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February [no handwritten text supplied here] 1869.
Hon. O. H. Browning,
Secretary of the Interior.
Sir:
The Union Pacific Railroad Company, having been required by the Government of the United
States, in addition to the deposit of Three millions of dollars, ($3,000,000:) of first
mortgage bonds of the Company with said government in the Department of the Treasury
thereof, as security for the due completion and equipment of its road;—Also, as a
further security to the same end, to leave the lands given to the said company by the Acts
of Congress providing for the building of the said Road, and the completion of its structure
and equipments without taking out patents for the same until the Government shall be
satisfied, upon proper examination of the said road, its structure and equipment, that the
same have been completed according to the provisions of law, in the premises; and the
company having executed the proper instrument in respect to the said required deposit with
the Secretary of the Treasury:
Now this is to declare that the said Company assents to the aforesaid requirement in
respect to the lands given to the said Company
as aforesaid, that
they shall remain without patents being taken out therefor until the Government of the
United States, upon a proper examination of the actual condition of the road of said
company, its structure and equipments, shall be satisfied to issue patents for said
lands.
In the name and by the authority of the said Company, this assent is given by us, the
President and Secretary of said Company.
We have the honor to be
Very Respectfully,
Your obd't serv'ts.
(Agreement &c. Union Pacific RR.)
Know all men by these presents, That the Union Pacific Railroad Company, having been
heretofore required to deposit with the Government of the United States in the Department of
the Treasury of the U. S. the am't in the aggregate of three millions of dollars
($3,000,000) of their first mortgage bonds, as a guarantee that the structure &
equipment of the road of the said company shall be completed according to the provisions
& requirements of law respecting the same, and to make such deposits, from time to time
as the said company shall receive the bonds of the U. S. issued to it on the completion of
successive sections
of the road as provided by law
to an amount equal to one-half of the am't of said bonds of the U. S. to be so received by
said Company.
Now the said company in pursuance of said requirement, hereby declares & agrees that
the said first mortgage Bonds deposited, or to be deposited with the government of the U. S.
in the Treasurey Dept. thereof, upon the requirement and in manner aforesaid, are and may
& shall be held by the government of the U. S. as security for the completion of the
structure & equipment of the road of the said Company, according to the provisions of
the statutes of the U. S. providing for the building & completion of said road, &
its equipments, & to be so held until the Government of the U. S. on a proper
examination of the actual completed road and equipments shall be satisfied to relinquish
& restore to the said company the said bonds, or such part thereof as it shall deem,
from the actual condition of the said road, in its structure and equipments, it shall be no
longer necessary to retain.
And it is further declared & agreed by the said Company, that in case the Government
of the U. S. shall fail to be satisfied, upon a proper examination of the road, its
structure & equipments aforesaid, that the same are conformed to the requirements of the
statutes providing for the
building of the said road and for its structure & equipment, that it shall be the duty
of the said Company to proceed to complete the said road, its structure & equipments, to
the satisfaction of the government of the United States — and that in default of its
so doing, the said Bonds shall be held by the said Government, and shall be disposed of, and
the proceeds thereof, if disposed of, applied to the proper completion of the said road, its
structure & equipment, as the Government of the United States shall by law direct &
provide.
In witness whereof, the said Union Pacific RR. Co. has affixed its Corporate seal to these
presents, and directed the execution thereof to be attested by its President this [no handwritten text supplied here] day of February, Eighteen hundred and sixty
nine.
(Documents, forms, &c. in agreements bet. The United
States, and the Union Pacific Rail Road)
Stipulations bet. U. S. & Union Pacific RR
See p 381 seq.
