The Northern Pacific farmer., 1881-11-10
RAILROAD BOND SETTLEMENT.
Full Text OF the Bill, Which has Become q
Law, for the Final Settlement OF the Old
AfaIo Railroad ROn0s.

nes0ta State railroad bonds, and certain other
which claims has ever been and still is disputed by
the State: and whereas, certain holders OF such
disputed claims have rece ntly made propositions
held by them. which propositions are now pend
ing, and the substance OF which propositions Is en-
braced within the provisions hereinafter contained
and whereas 1t Is eonsidesea to be desirable 9 ana
thereof that all such controverted claims, posi-
BILE. should be compromised, settled and ex-
Be it enacted by the legislature Of tho State of
Minnesota:
Section i. Any holder Of said Minnesota State
railroad bonds who desires to avail himself of the
and coupons with the state auditor, accompanied by
an agreement in writing obligating himself to ac-
cept in lieu Vt such bonds and coupons, and in full
payment and satisfaction thereof. so per cent. Of
the amount nominally due upon said bonds and
coupons. any deduction hereinafter provided for
In cash, or in new bonds of the State. provided
for in this act Provided, however, that where there
section of the act entitled AN act providing for
the adjustment Of the Minnesota State railroad
bonds" approved March 2. 1881. the same shall
stand and 30 considered as compliance with the
Sec. 2. 1t shall be the duty Of the governor and
state auditor to cause to be prepared new bonds OF
the State, which new bonds shall be styled Mime
date July first ~, one thousand eight hundred and
tion Of one thousand dollars l.ooo each, aua on
ten yes9s s9s aud not @'dG more 0'yas ssse
thirty years from their date, at the option
Of the State Of Minnesota, in the city Of New York.
with interest; after January l. 1884, payable semi
ceedirg S per cent per annum. and shall have cou-
pons attached for such interest," and shall pledge the
faith and credit Of the State to the payment there
and attested BY the secretary, Of state under the
great seal of the State, and the coupons shall
have the names Of the governor
the bonds shall b countersenea and registered by
the state auditor and upon being executed, coun-
tersigned and registered, anu practicable
after the passage Of this act the governor shall de-
railroad bonds, their heirs or legal representatives.
who shall have deposited their bonds with the state
auditor as aforesaid, such an amount Of the new
value of principal and interest of said Minnesota
State raih oad bonds and the coupons thereto, on
the first day Of January. one thousand eight hun
from oheT p1oVsons ef Of this hy oc es sad n
terest to be computed at per cent. per
and and lake take - ; from said several oxne5s
SO deposited as aforesaid, release under seal, re-
citing the number and denomination of the State
railroad bonds which said new bonds are taken in
full satisfaction from the State of all liability on
said Minnesota State railroad bonds so owned and
deposited by such person, which release shall be
FLED in nth tie =, State auditors ONCE III The hrst @ eon
one thousand eight hundred and eighty-four Il S8D
and thereafter on the first days of January and July
in each year, until the uriy of said bonds: pro-
vided that at its election the State may. and in
said bonds shall draw less rate of interest than
per cent. shall in lieu of said bonds. pay cash
less any deductions as aforesaid) to the several
holders Of said Minnesota State railroad bonds SO
deposited as aforesaid. or any Of them. sum equal
to so per cent: Of the par value OF principal and
interest Of said Minnesota State railroad bonds
and coupons on the day when said payment smade,
as in the case of delivery of bonds herein be-
fore provided: and 10 that end the governor, audi
tor and treasurer Of state are hereby empowered In
their discretion to negotiate at less than par the
bonds to be issued under the provisions Of this act
and apply the proceeds to the payment of said hold
ers of Minnesota State railroad bonds as hereinbe
fore provided, and for the purpose Of carrying out
the provisions of this Droviso said bonds may be
made to bear interest from January l, S32, inter-
est payable semi-annually thereafter. And in case
of the delivery OF said new bonds any fractional
whenever any of said Minnesota State railroad
bonds or the coupons thereof, any bond of the
State is paid under the provisions Of this act or
shall stampor cause to be sta mped thereon in large
'etters. the words cancelled and paid, and on the
first Monday In each month the state treasure r
snan the presence OF the the governor ana state aud
heen cancelled and paid by him during the preced-
ing month or any previous time and said treasurer
shall keep the number and description of the bonds
by said officers present at their destruction and be
included in the annual report Of the state treasurer:
Sec 3.-The judgments mentioned and referred
page three hundred and thirty eight t33s) Of the
special laws of one thousand eight hundred and
sixty-seven us67, with interest there
ona computed put in the same
Minnesota State railroad bonds and coupons, shall
be settled and adjusted by the payment to the plain
tiffs therein. their heirs, attorneys. executors or
due therein. either in new bonds of the State or in
money, in manner as provided in the preceding
section for the settlement Of said Minnesota State
railroad bonds: provided the plaintiffs in said judg
ments, their heirs legal representatives, shall
accept the same in full settlement and satisfaction
Of all claim and demand against the State on ac-
count thereof.
