Acts and Joint Resolutions of Congress and Decisions of the Supreme Court of the United States Relating to the Union Pacific, Central Pacific, and Wes
United States
Paperback
(General Books LLC, Feb. 2, 2012)
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1897. Excerpt: ... SINKING-FUND CASES. Union Pacific Railroad Company v. United States. Central Pacific Railroad Company v. Gallatin. (99 U. S., 700.) 1. So far as it establishes in the treasury of the United States a sinking-fund, the act of Congress approved May 7, 1878 (20 Stat. 56), entitled "An Act to alter and amend the act entitled 'An Act to aid in the construction of a railroad and telegraph line from the Missouri River to the Pacific Ocean, and to secure to the government the use of the same for postal, military, and other purposes,' approved July 1,1862, and also to alter aud amend the act of Congress approved July 2, 1864, in amendment of said first-named act," is not unconstitutional. 2. The debt of the respective companies therein named to the United States is not paid by depositing and investing the fund in the manner prescribed by that act. 3. Retaining in the fund the one-half of the earnings for services rendered to the government by the respective companies, which, by the act of July 2, 1864 (13 Stat. 356), was to be paid, does not release the government from such payment. Although kept in the treasury, the fund is owned by them, and they will be entitled to the securities whereof it consists which remain undisposed of when the debts chargeable upon it shall bo paid. Under the circumstances, such retaining is, in law, a payment to them. 4. The establishment of the fuud is a reasonable regulation of the administration of the affairs of the companies, promotive alike of the interests of the public and of the corporators, and is warranted under the authority which Congress has, by way of amendment, to change or modify the rights, privileges, and immunities granted by it. 5. The right of amendment, alteration, or repeal reserved by Congress in said acts of 18...