Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-11-16
Railroad Bonds.

ceiyed the Milwaukee i Rec DEMOCRAT,
containing an editorial which meets our
views so precisely that we transfer it en-
tire to our columns, endorsing every word
/ of il. This Is a matter that will undoubt-
/ edly attract the attention 10th of the Leg
islature and the people, and should be
well understood
+ A proposition to have tie State assume
I the railroad debts of cities, towns, coun-
/ ties. and the farm mortgages given In aid
of railroads has been already considera-
lbly talked about, and no doubt will be still
more talked about, before the subject is
permitted to drop entirely. The aggre-
gate of these debts IS estimated at Sl0,-
900 coo, but as II is expected TO fund
them In State bonds at * cts. on The dol
lar. the State debt created would be ST.
500. GEO. As the constitution limits the
State deb, at 100000, Ind that amount
is already reached, thi proposition of
course implies an amendment of the c. u
stirutlon for It's success. THE process ne
cessary 10 an amendment of the constltu-
ton Is 10 submit the pfoposItion TO the
Legislature in either h'hnch. and If the
same shall be agreed . II majority OF
the members elected TO each Of the two
houses, sach proposed amendment or
amendments shall be entered on the Jour
nails with yeas and nays thereon, and re-
ferred TO the Legislature 10 be next chos-
on and shall be published three months
previous 70 the time of electIng the next
Legislature. And if in the Legislature SO
next chosen, such proposed amendment or
amendments shall be agreed to by ma
ioritv Of each house. they are TO be sub
United to the people at such time and IN
such manner as the Legislature may pre-
scribe, and if a majority of the electors
vote for the same, they become part of
the constitution. So 1t will be seen the
proposition must receive The sanction Of
TWO separate Legislatures and thereafter
that Of the people. before 1t can become
the law, which viii involve as Will be
readily unprecedented, trouble as well as
time in getting it adopted.
This proposition strikes US as so radi-
cally wrong IN principle that no arrange
ment of details should recommend it TO
the people. II is not revival of the ques-
ton long since settled In the negative, and
particularly declared against in our State
Constitution, of the proprieiy OF the State
In It's municipal capacity entering into
works Of internal Improvement. 1t Is con-
siderably worse than that. Il is a ques-
ton Of the State 10 It's municipal capaci-
/ ~ assuming the payment of debts that it
had no lot or part in contracting, and no
voice or control in the expenditure of the
means which made them, and moreover
+ has no ownership and is expected to have
none in the works for which II is asked 10
4 pay. We caunot see a particle of differ
ence in principle between the assumption
of all debts, municipal and individual, IN
/ the State, and those It is proposed to as
sumo. They were all contracted from
precisely the same motive, and rest on the
( same basis with reference TO the State at
large. There has not been a dollar put
into railroads IN any shape, IN the State.
bat for the purposes of gam either direct
liz or indirectly on the part of those put
ung 4 in, just as people have invested
their means in other business. The in
yestment has failed to pay IN virtue of
hard times, as great many other invest
ments have. and it Is therefore proposed
= have the State at large foot the loss
When times were prosperous and the
roads promised TO yield the anticipated
profits there was no proposition to make
the people at large sharers in the profits.
Il is only when the speculation becomes a
losing one that we hear the proposition
preached Of making il a joint stock con-
Germ.
The wealth that has been brought to
the cities by the improvements that they
have aided, and the great enhancement
in value Of the real estate which has been
mortgaged 10 aid In the construction of
railroads. is to be enjoyed and reserved
TO those Immediately concerned, bat the
cost of these enhanced values is to be APP
portioned among the whole people. The
roads are TO be owned as they are now.
the profits are 10 90 where they do now,
and the people at large are required to
meet the cost of their construction. As we
remarked, there is not in principle a par
tiCle of difference between this proposed
assumption and the assumption of all
depts of whatever character In the State.
Not an argument ia favor of one bat will
apply equally TO all. What then does il
lead to. Si1nply'a. community of proper
". The State IS TO put the property of
the people In a oouEaoa fund, In which
tAe prudent, the indpstftpuS, the lille aud
the reckless are TO Share IN common. Il
will readily be seen that his contemplates
a very radical aud fundamental change In
the spirit of the constitution Of the State in
reference 10 til yyhosc Parpose and char
F. acter Of the State Organization. Instead
IF being simple organization for the
better safety and protection Of common
rights, II IS 70 be erected into a vast pow
eF entering into aod directing and con
trolling al the business relations Of lis
subjects.
We are well aware that there will be
much difficulty IN settling and getting rid
of these Obligations by the parties against
whom they stand. Il IS one of the evils
The debt-making policy It is difficulty
that nearly every person Is now experi-
encing, and from which they would glad
-