|
{From the minutes of the
Directors' Meeting of the Richmond, Fredericksburg & Potomac RR,
June 16, 1863} |
| |
| At a meeting of the Board of Directors held on the 16th
day of June 1863 |
| Present: P. V. Daniel Jr President, Messrs
Myers, Mumford, Haxall & Robinson Directors |
| The President submitted to the
consideration of the Board letters dated April 25th & May 1st 1863
from Capt John M. Robinson C. S. A. and this Company's Agent now in
London concerning the purchase & shipment of Railroad supplies,
also the letters of Messrs Thomson Hankey & Co of London dated May
13th & 14th 1863, a copy of a letter from Capt Robinson to Messrs
John K Gillialt & Co of London dated May 16th 1863 and a letter
from Messrs John K. Gillialt & Co to the President of this Company
dated May 8th 1863 enclosed in one from Capt Robinson to the President
of this Company dated May 16th 1863, all relating to the payment of
the interest on this Company's bonds due & payable in London, and
upon full consideration of all these papers it was by the Board |
| Resolved, that the Board hereby approves
and ratifies the negotiations and arrangements had & made between
Capt John M Robinson and the Messrs Thomson Hankey & Co and the
Messrs John Gillialt & Co of London as set forth in the above
mentioned papers, including in such approval and ratification the deposit
made by Capt Robinson with Messrs Jno K Gillialt & Co of Twenty
thousand dollars of Confederate States Bonds as a collateral security
for advances made and to be made of interest on this Company's bonds
due in London on the 1st days of July 1862 and of January 1863. |
| And in further accordance with the said
negotiations and arrangements it is by this Board, Resolved that this
Company hereby agrees consents and binds itself to Messrs Jno K
Gillialt & Co in the following covenants and agreements, that is
to say, that they shall charge the usual commission of one per cent
for the ordinary payment of the Coupons but in addition for the
advances they propose making interest shall be allowed at the rate of
8 per cent from the 9th of May 1863, being the date on which they
undertook and became responsible for the payment of the interest now
ordered in July 1862 and January 1863, that the interest at the rate
of 8 per cent shall be payable to them semi-annually in July and
January and remitted in Sterling Exchange if possible at what it cost
but in case it should not be possible for the Company to remit the
interest that the same shall be added to the principal of the debt
incurred by them and compounded yearly at the same rate of 8 per cent
per annum. |
| That the principal amount of such advances
should be repaid to them at any time not later than sex months after
the ratification of a treaty of Peace between the United States and
the Confederate States Provided that in any case the repayment of the
advances made by them both principal and interest be not extended
beyond the 1st of July 1865. |
| That while at present they undertake only
the payment of the Interest now overdue, should it be agreeable to
them to continue the arrangement and pay the interest falling due in
July and January of each year, when the Company and not otherwise able
to place funds in England for that purpose, during the continuance of
the present American War, the same arrangement shall apply top any
such payments in or by them for this Company's account and that
interest at the rate of 8 per cent will be allowed from 1st July and
1st January the dates at which the coupons repeatedly become due. |
| That as a collateral security for advances
now made or to be made by them, the deposit with them of Confederate
States Bonds already made by Capt Robinson to the amount of Twenty
thousand dollars ($20000) being of the issue known as that authorized
by the Act of Congress approved August 19th 1862, and numbered as
follows 89, 90, 91 & 92 four of five thousand dollars each, is
hereby ratified and confirmed, upon the understanding that they will
not sell or dispose of such bonds in any way except upon the failure
of the Company to perform its agreements according to this agreement,
in which case they are empowered to dispose of the Bonds in payment of
the principal & interest advanced by them. |
| As witness the Corporate seal of the
Company, attested by the signatures of the President & Treasurer. |