The daily Minnesota pioneer. [volume] (St. Paul, Minn.) 1854-1855, 1855-01-30

was, between the granting act and its repeal.
no act of acceptance whatever, on the part Of
the Territory. 1t neither surveyed nor locat-
ed the road, or otherwise incurred any expen-
ses in consequence of the grant. Had it done
SO. it is possible that this would form . good
consideration to uphold the grant, and would
at least amount to an acceptance Of it,
But it is said in the Executive Message that
extraordinary privileges are granted in this
charter to the company, and for that reason
the people wish to have it disapproved. Ad-
hitting even that this would be sufficient re2-
son why the contract should be annulled, letus
enquire what are those extraordinary privil-
eyes! Are there any privileges granted that
are not contained in every charter under which
railroads have been built or undertaken? His
Excellency does not point them out to us, and
on comparing this with other charters, copies
of which are accessible, it will be seen that
they are uniformly more liberal to the corpor-
ators than this is. By this charter the Compa-
ny are obliged to carry the troops and proper
ty of the United States free of charge, to trans
port the mails as often as the Postmaster Gen.
eral may designate and for such compensation
as may be fixed by Congress. ...-
1t is obliged to pay into our treasury, semi
annually, per cent of its net earnings which
in a few years must amount to fifty or eighty
thousand dollars a year. And again, all its
property is subject to territorial, town and CT
ty taxes These requirements are unusual
1t is true. the Illinois Central R. r. requires
payment of per cent of the gross earnings of
the road but this was to compensate the State
for about two millions of dollars, expended
upon the road which was transferred to the
Company. But the Company is exempted from
all but State taxes, and these are never to ex-
coed of one per cent. and none of its lands
are subject to taxation until sold by the Com
pany, and all its other property is exempt
thelefrom for the period of six years, from the
passage of the charter. These privileges are
not confer red upon the M. and N. w. r. R.
Co.
Estimating the cost of the road at ten mil
lions of dollars and the annual tax at ten mills
to the dollar. they would afford a revenue to
the Territory of one hundred thousand dollars
annually.
The charter of this Company is almost a lit
eral transcript of the charter of the Illinois
Central Railroad Company, except that it i'm
poses conditions which are not contained in the
latter. For instance, by the sixteenth section,
the charter is to be void and all its property
forfeited, unless the company render to the
Governor an annual statement under oath, of
the amount expended in the construction ofthe
road, the purchase Of machinery therefor, and
fixtures, the amount of its receipts and expen-
ditures and unless aid road shall be laid with
rail ofnot less than sixty pounds per yard,
and the engines and rolling stock shall be made
in all respects equal to those on the best de-
scription of roads in the United States. besides
the performance of many other conditions
which are properly required. This section
ought to be amended. so that if at some time,
by delay of the mails or other casualty, the
annual report should not reach the Executive,
or an engine or car should happen to be infer
iOr to that of the best road in the United States
the company would not forfeit its charter and
all its property. 1t is sufficient that by Judge
ment or decree of the Courts that it may be
compelled to do all that is required oft and to
respond in damages for any omission to do SO.
The same security may be thus obtained by
the Territory as we'll without as with a forfeit
ure.
Although it is said, and it is presumed truly,
that the present stockholders are probably
worth enough to build the road from their own
means, in case of absolute necessity, yet it
must be perfectly obvious that at least during
the present extraordinary pressure in the mo-
ney market, monied men will hesitate long be-
fore they will commence work Of this magni-
tude with the prospect full before them. that
the road, if constructed, must be built wholly
from their own resources and without resort to
sales of stock or the negotiation of the compa-
ny's bond. 1t is therefore highly important to
Territory and to all concerned, that the rights
of the company should rest upon charter and
grants which are not only clear in their terms,
but are substantially in form and principles
similar to charters and grants to other COM
panies, the stock of which is in market and has
known value there.
Considering the endorsements occasioned
to the Company by the act Of Congress repeal
ing the granting act, whereby active operations
have been delayed for one season, the time linn
tied in which to construct the road and tele-
graph should be extended.
Indeed, as financial affairs are now situated,
it would hardly seem prudent for the stock
holders to attempt the undertaking in a less
time than was originally given to them.
The company should also be permitted to
commence operations as we'll at the point
where the road is to crsss the Mississippi as at
the head of Lake Superior, and thus build each
way, if they think their interests would there
by be promoted.
But on the other hand, some additional re-
strictons should be imposed upon the COM
pany.
First, They should be held responsible for
the acts OF their agents, whether in the issuing
OF certificates OF stock, evidences OF debt, or
in the doing of any other act where public con-
fidence is naturally and necessarily placed in
them, by reason of their employment by the
company. Such a provision would protect
those who might innocently hold certificates of
stock issued fraudulently, as in the case of GER
tain certificates issued by Robert Schuyler in
the name of the New Haven Railroad Com
pany.
Second, The last proviso of the 9Th section
of the charter. should he made more definite
also, so that no question may arise hereafter
as to the precise time when the per centum
of the net earnings of the road shall be paid
into the treasury ..
Full power should be given to the Legisla-
ture, or its authorized agents to examine all
the books of the company, and also its officers
and employees, on oath, for the purpose of as
pertaining the cost of the road, its annual ex-
pendture and roceipts and in case of false ar