The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-02-07
THE TEXAS PACIFIC.
Mr.. Landers Introduces a Bill to Aid in
Its Construction,
And at the Same Time TO Increase the
Amount of Treasury Notes i'm Cir
cuIafion.

IL.
representative from this district, as a sub
stitute for the Pacific railroad bill now in
the hands of the committee. Its significance
will be seen to be in the last section, which
provides that the treasury notes to be de-
livered to the company shall be new issue
and shall be receivable by the government
for all purposes:
Be it enacted by the senate and house of
representatives of the United States of
America in congress assembled, That the
Texas and Pacific railroad company is hereby
from Forth Worth, in Tarrant county, Texas,
through Texas westwardly to the Rio Grande
river, at or near FL Paso; thence through New
Mexicoland Arizona to crossing of the Colo
RADIO river at or near Fort Yuma, and from
thence westwardly through California, by
what is known as the direct route to San
Diego, on the Pacific coast.
Section g. That the bonds of the Texas
and Pacific railroad company shall
be duly executed and deposited with
the secretary of the treasury to the amount
of thirty thousand dollars per mile of road to
be constructed and equipped as aforesaid and
shall be made payable in lawful money fifty
years after date; said bonds to bear interest,
payable half-yearly in lawful money at the
rate OF two per centum per annum, interest
TO begin to run three years after the date of
said bonds.
Sec. 4. That whenever the said Texas and
Pacific railway company shall file a certificate
signed by its president and chief engineer
that ten or more consecutive miles of any
portion of the said line of railroad and teIe-
graph between Fort Worth and San Diego
bay have been constructed and are ready for
service, with equipment, sidings, buildings,
and other appurtenances necessary for the bus
mess thereof, the president of the United
states shall require such commissioner or
commissioners, not exceeding three i'm num-
Der, as may be appointed by him for that pur-
ton thereto; and II 1t shall appear to the pres
ident that ten or more consecutive miles of
said railroad and its telegraph line have been
constructed and equipped as required by this
10 ny ch n Ha1i xyar
TO the said Texas and Pacific railroad COM
pany, for road so constructed and equipped,
the maximum rate of thirty thousand dollars
per mile; and the provisions of this section
shall apply to each continuous section of ten
miles or more of said railroad, and shall be
complied with by the United States in the
same manner as provided for the first ten
miles or more, until the entire line between
aforesaid: Provided, That all membranes,
whether created by deed of trust, mortgage, or
otherwise, by said company, upon any portion
of its road and equipments between the points
designated in this act, that shall be examined
by commissioners and reported upon as herein
provided, or on the equipments, property, or
franchises appurtenant thereto, or the lands
granted by the United States in aid of said
road, or on the lands granted by the state of
Texas on the line of said road between Fort
Worth and the Rio Grande river, shall be sat
isfied or secured to the secretary of the treas
gry or the attorney general of the United
states before any treasury notes shall De de-
livered, pursuant TO the provisions of this act,
to said company for such portion of its line
aforesaid: And provided further, That it
shall be the duty of the commissioners APP
pointed by the president to certify under oath
to the actual expenditure of the money
qu1red for the purpose of constructing and
equippipg the line of said road up to the gov
eminent standard as required from the Union
Pacific and Central Pacific railroads at the
be found that less amount
of treasury notes than those stipulated
to be delivered for each section of Completed
he a he mt
lays, then, and in that event, the amount of
treasury notes delivered for such sections
shall not exceed the amount of such actual
OUTLAWS; the object and purpose of this act
being that all treasury notes herein author
lied to be issued in aid of said railroad not alb
solutely required 10 complete the work shall be
retained in the treasury of the United States
and be subject to the further provisions of this
act. But If the cost of constructing any such
section of 10 or more miles of road shall exceed
$50, 900 per mile, then the secretary of the
treasury shall deliver treasury notes to said
company to the amount actually required to
construct such section: Provided, That the
average rate OF construction shall not exceed
the sum OF $4,000 per mile for said railroad as
aforesaid: And provided further, That said
road shall be constructed with iron or steel
rails of American manufacture of not less
weight than So pounds of iron or so pounds of
steel per yard. ...
Sec. 5. That the acceptance of the provisions
OF this act shall, fpso Jdcto, constitute first
and telegraph upon which such bonds shall
be executed and deposited with the secretary
of the treasury with the rolling stock, depots,
shops and property brewery kind appertaining
thereto, including the franchises of said COM
pany connected Herewith, and all the lands
granted by the United States and the state of
Texas, situated on the line of road between
Fort Worth and San Diego bay, and so much
OF the earnings of said company as
fhs sct provide os e OF
interest and the redemption of the bonds of
said company as herein provided; and it shall
be the duty OF said company, on accepting
this act, to file mortgage with the secretary
of the interior, duly executed under its cor
porate seal, to secure the said bonds and the
such form as shall be approved by the secre-
tary OF the treasury and the attorney general
more speceel9 proydin for 1ne on o,
said onds, as IL shall mature from time to
time, and to redeem said bonds in the manner
herein specified, there shall be set apart by
the said company and paid into the treasury
of the United States 10 days before the inter
est on said bonds shall mature
i. The entire net cash proceeds of sales of
lands granted by congress and the state of
Texas between Fort Worth and San Diego
bay;
earned and be due from the government of the
United States for the transportation of troops
and sd. supplies and other government transpor-
3. All of the earnings of said road, except
what are actually required for operating ex-
The SAID several amounts arising from sales
of lands, government transportation and mail
and telegraphic service, and from the net
earnings of the road paid into the treasury of
the United States as aforesaid. shall be applied
by the secretary of the treasury as follows:
|. To the payment Of the semi-annual inter-
est on the bonds OF said company, as the same
becomes due and payable.
2 To the redemption of the bonds of the said
company held by the secretary of the treas
ury; said bonds thus redeemed to be Cancelled
and returned to the said company until the
entire amount of bonds deposited with the
treasurer of the United States as aforesaid are
redeemed and returned to the said company,
when the mortgage of the said company shall
be duly satisfied by the secretary OF the treas
ury: Provided, That the rates for freight and
passengers shall be so regulated, under the
direction of congress, that the earnings of the
said road over and above the amount required
for operating expenses and repairs, and pay
ment OF interest on the SAID bonds as aforesaid,