The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-03-18

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grant, the State Is probably entitled to 10
ceive for each road l20 sections upon loca
ton, and In advance Of completion. The
legal title TO tho land will first be In The
State. The equitable title is In the compa.
nies upon whom tho Extra Session be.
slowed IT, This conveyance 10 the Cover
nor unitcs both equitable and legal title In
him, enabling him to make good and suiil'
cient deeds. As will be explained. the
Governor Is made only a Trustee TO execute
deeds for the company.
No company will get, however, more than
100 sections OF land, till IL shall have "com.
plcted" twenty miles Of road. After pro.
viaing for the "foareyanoS 10 ihr State" the
bill goc~ on to provide further what shall be
done with this interest 30 conveyed, as fol-
lows:
ID. Wh,oh such Company rs or may be
authorized 10 sell IN trust for ihe better ,seu'
ray Of The Treasury Of The State from los,
on ,od bonds State Bondsl.'
Each Company IL thus made a trustee to
sell the lands, and, Of course, hold the pro
cecds. for the better security of The State
Treasury" This fund. thus conildcd TO the
Railroad Company 10 secure he Safe, can
not be reached, nor can proceedings be in
stituted for It's recovery, until the companies
default In payment Of interest. ar principal,
II then, for the remedy by subsequent pro
vision, Is yet to be provided by the lHgsla-
turc.
The bill proceeds ;----
an. Wh,h sad decd Of hua shall au-
horise The Gope,no and Secretary Of State
10 make tonreyanees Of title 10 all or ANY such
lands 10 purchasers agreeing w'th The ,esped-
nc Radroad Companies therefor"
What "deci Of trust" Is thisi The only
deed, previously referred to is the "eonpsy
onee 10 the State" which must bc the deed
Of trust" authorizing, and therefore direct
ing the Governor and Secretary Of State 10
become the convcyancers and deed executors
for the Railroad Companies. When "a com
pany sells the lands. they will bc bound by
the amended constitution they have sworn TO
support, TO make dsts to purchasers
agreeing w,th The rsspeeite Rol,ood Com
panrs Msrcfor." Though the State Ia to
be swindIed, and tbeso State officers know
the fact, they cannot change this constitu.
tonal provision tor the protection Of the
State. but must obey il, without discretion.
The rights Of the purchasers and parties
will enforce this construction. Next IN or.
der In this bill Of iniquitics, ~ an ostenta
tious "Propded,' omlnous Of other like pro-
tections Of " the Treasury Of The State"
5M. "Propded. Thai before reeas,ng Me
interest of The State 10 suh tinds, uIeh aie
shall he approved by The Goperno,."
Thus before this grand swDdlc shall have
been played out and the confding nkay" Pro
rLx -yssa and available lands all sold by the
Railroad Companies, "meh sale shall be op.
proped by the Gorunm." The Governor
has no discretion, the command IL impera-
tive II "such sale WA made albjcct 10
the approval or disapproyal Of the Governor,
the law would be different, but the constitu-
ton thus amended will say "such sale SHALL.
pE ArrEovsD' by him. This. is however,
after all only one Of the apparant blinds Of
the bin, M if 10 ho0dwink the people into
the belief that the Governor IL made the
guardian of the public interests. But IL
our Interpretation were doubtful. he Ii r.
quusd a. already shown 10 sign The deeds,
10 any purchaser who may agree with the
Railroad Company, and by that act Of course
exhaust aIl his authority and In fact ap.
propes the sale, which be could not refuse 10
do. so IA u affect the rights Of third parties;
80 long, at least, M the Companies are not in
default In the payment Of interest, u Moi.
We must hasten through this analysis of the
securities"-the next claue begins with q
promising "bui;"
Ch. "Bm The proceeds Of all sufh Miss
ahnA be applied 10 The payment Of interest oe.
cru,ng upon the bmds N eaw Of detauh oI
Uts payment Of The 0ms, and gs q sinking
fund 10 meet any future dJa,M m Ms pay
mea of nierea and The prme'pai mersof
uhen due
The Company has already bccn made the
trustee 10 sell the lands and receive the pro.
cse,ls, and N trnstee, there being % provis
ion 10 the contrary, will bold the proceeds
10 pay interest in case Of default " and ~
a sinking Jund," which may. perhaps, sink
10 deep into the pockets u the Railroad
Companies, that il will require miraculous
power 10 accomplish the resurrection oi even
ghost Of the sinking fund.
The remaining security, ian amount qf
fra mortgage bonds," bns becn sailicenty
riddled already.
After any company slall have drawn its
quota Of the loan, and defaulted in payment
Of interest," The bill provides the following
remedy 10 save the people from los sDd
eooseauent oppressive taxation, and hers
ends iherc much extolIed safeguards and
ample securities
ith. "Tbe Governor shall proceed in such
manner s may be prescribed by law, 10 sell
the b1ads Of the defaalting company or
companies, @ the lands held 10 trust ~
above. @ may require Q foreclosure oi the
mortgage executed To secure the same"
/ The dbjuDctive, or may h. construed
nv the rnilrd~d men In their hyOr Al All