The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-03-06
The s5.OOO,OOO Loan Bill Reviewed.

vented us from laying before the numerous
and intelligent class of rea lers of the Mime
so'iap close analytic review of either Of the
Five MILAN Loan Bills introduced into the
Senate.
We now propose to glance briefly at the
bill recently introduced by Mr.. LINDsLEY.
which, though vast improvement IN any
OF its predecessors, is nevertheless sadly de-
icient.
These bills have al been framed from the
sa ne model. The same general features
pervale the whole of them; and in the
whole of them we detect the same studied
effort to bind the Sstte, aud to let the CON-
ptaies so "scOt free"
So far as tho acts to be per ormed on the
pant Of the officers Of the STATE i'll issuing the
bonds arc concorned, no bills could lie more
specific, mole guarded OR more stringent -
not loop hole being left for escape. But,
wien We come to look for mutual obligations
"a like stringency and guardedness on the
part of the Companies we find everything
relaxed. The conditions precedent, upon
the part Of the Company, SO lcarnedly par
AIDED in the speeches of the Loan advocates,
are not t. be found and di>nterested
party readirg the bill would be left under
the impression, that the effort was to guard
against waLa 6des, or the bad faith of the
State, and not Of the Companies. This bill
provides for the issuing # 81 I,250O00 of
"Htanesota State Rua,o oad Boads' TO each of
The four Land Grant Companies-naking all
aggregate OF s., 0000c-te ring seven per
cent. interest, payable se,ni-annually III New
Yoak, and redeemable at any time after ten
Years.
Within thirty days after the Governor of
TIE State shall proclaim the ad ,pton Of the
measure by the people, the Companies wish
ing 10 avail them elves of the loan, must no.
tIiy the Governor of their wish to do so !;
and within the next thirty days, each Com
pany shall furnish him with evidence that it
has twenty miles of road Under contract!
This is an absolutely crushing provision |
Shame, gentlepsn Shame! You mistake
the people Of Minnesota, if you expect to
catch their votes by such g!ir:ng abserdi-
ties. Yet this is the object of that provis-
'on. They expect to induce the people to
receive this as evidence of tn. good faith
Il hac 81.
ale issued; aud yet, We viii venture to say,
that there ~ net ten me in the State Who
do not knov hat were It necessary, either
II tl.ose Companies could furnish evidence Of
ten such contracts in as many minutes. Yet
such are the obligations imposad upon the
Companies by the bill--one Of the securities
provided
We ask the friends of MnnesOta-her
,rue fr,ends-those who intend to make their
home beneath the shelter Of her !aws-those
who have res'rd for her good name and
lamp--her credit to examine. and reflect
upon, this proposition and ITS inevitable con
sequences.
We ask them to look at the miserable
shifts resortei to, for the purpose of winning
he support Of an Intelligent people. IL i,
IN insult to the people Of Minnesota. a H.
Del on their intelligence
But our princis al object in commencing
this article was to refer to the securities,
which this bill demands from the Companies
to shield the State against luss.
What are they ? Iu the language of one
Of the hired advocates Of the loan, Does
not the bill pmv,d ample security -? Does
1t not provide that the Companies SHALL ez-
onerate the Treasury? Is not this impcra-
Hce?'
| We answer it does-it is and higher
law, whose language j, equally impcratict
provides, Thou SHALT Nor steat ?" and yet
members Of Railroad Companies have been
known to violate even that law Then,
what security does the m-rvtm afford ?
But the people demand some tanyJLe secu.
rtty-not securities IN Me bjii but tangiIie
real securities outside OF it
Are there any such We will See
The first security rendered, outside of the
bill itself, is, the " net Profts' Of the respect
| i've roads THE NET PROFITS :! . .AmpteS
| ofsecnrities ~! Who would be so unmca
sonabc as 10 say, that this is no security!
Why, 1t is nJsolu.dy INcALcuLAsLE. Shame
leSS pretence!
The next security on'side of the bill is "a
conceyaace to He Stote IF the first one hnnlreo
and twenty sections of Ltn'l, which said Compa
ny Is on MAY BE authorized to SELF"
Like the net prof'S," the proposed conuey,
ance is wholly mythical - uusubstantial
They have no lands to convey! Those O
them, who possess the smallest grain Of hon.
esty admit it. 1t is only the INSCRIPTIONS
those lost TO all sense Of shame who maintain
the contrary. Not only have none of them
lands now to convey but most Of them will
be obliged to construct f;xty miles, and one
Of them sixty or eighty before it can obtain
the full complement of l20 sections. These
are facts, which none but knaves deny!
The remaining security, is, First Mort
gage Bonds" of the respective companies
corresponding in amount to the State bonds
received.
II viii bs observed, that It is merely dol
lar for doIlar-no calculation made for inter
est, or TO- depreciation in the bonds thus de
posted. Therefore, should the bonds con.
tinue worth their face, which no man i:
simple enough to expect, except those who
look upon the & net profits" of the reads as a
security State takes the risk, unsecured
to the amount Of So 100000, or the interest
on her own bonds for ten years at per cent