The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-03-18

which IL only abstract, bat on property
which u tangible and real.
II the State trusts its money in the hands
Of public officer elected by the people, aud
responsible to them, Treasurer for exam
pie, BE- he ever 20 pure and reputable. he is
nevertheless very properly required TO give
unquestionable SECURITY. II the state lend
| its bonds, ia moneys worth To u railroad,
or canal, or bridge company, which Is not
responsible 10 the people, is there any rea-
son why like objectionable security shall
not b. exacted from such company, as a
condition precedent Of the trust!
answer thus lnasmuch ~ character is
not accepted by the community az a sufli-
cient security from public officers, although
eieeted by the people, who may be entrusted
with public propcaty and inasmuch also,
( AZ the experience Of mankind requires in all
business transactions--lOaDso OF money for
exampls--security more certain, more avail
| able and more convertible into value than
character therefore, be the character Of
our Minnesota railroad operatives ever 40
| exalted, pure and inyulncrabe 10 temptation,
there neither il or can bc any sound reason
why tho property holders Of Minnesota,
should lend themselves and their property TO
these railroad gentlemen, without first OBJ
tanning positive and reliable security, AZ a
sure guarantee against loss and deialcation
| grant however that character is All element
Of security, always worthy to be considered
and honored, and that there are in these Rail
road Companies gentlemen Of the highest
character, but they may sol out, go out, die
/ out. Of be ont.vote1, and they may have no
more power 10 choose OF control their ascot
ates than one who pays for admission into
theatre or circus. The stockholders change,
but the corporation lives on, without emo
/ ton or conscience and therefore without q
body 10 suffer, or "A soul 10 be damned. II
these suggestions have any force, the most
enthusiastic believer in human pcricctabiliy,
will see that there IL not even chdTac'ef-
security for the proposed loan.
There Is another kind of moral security
much relied upon by some OF the advocates
of this loan mcasure--na namely, interest,"
The corporations will, say they. make more
money by being honest than dishonest
II is very old proverb that Honesty Is
th, best policy but alas human nature Is
20 prone 10 bc dishonest that millions daily
pray to he delivered from temptation, aud
after all how many fall victims to convenient
opportunity.
/ But | will, in the course OF these strict
urcs undertake to demonstrate that the pro-
posed amendment offers premium for dis
honesty AMI also guarantees impunity for
yielding TO the temptation Of swinding the
State.
Now let US look for moment at the
"ample securities" provided for IN the amend
ment. The reader will please compare my
commentary with the bill, and judge Tor
himself
"ist. The securities are three fold.' as fol.
lows: a." Net protis " the roam" which Cannot
be available till the road earns more than cx.
penses. which mag be u long time after the
loan shall have been exhausted, the State
cheated. and the tax payers saadled with
principle and interest. such a contingency
destroys the rcliableness Of the security.
/ ID "lhc hra $40 sections Of iaHd, 49,
This security is peculiar, and sngularly
miId. The power to make deeds IL con
| TERED upon the Governor and Secretary
/ the more important power, 10 sell the lands,
/ ia reserved to tho railroad corporation
Whatever their dcfalcations, they alone
can sell the lands Here then IL mortgage
pretended to hc security 10 the State,
nh,ch oannoi be foretiosed ,Ioept by the mort.
gagor. that is io any, by the Railroad Com
panics themselves, Woud any sane man
accept mortgage like this ~ security for
money! Ii not, by what process of argu.
mentatou can II hc made to bear the ~
hottest semblance OF good security To the
State And by the power to sell. now con.
icrrd upon the State the land security will
not bc available till the prescribed nllot
mcn,s OF road shall have been finished. bc.
fore which time the companies may have de
iaulted. and the loan swollen into the
irghtful proportions Of huge and oppres.
sivc State debt. This then is not sub
s,an,ml security.
II Is proper 10 remark that some OF the
railroad men claim the right 10 100 sections
of land upon the location Of each road, and
that they will git the same. This, however
is coutroyertd by others. who maintain
that they receive the land on y ~ the finished
Rad advances, If untaken lands there are
within prescribed boundaries parallel to the
line of the road This subject will not
further consider at present. However it
may bc determined, the fact remains that il
is only the mor,gagor, the Railroad Compa-
ny, that can scll the mortgagei lands which
is no reliable security at all to the State.
b. "dH amount Of fyd mortgage bonds. "
lnasmuch as the Railroad Companies can
issue any amount thy please of p" dra mort
gage bonds" "a the directors or operators
thereof for "Srricss derots and other equal
ly valuable traps, the amount held by the
State may very soon amount 10 aboa,
nothing ~ that this is no security at all.
Thus the thrive fold ample" sHuri,y
dwindles On the first touch NJ scrutiny into
bald deception The most important part
Of law. is that which provides for the
remedy. or the enforcing Of an obligation,
hut this important security is withheld from
submission u the pople II the companies
4. a.. - 4 al