Sec. 4. Any person having a subsisting, legal
and valid claim against either Of tho land grant
railroad companies which receives any OF said Min
nesota State railroad bonds from the State. OF
against any contractor, subcontractor other per-
son which accrued for work. labor or services per-
formed in the location OF construction OF either OF
the lines of railroad Of said companies. o. for
boarding engineers, contractors, sub-coutractors,
workmen, or others while engaged in the location
or construction of said lines Of road, OF any part
thereof or for hire OF teams. or for provisions for
men or teams. goods other supplies ties, piles.
timber. lumber, stone or other material furnished
for actual use In tho location or construction Of
either or any part of said lines Of railroad. and
Ehich claim 20 accrued ptlor pr TO me tme wnen tas
The same to other companies, may have the same
adjusted and settled as herein provided.
Snch claimant shall file petition with and ad-
dressed to the state auditor within thirty days atte
the passage OF this act, verified by himself. agen
or attorney, to be true to the best of his knowledge
information and belief setting forth tho nature ant
and subsists, aud asking for an adjustment of tht
same under the provisions of this act. Any error
mistake or defect in any such petition may b
commissioners hereinafter mentioned.
The petitions which have been filed with tn
state auditor under chapter 1O2 of the genera
adjustment Of the Minnesota railroad bonds, ma.
stand and be considered and treated as filed under
this act. The governor. attorney general and stat
auditor are hereby constituted q commission t.
consider ard pass upon said claims. any two o
whom may act. and the determination of any tw
shall be considered as the act of the commission
They shall fix npon the time and place for hearin'
from time to time in their discretion.
It shall be incumbent upon the claimant to estab
lish his claim and that 1t is of the character hereii
against the party primarily liable therefor.
It said commission finds any of said claims or an
part thereof to be Of the character and description
amount thereof, with interest, up to December
1881, and in connection with which road it accrued
and ME their report IN the Oce OF the state auutOr
The statute of limitations shall not be allowed t.
defeat Or operate against any such claims. Sait
commission may embrace its determinations uDo,
all he claims in one report.o NAV make and file tw'
or more reports.
There shall be paid by the governor to the own
ers Of such claims as shall be found by said com
mission of the character and description herenbe-
fore In this section mentioned, their heirs o.
assigns. agent or attorney, either in cash or new
bonds of the State Of the tenor and effect men
toned il section of this oct, All amount equal t.
SO per cent. of the amount of principal and ineres
as shall be found due thereon by said commission
Provided, that bonds. coupons thereof. issued
by either of said land grant railroad com
panies, nor the claim or demand for al
action of which the same was issued
nor any claim or demand for none!
loaned or advanced for either Of said companies
shall be considered or taken to be claims provided
Tor or within the meaning Of this section, and NJ
such claims shall be allowed by sald commission
And further provided, That the aggregate amour
OF money or new bonds to be paid on account of tn
claims provided for in this section shall hot excee
the sum of $4,000. which sum, if insuficen
therefor in full. shall be divided pro rata on tn
same. And provided further, That the amour
which shall be so allowed on said claims shall b
respectively apportioned pro rata upon such of sal
bonds as were issued on account of the line o
railroad in connection with which said alowe
aims respectively accrued, and shall be deductet
from the percentage to ba paid on such bonds un
der the provisions of section two (2) Of this act:
D~Ovida6 fnrthor That the aYn0nnt ao f0 ha maid T.