The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-03-20

The Daily .Minmesotian Of the 18th Of
March makes the following assertions:
ave assert it as q fact, that it is the pur-
pose and intention of the friends of the loan
bill to pass law authorizing tax to meet
the interest at least, if not an additional one
to create q sinking fund to meet the .prlnci,.
pal, Immediately upon the reassembling OF
the Legislature in June. We assert further,
upon the best authority, that the main, the
moving object, for which an adjourned SEES
sion has been determined upon, is, in the
event of the approval of this proposed loan,
pass law levying such tax" J.
The undersigned, friends of the loan bill
in the Legislature, many of whom have voted
for the adjournment to June, are directly re-
ferred to in the above extract. 1t is declared
to be our purpose and intention to pass law
levying tax, at the June session, and that
is imputed to US as the main object" OF the
determination to adjourn. We therefore feel
justified in pronouncing the above statement
to be false, which we most unqualifiedly DO.
We voted for the loan measure, with the
belief and the determination that there should
be no tax either for interest or principal. We
multiplied securities against taXation-we i'm
posed forfeitures on the Companies which
make it their highest interest to meet these
payments-we would, one aud all, have vot-
ed against the measure, if we had not DEEM
ed it certain, in the language of the bill, that
the State Treasury was eXhOnerated from any
advances of money eitherfor interest or prin-
cipal on the State bonds
We refer you to the section, as proposed,
for the precise nature of these securities
First mortgage bonds upon the roads, lands
and franchises of each Company, to the full
amount of State bonds, with further reme
dy by foreclosure of the mortgage-a pledge
of nett profits for interest payments-a con-
veyance in trust of $4,000 acres by each
Company, or GA, 400 acres in all, to provide
sinking fund for principal or any default of
Interest," certainty that no bonds can issue
until the Companies prove certain amount
of actual construction and that the whole
five millions of bonds will never issue with
out the construction OF 250 miles of road, or
a double amount of road be ready for the
iron-a further provision stopping the issue
of bonds to any Company failing to pay the
interest on former issues-a condition i'm
posed, under penalty of forfeitures of lands
and franchises pertaining to the unfinished
road that each Company shall complete fifty
miles before the close of 1861, one hundred
miles befi re 1864 and four-fifths of its en-
tire road before l866-these accumulated Sc
curities, conditions and forfeitures satisfied
our minds that the measure was well guard
ed. 1t WAS discussed for weeks, repeatedly
amended, and passed with the most careful
consideration.
We found, also, that other American States
had loaned their credit for Railroads, to an
aggregate amount Of not less than one hum
dred millions, often with less, ard never with
more security than we required; and there is
not s,ngle instance on record ,rlere a dollar Of
tagation has been leUied on paid therefor.
The undersigned, therefor, take this occa-
sion to deny that they have had, or now
have, any intention" or "object' as above
charged; and we moreover pledge ourselves
individually and collectively, to vote against
any proposition to levy tax either for the
principal or interest of the proposed loan of
State credit We claim to have removed all
probable chance of taxation,by our legislation
at this session; and we shall resist, as one
man, any proposition of the kind, at the adj
journed or any other session of the legisla-
tura