Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1874-05-29
AVANT COURIER,
AID TO THE y. z. Il. X.

thcbill introduced by Senator Ramsey
to aid in the construction of the Nj
tllcrn Pacific Railroad:
Washington, May 1.-the bill t
aid in tl,ccon ,truction Of tn. Northern
Pacific Railway, introduced in tn
Senate today by Mr.. Ramsey, autho
rizes the company to issue FIVE pc
cent, thirty year gold bonds to the ex
tent Of S5O,OOO 4 mile for the length
of road built and to lie built. Th,
bonds to he delivered to the tecretar,
Of the Treasury, and to remain in hi
possession. Whenever twenty addi
tional miles Of the road and telegraph
lines arc built and equipped, and Ger
titled to by the Government Commits
siOncrs as being complete and ready
IT,. occupation, the Secretary Of the
Treasury shall, in the name of tho
United States, make this Endorsement
on the five per cent bonds: '.Ihe Uni
ted States Of America hereby guaran'
tee to the holder of this bond the pay.
mcnt Of the interest thereon i'll gold
coin at the rate Off per centum pei
annum semi annually, namely: on the
LIST day of January and first day OF
july i'll each year, and to secure the
payment Of the principal OF this bond
ut maturity, the Northern Pacific
Railway Company has delivered to
the Secretary of the Treasury, as col
lateral security, Il bond of like amount,
bearing interest at Z $40 per centum
per :rnnum, secured by a first mort
gage of said Company OH it's entire
road, franchises, lands, and other
property to he available to the holder
thereof When the prior lien Of the
Government of the United States shall
have been extinguishcd by the pay
mcnt 10y said company Of the interest
on all bonds SO guaranteed, the Secre-
tary Of the Treasury shall pay out
these guaranteed five per cent. bonds
to the railway company as follows
Whenever twenty or more continuous
miles of road are constructed, equipped
and ready for operation, $4,000 of
bonds per mile are to lie handed over
to the company, and at the same time
$4,000 worth in amount per mile are
to he put away in the Treasury as Sc
curity to the government for the
prompt payment by the company Of
the guaranteed interest. AS further
security to the government, simultanc-
ously with the delivery % the COM
pany OF $1,000, per mile of the 5per
cent. guaranteed, the company shall
deliver t. The Secretary Of the Treas
.,ry its Z. q first mortgage bonds in
proportion $4,000 OF the latter to
$40, 900 of the former. For further
security, and for additional means to
provide for the guaranteed interest,
the railway company shall turn over
to the government its entire land
grant acquired, to lie administered by
the government, and by it sold in
limited quantities to actual settlers
only at $50 an acre, subject, howev.
cr, 10 the vested rights and equities
of third parties. For further security,
twice every year, and fifteen days be-
fore the guaranteed interest shall fall
due, the railway company shall pay
into The United States Treasury the
net earnings of the road for the pre-
cccding six months, and any sum be-
sides necessary to make up the inter
est. For further security, if the sales
of the cOmpany's lands and earnings
II its road prove insufficient to provide
~ the interest on the guaranteed
j ands. the Secretary OF the Treasury
/ " sell enough Of the $4,000 per
mile retained by him to- meet the i'll
c-st. After that, if there shall remain
surplus in the Treasury arising from
lie sales and net earnings, the Sec
.ctary shall pay it over to the colnpa-
~ ill the end of 1888. Thereafter
n: NJ. surplus shall be paid into the
g. lny's sinking furd to extinguish
the five per cents. Holders Of Nor
thern Pacific sevcn-,hirties issued
prior to this act can have them ex-
at the Treasury dollar for
dollar for fives, with interest guaran-
tcc,l from and after July 1, 1878, i'll
exchange he made before that day; if
made after that day they get the
guaranteed interest from, and inclu-
ling, Jan. l, or July l., next follow
ing the exchange. The sayen-thirties
thus exchanged arc retained by the
government as additional security for
it's guarantee of the tives. To secure
the payment Of the principal of the
guaranteed fives, the government will
hold I'LL the cOmpany's seven-thirty
bonds deposited in the Treasury when
the fives are issued for construction,
and get thereon exchanges; also, Il
sinking fund to be established, to com
:nencc January, 1889, Of one per cent.
per annum of all bonds issued under
this act, to which shall be added the
surplusses in the Treasury arising
from the sales Of the cOmpany's lands
and the deposit of its net earnings. !
The sinking fund is to pay up the |
guaranteed tives. They are to be
ancellcI in the Treasury as bought;
cut The Railway company is to continue
10 p'y The interest Of them the same
as ii hcy were not cancelled. The
ak extends the time for construction
- Dec. 81, 1875, and every year there
after 100 additional miles shall bc
Of which atlcast forty shall
he West to the Rocky Mountains, and
the Whole road to be finished 10y July
4, 1884. The Turtles remain !.
first licn Oh the road, and the rights
pf the heluels remain untouched. The
act restores about 50,oOo,OO0 acres