The daily Minnesota pioneer. [volume] (St. Paul, Minn.) 1854-1855, 1855-02-09
Veto Message of the Cover N Or.
.ntlemen of the House of REPRESENTATIVES ::

Gentlemen Of the House Of Representatives:
herewith return to the House of Repre-
sentatives, in which it originated, Bill No. S,
entitled an act to amend an act to incorporate
the Minnesota. and Northwestern Railroad
Company, with my objections to its becoming
a law.
By the 9th section of said act, the charter
granted to the Minnesota and Northwestern
Railroad Company is expressly re enacted );
which brings up all the questions that arose in
regard to the powers, privileges and franchises
therein granted. If the same per sons who
composed the last Ouse of Representatives,
also composed the present it would be needless
for me to enter into the subject in detail but
under existing circumstances feel it public
duty to point out the objections that are in
nv Judgment so manifest therein. 1t will be
b. rne in mind that the grant of lands made by
Congress to the State of Illinois, approved
Goth September. 1850, in substantially the
same land differ but little even in terms) as
that made to this Territory by the act of Con
yress approved 29th June, 1854. By an act
Of the Illinois legislature approved Feb'y 10th.
1851, a charter was granted to the Illinois Cen
trail Railroad Company, by which they were
10 receive the lands to aid in constructing GER
an roads therein named. Said charter is SUBJ
,tantially like that granted to the NJ. q NV.
4. 4. Co., by the legislature of Minnesota at
t. last session, and re-enacted by you at the
p esent session, except that the charter to the
not quite, all the guards and securities express
provided for in the illinois charter.
The first guard against imposition or fraud
iii the Illinois charter is found in the 10Th sec
ton, which provides that I" Immediately upol.
The organization of said company, and the pre-
sentatIOn to the Governor Ot the State Of lii
nois, Of certificate signed by the corporators
iereinbefore named and duly acknowledged
accepting OF this act of incorporation, ant
c rtiiying to the due organization OF said cor
,OratlUn ito the subscription Ut the capita
stock thereof by the cOrpOrators hereinbetor
uamed and their associates, Of the sum OF on,
million OF dollars, and the bona fde paymen,
Of 20 per cent. thereon TO the Treasurer OF SAT
Company, verified by the afidavlts OF the pres
ldent and treasurer Of the Company, which
SAID certificates shall be fled in the Office 0.
the Secretary of State" 1t will be seen thai
illinois required the guaranty for the construct
my, &C., of said road that 70 per cent. on on,
million should be actually paid in. The Mill
nesota charter only requires that 10 per cent
shall be paid in. nor does it require them &c
report under cath that one cent has been paid
INTO the Treasury in good faith.
2. The Iii DIS charter, in the 18th section
requires the company to deposit three hundred
thousand dollars $500, OOO)of registered cana.
bonds or funded internal improvement bonds
of the State of Illinois, or two hundred thOus
and dollars in specie, or two hundred thousand
dollars in U. S. per cent. stocks, ac'th the
Treasurer # the State to be returned to sa,d
Company ON the completion Of 80 males Of sa'd
road aDlthin the time and according to the pro-
v.s,ons of the charter. Minnesota has no such
security and, strange to say, she refuses to ask
| it have yet to learn that the Illinois Cen
| trail Railroad Company are not as respons BILE
and as reliable as the NJ. & n. w. II. 4. Co.,
and frankly confess it utterly beyond my COM
prehension to SEE why Minnesota should not
guard her interest as amply as did the State
of Illinois. Again, while Illinois secures to
her people per cent. in money of the gross
proceeds of her road, Minnesota asks only per
cent. on the net proceeds.
3. Illinois, then, requires the Governor to
make deed to said company in fee simple OF
all the lands granted her by Congress. and ST.
multaneously with the execution of said deed,
by her Governor that is to say, mortgage
is to be executed to trustees by said Company
on all the lands conveyed by the Governor
to the Company, expressly to secure and guar
antee to the State OF Illinois, the first and pri-
or heir on everything thus mortgaged of every
kind and description whatever.
First, to secure the completion of the road
and branches within the time, and upon the
conditions and in the manner in the charter
provided. Minnesota has required of the NJ.
L. N. w. R. r. Co. no such security but, on
the contrary, has refused to ask it. If the H.
linois Central Railroad Company accepted
these terms, and gave these securities, why is
it that Minnesota does not thus secure the peo-
Piles rights? Surely, Minnesota is not more
able, i'll her tender infancy, to risk her lands in
the hands Of a corporation, than Illinois with
her million inhabitants! Surely, Minnesota is
no less liable to imposition than was Illinois
By the 9Th section of the Minnesota charter
" the fee simple" is granted to the corporation
without any further act or deed,
and the Governor is directed to give an addi-
tsonai decd if required by the Company, " to
vest III them u more perfect title" 1t will be
observed that when this title is complete, the
company have the power under the 10th Sec
ton, to mortgage the road, franchises, lands
and materials belonging thereto, thus empow-
ering the company to borrow any amount OF
money they need in constructing the road.
AnlS money tuey may use at VIII, anu Ill any
way they choose. either to bank upon, in New
York, or, speculate in any way the most prof.
liable dividends can he realized for three years,
and not expend one dollar ON the road, against
which Minnesota has NO remedy until the ex-
piration OF the first three years. and then she
can only have forfeiture of their charter, land |
bring suit at the end OF said three years for
the valce Of the land thus misapplied Who
will she then sue? The officers and stock
holders OF course! Who are they? do not
know, nor do presume that any member of
tins Legislature does. The officers and stock.
holders OF to-day may not be the officers ana