ,Int;i tha r;,f,;,oI sy fiIs H.
Thn nn;nion Of fnd,ro Weiso, ~ cit We am
~ s,,Sro,,, S ~ "" fI,o az c,
IN ~ t " '"o 80 10
'I"' 10 an
& III III 70 my
vi 1ol'., anu I'm o1ily 01 Wv W
pdy I.I CO.. VI, .Iio Vi tno JUN,
", iO. ~ ~
tep ~ ii iI Nv "o 10 Uiuo VI q Co1
~" ponI d "ou sSo ~ Vi t JUN,
DO ar ,,,,dors.n dssaeu anu tniS oau
fore the rrovsion that said comnenv