689

23 coast, shall be sent by the said railroads until the aforesaid 24 claims of the government on account of bonds advanced to 25 the said companies respectively are fully paid and satisfied.

1

SEC. 6. That it shall be the duty of said Central Pacific 2 Railroad Company to provide for and pay the interest on all 3 land-grant bonds issued under its mortgage of October first, 4 eighteen hundred and seventy, payable twenty years from 5 said date, which mortgage covers the first-mentioned lands to 6 be released and conveyed to the government according to the 7 provisions of this act; and it shall be the duty of said 8 Union Pacific Railroad Company to provide for and pay the 9 interest on all land-grant bonds issued under its mortgage 10 of April sixth, eighteen hundred and sixty-seven, payable 11 twenty years from said date, and on all bonds issued under its 12 sinking-fund mortgage of December eighteenth, eighteen hun13 dred and seventy-three, payable September first, eighteen 14 hundred and ninety-three, which mortgages cover the last15 mentioned lands to be released and conveyed to the govern16 ment according to the provisions of this act; and said com17 panies shall also provide and maintain any necessary 18 sinking-funds for the redemption of their respective - land19 grant and sinking-fund bonds, and shall duly redeem 20 or pay all such bonds at or before the maturity thereof, 21 or shall otherwise discharge said lands from the lien 22 of said mortgages; and whenever and as often as any 23 of the aforesaid lands shall be sold by the government 24 to settlers or otherwise, or patented to actual settlers pursuant 25 to pre-emption, said companies shall respectively pay to the 26 trustees under said land-grant mortgage, or to the trustees 27 under said sinking-fund mortgage, as the case may require, 28 an amount sufficient to release and discharge such lands so 29 sold and patented by the government from all claim under 30 said mortgages against said lands.

1

SEC. 7. That the mortgage of the government created 2 by the fifth section of the act of July first, eighteen hundred 3 and sixty-two, amended by the act of July second, eighteen 4 hundred and sixty-four, shall not be in any way impaired or 5 released by the operations of this act, until the sinking-fund 6 herein established shall. on the report of the Secretary of the 7 Treasury, fully equal the amount of said mortgage, principal 8 and interest, on the said date of October first, nineteen hundred 9 and five; but said mortgage shall remain in full force and 10 virtue; and, upon the failure of either of said companies 11 to perform the obligations imposed upon them by this act, 12 said mortgage shall be enforced against such defaulting com13 pany as if this act had not been passed; the government, how14 ever, duly crediting and allowing to the company upon said 15 mortgage all payments which may have been made in part 16 execution of this act, and interest thereon, to be credited and 17 added thereto semi-annually, as hereinbefore provided.

1

SEC. 8. That each of said companies shall be entitled at 2 any time, in case it becomes necessary for the protection of 3 its credit, to extinguish the lien of the government, or when4 ever its financial condition will allow, to pay to the govern5 ment, in lieu of the semi-annual payments provided for in 6 section four of this act, which may then remain to be made 7 before the full payment and extinguishment of the balance of 8 the government claim as aforesaid, the then present value of 9 all such future semi-annual payments, computed according to 10 an interest rate of six per centum per annum; and upon such 11 payment of the present value, the said balance of the govern12 ment claim shall be discharged without further semi-annua 13 payments. And each of said companies shall also be entitled

690

14 to commute at the same rate any of said semi-annual payments 15 herein provided for by the payment of a specific sum equal 16 to the then present value of such of said semi-annual pay17 ments so desire to be commuted, but the sum so paid shal, 18 not be less than one million dollars at any one time.

1

2

SEC. 9. That this act shall take effect upon its acceptance by said railroad companies, or if accepte: by only one of 3 said companies, then as to the company so accepting the 4 same, which acceptance shall be filed with the Secretary of 5 the Treasury within four months from the passage of this act, 6 and shall show that said company or said companies have 7 agreed to the same at a meeting of stockholders; and if said 8 companies shall make puntual payment of the sums herein 9 provided for, and perform all the conditions hereof, this act 10 shall be deemed and construed to be a final settlement 11 between the government and the company or companies so 12 performing the same; but in case of failure so to do, Congress 13 may at any time alter, amend, or repeal this act as to such 14 company so making default.

