The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-03-27

placing the State at the mercy of Railroad
officers, whose honesty might not be able to
resist the temptation thus offered to them of
plundering with perfect safety, q fen millions
from the State. If they did so, there would
be perfect impunity, so far as the bill is
concerned. Mark the peculiar phraseology
Of the second clause of the last above quoted
extract" and whenever thereafter and as
OFTEN" &c. Who can doubt for one instant
that the whole SIS, 900, GOO can be exhausted
without a rail being laid or car run, unless
it is plainly the interest of the companies to
put any ten miles in operation, when they
| will get another and extra 100000. 1 sub
NIT it to every candid and intelligent man, if
| a bill thus loosely constructed with the door
so wide open for fraud, ought to receive the
sanction of the people, who must pay for any
default, in taxes which they are poorly able
to bear2
have remarked, that the Railroad Com
panies were under no penalties to act in good
faith to the State, or to pay either interest or
principal, unless their own interest dictated
their doing so. The following clause in the
bill is what is said about their paying the in
terest, &C..
'Each Company ahas make plo yision the punotu-
al payment aud redemption bonds issued and de.
vered as aforesaid to said Company and for the punct
ual payment of the interest,"" &c.
An amendment was proposed requiring
penalty, over and above the alleged security,
in case of default but the Loan advocates
thought simple command from the State to
the Companies would be OF more force, with
men of such delicate honor ard integrity,
than the laws of God appear to have had in
deterrlng their friends in Wisconsin from
taking many millions Of tte la Crosse Com
panys funds and SO the majority promptly
declined agreeing to the proposed amend
ment. Such confidence is more refreshing,
than wise, most people will think,
The bill next proceeds 10 recite the sEcUR-
tiles to be given for the payment of interest
and principal of the State bonds Il first
| says:
"And security therefor, the Governor shall demand
and receive from each OF said Companies before any Of
said bonds issued instrument pledging profits Of
| its road, for the payment of said interest"
The enormous security which is here pre-
sented must strike every man with great
force! A pledge of the nett profits of roads
600 will build them, mere isolated patches of
roads, forming no continuous line-mere side
country roads which will, as general thing,
not have business enough upon them to pay
the expenses of keeping the rolling stock in
motion, let alone have any nett profits to
spare-such pledge must be very satisfac-
tory security to the people that they will not
have to be taxed to liquidate interest and
principal. 1t is an insult to intelligent men ;
and is undoubtedly put in the bill to carry
out its general purport of cheating, gulling
and humbugging the people. The Compa-
nies also are to pledge them by an "instru-
ment," What kind of an instrument A
letter from the Board of Directors solemnlv
pledgng their sacred hono;s" that the nett
profits shall be duly turned over? l suppose
SO but is it not farcical?
The rext security y is as fellows:
"a conveyance to the State of the first two hundred
and forty sections of land free prio ncunbrances
which such Company is may he authorized 10 SELL in
rust for the better security of the Treasury the State
rom loss on said bOnds,'
| call attention to the peculiar wording of
this extract and ask whether it is not plain
ly susceptible of the Interpretation, that it is
only the "frst 240 sections of land" that
they may ever happen to have "ree from
prior membranes that they are bound to
convey to the State I" in trust 2" There was
an attempt made by the opponents of the
bill to relieve this part of it from this am
bguity and doubt. In the Senate, an amend.
ment was suggested that the words with
full covenants of title" should be inserted az
ter the word conveyance, which would have
included warranty free from all prior in
cumbrances," beyond any question but this
did not suit the loan men; and they refused
to permit it's passage. Had the words free
from prior membranes" been even placed
after the word State" the warranty would
have been complete but placed where they
are, they render the whole thing doubtful
matter, and justify the conclusion l have al
luded to When the Companies Will have
any lands thus to convey in trust that are"free
from PRIOR membranes" will be hard to con-
lecture for Immediately a!tcrward, in the
same paragraph of the bill, they are author
lied Immediately to cucumber these "24O
sections" by mortgage Of all their lands fran
chises, road-bed, &C., with ony am cunt of
''First Mortgage Bonds" and to transfsr''
$5,OOO 900 thereof, to the Treasurer of the
State.
The whole provision about those stwo
hundred and forty sections of land" has the
appearance of disingenuous attempt to de-
lude the people, by the skilful contrivance
of words fair and honest in appearance but
really harmless to bind the Railroad Compa-
MES so as to afford the State any certain Sc
curity. Such deception ought of Itself make
every honest citizen Indignantly reject the
measure, because it argues the little safety
the peoples money would be in the tos-
session Of men guilty of contriving such
trickery. But suppose waive this point of
the "incumbrance" defect in the bill, and as
sumo it is all right and that the "first two
hundred aad forty sections of land they are
authorized to SELL" by complying with the
terms Of the Act of Congress, will be duly
decided over to the Governor, "in trusts" and
then let us see what that deed amounts to.
by another extract from the bill-which is
as follows
" Which said deed Of trust shall authorize tho Cov
and Secretary of State to make conveyance of IL
tie to all any of such lands purchasers
seiM the respectire Rdirond Coanpanies .bereSor
! ho noo,la