The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-03-20
$5,OOO,OOO BILL
by AUTHORITY
N ACT PROPOSING AN AMI

lBY AUTHORITY
A ACT IT. IR nS AN AMEND
posing an amendment to Section ten Article nine, Of
the Constitution, and providing for the submission Of
the same to the people.
Be it enacted by the LeoisIature or the Sote of Mn
nesOtG:
SECTION !. The following amendment to the Consti-
tuition OF this State is hereby proposed publication
with Section of Article IA of the Constitution; that is
to say that Section 10 Of Article the Constitution
shall be as follows:
Sec TO- The credit of this State shall never be given
or loaned in aid of any individual association or como
ration except that for the purpose of expedtng
struction of the lines of railroads in aid of which the
Congress of the United States has granted lands to the
Territory Of Minnesota the Governor shall to be
Issued and delivered to each of the companies in which
said grants vested by the Legislative Assembly of
Minnesota, the special bonds of the State bearing an
interest seven per cent per annum payable semi-an
nually in the city of New York, loan of public cred
it, to an amount not exceeding twelve hundred and fifty
thousand dollars; or an aggregate amount to all of said
companies not exceeding five millions of dollars in
following to wit:
Whenever either of the said companies shall produce
to the Governor satisfactory evidence, verified by the
adavits Of the Chief Engineer, Treasurer and Dr.
rectors of said Company that any miles the road
of said company has been actually constructed com
peted, ready for placing the the
Governor shall cause to be issued and delivered to such
company bonds to the amount of hundred thousand
dollars and whenever thereafter as often as either
of said companies shall produce to the Governor like ey
idence of further construction of miles of its road
aforesaid then the Governor shall be issued
TO such company further like bonds the amount Of
one hundred Thousand dollars for each and every ten
miles of road thus constructed and whenever such COM
pany shall furnish like evidence that any miles of its
road is actually completed and running thereon
the Governor shall to be issued to companv
like bonds to the amount of hundred thousand dol
ars and whenever thereafter, and often as either NJ
said companies shall produce to the Governor Ike ay
dence that any further ten miles of said road is in
ration as aforesaid the Governor shall to be su
ed to such company further like bonds the amount Of
hundred thousand dollars, until the full amount OF
the bonds hereby authorized shall issued Provided
Southern Minnesota Railroad Company shall be expen-
ded in the construction and equipment of the line of
road from La Crescent to the point of junction with the
Transit road provided by law; and further provided
that the Minneapolis and Cedar Valley Railroad Compa,
shall commence the construction of their road at Far
bault and Minneapolis, and shall grade an equal num-
Der of miles from each Of said places
The said bonds thus issued shall be denomnated Nin
nesoa State Railroad Bonds, and the faith and credit
of this State hereby pledged for the payment Of the
interest and the redemption of the principal thereof
They shall be signed by the Governor, countersgned
and registered by the Treasurer sealed with seal OF
the State, of denominations not exceeding thousand
dollars, payable to the order of the company 10 whom
issued, transferable by the endorsement of the Pres-
dent of the said company and redeemabe any time
after ten and before the expiration of twenty years
from the date thereof Within thirty days after Gov
ernor shall proclaim that the people have voted for
loan of State credit to railroads. any of said companies
proposing to avail themselves of the loan herein prov-
ded for and to accept the conditions the same shall
notify the Governor thereof and shall within DAYS
commence the construction of their roads and shall
within years thereafter construct ready for the
persructure, at least fifty (50) miles of their road
Each company shall make provision for the punctual
and redemption of all bonds issued and deliv-
ered aforesaid to said company and for the punctu
al payment of the interest which shall accrue thereon
in such manner to eXonerate the Treasury of this
State from any advances of money for that purpose
and as security therefor the Governor shall demand and
receive each of said companies, before said
bonds issued, an instrument pledgng the profits
its road for the payment of said interest," and con-
veyance the State of the first hundred and forty
sections of land, free from prior incumbrances which
such company may be authorized in trust for
security the Treasury of the State from loss
OF m hall
the Governor and Secretary of state to convey
of title to all or of such lands purchasers
agreeing with the respective railroad companies there
for Provided That before releasing the interest of the
State to such lands such sale shall be approved by the
GOVERNOR but the proceeds of all such sales shall be ap
piled to the payment of interest accrung upon the bonds
in of default of the payment of the same and as a
sinking fund to meet any future default in payment
of interest and the principal thereof when due and as
further security amount of first mortgage bonds on
the roads, lands and franchises of the respective COM
panies corresponding the State bonds issued shall be
transferred to the Treasurer of the State at the time of
the issue of State bonds and in of said COM
panies shall make default in payment of either the in
teres principal of the bonds issued said companies
by the Governor, State bonds shall thereafter
be issued to said company and the Governor shall pro.
