The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-02-06
THE WEEKLY MINNESOTIAN
Ihe Monster BiiI-$5,OOO,OOO Of Debt
and Hair Million Of Annual Tax.
atfOnt

OFFICIAL PAPER or THE CITY,
Inc monster BiiI-$5, ZOO, 900 Of Debt
ana HAIR a Million Of Annual Tax
alton!
Amidst the dstresscs of the times it is
not surprising that many infallibIc panaceas
for obtaining relief for that huge patient
the Public-shouId be offered for adoption
by the embarrassed community. Some of
these panaceas are proposed by those who
hon esty believe that what they suggest will
cure the evil complained of; but which are
nevertheless but ignorantly concocted nos
trums that even inOuntain-like faith will not
give efficacy to. Some are tho prescriptions
of educated practitioners, more or less prac.
ticable and advantageous, but requiring care
full discrimination lest the patient be injured
by taking too much or too many medicines
Whilst others are proposed by quacks, not SC
ignorant as designing, who will advertise
largely their vile compounds as able to re-
lieve all the complaints of the body polite
but who conceal beneath it all the design Of
merely making their own fortunes off the ne
cessitles, the distresses, the misfortunes Of
their too credulous countrymen.
Ii is against designs by some Of this latter
class of political doctors that it becomes our
duty, as conductors of an independent public
press, to warn the People Of Minnesota, at
this time.
There has already been some discussion in
our columns relative to bill introduced in
the State Senate, for an amendment to the
Constitution, SO as to enable the State to u.s.
sue bonds to the amount Of FIVEMILLIONS
OF DOLLARS, to be paid to the LAND
GRANT RAILROAD COMPANIES of the
Territory, wherewith to commence the con.
struction of their roads. This bill after its
introduction was referred to special com
mittee, so constructed wholly CT friends OF
the measure, as to secure unanimous report
in it's favor. This stage Of the game seems
the appropriate point for US to editorially
take our stand upon the bill ; and to declare
ourselves most enphoticaliy opposed to the acholt
scheme, as it appears upon the face of the act
and as it is explained and defended by the
report of the Senate Committee. We are
the more impeled to proclaim our decided
opposition to the bill, because, notwithstand.
ing the many objections to which as meas
ure of State policy, it is obnoxious, and ought
not therefore to pass the legislature of the
State, yet such is the influence of the several
organized Railroad Companies which are to
be benefited by its passage, that we strongly
apprehend this influence, with selfish local in
terests, may succeed in saddlirg this dread
full incubus upon our State to bear down dis
astrously our prosperity perhaps quite
through whole generation of time and we
feel under these circumstances, we should be
derelct of our duty, did we forbear for favor
| or shrink back from our task through fear.
The people of the State at the late cleo.
ton by an almost unanimous vote, declared
that "the credit of the State shall never be
give' Or loaned in aid of any individual asso-
citation or corporation" Sec. 10, Art. 9,
Constitution. And yet in opposition to the
unanimous will of the people as expressed
through the ballot box, it is proposed to loan
the credit of the State to four several Rail
road Companies, to the amount of $4,000.
600. and that too, to companies ,chouy and
entirety irresponsible!
So entirely destitute of either credit or
means are they, as to be unable to pay the
costs of the surveys of their several roads. nor
have they means or credit enough to paw the
salaries Of their respective officers. Indeed
it Is admitted in the report of the select COM
mittee ''that they are unable to construct such
sufficient line of road as would afford to each
company basis for the issue and sale of
bonds"
This of itself is strong reason why the
credit of the State should not be loaned to
these companies of mammoth pretensions,
but of real impotency.
unblushingly takes the ground that these four
companies have no ''efiectual guarantees" az
the basis for the issue and sale of their bonds.
without the credit of the State is first loaned
to the said several companies.
The report of the committee seems to be
based upon the supposition, that not one dol
lar of tue capital stock of the said several
companies is to be paid by the stock holders.
Indeed the whole argument of the report is
that the stockholders are not to pay anything
upon their subscriptions. Ind this ws sup
pose is really true.
The whole thing is myth. A large
amount of capital stock is held by favored
persons in and out of the Territory without
any money being paid in, Or if any has been
paid it is SO triding that it is not worthy of
notice. These then arc the corporations to
whom the credit of the new State of Mime
sofa is TO be loaned to the amount of SIS, OOO.-
600
Soulless ponuyless corporations are always
eager aud grasping in thlit demands upon
the lib'ic troae,.ry, but it is seldom that de-
nands as enormous a.5 The present one, have
ever been made by companies 50 entirely des-
titute OF means.
Gar objections to this bill VIC classify as
follows:
- I I A7,-f -,