Pacific RR Bond SF 1865

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Pacific Rail Road Bond $1000 (No. 93) issued by the City & County of San Francisco (1865)

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.

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