• 21 Aug, 2019

• By, Wikipedia

File:Pacific RR Bond SF 1865.jpeg

Source: The Cooper Collection of American Railroadiana

This Bond is one of the 400 issued to the Central Pacific Rail Road Company of California and 200 to the Western Pacific Rail Road Company in 1865 under the Act of the California Legislature passed on April 22, 1863 (as amended by Section Five of the "Compromise Act of April 4, 1864"), and approved by the electors of the City and County of San Francisco by a vote of 6,329 to 3,116 at a highly controversial (and subsequently litigated) Special Election held on Tuesday, May 19, 1863. The issuance of the Bonds was delayed for two years because the Mayor of San Francisco, Henry P. Coon, and then the County Clerk, Wilhelm Loewy, each refused to countersign the Bonds until ordered to do so by the Supreme Court of the State of California which granted Writs of Mandamus against Coon in 1864 ("The People of the State of California on the relation of the Central Pacific Railroad Company vs. Henry P. Coon, Mayor; Henry M. Hale, Auditor; and Joseph S. Paxson, Treasurer, of the City and County of San Francisco" (25 Cal 635) and Loewy in 1865 ("The People ex rel The Central Pacific Railroad Company of California vs.The Board of Supervisors of the City and County of San Francisco, and Wilhelm Lowey, Clerk" 27 Cal 655) directing that the Bonds be countersigned and delivered. All sixty of the interest coupons are attached to Bond #93 of which the first thirty-five had each been individually redeemed for semi-annual interest payments of $35.00. Coupon #1 was redeemed and cancelled on November 2, 1865, and coupon #35 on November 2, 1882, at which time the principal of $1,000.00 in gold coin was also paid from the Treasury of the City and County of San Francisco and the Bond was cancelled.

Date 1865 Source Transferred from en.wikipedia to Commons by Rlandmann using CommonsHelper. Author The original uploader was Centpacrr at English Wikipedia. Other versions

This file has an extracted image: Stamp detail, 50 cents, with image of George Washington on Pacific RR Bond SF 1865 (cropped).jpeg.

Transcription:

The City & County of San Francisco in the State of California will pay to the Western Pacific Rail Road Company or to the holder hereof ONE THOUSAND DOLLs thirty years from the date hereof with interest thereon at the rate of SEVEN percent per Annum payable semi-annually on the First days of May and November of each year upon interest Coupons hereto attached, both principal and interest payable at the City and County of San Francisco in United States Gold Coin Dollar for Dollar. This Bond is transferable by delivery and binds the City and County of San Francisco to the payment of the principal and interest as herein expressed. This Bond is issued under and in pursuance of an Act of the Legislature of the State of California entitled "An Act to Authorize the Board of Supervisors of the City and County of San Francisco to take and subscribe One Million Dollars to the Capital Stock of the Western Pacific Rail Road Company and the Central Pacific Rail Road Company of California and to provide for the payment of the same and other matters relating thereto" Approved April 22nd AD 1863, and the vote of the people of the City and County of San Francisco in favor of said subscription at an election held in pursuance of the provisions of said Act. The principal and interest named in this Bond are secured and payable out of the Special Funds created therefor by said Act and known as the"Pacific Rail Road Interest Tax" and the "Pacific Rail Road Loan Fund."

The Laws and Ordinance by virtue whereof this Bond is issued, are indorsed hereon by relating their titles, and made a part hereof.

In Testimony Whereof, and in accordance with the Act afore-said and also the order of the said Board of Supervisors, The President of the Board of Supervisors, and the Auditor and Treasurer of the City and County of San Francisco, and Ex officio "Pacific Rail Road Loan Commissioners" have signed their names to the Bond, the County Clerk of the City & County aforesaid has countersigned the same, and the Board of Supervisors have caused the seal of the said City & County to be affixed hereto, this First day of May, A.D., One thousand Eight hundred and Sixty five.
 
 H. P. Coon [L.S.]

Pres t Board of Supervisors

[CCSF]

[SEAL] H.M. Hale [L.S.]

City & County Auditor

Wm Loewy [L.S.] Jos. S. Paxson [L.S.]

[2 US R62c Cancelled] County Clerk City & County Treasurer

["CCSF Jun 24, 1864"]

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