Compilation of the Messages And Papers of the Presidents
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75. The bid at the sale covered the first-mortgage lien and the entire mortgage claim of the Government, principal and interest.
This left the Kansas Pacific case unconcluded. By a decree of the courtin that case an upset price for the property was fixed at a sum whichwould yield to the Government only $2, 500, 000 upon its lien. The sale, at the instance of the Government, was postponed first to December 15, 1897, and later, upon the application of the United States, waspostponed to the 16th d...ay of February, 1898.
Having satisfied myself that the interests of the Government requiredthat an effort should be made to obtain a larger sum, I directed theSecretary of the Treasury, under the act passed March 3, 1887, to payout of the Treasury to the persons entitled to receive the same theamounts due upon all prior mortgages upon the Eastern and Middledivisions of said railroad out of any money in the Treasury nototherwise appropriated, whereupon the Attorney-General prepared apetition to be presented to the court, offering to redeem said priorliens in such manner as the court might direct, and praying thatthereupon the United States might be held to be subrogated to all therights of said prior lien holders and that a receiver might be appointedto take possession of the mortgaged premises and maintain and operatethe same until the court or Congress otherwise directed.
What to read after Compilation of the Messages And Papers of the Presidents?
You can find similar books in the "Read Also" column, or choose other free books by Mckinley, William, 1843-1901 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
75. The bid at the sale covered the first-mortgage lien and the entire mortgage claim of the Government, principal and interest.
This left the Kansas Pacific case unconcluded. By a decree of the courtin that case an upset price for the property was fixed at a sum whichwould yield to the Government only $2, 500, 000 upon its lien. The sale, at the instance of the Government, was postponed first to December 15, 1897, and later, upon the application of the United States, waspostponed to the 16th d...ay of February, 1898.
Having satisfied myself that the interests of the Government requiredthat an effort should be made to obtain a larger sum, I directed theSecretary of the Treasury, under the act passed March 3, 1887, to payout of the Treasury to the persons entitled to receive the same theamounts due upon all prior mortgages upon the Eastern and Middledivisions of said railroad out of any money in the Treasury nototherwise appropriated, whereupon the Attorney-General prepared apetition to be presented to the court, offering to redeem said priorliens in such manner as the court might direct, and praying thatthereupon the United States might be held to be subrogated to all therights of said prior lien holders and that a receiver might be appointedto take possession of the mortgaged premises and maintain and operatethe same until the court or Congress otherwise directed.
What to read after Compilation of the Messages And Papers of the Presidents?
You can find similar books in the "Read Also" column, or choose other free books by Mckinley, William, 1843-1901 to read onlineMoreLess
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