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

skCoND ARTICLE.
Sr. PAU. March l5, 1858.

sHCoNp ARTICLE,
Sr. PAU. March l5, 1858.
To the Editors Of the Pioneer and Democrat.
In my last communication, l think il was
fully shown that the pretended securities Of
the loan bill, ARE entirely insufficient for the
protection Of the State against loss. With
your kind permission, will now endeavor
10 demonstrate that the railroad companies
will II the proposed amendment TO the con.
stitution be ratified by the people, have the
power and the induccmcnt 10 deiraud the
State out OF the Ioan, and thereby saddle
upon the people debt of $4,000 900, with
the accrning interest OF S350,000. and cost
of collection, to be paid annually for twenty
five, or perhaps only twcnty.iour years
amounting in all. principal and interest, to
the enormous sum Of at least thirteen mil
lions OF dollars.
II it had been the design of the legisla-
ture TO framea law empowering and inviting
these railroad companies to swindle the
State, II would bc difficult 20 accomplish
this purpose with more cunning than appears
to be revealed in the various provisions Of
the proposed amendment
have no doubt that critical anal ysis of
the pretended securities Of this hill. when H.
Illuminated even slightly by the light Of ex.
periencc and common sense, will convince
every unbiased and unpreludiccd tax.pay.
er, that il the bill be ratified, II will both
empower and invite these railroad com.
panies 10 svindlc the State. Allow inc 10
call attention TO the security provisions oi
the bill. quote from an officially Published
copy; ,,,
Zach company shall make provision Tor the
punctual payment and redemption Of all bonds
Issued aud delivered "a aforesaid 60 said com
pany, and for he punctual payment Of the in
tercst which shall accrue thereon, Ia such man.
per as TO exonera,e the Treasury of this state
from any advances Of money for that purpose.
The above is all preamble TO tbc@cur,iies,
mere surplussage, aud looks Ike blind to
deceive. II is Of no effect for tr exnct BE-
curitics which the Companies are to give,
are defined Us follows:
And a. n security therefor, the Governor
shal, demand aud receive from each OF said
Companies. before any of said bonds are issned,
m instrument piedging the pct pfoiits oi its
road, for the payment Of said interest, ana
conyeyanee 70 the state ., 10" mrs. ,,'o m' n',n, na
ineurnbrances, which such Company IL or may
be authorized 20 sell in trust for the better se.
curity Of the Treasury Of the State from loas
on sa1 b0nds, which said deed of trust shall
authorize the Governor and Secretary Of state
TO make opyoyances O' title 70 oil or Of any
such lands 10 purchasers agreeing with the re-
speetive Railroad Companies therefor Pro
rnisd. That before releasing the interest of the
State 20 such lands, such sale shall be approved
by the Governor, but the proceeds Of all sue h
sales shall be applied 10 the payment oflntercst
acefuing upon the bonds In case Of default OF
the payment of the same, and as sinking fund
20 meet any future default In tho payment ofin
tefest and the principal thereof when due and
as further security, an amount ~ FIRST mortgage
bonds. on the roads, lands and franchises, Of
the respective companies, corresponding 10 the
state bonds issued. shall be transferred 10 tho
Treasurer of the State Ut the time ~ the issue
Of state bonds. and In case either of said Com.
pauies shall make defanlt In payment Of either
the interest or principal 0f the bonds issued ~
said Companies by the Governor. no more state
bonds shall thereafter be issued 10 said Com.
pany and the Governor shall proceed IN such
manner a. may be prescribed by law, TO selI
the bonds ~ the defaulting Company or Com.
names or tho lands held IN trust a. above, or
may require q foreclosure Of the mortgage sk
ecuted TO secure tbd same"
Now gentle yeader,' what do you sup
pee the above quotation from the bill
means II you are not familiar with the
tricks Of law makers, and have not closely
scanpsd its various provisions, you may,
with q generous confidence infer that it Ia
all right, and brimfal Of the ample secu-
rites No much .extolled by the learned
friend. Of the bill. Or, you may modestly
dismiss IL from further study, "a too pro
found for your untutored comprehension /;
and, for your enlightenment seek an easy,
lncid and satisfactory explanation or para
phrase, iron the able friends Of the bill,
which you will fiDd scattered broadcast
over the State, in their newspaper articles
and speeches.
Allow me, however, IN warn you against
the danger of such misplaced confidence
Many of ihese gentlemen have been afflicted
by a strange delusion, infatuatioo, or some.
thing else, 10 that they honestly, perhaps,
represent that there are securities in this
bill which cannot b. found on fair inter.
pretation Of an official copy
Lpt ns for the present kep before the peo-
pie tbs bill 10 be submitted to them, and
briefly consider the foregoing quoted ex-
tract. think we shall see IN the ap,a
rep, fairness and confused iDyolution n its
g,nyd,d provisions, wha, will look very
IKE an intended deception. This quality Of
the bin, may he, however, only remarkable
accident. 10 dissec,ng the part quoted
,be famous scuritiez-we would briefly ex-
amin esrh clause In IL order, and IN make
the criticism clear, set down tbe quotations
| from the bill in nal,a.
lt The MT preff'," &c.
The availability of this security Is 10 re-
mot tia, the State may he swiDdlsi out ol
the whole s5000y000 beiose there are any
"pygfh'
ID. And Dnveyanu to tie State Of II,
Gra Too hundred and forty ~ds0s of land