Year: 1875

tion at this time, when material and labor can be


secured at prices much below those that have


prevailed for many years past; and that Con-


gress shall, at ali times, reserve the power to
protect the people against speculation and Op


preston in the use of this National highway.


D. That the building of the main line should
proceed under such regulations as will insure
the construction of the road, continuously, from
the point Of its present completion in Texas to
San Diego, in California, or until it meets an eX
tension of the same line from San Diego.


g. That the construction of such a line and
branches can be best secured by the extension Of
Government aid to the line and branches hereto
fore mentioned in these resolutions, in the form
Of guarantee Of interest, not principal, on
limited amount of five-per cent. construction
bonds, payable in fifty years, so that the entire
liability assumed shall not in any event exceed


- 900 per mile per annum, nor the interest on
the actual cost of the line and said branches;
such liability to be secured by first mortgage
upon all the railway. property and franchises of
the companies and upon the lands granted 10y the
United States; and any deficiency in the earn
ings OF the line and branches 10 meet the interest
maturing on these bonds, while the road is in
course of construction, to be met by the deposit
in the United States Treasury of one eighth of
the whole authorized issue, and the sale of the
same II Ii becomes necessary, after appl wing all
net earnings and proceeds of lands, and the sums
due for Government transportation, mail ard
telegraph service, to meet the interest so matur
ing as aforesaid so that there shall be no outlay
by the Government; these bonds TO be issued on
ly to the actual amount Of ca.h expended upon
the road and branches, and upon the certificate
Of sworn commissioners appointed by the Gov
ernment to supervise the building of the line and
branches, and their redemption at maturity to
be assured to purchasers and holders by provid-
ing sinking fund out Of the revenues of the
road and branches, to be paid by the companies
into the Treasury of the United States, of such
amount as may he sufficient to pay off and dis
charge the entire bonded obligation of the com
panes, on which the Government has guaran-
teed the interest.


Z. That the President of this Convention be re-
quested to prepare address to the people of the
United ~tates, embOdying the views set forth in
the preamble and resolutions adopted by this Con
vention, and that he be authorized to appoint a
committee of thirteen, who, with the President
of this Convention, shall present an engrOssed
copy OF the proceedings Of this Convention, to-
gether with the address, 10 the President Of the
United States, the presiding officer of the Senate
and Speaker of the House of Representatives and
to take such further action as IN their judgment,
may be deemed best to further the objects and
purposes of this convention.


s. ReSOived, That duly certified copies of this
preamble and resolutions be also furnished tn the
Governors of States, Mayors Of cities, and to the
and other bodies represented at this
Convention, and that they be earnestly solicited
TO advocate the plan proposed.


9. Res tred, That the Secretary ofthis CORven-
tiOn have the proceedings published in pamphlet
country be requested to publish the same, so that
the States, municipal, commercial and other bod
les here represented, and those who may not be,
shall fully understand the objects and purposes
of the Convention, namely, the securing of an
other highway across the continent, that must
prove highly beneficial to the Government and
the people of every section OF our country.