Page:United States Statutes at Large Volume 20.djvu/82

FORTY-FIFTH CONGRESS. Sess. II. Ch. 96. 1878. 57 the Pacino Ocean, and to secure to the Government the use of the same for postal, military, and other purposes"; and _ _ Whereas afterward, on the second day of July, anno Domini eighteen 1864,oh.216. hundred and sixty-four, Congress passed an act in amendment of said 13 $¤¤t·»356— nrst-mentioned act; and — Whereas the Union Pacino Railroad Company, named in said acts, and under the authority thereof, undertook to construct a railway, after the passage thereof, over some part of the line mentioned in said acts; and Whereas, under the authority of the said two acts, the Central Pacino Railroad Company of California, a corporation existing under the laws of the State of California, undertook to construct a railway, after the passage of said acts, over some part of the line mentioned in said acts; and Whereas the United States, upon demand of said Central Pacino Railroad Company, have heretofore issued, by way of loan and as provided in said acts, to and for the benent of said company, in aid of the purposes named in said acts, the bonds of the United States, payable in thirty years from the date thereof, with interestat six per centum per annum, payable half yearly, to the amount of twenty-nve million eight hundred and eighty-nve thousand one hundred and twenty dollars, which said bonds have been sold in the market or otherwise disposed of by said company ; and Whereas the said Central Pacino Company has issued and disposed of an amount of its own bonds equal to the amount so issued by the United States, and secured the same by mortgage, and which are, if lawfully issued and disposed of, a prior and paramount lien, in the rospect mentioned in said acts, to that of the United States, as stated, - and secured thereby; and Wliereas, after the passage of said acts, the Western Pacino Railroad Company, a corporation then existing under the laws of California, did, under the authority of Congress, become the assignee of the rights, duties and obligations of the said Central Pacino Railroad Company, as provided in the act of Congress passed on the third of March, anno 1865,en.#s. Domini eighteen hundred and sixty-nve, and did, under the authority of 13 SFMWO4- the said act and of the acts aforesaid, construct a railroad from the city of San Jose to the city of Sacramento, in California, and did demand and receive from the United States the sum of one million nine hundred and seventy thousand nve hundred and sixty dollars of the bonds of the United States, of the description before mentioned as issued to the Central Pacino Company, andin the same manner and under the provisions V of said acts ; and upon and in respect of the bonds so issued to both said companies, the United States have paid interest to the sum of more than thirteen and a half million dollars, which has not been reimbursed; and Whereas said Western Pacino Railroad Company has issued and disposed of an amount of its own bonds equal to the amount so issued by the United States to it, and secured the same by mortgage, which are, if lawfully issued and disposed of, a prior and paramount lien to that of the United States, as stated and secured thereby; and Whereas said W'estern Pacino Railroad Company has. since become merged in, and consolidated with, said Central Pacino Railroad Company, under the name of the Central Pacino Railroad Company, whereby the said Central Pacino Railroad Company has become liable to all the burdens, duties, and obligations before resting upon said Western Pacino Railroad Company; and divers other railroad companies have been merged in and consolidated with said Central Pacific Railroad Company, and Whereas the United States, upon the demand of the said Union Pacino Railroad Company, have heretofore issued by way of loan to it and as provided in said acts, the bonds of the United States, payable in thirty years from the date thereof, with interest at six per centum per annum, payable halfyearly, the principal sums of which amount to twenty-seven million two hundred and thirty-six thousand five hundred and twelve