New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-05-27
PAYMENT OLE SUBSIDY BONDS.
THE SINKING FUND BILLS REPORTED TO THE SIN
ArE-12, 000,0 600 ACRES oFL'ND 10 BE EE-TEASs-
VERgED-ANNUAL PAYMENTS TO The FUND.
torNpu.t ppFss utsp,rru

THE SINKING FUND BILLS REPORTED TO THE SIN
ATT-12, GOO, 900 ACRES or LAND TO BE RE-rEASs-
FERRED-ANNUAL PAYMENTS TO THE FUND.
GENERAL PRESS DISPArCn.l
WASHINGTON, May 26.-The bill reported to
the Senate today by Mr. West, from tne Committee
Railroads, sinking fund for the liquidation
OF the Government bonds advanced to the Union Pacific
Railroad Company and for settlement Of the claim
Of the Government on account O said b0nds'' auiOoF
and directs the Secretary OF the Treasury TO receive
from the said Company "A convey ance ani release OF
900 900 of land heretofore granted to IT, westerly
~ the tooth meridian and 20 credit and apply the
OF SIS 600 OOO computed To loo the value thereof 10 hc
extinshment OF that amount OF the claim OF the Gov
ernment for the principal Of the Government bonds al
vanced 10 tho Company; this credit to BE- conditioned,
however, upon the fullment OF the conditions herein
after described The Secretary OF the Treasury IS also
directed 10 carry the credit Of sinking fund for the
payment of the balance Of the principal Of said bonds
and OF the interest thereon the amount due tue Company
aud now withheld for Government transportao up to
the 3Ist last December which. II not amounting u
II 100000 shall be made up by the Company to that
sum- aud amount exceeding sad Sl,OOOVOO IS 10
be forthwith paid to said Company"
The fourth section Of the bin provides Tat the said
Company shall pay semiannually, ON the INST Gay OF
April and October in each year, INFO the Treasury oi thc
United States such approximate 10 and not exceed
ing $4,000 either in llwful money or In any Of The
bonds an securite. OF the United States Government At
par as SHALL with interest thereon, hereinafter pro
yde be sufficient when added TO the other sums to the
credit Of said sinking fund 10 pay of and eXgush TIE
balance of the claim for the Government bonds advanced
as Aforesaid with six per centun interest thereon nom
their respective dates up TO the maturity Of tue last
bonds issued said Company The interest on all sums
placed to the credit of said sinking fund snail be credited
and added thereto scmannuay at the rate of six per
ceutun Der annnm" Tie fifth section pro-
vIdes that the payments so to be made by
said Company shall be in lieu Of all payments or 9th re
quiremcns from said Company, under all the various
Pacific Railroad acts in relation to the reimbursement 10
the Government the bonds issued 10 the said corpora
tion except the Com any shall stll be required I'M
til SAID bonds and interest are fully paid to keepls line
in repar and perform service for the Government, giving
IL priority of when demanded at fair and reasonable
compensation, not exceeding those PAID by pr-
vate parties which charges shall be paid in cash The
bin further requires the Company to provide for and pay
the principal interest and MAINTAIN sinking funds for
any and all land grant sinking fdnd bonds issued upon
the security OF mortgages covering the lands which are
to be convey the Government and to pay 10 the
trustees under said 1tgages amounts sufficient to re
lease all these lands from mortgage claims fast as they
may be sold by tue Government.
The other sections OF The bill provide that the Govern
ment mortgage the Company's franchise aud property
shall remain in full force until the Company shall have
compiled with the foregoing requirements; that the
Company shall be allowed any time pay the Gov
ernmeD IN lieu OF any remaining semi-aunual payments
then present value computed at six ccnum interest,
and this bill shall not be operative unless accepted by Tie
Union Pacific Railroad Company within four months
from the date Of its enactment, by the votes OF
directors and stockholders, at regular meetings duly
called.
The bill reported from the Committee to-day rca
tive 10 the Central Pacific Railroad and the Western Pa
cc Railroad as now part OF it. contains essentially the
same provisions with the exception that the 100000
acres OF lands conveyed by this Company the Gov
eminent are described being Utah and Nevada, and
that the money payments account of the sinking fund
are 10 he S425 900 every months instead OF $4,000
The following statement shows tile principal OF the
bonds issued the various companies, with the total
amount Of interest which. together with the principal
will be due IRON the companies 10 the Government on
an average In 1893 at the maturity OF the bonds, 10
wears from their date crediting reDbusements lthe
amount OF least will have been paid ont 0f the
Treasury Of the United States behalf OF the compa-
nesl:
$27 $50 $50; interest, SJ0l4O224 principal ana Ill
terest $77, 995,904 - 49,
Union Paonc-Principal Of bonds S27 236,5l2 inter
est $40 O25, III principal and interest, $76262 23J
Kansas Pacnc-Prncpal OF bonds, So, 1903 900; inter
est $ll ,3i54OO principal and interest $17 GAS 400
Central Branch, Union Pacihc-Princlpal OF bonds.
81 900; interest S2,esOOOO; principal and Interest,
u, 100000.
Sioux CITY and Principal and interest OF bonds
81 62s $780, interest," S2,930J76; principal and Interest,"
81 ,559, 900.
Total principal Of bonds S64 512; interest $116.
322 32l principal and interest $loO,945533
Tho report then reviews length the action OF the