New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-12
TIE ELL.

THE ACT TO BECOME OPERATIVE WHENEVER ANY
ONE OF THE RAILROADS ACCEPTS II.
WAsuIXGToS March 1.-THE following is full
COPY of the bill reported by Mr. Matthews from
the Senate Committee Railroads to-day as a
substitute for the Dorsey bill, 10 create sinking
fund for the liquidation of the Government bonds
advanced to the Central and Union Pacific Railroad
Companies:
b. II enacted etc. that order establish sinking
fund for the purpose Of quidatng the claims OF the
Government on account OF the bonds advanced under
the act of July 1st, 1862 and the acts amending the
same are supplemental thereto the Central Pacific
Railroad Company Of California and the Western
Pacific Railroad Company, and TO the Union
| Pacific Railroad Company, the Secretary OF The
Treasury of the United states IS hereby authorized TO
carry to the credit Of sinking fand for Central Pacific
Railroad Company, c"iIoialo "re ,3i anu h
successor by consolidation OF the said Central Pacific
Railroad Company of California aud the Western Pacific
Railroad Company, and 10 the credit OF sinking fund
for the Union Pacific Railroad Company, inc amount
due or which may be due. the SAID companies reslec-
lively the and transportation OF the mails,
troops, munitions OF war supplies and nbc stores for
the Government under tue acts aforesaid up to ana IN
Gliding the 3ist day OF March, 1873, which II not
amounting at said date, To the sum or SloooOoO, II
shall be made up by the respective companies TO that
SEC. 2. That the said Central Pacific Rail
road Company and the Union Pacific Pail Rail
| ury of tie United States, TO the credit Of
the said sinking fund either in lawful money or IN any
at par, annually. the sum OF ol'oOOOoo, IN
equal sem-annualy Instruments, ON the first day OF
AprIi and October III each commencing on the ISL
day Of October; 1873, and continuing such payments
until the first day Oi October III the 1900 Interest
on all sums placed the credit of tho sinking
fund shall be credited and added thereto 5emi
annually al the rate of per cent por annum Any bal
ance remaining due from either OF said companies AT
the date last aforesaid, after deducting the amount
standing TO The credit of the said sinking fund from the
of SAID bonds together with al interest thereon
which shall have been paid by the United states.
and interest the principal Of said bonds from the
uty thereof respectively, 10 the lst day of October
A. u. 1900, shall be then divided into htty
equal semi annual instamehts. to be paid by
lie paid the Ist day OF April and one
the LIST day Of October in each year win AL accrued
interest October IL u. 1900 ON SAID balance re
manning unpaid al the date OF maturity OF each lDsla
United States the larger part ~ lts puDiic
debt, ON the LIST day of January preceding the
date of payment of the several Dsiaments; provided
however that the failure refusal Of SAID companies
with the provisions OF this act for the peFiOd OF ak
months then the provisions hereof in regard 20 the qu
dalton of sad bonds and interest shall thencelo IN
at tho option Of the United States, bee0ac
inopeIative to such defaultiug company; and the
rights and powers OF the Uuited States in relation
thereto, under tho acts TO wnich this Is
feet as II this act bad not been passed
except as hereinafter provided or the United states
NAV In case the default afOrehaid, retain payment
on thereof to the credit OF the said sinking fund.-
any sum thai may accrue 10 sad company so III
default on account carriage and transportation OF
the mails troops, munitions OF war supplies and public
stores, until said DEFAULT Is removed.
Section 3. That the payments so TO be made ny said
said companies under said act and the amendments
thereto relation 10 the reimbursement 10 the
Government Of the bonds Issued 10 said corporati0ns
provided. however, that said companies stall not III