1

SEC. 10. That all acts and parts of acts inconsistent with 2 this act are hereby repealed.

INDEX

To Proceedings on Pacific Railroad Sinking Fund
Bills, First Regular Session, Forty-fifth
Congress, 1877 and 1878.

SENATE.

ALLISON-Remarks, 12; Query, 266, 268, 352; Speech, 505, 506, 507; Query
512, 522.

AYES AND NOES-Adjourning, 418; Adjourning, 511; Blaine's Amend
ment, 522; Passage Bill, 535.

BAILEY-Remarks, 140; Query, 184, 188; Speech, 202, 210, 212, 213, 214, 215,
216, 217, 218; Remarks, 230, 311; Query, 374.

BAYARD-Query, 183, 229, 230; Speech, 376; Remarks, 435, 436, 437, 438,
439, 440, 457.

BECK-Query, 189, 19), 191, 194, 195; Speech, 220, 229, 230; Remarks, 263.
BLAINE-Query, 262; Remarks, 253, 264, 239, 272, 273; Query, 362, 364, 365,

356, 367, 369; Amendment, 426; Speech, 426, 427, 428, 429, 430, 431,
434, 435, 435, 437, 438, 441, 442; Remarks, 446, 447, 448, 469, 471, 472,
479, 480, 484; Motion, 495; Remarks, 496: Amendment, 497; Remarks,
498, 507, 510, 512, 513; Amendments, 512, 513; Remarks, 514; Query,
523, 528, 529, 533.

BOOTH-Remarks, 281; Speech, 281, 283, 286, 287, 288.

BURNSIDE-Query, 358, 359, 360.

BUTLER--Query, 134.

CAMERON (Angus)-Paired, 531, 535.

CAMERON (J Don)-Paired, 531, 534.

CHAFFEE-R marks, 281, 230, 201; Substitute, 319; Sprach, 312, 351, 352
353, 354, 357, 358, 359, 339, 331; Query, 333; Paired, 531; Remarks
533: Pair 1, 535,

CHRISTIANCY-Query 26, 27; Spch, 47, 54, 63,

Query, 91, 92, 93, 100, 101, 106; Query, 124,

61; Remarks, 86, 87;
185, 188, 189; Remarks,

188, 189; Query, 193, 194, 195, 245, 246, 247, 248, 249, 251, 252, 253;
Remarks, 250, 325, 329, 330, 332, 511.

COCKRELL-Remarks, 495, 511.

COKE-Motion, 245, 253.

CONKLING-Query, 351, 352; Remarks, 353, 354, 355, 356, 363, Query, 411;

Remarks, 414, 415; Motion, 417, 456; Paired, 531, 534.

DAVIS (David)-Speech, 16; Motion, 455; Remarks, 535.

DAWES Speech, 292, 299, 300, 301, 302, 304, 305, 306, 307, 308, 310, 311, 312,
313, 315, 316; Query, 430; Paired, 531, 535.

DORSEY-Paired, 532; Introduces Sinking Fund Bill, 687.

EATON-Remarks, 109, 188, 323, 367, 391, 415; Speech, 486, 487, 488; Speech;
503, 504, 505; Remarks, 513.

EDMUNDS-Motion, 80; Query, 173, 174, 183, 184, 185, 186, 187, 215, 260, 263;
Remarks, 264, 265, 266, 267, 274, 275, 289, 290, 299, 390, 301, 305,
306, 310, 311, 312, 313, 314, 315, 316, 317, 318, 321, 322; Query, 333;
Remarks, 335, 336, 408, 409, 410, 422, 423, 431, 434, 448; Motion, 456;
Speech, 458, 459, 469, 471, 472, 473, 474, 475, 476; Remarks, 494, 495.
496, 512, 514; Paired, 531; Amendment, 533; Remarks, 534, 535.
EUSTIS--Paired, 522.

FERRY-Remarks, 515, 516.

HAMLIN-Remarks, 220; Paired, 522.

