Congressional Serial Set Volume 619 (Paperback)

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. 1852 Excerpt: ...this lien is to be released: " Under the impression that Congress designed to cause the advance made to these contractors to be refunded out of the fust mail pay which should be earned, my predecessor declined to male payment to this company for the first year s mail service, intending that the moneys thus earned should satisfy such advance. Accordingly, payments were made only lor the subsequent service until the passage of the act of March o, 18-11. This act expressly provides the mode and manner in which the several advances of money made under the act of Congress of August '-i, 1S4, to the different contractors or their assignees, for mail steamship service, is to be refunded, viz: "by deductions from the compensation of each line, ten per cent, annually, reckoning in the adjustment the advances to all of the lines, from the commencement of the performance of their respective mail service. " And provided further, That the said contractors, or their assigns, shall, from and after the passage of this act, pay interest on the balances of said advances still due, at the rate of six per cent, per annum till paid." It therefore became necessary to restate the account of the assignee of the A. Harris contract, in order to place him in the condition of the other contractors and assignees with regard to the advances of money under the act of Congress of August 3, 1848, and required by the act of the 3d of March, J8)l, which was accordingly done. The assignees of the A. G. Sloo contract called for no payment under that contract lor mail service until October, 18-"i(J. Not only had there been no portion of the money advanced under the act of August 3, 184, returned to the United States within the year from the commencement of the mail servi...