The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1855-02-03
NUMBER 90.

J. ought TO De amended. SO that if at some time
ny u delay OF the mails or other casualty. thi
ahhuai report should not reach the Executive
or an engine or car should happen to be. infer
Tor to that OF the best road in the United States
$ the company would not forfeit its charter ! nd
all its property. 1t is sufficient that hv ~
4 ment or decree of the Courts that it NAV ho
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 nv
the Territory as well without as with 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 OWL
means. In case OF absolute necessity, vet It
must be perfectly obvious that at least during
the present extraordinary pressure in the mo,
ney market. monled men will hesitate long be-
fore they will commence a 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,
put are substantially in form and principles
similar to charters and grants to other COM
| panles, the stock Of which is in market and has
known value there. Idi I'D G..t ,,g -.4 - =
Considering the embarrassments 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 teIe-
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. .7. 80
The company should also be permitted to
commence operations as we'll at the point
where the road is to cross the Mississippi as at
the head of Lake Superior, and thus build each
way, if they think their interests would there
by be promoted. ..a,, --....,.ot+4.
But on the other hand, some additional re-
strictions should be imposed upon the com
pany. 40 eH'-i-iJ 9ihl5- sni 90 iues 50
First, They should be held responsible for
the acts of their agents, whether in the issuing
ofcerticates of stock, or 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 tho New Haven Railroad Com
pany. f.il..rrr p ,.t atr,,,. -.
Second, The last proviso of the Sth section
of the charter. should be made more definite
also. SO that no question may arise hereafter
as to the precise time when the q per centum
OF the net earnings of the road shall be paid
into the treasury. i''.'i -li'iI- 81
Full power should be given to the Legisla-
ture, or its authorized agents to examine all
the books of the company, and also it's officers
and employees, on oath. for the purpose of as.
lcertainng the cost of the road, its annual ex-
penditnre and receipts, and in case of false or
fraudulent statements being made, the penalty
OF perjury should attach. a.'t 40 tc,ff hi. 49,, -.
These and other amendments should be ad-
ded, some of a local nature, having for their
| ObJect the protection of the community against
any encroachments which the company might
In time sec tit to make, it no restrictions were
| placed upon them. ~
! Ii the amendments are not accepted by the
company, they will be forfeited. The extern
sion of time being forfeited by non-accept-
ance or the amendments. the charter Will be
forfeited, and the next Legislative Assembly
may take such action upon the subject as to it
may seem meet, and as it would take if the
charter were to be disapproved by Congress.
1t cannot be expec ted that this Legislative AS,
sembly can, at the present session, enact any
other charter, even if that already enacted
should be annulled. BY the time that intelli-
gence OF the action of Congress upon theCpro-
posed memorial willlbeI received, this session
Will have nearly or quite expired :; and mem
bers could not mature measures founded upon
such action. ''''''-ii 10 7iI1d ,qlLanGa2I0H 10
The suggestion of the Executive is based in
part upon the assumption that the charter was
the result of hasty and incopsiderate legisla-
ton. p .rest fr - '' nf41i1l9 y
Supposing such assumption to be lust, this
Assembly could not proceed in the matter at
SC, late a day, without falling into a similar
error 10d'ir bHc -s.1 .13t'alttg rro1 >.
But if the company accepts the amendments,
and in good faith goes on with the construction
OF the great work contemplated by its charter,
at the opening of navigation the members Of
this Assembly will not regret having refrained
from the premature and harsh act now sug-
gested:! lfi.4m > .ei'ung zrlyol zr.i 10, ss.raz
In either view of the case, therefore, it is
most prudent and wise to afford to the compa-
ny every. reasonable facility and encourage
mcnt Nothing can be lost and much may be
gained by leaving the subject apart from the
amendments to the next Legislative Assembly
1t is therefore respectfully recommended that
the charter be amended as above suggested.
(. etl' t.4th-ll-- as9f A. M. FRIDLEY.