OCR Text |
Show THE I. P. BIILHOIU. Compromise Proposed nilti the ixovermueut. ' Washington, 11. The Union 1 Pacific railroad company yesterday 'through it president, Sydney Dillon, .biibriuitcd lo the secretary of the treasury a furmal proposition of com-'promise com-'promise of ail exUliug differences be-jtweeulbe be-jtweeulbe company and the government. govern-ment. The proposition is prefaced wilhan expression of theproluund re-i re-i gret of the directors ut the existing jdjiliculty between ti.e government ai.d the company, a:;d tiie wish of , the latter to do everything in their 'power to reimburse the government as far as they can and as speedily as i may be, every dollar advanced from the national treasury. The company laibO express a keen sense of the dis-j dis-j advantage they incur, both in pop-: pop-: ular esteem and po uniarily, by jbeir.i.' in conflict whu their great j beuelactor, the general government, and their desire to establish jsuch relations of mutual trust ! and confidence as will best secure se-cure the demands of the govern- mcnt nud at the same time promote 1 the prosperity of the company. Tiie j proposition is as follows: The Union Pacific company propose to pay into the treasury of the United States '$500,000 per annum on each first i (lav of Jul.-, beeinninir with 1S75 and 1 1') continue this payment lor twenty lyears; and thcreatter on each first j day of July the payment ahull he! j $750,000, and the money so paid shall ; be held by the secretary of the tressury as a sinking fund to the I credit of the Union Pacific company iand specially devoted to the extino-, extino-, tion of the government mortgage and 1 interest thereon, to be reckoned at !six per cent, per annum, lawful j money, payable semi-annually, and the accruiug interest each halt year , to be carried to the account of the I Union Pacific company, and this an-- an-- nual payment by tiie company shall be continued without delay or de-, de-, fault until the amount to the credit of the company in the hands of the 'secretary of the treasury shall be rqual to the full amount of the government gov-ernment mortgage, reckoned at 1 simple, interest to the same date, , the Kovernment Hen' nowexisting as security for the discharge of this ob-; ob-; ligation to be cancelled when the sinking fund thus created shall be , equal to the mortgage of the government, gov-ernment, (reckoned at simple interest, inter-est, at which time said sinking fuud 'shall be in full discharge of all obligations ob-ligations due from the company to the government. The secretary is asked, if the proposition meets his approval, to lay it before congress and ask their action unon it. |