The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-04-01
Further Consideration In Favor OF Its
Ratification.


Ratification.
We resume the argument in favor Of the
ratification by the people Of the railroad
loan.
We cannot see for our life, how, under
this proposition, Railroad Company could
make expenses in any attempt at swindle.
1t would certainly cost $4,000 per mile to
prepare ten miles of road for the superstruc.
ture; or another $4,000 to fully complete
and operate ten miles As construction
must, in all cases, precede the issue of State
bonds, what is to be gained by dishonesty?
But it may be denied, that the Companies
will he obliged to raise and expend equal
amounts in the first instance--that these re-
suits can be accomplished with one half the
amount Of State aid. If $4,000 per mile
will prepare a road,bed for the iron, or fully
complete road-bed with cars running there
on, then we are called upon to believe that
these Companies will 60 into insolvency.
surrender their land grants-be dshonored
in the persons Of all connected with them,
for the sum of s75O,O0O each But we re-
peat, there is no possibility that the condi-
tions Of this loan can be complied with and
leave any such amount-there is, on the other
hand, great probability that the Compa-
MES will be compelled, over and above the
State aid, to raise and expend full fifty per
cent before emitting themselves to the State
bonds.
This city has lately voted with remarka-
BILE unauimity for the Bridge Loan: and yet,
upon this theory of scoundrelism without
motive or object, it would have been easy
to cry "swindle !" and impute conduct to
the gentlemen connected with that enterprise
which would have qualified them for lunatic
asylum! Why not attribute to Messrs.
| CHUrE. RIcE, RAMSEY STEELE, and Others con.
nected with the Railroads what all cheerfully
conce,ie to Mcssrs. ROBERTSON, MARSHALL,
BAKER and Others connected with the Bridge
namely, some regard for per-
soual character and the public welfare p
We have hitherto had little to say to this
point, because we wished the proposed
amendment to be made so secure that there
would be safety to the State If every Rail-
road Director was fugitive from justice:
but believing that result to have been OBJ
tanned, we think il high time that the com
munity should express their disgust with
that opposition to the loan bill which assumes
that Minnesota is below the level Of Botany
Bay. and that our first citizens will sacrifice
their interests. any time, under a mania ioi
the commission Of crime.
Nor do We think it necessary to further
argue the question Of securities. We hav,
fully presented the grounds Of our belief
, that they are sufficiently ample to exonerat'
the State Treasury from all advances on &C
count Of the loan; and hence we concur will
uft iltinuSIs VI tbc IA SEfosufc III tnSh Poo
: lished determination to levy no tax, now o.
I hereafter in advance Of an actual default o
E payment by the companies. As such de
4 fault is unlikely to occur, or, II it occurs, a
, the State holds the means Of indemnity Il
h her Treasury. the bugbear Of taxation u,
! terly disapTears-is gone up in Western
u parlance. Fifteen or twenty years hence
= pcsterity, with popalous and prosperou
= state for an inheritance, must look to th,
: principal for the discharge Of which We de,l
c icate GA. 400 acres Of land, and which. whel
= sold, will constitute an abundant sinkin,
fund And as for interes, on these Stat
e bonds---our only concern after the allow
+ legacy to posterity--,he peremptory sale o
{ FIRST mortgage bonds of the companies, bel,
+ by the Treasurer in the proportion Of 81.
:; to 81 Of annual interes, payments (sloo,oo'
4 to provide for $1,000, with further RENE
4 dy To dispose OF lands and rods on ioreclo
o SURF. will completely protect the State, with
o out reference TO the exclusive lien upon net
4 profits for insers; payments We canno
imagine q case where such sale OF bonds
. especially when the total amount issuable i