coed in such manner may be prescribed by law to
sell the bonds of the defaulting company Companies
lands held above, or may require fore
closure of the mortgage executed to the same
Provided, That if any company so in default before the
day of sale shall pay all interest and principal due
and all expenses incurred by the State sale shall take
place, and the right OF such company shall not be i'm
pared to further loan of State credit Provided if
OF said companies shall at any time offer the
principal together with the that NAV then be
due upon any of the Minnesota State Railroad bonds
which have been issued under the provisions this
section, then the Treasurer of State shall receive the
and the liabilities of said company or companies
respect to sad bonds shall cease upon payment
the State Treasury, of principal together with the
interest, aforesaid. Provided further That in con-
sderation of the loan of State credit herein provided
that the company companies which may accept the
bonds of the State in the manner herein specified SHALL
condition thereof, each complete not less than fifty
miles Of its road or before the expiration year
1851 and not less than one hundred miles before the
year 1864 and complete fourifth of the entire length
OF its road before the year 1866, and on the
part of any such company to complete the number Of
miles of its road roads, in the and within the
several times herein prescribed shall forfeit to the State
all the rights title and interest, of any kind whatsoever
i'll and to lands together with franchises
ted with the not pertaining applicable to the
portion of the road by them constructed, and a
pie which has accrued to either of said COM
panies by of such construction which grant,
ed to the company or companies, thus failing to comply
with the provisions hereof by act of the Legislature of
the Territory of Minnesota, vesting said land in said
companies respectively.
SEC 2. heforegoing amendment shall be submitted
to the electors of the State at election TO be held
the 18th day of April thousand eight hundred and
ftyegh in the several election districts of this State
The ballots at such election shall be written printed
follows: those in favor of the amendment LOAN of
State Credit for Railroads.&c." Those against the
amendment, sloan of State Credit for Railroads.&c."
The polls at said election shall be opened between the
hours of eight and O'Clock A. NJ and closed at six
O'Clock p. NJ, and the said election shall be conducted
and the thereof made and certified in the man,
provided by law for returning for Territorial
Delegate Congress, except that the said returns shall
be addressed to the Governor, by whom the same shall
be canvassed within twenty days after said election
and if shall appear that majority of voters present
and voting at said election have ratified the proposed
amendment the Governor shall incorporate the forero-
ing amendment in the Constitution and shall make proc
Ian alton of the result and deposit the election returns
in the office of the Secretary of State.
SEC. g. Besides the publication prescribed by exist
ing laws this Act is hereby directed to be published
the newspapers of this State, for which publication the
rate of compensation is hereby as
insertions in the official paper of the Legislature.
SEC. 4. This Act shall take effect from and after its
passage. GEORGE BRADLEY,
Speaker pro tenn. of the House of Representatives,
RICHARD G.. MURPHY,
President pro tenn. of the Senate
Approved March 9, 1858.
CHAs. L. CHASE, Acting Governor
SECRETARY's OFFICE, Minnesota,
March o. 1858.
hereby certify the foregoing to be true copy OF the
original on file in this Office
mar1f-dawtp CHAS. L. CHASE, secretary.