The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-02-10

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panies, with all the rights, franchises,
grants, and privileges conferred by
the United States, and the judges
of the courts wherein such suits are
instituted are hereby required to ad
vance on the dockets of said courts
and give precedence to all such pre-
ceedings for forfeiture.
Sec. 6. That the Secretary of the
Treasury be, and he is hereby author
lied and directed to prepare in de-
nominations of one, two, five, ten,
twenty, fifty, and one hundred dollars,
full legal tender United States notes
to the amount of two hundred and fifty
million dollars, which notes shall Q
held and disposed of for the following
purposes ouly, to wit:
First. To pay off at their par value
when due the sixty six million six hun,
dred and twenty three thousand thirty
year six per centum bonds loaned to
the corporations as heretofore stated.
Second. To pay off at their value
the sixty-ive million three hundred
and eighty six thousand first mort
gage bonds, and sixteen millions one
hundred and twenty FIVE thousand dol
lars Of income bonds issued by said
corporations.
Third To pay the assessed value of
said stations and terminals herein di.
rected to be condemned for public
use, and further to pay any floating
Indebtedness of said corporations, and
any accruing claims against said cor
porations: Provided, that none of said
money shall be used to pay off or re
turn any of the capital stock of any
of said corporations said payments to
be made when the Supreme Court of
the United States shall have rendered
a decree confirming and approving
the finding OF the board of appraise,
ment herein provided for.
Sec. 7. That when said payments
have been made as prescribed herein,
the title to all the property, real and
personal, and all the franchises and
grants made to said corporations, ex
cepting only the grants of alternate
sections of land made by the United
States to aid in constructing said
roads, shall be vested in the United
States.
Secs That it shall but duty otthe Secy
Of the Interior, and he is hereby author.
lied and directed SO to do, within 80
days after the investiture Of title pro
vided for in section seven, to give 60
days notice by advertisement in M
or more newspapers published in the
cities of Washington, Boston, New
York, Chicago, and San Francisco for
proposals to lease for a term OF fifty
years the railways with all their ap-
purtenances and rolling stock thus &C
CURED. *
Sec. g.. The said advertisements
shall contain certain terms or condi
ii ons required Of the bidders and les
see as folio VS.: No bid will be consid
cred for an annual rental of less than
five million-that is. two per centum
interest on the two hundred and fifty
million dollars invest in said property;
which sum shall be due and payable
on the 30th day of June each year. No
bid shall be accepted from any corpo-
ration operating a competing line or
from any company or corporation
composed wholly or in part of the of
fcers or managers of such line or lines
nor shall any bid be accepted from
any foreign corporation. The lessee
shall be required to maintain the prop.
erty as first class passengers and
freight railways; shall not enter
into pooling arrangements with any
corporation or company operating
parallel lines; but pro rates and traffic
arrangements may be made with cor
porations operating railway or steam.
ship lines from the eastern and
western terminals of said railway, and
with connecting lines at any point on
either of said railways: Provided,
That all pro rates and traffic arrange
ments entered into with any railway
line shall be upon the basis of the
mileage carried, with a reasonable
allow lnce for terminal expenses; that
the lessee of said railway lines shall
make no discrimination in favor of or
against any person or place upon the
line of said railways, nor shall said
lessee engage Or be interested in the
mining of coal or iron or in the manu-,
facture of salt or lumber on or near the
lines of said railways.
Sec. 10. That the whole amount of
compensation which may from time
to time be due to said lessee for
services rendered for the Government
shall be retained by the United State
and credited upon the annual rental
Provided, That if in any year the
amount so retained shall exceed the
sum due al rental on the thirtieth day
of each June, hen the Secretary OF
the Treasury shall Immediately draw