New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-02-23

Eads, bis assignees and legal representa-
| tives. semi-anuualiy, from the date when
| said thirty feet shall have been first secured
as long as said money, or any part thereof,
is held by the United States.
SEC. 3. That after said depth of thirty
feet of water of not less than 500 feet in
width shall have been secured. $l50,000 per
a7urm shall be paid, in equal quarterly
payments, du,ing go n and every year tina.
said depth of Unity feet of water, aud
width OF cha1nel Of not less thea 800 fe2t,
shall have been maintained by said Eads
aud his associat- .. in said pa7s, for peliC
OF twenty years, dang from the date on
which SAID depth OF thirty feet. and said
width of chaonel, shall be first Sc cured;
provided, however, that 10 part Of such
annual compensation shall be paid for q
period of time DUNG which the depth of
water N the aforesaid channel or pass shall
be less than thirty feet of the width herein
after specified.
Sec. 4. That the said depth of thirty feet
of the width ST ecifed having been main
tanned for ten years, one half OF the $2000,-
600 hereinafter mentioned shall be released
and paid ID said Eads, Is assigns or repre-
sentatives, and said depth aud width having
been maintained for ten additional years.
the remairing ha'f of the said S2,0OO00O
shall be released and paid as aforesaid: and
if any of said money shall have been paid
under the provisions of this act, as herein
after provided, then the residue sha'' be
paid at the time above stated
SEC. 5. That in case sad Eads and asso.
clates, in order y ma n in hid thirty feet
depth of water and width of channel above
specified, shall deem it ne :essary to eXpend
on said works, dur'ug any one or more of
said twenty years, any money in excess Of
the annual pay menrs received by them |
during said year or years under section |
three OF this act, the Secretary of War |
shall, on satisfactory proof of such expen. |
ditures, authorize as often as such extra ex- |
penditures may require. the payment of the |
same from the SAID money in pledge to said |
Eads or his legal representatives and such |
payments shall be made from the 81 100000 |
TO be released at the end of ten years, be. |
fore any pay ment shall be made from, |
that to be released III twenty years; and If |
any failure to maintain said thirty feet
depth and the specified width of enamel
shall occur, the date Of releasing said money
in pledge shall be postponed for an equal
period of time, and the conversations tor
said depth shall cease until
said depth and width shall be again re-
stored, the maintenance Oh thirty feet OF
depth and width OF channel OF 500
feet for twenty years. inclusive OF all such
periods of failure, being intended by this
act; and any time after said ietties shall
have been completed, and said depth OF
thirty feet and specified width shall hare
been obtained. that the United States may
elect to pay the said $4,000. GOO, and stop the
payment OF said interest. and said annual |
sum OF SI50,00O for the maintenance of said
1eptb. said United States shall have the |
right TO Go so. On payment Of said money
he'd ae security, and in pledge as aforesaid, |