Page:Federal Reporter, 1st Series, Volume 8.djvu/134

 120 FKDEEAIi REPORTER. �" Deemed advisable, for the better securing of the said debts, that all the said bonds should be delivered up and cane elled, and new bonds issued in substi- tution thereof ; the payment of said bonds to be secured by a mortgage to trustees of the estate, real and Personal, of the * * * company, includiiig therein all the real and Personal property * * * situate withinth© Ihnitsof the State of Georgia, and not includ ed in the statutory mortgage created by the act of 1867." �Thereupon the company — "Kesolved to execute its bonds, payable in London, for an amount not ex- oeeding in the aggregate the su m of £543,500, * * * to be dated on the flrst day of Jauuary, A. D. 1868, and to be payable to bearer, with interest thereon at the rate of 5 per cent, per annuin, payable senii-annually. * * * on the presentation of the pi'oper coupons at the office of Messri. Dent, Pal- mer & Co., in tho city of London, * * * which said bonds shall be sub- stituted for the sterling bonds novv outstanding and payable in London." �The company also — "Eesolved to execute certain other bonds, not exceeding in the aggregate the sum of £76,500, * * * to bedatedon the first dayof January, A. D. 1868, and to be payable to bearer, with interest at the rate of 5 per cent, per annum, payable semi-annually, * * * on the presentation of the proper coupons at the office of the * * * company, in the city of Oharleston, * * * which said bonds shall be substituted for the sterling bonds * * * pay- able in Oharleston." �It was also — �"Eesolved to substitute for the bonds issued in the year 1849, and payable in currency of the United States, * * * or to apply to the satisfaction of said bonds, upon such terms as may be agreed upon, the sterling bonds to be issued as hereinbefore provided for, so as to retire all the said bonds novv payable in currency of the United States." �"io secure the true and punctual payment of the said bonds, * * * the company * * * resolved to pledge and mortgage to the [trustees nanied] all the real estate, wherever situate, which is now owued or may hereafter be acquired by the said company, and all the rolling stock and other Personal property used, or necessary, in the operating cl; said railway." �In accordance with this schema, bonds, with a mortgage to secure them, to the full amount of ^6620,000, were executed by the company, and certioed by the mortgage trustees. Provision was made in tho mortgage for a substitution of bonds "payable in lawful moneyof the United States, with interest not exceeding 7 per cent, per annum," for the new sterling bonds provided for, "upon terms to be agreed upon by and between said company and the bondholders desiring such substitution;" but the pound sterling on all payments of ster- ling bonds, or the interest thereon made in Charleston, was "to be estimated at four dollars and forty-four and four-ninths cents." ��� �