The New York herald., 1871-02-25

" Lamaon, Wall, T7J Noen sner-fcrs. of
ss %s 6 h as
ssss.s s s"s the bond dies not mature % sa' principal i
The opinion Of Judge Nelson IN city vs.. Las.oa n The
Supreme Cour, Of the United States then qaos showing
that coupon Is no. an indepsnaea. lns.ras9s IA.
to interest In the body Of the bond adopted r
What true COUPON bond ". would Ds aq.
s >, Fessorsa ~. road bOas a. The bonds Issued e
therefore the provision company shall pay said
Se sss S S e So hs s mss % s
Of principal and interest BY the guA.
bonds At mat,rty"-that is, '' at The maturity
he ss & or ss oRs1 & S
sAi hs q s and II %
sa . ossn o The The intention OF su sa s s
m..ary ,ss interest thereon shall Ssssn. due
bonds maturity and the bonds themselves calling for
essn Of tho eoapoa past due but this has before bssa
aSg saSs oSs 10 s ss e when falls ds %
course the statute Of limitations would commence running
80 ' n Ta woa sSh
Ss Sqs S % i as an s' G
,eest payable annually not barrel BY the .tafe q mi
principal ss sus interest," Th fa' sw ss sons
ss, len; y A .hs a G' BY s
gage 70 there paymen, Of the bonds, together
United states and which shall have ossn PAID Sasa ani
the interest the bonds should become due The
BEEN mortssue shall secure the repayment s.s
sssrsoa Which shall have been paid uasd
the interest," as II was bound TO their bonds and thA
citing several legal authorities report
proceedings In Congress at the sage OF the ac OF 1862 and
hs ae ns s a. @ 70 FOR
In Congress- wiz be found entirely While
BIZ before s senate Mr. Sao had syae9
10 ono he 1s L s
after provided" and also the words when required
S hs % Of the sssn Ts m In % M a tho
which probably wo.ld have made the bin what i q
Utilization he coapsny pay .as plInsips sSs.s
isa
o. hs loan as gentlemen s ca T." IL a sabss
% e the the a supplies a. a @ of
%sns provision here " !Ss sii
q be be gfvsn IN this section !. provides sssnn,na
United States hereinafter provided
Of said bonds 50 issued and aeyesa to sSa TO-
by the United states There shall be lien the line Of the
sea apart i've per
pay In tho carrying Or the mails &c and If YOU
Ss pn a be ss 0' an
the subsequent provision for carrying the malls aud gov
The action Of houses further quoted
government is different from the intention o. Congress
The following o9 m from the act o. 1851 s then
rendered the by said companies shall be
Ss well s settled ns ne % s,
and lie provisions re may sspana
srs.. the FORMER act I'd designed the invest
pears from all its provisions Intended be yet
favorable - me COMPANY Inc ABOVE quoted can
S a s or % an ia.
the company. Wha. possible benefit would this hayi
to pay that and much larger sun, Immediately
1t evident rom the statutes themselves, that ths
hot TO s pe II on
ceeds until the maturity OF said bonds thirty from
houses Of wSsn these acts we're passed that was
the Of Congress SO to frame them as to accomplish
p e q % 5
fully bound reimburse the interest paid
by the on these bonds a until the maturity Of n.
saton for services may BY
Ss annually applied ID: ssy%eas y
second that the treasury has no right q
withhold from the company more than onehalf The
srnmsnt.
whether the company Is bound o pay . the soye1s
that only onea of the for services rendered
for the by said shall required ba
applied to the payment Of the bonds issusd BY The
4 would be bold dealing with The s.atuse to say
sft ef Congress says shall !. no, 30 required may be
the interest equity would force setoa and The company
a : s e n si s
pany To this sufficient that any right the
government. against its debtor may be released
carsd tins applcst,en Of 'ony, one,6alr' Of .hia
shall required the Secretary of the Treasury
upon the common law by pretended exercise
Jurisdiction court OF equity violate the
and say that whole shall be applied. Your
called upon to crtcfse the wisdom Of thosa
Congress- their true constucon
and discharging this duty the committee Obliged 70
without regard TO what they might desire
be- proper however, to suggest that the company
clearly bound keep It's road In repair and In use,
and any failure Of the company In this would
the government take possession Of the road
Of the company to perform the services for tho
for by the sixth section appropr
Of proceeds would also authorize tho
government possession. But while the company
shall continue comply with these requirements the
ment Il II security might desire, has all
ever stipulated and right to complain and at the
maturity e bonds II the company fails TO the prn.
cpa the take OF tha
road the company in the meantime keep In
and repair.