The teller. [volume] (Lewiston, North Idaho) 1876-1878, 1878-03-09

P""J "a9 iht'i poidteu w uct VI Cpll
gress approved July second 1864.
By section s of that act i, was re
CURED to complete its road July t, Is
Is
Joint resolution Of the senate aut
house OF personalities, approved Ma,
I, 1876, extended the tine for TIL
completion of the road two years.
Joint resolution, approved July
1868, and entitled ''jont resolution ex
tending the time for the completion o
the Northern Pacific Railroad" amend
ed section S Of the original act b.
changing the time for the completion
of the road to July +, 1877.
The company claims that joint reso.
luton Of May Z, 1866, applies to sec
ton 5 of the act of July 2, 1864, rs
amended by joint resolution of July /
1868; and, consequently, that its time
tor completing the road does not expire
until July 4, 1879.
On the other hand it is claimed that
joint resolu'i n Of July |, 1868, al
though by its title extending the time
tor completing the road, in effect dimin
ashes that time, and that it really expir
ed at the date fixed by that resolution,
to wit, July 4, 1877
The department Of the interior is re-
ported to have adopted the more liberal
construction, and to have assumed that
the company has the longer time for the
completion of its road.
Equity and generous dealing seem to
justify this conclusion, aud in view of
the imposslbility of the completion of
the road even within the longer time,
we do not deem it necessary to express
on opinion as to the technical effect of
the foregoing resolutions. A,allevents
further time must be granted, or this
great enterprise, as at present organized
must be abandoned
Up to 1878 the company was not ia
default. It had constructed it's main
line to Bismarck, in the Territory Of
Dakota, distance Of $50 miles, and on
the Pacific Coast from kalama. on the
Columbia river, northerly to Tacoma.
on Puget Sound, distance of lO5
miles. The financial disasters OF 1873
suspended its operations, frustrated its
resources, and forced it into bankrupt
cy.
BY joint resolution approved May 81
1871, Congress had authorized the
company to issue it's bonds, and to Sc
cure them by mortgage of it's proper,
ty. Under this authority the company
mad issued bonds to the amount of 500
l9,4OO, and had secured the same by
tlrst mortgage on all its property, in.
Guiding its franchises.
In 1873 this mortgage, the COMPANY
being in default, was foreclosed. and all
the property of the company passed in
to the hands of a committee appointed
by the bondholders, and for their bene.
fit. ~
In the Summer of 1875 the bonahol.
ders, all concurring, either actively or
'acltly, adopted a plan for reorganizinp
he company; preferred stock was il.
sued in exchange for the bonds, and in
september of that year board of direc.
'ofs was chosen, which was put in pos.
session Of the property Of the old com
pany covered by TIC mortgage. ;
The stockholders ia the comnony
nus reorganizad are between eight and |
alne thousand in number. and are i
catered through more than half of the
tates of tho union. Their money 6
made the property they now seek to t
ave and enhance. They ask no sub. .
nay, no additional grant or privilege
My an extension Of time in which to a
omple'e the enterprise in which their
money Is invested. and which has been +
elayed and hiadored by causes over u
Thich they had no control, and which {