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United States six per cent interest bearing bonds proportioned
to the number of miles of road constructed these
bonds were made payable thirty years after date with their
interest and the courts have decided that such interest is
not due till the maturity of the Principal and that congress by any subsequent modification or enactment cannot alter the
terms of the contract though they can by means of such laws
as the act known as the Thuraen Act secure its final payment.

Both parties should live up so she contracts and no
harsh or hasty legislation should be enacted that would work
unnecessary injury to the thousand of innocent holders of
the securities of the Company but who nevertheless may be
compelled to suffer in order that the obligations of the
company to the government should be fulfilled.

Any plan proposing that the control of the road be
wrested from its present owners and assumed by United States
Governmental Officials either in the shape of the Receivers or
otherwise will be strenuously resisted in the Courts in all
probability with success from the fact that the Company
have up to the present time complied with all the requirements
of the laws prescribing presents to the United States
and all demands of the Government have been promptly met.

The principal object to the plan of funding the
debt by an issue of fifty (50) years three (3) percent bonds
is that it virtually compels the Company to pay from the
present time up to the maturity of the bonds now issued
compound interest upon all accruing interest.

It seems to me a much better plan would be the passage
of an Act of Congress directing the semiannual payment