New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-01-22
RAILWAY INTERESTS.
TO AMEND PACIFIC RAILROAD ACTS.
PROVISIONS OF BILL INTRODUCED by SENATOR
lDMUNDS.

EDMUNDS.
WASHINGTON, Jan Ex-senator EdmundS in
troduced in the Senate to-day bill to amend the Pacnc
Railroad Act Of July l. s62 and the Acts Of July q
1864 and May T. 1873. which provided for the sotue
,aent OF the claims growing OF the Issue OF bonds to
aid in the construction the railroads mentioned IN the
Act and for the securing the United states the indep
eness OF said companies II authorizes and directs tho
Secretary the Treasury ascertain the amount OF the
indebtedness Of the several railroad companies to whch
subsidy bonds Of the United States were advanced IN a"
of the construction OF the Pacific Railroad and branches
or succes ,or as OF the first dag OF October 1881 by
adding IL the principal sun Of said bonds all sums when
have been paid thereon interest (irst however ue
Gurtlnr hcrcfrom the amounts held IN SINKING uhu "
reimbursed to the United states by services OF
up to ana including al interest due ana pN'"' ." u
date aud by computing the then present value OF % "
d.-onoss from sad dae to the average date Wheh 'no
said subsidy bonds, and said indebtedness ther'"i "
accrue shall become due and paya he al IAe Ih'oIc' ~
| of per ccntum Semi-anrualY' ,.,
rt,,r,vidcs thai The several companies which received
anb.ilv bonds OF the United states in ala OF the cohsuc
on of said Pacific Railroad and branches, or the sic
ce.ors by consultations otherwise 81 sad companies
I've authorized respectively to make, issue ana denver W
the Secretary Of the Treasury twLo Is by the Dill author
Ted TO receive the samc) bonds OF redemption each per
ing date the first day October. 1881, to an aggregate
amount equal 10 the indebtedness aScertancd ana com
pued as above. to which shall be aided the interest
thereon at the rate OF per cen'm per anlum TO accrue
upOn the said a3ceTaned TO the average maturity
OF said bonds OF reicmpon ana each Of sail bonds sha
he for the equal one hundred and twentieth part Oh Sau
debt, and interest 50 aScertained
IL provides that each of said bonds shall be paydDle
seni-auuuauy IN anyJawful money, in any bonds or
obieati9pN the United states at par, the first on the
first dav OF April 49, The second on the first day OF DC
tooer 1881 ana forth on the first days OF April ana
October in each year anti al Of said bonds shlu nave
been fully paid and disclgcl, and that each OF said
al. .~',l e'J1l Inc
l.red to SAID company; that said bonds Of redcmp-
zion shall be received by and on behalf OF
the United states in lien OF the claims and
demands OF the acts Of 1859 1854 and 1879 above Re-,
to the COMPANIES or either ot them from the United states
Treasury ON account OF services rendered TO the
United >to "a, o'ror upon ii' I&lf'dl OF Utt-l 'pl
lines Of said companies, or over or upon amy railroad or
t.. graph lle, owned. leased, or operatI Dl s'd
majesty -ss Doe fu Is paid. and that excess over the
payment Of said cr,t bond shall be paid to said com
provides however that al sums Que nd companies
foba., 1-Si, shall he carried upon the books % Il9
icsejh'r viii interest ri, thc rate of PR c"ntm per
'gorIr All such arounts together with the interest
thereon 70 b" applied 10 TIE payment OF TIE D0hu Vi TO
:, 5 ft , re- NOV I,aa created by virtue Of
the at, OF July l. 1,G2, JIiy ? l76i and May 2 lS79
To- secure eltpayMent Of ire subsidy bones ana i,,T't
theicou- ha rngin security Tor the payment OF the
bonds oil ryltg II now, ~ 'Ht ,3
anticipate ,he payment and di charge o. any o. Sal
bonds: liat IL -ii. 'i I' ioI
te coupaue, To- issue aad dispose OF their Respective
bonds u an aggregate OF TIE amount Of their bonds G
redemption which may rcm.lu outstanding ana uh'iC
Of t.rir lpr1i- bonds 90 as To her les i'it
interest, and 20 ran for such term a. may he deemed
pAuyllrLt, aud to secure the Mc ~ mortgages upon
tlrre,pec railroads, tC l pA equipments, franchise
and PROPERTY: and from the oS 10 AXE up, pay 1917
ana cancel tlrir outs. ~ ling h.a mortgage bonds, ana
.uv bonds OF Yctae; M is.au,i- Oi not less thaI
ton such bon Is h long tiui number Irmjlus
TIE ni provides further that 50 long as tie companies
f0g the Construction O which Suuy DpnO, were loue9
.u repair ana use, and snail at an times transmit
dispatches over said telegraph lines and transport nhS
troops, munitions Of and supplies OF puoIc stores
upou said railroads for the Government whenever
required fair and reasonable rates OF cOTel
.lou not 90 exceed the amounts paid by private parties
for the KIND OF service; and shall give the Govern
TIE sixth section OF the Act OF July, 1862 and shall
make pupctua payment OF tie bonds q redemption, no
further shall be demanded or tEen ana
none of the penalties Liabilities provided for III the
act 1862. ~0I, and ls1~, shall DE Incurred By or en-
forced against thcln bar oi such yW"ntS fehts
penalties aud liabilities shalt be suspended and not
deemed 10 be- due or payable owing incurred, ultl
and shall have continued for period OF Six months, IN
which case they shall stand revived, and continue IN
force the extent as II this act had not been
passed. -,
II also provides that the acceptance Of the terms OF the
G.l shOud II he enacted, shall BE hold 10 be an ac-
crta,e Of My. 1873 p1 ,>cd In amendment OF
OF 1852 ana 1861 And further ndt the act shl
-lcesOrs upon H., acceptance under the corporate seal
Ol said company, signed Oy It's president AM counter
signed by Do, secretary, being FLED anu deposited with the
Secretary o. the Treasury.