HARRIS-Remarks, 216; Motion, 260, 261; Paired, 532.

HILL-Query, 143; Remarks, 161; Speech, 163, 173, 174, 175, 176, 179, 180,
182, 183, 184, 185, 186, 187, 188, 189, 199, 191, 193, 194, 195, 199, 200, 201'
210, 212, 213, 214, 215, 216, 217, 246, 247, 248, 249, 251, 252, 253; Query?
286, 287, 288; Remarks, 36, 370, 371, 372, 374, 375, 473, 474, 475
Speech, 498.

692

HOAR-Query, 25, 37, 38, 42, 43; Remarks, 95, 111, 112; Paired, 522, 535.
HOWE-Motion, 372; Remarks, 431; Speech, 482, 484, 485, 504, 505; Paired,

532.

INGALLS-Remarks, 261; Inquiry, 514.

JONES (J. P.)-Paired, 532.

JOHNSTON-Remarks, 364, 365, 390; Speech, 391; Paired, 552, 535.
KERNAN-Remarks, 374, 375; Speech, 449.

KIRKWOOD-Paired, 532, 535.

MATTHEWS-Report, see Appendix; Speech, 22, 23, 25, 26, 27, 28, 29, 3), 51,
37, 38, 42, 43, 44; Query, 64; Substitute, 162, 291; Remarks, 313; Query,
317, 322; Speech, 323, 325, 329, 330, 332, 333, 335, 336. Remarks, 417,
437, 524, 525.

MAXEY Query, 145, 146.

MCCREERY-Query, 9.

MCDONALD-Remarks, 124; Speech, 125, 134, 135; Remarks, 498.
MCMILLAN-Paired, 535.

MERRIMON-Remarks, 135; Speech, 136, 139, 141, 142, 143, 146; Query, 229
Remarks, 230, 304, 305.

MITCHELL Speech, 80, 86, 91, 92, 93, 95, 96, 97, 100, 101, 102, 106, 107, 108
109, 110, 111; Remarks, 261 Query, 262, 274, 301; Speech, 491, 494,
495; Query, 522, 523, 524; Remarks, 534.

MORGAN-Speech, 67, 68, 77.

MORRILL-Speech, 253; Remarks, 203, 353; Query, 360, 351; Paired, 531,

535.

PADDOCK-Remarks, 289, 290; Query, 391, 412, 417, 507; Remarks, 509,

510, 512, 513, 514, 525.

PATTERSON-Motion, 508; Remarks, 509, 510.

PLUMB-Remarks, 289.

RANSOM-Remarks, 68, 509.

SARGENT-Remarks, 97, 124; Query, 139, 140, 141, 142, 143, 146, 195; Speech
277, 278, 279; Speech, 318, 321; Remarks, 364; Speech, 398, 408, 409-
410, 411, 412, 416, 417; Amendment, 417; Speech, 418, 422, 423′
Remarks, 439, 456, 457, 458, 459, 476, 496, 510, 512, 533,
SAULSBURY-Remarks, 140; Query, 513; Remarks, 535.
SPENCER-Motion, 322; Remarks, 509, 510, 516.

TELLER-Query, 63; Remarks, 95, 111; Speech, 112, 124: Query, 217, 218;
Remarks, 260; Paired, 532, 535.

THURMAN-Introduces Bill, S. 15, (same as his Bill in 44th Congress.)
Reports Bill, S. 15, 3, Report, see Appendix; Speech, 6, 9, 12;
Remarks, 23; Query, 25; Remarks, 26; Query, 28, 29, 30, 43; Motion,
47; Remarks, 54, 64, 67, 77; Query, 96; Remarks, 97; Query, 109,
101; Remarks, 107, 198, 109, 119, 135, 161, 162; Query, 175, 176, 178,
179, 180, 182, 183; Remarks, 198, 200, 201, 261; Amendment, 261;
Remarks, 202, 263, 266, 267, 268, 269, 272, 273, 274, 278, 279; Amend-
ment, 281; Remarks, 283, 288, 289, 290, 291, 306, 307, 308, 318, 322, 323,
351, 352, 353, 354, 355, 356, 357, 358, 361, 362 363, 364, 265, 366, 367,
368, 369, 370, 371, 374, 375, 390, 409, 415, 416, 417, 423, 428, 429, 430,
434, 439, 441, 442, 446, 447, 448, 456, 457, 458, 480, 486, 487, 488, 495,
496, 497, 498, 503, 507, 508, 509, 510, 511, 512, 513, 514, 515, 516, 518,
519, 522, 523, 524, 525, 528, 529; Motion, 532.

