The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-04-08

|
OF the beads Of the defAaluns Company, or
! by sale Of The lands pledged, or foreclosure Of
the mortgage or deed Of trust Of saeh default
rag Company, or by all or any such nssns OF
| isde mnincstion-"
| The Governor may, on sueh default, imme-
dlAtely advertise tor thirty days. IN tAree news
papers publlshed IN the City Of Ses York, and
oae Newspaper pubIishsi At the seat Of gov
e1nmeat Of this State, that = SUFFICIENT amount
Of nrsi mortgage bonds Of such detaalting
Compsn shall be sold on the fortisth day after
.neh default, IN the City Of New York. 70 the
| highest bidder for cash. and ssch sale shall be
naade accordingly, and the proceeds thereof
snail be returned ~ the Treasury 10 indemnify
the State for such default, together with ali
costs, charges and damages growing out Of
sach default
An abstract has already been given Of the
manner in which the lands conveyed TO the
State may be sold, st the Governors option,
IN case of default by Company.
The section Of the act regulating the fore
closure and sale, under mortgage and trust
deeds, refer. so exclusively TO the provisions
q those deed., as TO have Little significance.
Gov. sibley therefore suggested TO the Gem
psnies, that in accordance with the laws Of
their own organization, they should respect
lively execute saeh Supplementary Trust Deeds
a. TO direct their Trustees or in case OF neglect
by the Trustees, to authorize the Governor. as
the agent Of the State and the Companies, to
caas. an absolute foreclosure and sale Of ali
the roads lands or frABeLises, within sixty days
After the occurrence Of any default in the pay.
Iient Of interest
The Companies very readily responded 10
the overture Of the Executive, aud furnished
the summary remedies desired.
In Governor sibley's own language, as 70.
GENTLY Published, .'the intere.t on the bonds Of
the Companies delivered to the State being due
and payable sixty days in advance of the semi.
annual interest due upon the State Bonds, .
foreclosure and sale can be made. in case Of
Default on the part Of the Companies, in time to
protect the credit Of the State Bonds when the
interest upon the Bonds becomes due. and pre-.
eludes the necessity Of other legslation for tina,
purpose"
/ In case Of o forced sale OF Q road, with the
franchises and lands thereunto appertaining,
tae Act Of March II, 1855. provides that the
purchaser or purchasers, their associates, sue
cessors or assign.. may proceed 10 organize
anew, snd elect Directors, distribute and dis.
pose OF stock, take the same or any other
name, and may conduct their business general
~ under and in the manner provided in the
charter OF such Railroad Company, with such
changes or variations in manner and form Of
organization As their altered circumstances,
and better convenience, may seem TO require.
FTorided, AosceVsr, That no greater or enlarged
powers shall be exercised by the new organi-
zalion than are conferred by the charter Of
sach Company"
single further quotation from the Loan
Amendme Mt viii complete the review Of that
measure, viz; " Pror.dsd. II any of said Com.
pAnies shall a. any time offer to pay the princi.
| pal, together with the interest that may then
be due upon any OF the Minnesota State Rail.
road Bonds, which may have been issued under
the provisions Of this section, then the Treas
urrr Of the State shall receive the same, and
the liabilities Of said Company or Companies.
In respect 10 said bonds, shall cease upon such
payment into the State Treasury Of principal
| tok ether with the interest Aforesaid -
| XII.
GENERAL rorIcs.
! shall dismiss the present discussion, with
the consideration OF q few topics which relate
tp the Future Progress OF the System.
/. Shall ps haze a communication BY Railroad
slth Lake Superior
am precluded from pronouncing the Rail
road ystem complete. by the absence of road
from the limit OF continuous navigation on the
Mississippi. to Lake Superior. Saint Paul may
not feel this want, for Super or is the only pos
sIblc rival Of this city and some Indifference
might be excused on the part Of the Minnesota
and Pacific Railroad Company. induced by an
Appre he lou of the diversion Of trade and
travel to the Northeast. but far otherwise with
the Southern Minnesota and Minneapolis and
Cedar Valley Roads, and all interests connect
oil with them. They gravitsts irresistably to
4 Fon du Lac. The mines and forests Of North
ern Minnesota, these are destined 20 swell far
beyond present estimates, their freight receipts.
Minnesota was once vested with Q grant Of
valuable lands, ample, if now secured, to &C
eomplish o railroad communication with Lake
Superior. 1.-THE Supreme Court Of the United
States shall decide, that this grant Is yet avail
able TO Minnesota, through the Company to
which ii was transferred by the Territorial
aslslature, then the route to Lake Superior
nay make . second appeal TO the interests, to
say nothing Of the sense of ju.tice, of Central
aai southern Minnesota. The counties inter.
ested In the prosperity and connections of all
Il rsilroads, whose routes point to the western
extremity OF Lake nAyig alton, are commended
to "a sober second thought on this subject.
}. HAat application Of the loan Of Stafe
Credit. ,riH best sdrancs tas tntsrsss Of ths Coz
>rmsnt and people
assume that the pc, cent Stocks Of Min
nesotA are to be firmly upheld in every de-
pariment Of the public administration, and by
tho people without distinction OF party. OF this
eau there be any question,
What should be done with the proceeds Of
i've millions Of State Bonds, in connection with
limited use OF corporate credit The Consti
tuition. as construed by the Executive, requires
the completion Of $50 miles Of railroad before
the whole amount OF State Bonds can issue.
The Companies viii be required to transfer TO
the State $4,000 per mile Of hrst mortgage
bonds, but by the further negotiation OF &c.