The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-03-11

lRepo-ed Expressly for tAs Pioneer and Democrat.

Reported EIpressly for lbs Pioneer and Democrat
TUESDAY, March 2, 1858.
SENATE.
Senate met and was called TO order by the
President.
Prayer by the Chaplain.
The following bills were read third time
and passed.
A bill proposing amendments to Section
!, Article D, OF the State Constitution.
The loan bill entitled an act TO amend
Section 10, Article 8, Of the Constitution,
was read third time.
Mr.. HODGES wished TO say few words
In explanation Of his vote on this measure.
He had long been Of the opinion that il was
wrong policy for State to loan its credit
to a corporation of any description, but
owing to the recent commercial revulsions,
and the well defined wishes of his coustitu.
ents, be should support the bill, if it be so
drawn a. TO secure the State from ultimate
disaster and loss. He reviewed the PROV.
sions Of the measures at length and conclu-
ded thet there was no security for the pay
ment Of the interest on these bonds issued by
the State to the several Companies,-there
was no binding obligation upon the Compa-
MES to pay the interest after receiving the
assistance extended by the State. Suppose
the lands offered as security were sold by
the Governor, in connection with the Com
panies, at price Of $500 per acre, it would
amount to $4,000, and how long would it
be before the interest alone would amount
TO more than that sum then where is the
State to find security for the payment of the
principal. lie had favored an investigation
into the affairs Of The several companies, and
should have been glad to find the honesty
and integrity Of the several companies fully
established in which case be would have
been willing to give them the,bonds, without
demanding such strict and complete securi.
ties. But neither their honesty nor their
integrity had been established by that inves-
tigation. The State was in o poor condi-
ton to bear this debt, and we should be
cautious in administering medicines for her
relief, and from all that he had been able to
discover in the action Of the Senate during
the consideration of the bill, he felt con-
strained to vote against the passage of the
measure.
Mr.. SMITH.-Mr. President desire
TO give my reasons for the vote am about
togive. Doubling, Sir, the policy Of passing
q bill Of this importance before being adj
mitted into the Union as State, and also
the necessity Of loaning the credit Of our
State or Territory, las the case may be) to
the several Land Grant Railroad Compa-
MES, in order TO enable them to commence
at an early day and prosecute with rapidity
work upon their respective roads this season,
because believe that in the present state of
the money market, and in the condition
that it will, probably, be within the next
two or three months, that the Railroad
Companies, with their valuable and extens.
i've grant of lands, have sufficient resources
within themselves TO get money the coming
Summer, and prosecute these works without
any further aid from the State. But, Sir,
my only reason for being reluctant in voting
for this bill, and in aiding in presenting il
to the people in its present condition, is that
it does not throw around them the safe
guards they deserve to secure them amply
against the payment Of the principal and
particularly the interest upon the bonds, and
not sufficient to justify the departure from
the rule long experience has shown to he
wise and prudent for States, not to loan their
credit, nor to contract debts for internal i'm.
provements, except in very extraordinary
eases. Still, Sir, believing in the doctrine
that the people Of State have the right to
control all their internal concerns, and that
il is the duty Of their representatives, in all
pecuniary affairs and upon all questions of
expectancy, to carry out the wishes of their
constituents, and | have confidence in the
decision which the people will make in this
matter after the proper investigation.
Hence, Sir being rather Of the opinion that
a majority Of the people ! have the honor in
part to represent, desire to vote, even upon
upon this bill, in the condition that il now
is, rather than not TO be allowed to vote
upon any measure of the kind. shall vote
aye, under protest and with the hope that
the other House will 80 amend and rerfect
the bill, las have tried to dol and send il
back to US that ! can willingly and cheer
fully give il my support.
Mr.. SKINNER gave, as his reason for
voting for the bill, that be was not only
strong friend of the measure, but also for
the further reason that he, with the other
Representatives from Rice county, had re-
ceivsd instructions from his constituency to
sustain the bill, and he believed it his duty
to comply with such instructions, and carry
out their wishes on so important a measure
or resign his seat as member Of this body.
The question then recurring upon the
final passage OF the bill and the yeas and
nays being ordered. there were yeas "a. nays
!, as follows