Minnesota weekly times. [volume] (St. Paul, Minn.) 1854-1859, 1855-02-13
VETO MESSAGE OF the aovERxoa.
,entlsmen of the House Of Representatives:

j herewith return 10 tue HOUSE OF NcproSont0. /
tives, in which it originated, Bill No. 5, entitled
an act to amend an act to incorporate the MIN
nesota and North Western Railroad Company, |
with my objections to its becoming a law.
BY the 9th section of said act, the charter |
granted to the Minnesota and North Western
Railroad Company is especially re-enacted which
brings up all the questions that arose in regard
to the powers, privileges and franchises therein
granted. If the same persons who composed the
last House of Representatives, also composed the
present, it would be needless for to enter into
the subject in detail; hat under existing crcum-
stances feel it public duty to point out the OBJ
jections that are in my judgment so manifest
therein. 1t will be borne in mind that the grant
of lands made by Congress to the State of llli-
nois, approved 2Cth of September, 1850, is sub
stantially the same (and differ but little even in
terms,) US that made to this Territory by the act
of Congress approved Goth June, 1854. BY an
act of the Illinois Legislature approved February
10th, 1851, charter was granted to the Illinois
Central Railroad Company, by which they were
to receive the lands to aid in constructing certain
roads therein named. Said charter is substan-
TALLY like that granted to tho Minnesota and
North Western Railroad Company, by the Legis-
ature of Minnesota at its last session, and re-en
acted by you ut the present session, except that
the charter to the Nj. N. w. r. r. Co. leaves out
nearly, if not quite, all the guards and securities
expressly provided for in the Illinois charter.
the Illinois charter is found in the 18th section,
which provides that Immediately upon the or
ganizatiOn of said Company, and the presentation
to the Governor of the State Of Illinois, OF GER
tifcate signed by the corporatOrs herein before
named, and duly acknowledged, accepting of this
act Of incorporation, and certifying to the due Or
ganzation Of said corporation to the subscription
of the capital stock thereof by the corporators
herein before named and their associates, of the
sum of one million Of dollars, and the bona tide
nayment of 20 per cent. thereon to the Treasurer
of said Company, verified by the afidavits of the
President and Treasurer of the Company, which
said certificates shall be hlcd IN the otce OF the
Secretary of State"
1t will be seen that Illinois required the guar
anty for the constructing, &C., of said road that
20 per cent. on one million should be actually
paid in. The Minnesota charter only requires
that 10 per cent. shall be paid in, nor does it re-
quire them to report under oath that one cent has
been paid into the Treasury in good faith:
9. The Illinois charter, in the 18th section, re-
quires the Company to deposit three hundred
thousand dollars ($300, 0OO) of registered canal
bonds or funded internal improvement bonds of
the State of Illinois, or two hundred thousand
dollars in specie, or two hundred thousand dol
lars in United States, per cent. stocks, ,cit the
Treasurer of the State to be returned to said Com,
pany ON the completion Of so miles Of said road
acitin the time and according to the provisions OF
the charter. Minnesota has no such security and,
strange to say, she refuses to ask it. have yet
to learn that the Illinois Central Railroad Com
pany are not as responsible and as reliable the
Minnesota and North Western Railroad Compa-
nv, and frankly confess it utterly beyond my
comprehension to see why Minnesota should not
guard her interest as amply as did the State Of
illinois. Again, while illinois secures to her
people 7 per cent. in money of the gross proceeds
of her road, Minnesota asks only per cent. on
the net proceeds.
8. Illinois, then, requires the Governor to make
deed to said Company in fee simple of all the
lands granted her by Congress, and Simultaneous
ly with the execution of said deed, by her Cover
nor that is to say, mortgage, is to be executed
to trustees by said Company all the lands con-
veyed by the Governor to the Company, expressly
to secure and guaranty to the State of illinois,
the first and prior heir on everything thus mort
gagged 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, Min
nesota has required of the Minnesota and North
Western Railroad Company, no such security !;
but, on the contrary, has refused to ask it. If
| the Illinois Central Railroad Company accepted
these terms, and gave these securities, why is it
| that Minnesota does not thus secure the peoples
| rights? Surely, Minnesota is not more able, in
her tender infancy, to risk her lands in the hands
of a corporation, than Illinois with her million
inhabitants Surely, Minnesota is not less La
Ole 10 imposition IMAM was ILLINOIS,.
BY the 9Th section of the Minnesota charter
sstho fee simple'' is granted to the corpora
ton absolutely, sswithout any further act or
deed,'' and the Governor is directed to give an
additional deed if required by the Company, ''to
vest in them more perfect title" 1t will be OBJ
served that when this title is complete, the Com
pany have the power under the 10th section, to
mortgage the road, franchises, lands and materials
belonging thereto, thus empowering the Company
to borrow any amount of money they need in con-
structing the road. This money they may use at
will, and in any way they choose, either to bank
upon, in New York, or, speculate in any way
the most profitable dividends can be realized for
three years, and not expend one dollar on the
road, against which Minnesota has no remedy un-
til the expiration of the first three years, and then
she can only have forfeiture Of their charter,
and bring suit at the end of said three years for
the value of the land thus misappled. Who will
she then sue? The officers and stockholders of
course! Who are they? do not know, nor do
presume that any member of this Legislature
does. The officers and stockholders Of to-day
may not be the officers and stockholders then =
They may each be responsible now, but they may
all be bankrupt then Against which unfortu-
nate contingency, Illinois took good care to be
amply secured against which unfortunate con-
tingency, Minnesota has no security whatever,
and refuses to ask it What service can the for
fixture of their charter be, if they thus misapply
yVuh Auuoo' ~ Outy you DdCK Wnerc you
started, after having lent your lands for the Co.,
to raise money upon. And here another question
arises whether the bond holders who loaned the
money to the Company cannot hold the lands thus
mortgaged, and enforce title. This position
will be still stronger if Congress should not dis
approve the charter now before them for then it
will have equal force with any act of Congress,
for failure to disapprove is equivalent, pre-
sumo, to an approval. 1t is true, the patent is
not to be issued until certain part of the road
is completed, yet it must be remembered that the
Company have three years to complete fifty miles,
and Minnesota is silenced, her lips sealed. her
complaints Ruthless her denunciations powerlcss.
until that period rolls around and it matters not
TO whom this Company transfers their stock Il
matters not if they fail and become bankrupt in
this time remedy is left this infant Territory,
and here repeat, that the peoples Representa-
tves in this and the last Legislature not only do
not ask some security against such events, but
even refuse to ask, and refuse to receire them
Even in the ordinary dealings of men, security is
usually required where the amount is large and
the credit long.
1t must be borne in mind, that the Congress of
the United States gave these lands to Minnesota,
not to the NJ. & N. w. r. r. Company, and their
value has been generally estimated at six or seven
million dollars; and this enormous sum is pro-
posed to be given over in fee simple to a compa-
ny to build railroad, without taking any secu-
rity that they will build it in the TINE or in the
MANNER, or that they will faithfully apply the
proceeds thereof as required. Minnesota thus