VOORHEES-Speech, 479, 480; Remarks, 515, 518, 519.

WALLACE - Paired, 511.

WHYTE-Queries, 362, 363, 364.

WITHERS-Paired, 532, 535.

INDEX TO PROCEEDINGS ON SENATE SINKING
FUND BILL IN HOUSE OF REPRESENTATIVES.

AYES AND NOES-On Passage, 575.

BEBEE-Remarks, 547, 548, 558, 564, 565.

BELL-Calls for Ayes and Noes, 575.

693

BILL AS PASSED SENATE-510; Reported to House, 535.

BLAIR-Remarks, 538.

BRIDGES-Question, 564.

BURCHARD-Remarks, 536.

BUTLER-Remarks, 540, 543, 514, 545, 516, 548, 558, 561; Speech, 562, 564,

i65.

CALKINS-Remarks, 374.

CARLISLE-Query, 545

CASWELL-Remarks, 550.
CHALMERS-Introduces Thurman's Bill, April 1, '78, as reported by Senate
Judiciary Committee, (printed and called H. R. 4158, Printer's
No. 4470.) Same Bill reported from R. R. Committee, (called H. R.
4158, Printer's No. 4797,) 538; Speech, 565. Report H. R. 622, see
Appendix.

CONGER-Remarks, 547, 550.

Cox (S. S.)-Query, 536; Remarks, 537, 538; Motion, 510; Remarks, 547
548, 549; Speech, 550; Remarks, 556, 558, 565, 566, 571; Motion, 573,
574; Previous Question, 575; Reconsider and table, 577.

CRITTENDEN-Remarks, 561

DICKEY-Query, 561.

FINLEY-Remarks, 564.

FRYE-Remarks, 548, 549, 573, 574

GARFIELD-Speech, 557,

HARTIDGE-Motion, 536; Remarks, 549, 556.

HASKELL-Remarks, 547.

HENDEE-Remarks, 536.

HENDERSON-Remarks, 559.

ITNER-Query, 564-

KNOTT - Remarks, 549.

LAPHAM-Remarks, 550.

MCMAHON-Remarks, 549, 559; Spech, 571.

MORRISON-Remarks, 545, 546, 561: Speech, 597.

PAIRS-576, 577.

PHILLIPS-Speech, 536.

PRICE-Remarks, 558; Speech:, 558, 559, 573.

SAMPSON-Query, 537; Remarks, 574, 575.

SINKING-FUND LAW-378.

SPRINGER-Speech, 566; Remarks, 571.

STEELE-Remarks, 565,

STENGER-Remarks, 549.

WRIGHT-Remarks, 564.

INDEX TO PROCEEDINGS IN SENATE, ON KANSAS
PACIFIC R. R. SINKING-FUND BILL.

CHRISTIANCY-Remarks, 593, 594.

DAVIS (David)—Remarks, 592.

HOAR-Speech, 591; Remarks, 592, 593.

KERNAN-Remarks, 591.

PADDOCK-Query, 597.

ROLLINS-Remarks, 592.

SARGENT-Remarks, 592.

TELLER-Remarks, 590; Speech, 594, 595, 596, 597.

THURMAN-Reports Bill, 590; Calls up, 590; Remarks, 591, 592, 593, 594;
Query, 595; Remarks, 596.

INDEX TO PROCEEDINGS ON BILL CREATING
"AUDITOR OF PACIFIC R. R. ACCOUNTS."

IN SENATE.

THURMAN-Motion, 583; Has Bi!l read, 5.3; P. ssed, 531.

VOORHEES-Remarks, 583.