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

Ike bonds 10 tho amount OF one hundred thou.
sahd dollars Tor each and every ten miles Of road
mus constructed, and Whenever such Com.
pany nhAn furnish like evidence that any
ton miles Of la road 10 actually compile.
Ted and cars running thereon, tho Govern.
| OF shaii cause ~ be Issued TO such Counnnv
IKE bonds 10 tho amount Of ono hundred
thousand dollars and Whenever thereafter.
and - oiten a. either Of said Companies shall
produce TO the Governor like evidence that anv
further ten miles Of said road b In operation a.
aforesaid, the Governor shall cause 70 DO issued
to such Company further like bonds 20 tho
amount Of ono hundred thousand dollars until
the full amount Of the bonds hereby authorized
no more Of all bonds issued 10 The southern
Minnesota Railroad Company, shall DO cxpend.
| ed In the construction and equipment az the
line Of road nom La Crescent 10 the point of
junction with the Transit Road, a. provided by
law; and further provided, that the Mnnsapo
commence the construction Of their road Al
Faribault and Minneapolis, and shall grade an
| equal number OF miles from each ofsAid places,
The said bonds thus issued shall be denoml.
mated Minnesota State Railroad BondH, aud
tho faith and credit Of this State arc hereby
pledged for TIE payment Of The interest and tho
redemption Of the principal Mercof. They shall
DO signed BY the Governor, countcrsigncd and
| registered by the Treasurer, sealed with tho
seal of The State, Of denominations not exceed.
Ing ono thousand dollars, payable to the order
| OF the company 10 whom lssued. transferable
by the endorsements Of tho President Of the said
company, and redeemAble AZ any time after tan
and before she expiration Of twenty Eve years
| from the date thereof. Within thirty days after
tho Governor shall proclaim that the people
have voted for loan of stats credit 10 Hall.
roads, any OF said companies proposing to avail
themselves Of the loan herein provided for, aud
TO accept the conditions OF the same, shall notify
the Governor thereof, aud shall within sixty
| days commence the construction Of their roads,
and shall within two ysars thereafter, construct
ready for the supcrs,rurtnrc, nj least Afiy (s9)
miles Of their road. Each company shall make
provision for tho puno'nai payment and rsdemp-
ton Of oil bonds Issued and delivered ~ afore.
said, TO said company, and for tho punotual
payment Of the interest which shsll accrue
thereon, In such manner a. 10 exonefate the
| Treasury OF this State from any advances Of
money Tor that purpose aud ~ security there.
for, the Governor shall demand and receive nom
each of said companies, before any 81 said
| bonds are issued, an instrument plsdging tho
net profits OF ia road, for tho payment OF said
! interest, aud q conveyance 10 the state Of tho
lrst two'hundredend forty sections Of land, FREQ
! nom prior iDenmbrances, which such company
Ia OF may 10 authorised 10 sell In trust for tho
better security Of the Treasury OF the state
from loss on said bonds, which said deed Of
trust shall authorize the Governor and Beore.
| tary OF state 10 make o0nveyanoeA Of title 10
I'll or any Of such lands to purchasers, agreeing
with the respective railroad companies there,
for. Provided, That before releasing tho inter.
est Of the state 20 such lands, such sale shall
DO approved by the Governor. but the pro.
ceeds Of oil such sales shall be applied 10 the
payment Of interest acerulng upon the bonds In
ease Of default Of the payment ofthe same, and
a. q sinking fund TO meet any future default In
tho payment VI interest and the principal there.
Of when due and NJ further security, ~
an al ol urat m A ttua nm ta
lands, and franchises, II the respective comps-
MES, corresponding 10 the Stale bOnds issued,
shall be transferred 10 the Treasurer Of the state
At the time Of tina bsne Of stats bonds. aud In
case either Of said eompanie. shall make default
IN payment 81 either the interest or principal Of
the bonds issued 10 said companies by the Gov.
efnor, no more State bonds shall thereafter be-
| issued 20 said company; aud the Governor shall
| proceed In such manner "A may he prescribed
by law, TO seil the bonds of the defaulting com.
pany or companies, or the lands held In trust
! ~ above, or may require foreel0snre Of tbs
morigag. executed ~ secure the same ;
| Provided. That " any company 40 In default,
before the day Of sale, shall pay all inturest and
principal then due, and all expenses Incurred
by the state, no sale shall take place, and the
right of such company sbail not be impaired 10
further loan Of state credit. Provided, II any
~ said companies shall at any time offer TO pay
the principal. together with tho interest that
may then be due upon any ot the Minnesota
State Railroad Bonds which may have been h
sued under the provisions Of this section, then
the Treasurer 81 State shall receive the same,
and the liabilities 81 said company or ~ompa.
MES, IN respect Ia said bonds, sball cease upon
| such payment into the State Treasury, Of prin.
epai, together with the interest as aforesaid.
! Provided further. That IN consideration of tho
loan Of state credit herein provided, that tho
company or companies which may accept the
bonds 81 the state In tho manner herein speci
fed, shall, ~ condition thereof, each con.
| plete not less than my miles Of nv road on OF
/ before the expiration Of the year 1851, and not
| less than one hundred niles before the year
1894. and complete four ifths Of the entire
length Of its road bei0ra thu year 1865, and any
failure on the part ~ any such company TO
complete the number 81 miles of Ia road or
roads, IN the manner and within this several
times herein prescribed, shall forfeit 10 the
state all the rights. title and interest VI any
Kind whatsoever In and 10 any lands, together
! with the franchises connected with the same
moi pertaining or applicable 10 the portion of
the road BY them constructed, and fee ain.
| pie 20 whieh'has rot accrued To either Of ssid
companies. by reason Of such construction,
which was granted 10 the company " compA.
nlss, thus 'siling 70 comply with the provisions
hereof by act u tbs Legislature Of tho Terrific.
~ Of Minnesota. ysstng said land In said ON.
psnies respectively.
ssc. .. The foregoing amendment shall be
submitted 70 thu electors ~ the state, ri m
sisotlon 70 be held ON tbs 18th day ~ April,
one thousand Sigh, hundred and MY eight, In
the several elective distfiots ~ this Htate. The
ballots IT .arh election shall be written or
printed ~ follows; those Ia favor ofthe amend.
Hent "Ioan of State Credit for Railroads. Yes"
Those against the amendmsnt, Loan Of
State Credit for Railroads.&c." The polls
a, said election shall be opened between
the hours Ut sight aud ten o'clock A. n,
and closed st .x o'clock r. NJ, and the said
election shalI be conducted and the returns
thereof made and certified, In tbs manner
provided by Law for returning votes for Terrific.
rial Delegsts 10 Congress- except that the said
returns shall be addressed 10 the Governor. by
whom ths same shall be csnvsssed within tween
~ days after said election aud II N shall ap-
pear that majority u voters present and vo-
ting ct said election have ratified the proposed
anne ndnsnt, thu Governor shall incorporate the
foregoing amendment, In the Constitution. and
shall make proclamation Of tbs result, and de.
p0sit the election returns 10 the once Of ths
Secretary Of State.
Snn A tles.dss the nm hii~ afs.c cSsscxfk.aA