The Caucasian. (Clinton, N.C.) 188?-1913, 1897-05-06

remain in the ownership Of the said
companien, subject to any lawful,
prior and paramount mortgage, lien,
or claim thereto. And there afre,
the United States Government shall
own, operate, and control said roads
and properties as public property
and as one continuous line Of rail.
way, and shslll charge no greater
rate for the carriage Of passengers
and freight thereon and for messages
forwarded over its telegraph lines
than may be sufficient in the opinion
of the Secretary of the Interior, to
pay the actual operating expenses OF
said read and telegraph lines, to
keep the same in proper and efticien,
repair, and to create and complete q
sinking fund as hereinafter provided
SEC. 3. That for the..purpose herein
mentioned the Secretary Of the
Treasury shall fund any bonds,
mortgages. or lein debts Of the said
railroad companies, respectively
lawfully paramount to the rights oi
the United States, into bonds of the
United States payable in thirty
years after date, bearing not more
than three per centum per annum,
to be known as Pacific Railway
bonds, the interest and principal of
which may be paid in any lawful
money Of the United States. And
the right is reserved to the United
States to call in said bonds, or any
of them, and to pay the same at any
time after ten years from the date
thereof; and the further right is re.
served to postpone the payment of
said bonds until later period or
periods beyond thirty years from
date, subj set to the payment of in
terest thereon during the time of
such extension. Such bonds shall be
issued in amounts not to exceed one
thousand dollars each, and shall
have coupons attached to each bond
for the payment of interest, at a
rate not exceeding three per centum
per annum; and such coupons shall
be payable quarterly each year, be-
ginning with the date of the bond to
which they are attached, and shall
be numbered to corresr with the
number of the bond to which the
same are attached. The bonds and
the coupons so issued shall be made
payable to bearer, and the title to
the same shall pass by delivery:
Prorided, That said bonds may be
registered by the owner thereof in
the Treasury of the United States in
the m amer and with the effect as is
now prescribed by law in the case OF
other registered bonds issued by the
United States.
SEC 4. That there shall be estab
lished in the Treasury of the United
States sinking fund and saidsinking
fund shall be invested by the Secre.
tary of the Treasury from time to
time in the bonds issued under the
the provision of this Act, at a rate
not exceeding the par of their face
value and accrued interest, or in
any other interest bearing obliga
tions of the United States; and the
interest thereon shall be in like
manner from time to time invested
and the same shall accumulate and
be disposed of as hereinafter men
toned. There shall be carried to
the credit of said sinking fund, or
the first day of February of eact
year, the net earnings of the Unior
Pacific and Central Pacific railroad!
and telegraph lines until said sinking
fund shall be sufi cient in amount t.
liquidate the principal and interes
of said Pacific Railway bonds.
Sec. 5. That the Secretary of tn
Treasury is hereby authorized ant
directed to ascertain the cost b,
purchase of such parts Of lines nov
owned and operated by the Un1o,
Pacific and Central Pacific railroad
as may be necessary to constitute {
continuous line of road between
Omaha and Kansas City and Sal
Francisco, or the cost of constructing
such necessary connecting lines, an
to report the same to the Congress
of the United States within 81:
months after the passage of thl
Act.