The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-02-04
The Proposed Amendments to the Com
still Tuition.

suiuttDW.
For the exact information of orr readers
Us TO the proposition Of Mr.. SrRgxrgR, to
enable the railroads to start their enterprises
we quote what is Offered as oil addition to
Section ,, Article 9 of the Constitution:
For the purpose Of expeditng the construc.
ton Of the lines Of railroads in aid OF which the
Congress OF the United States has granted lands
to the Territory OF Minnesota, the Governor
shall cause to be issued and delivered to the
companies IN which said grants are vested by
Acts of the Legislative Assembly of Minnesota
the special bonds OF the State, bearing an inter.
est OF seven per cent. per annum pa bic semi.
annually In The city OF New York, as loan Of
pubbc credit, TO the aggregate amount OF five
millions Of dollars: PROVIDED, That the sQgre.
gate amount OF such bonds issued 10 any one
OF said Railroad Companies shall not exceed
the sum OF twelve hundred and fifty thousand
dollars. And provided, also that the Root
River Valley or Southern Minnesota Railroad
Company, their heirs, executors, administra.
tors, or assigns, to he entitled TO receive the
benefits OF the loan provided In this Act shall
apply IN equal instruments to the construction
the line of road from La Crescent TO the point
function with tae Transit road as designated
by law. and to the construction of the branch
Junction with the first mentioned road near lilo.
kah. two-iifths OF the proceeds Of bonds issued
to the southern Minnesota Railroad Company
And provided also, that the said Southern Min.
nesota Railroad Company shall complete the
said branch from Brownsville a. aforesaid. with
in the time specified in Sec. Of Chapter three
OF an Act TO execute the trust created by an
Act of Congress entitled an Act making grant
Of land to the Territory Of Minnesota in alter
nate sections
The hrst Issue Of said bonds to each of said
Companies shall be limited to one hundred and
fifty thousand dollars. and whenever thereafter
either o, the said Companies shall produce to
the Government satisfactory evidence, verified
by the oaths OF the Treasurer and two Direct.
ofs OF aid Company that the whole of the pro.
cesds OF the sales of bonds previously Issued by
the State, has been expended by said Company
IN the location. construction, or equipment OF
such road, then the Governor shall cause TO he
issued 10 such Company further like bonds to
the amount o! fifty thousand dollars; and in like
manner, as often a. either of said Companies
shall, from time to time, furnish Ike evidence
OF having expended the proceeds oil state bond,
IN the location. construction, or equipment Of
It's Road, the Governor shall cause to be issued
aud delivered to such Company further like
bonds to the amount OF fifty thousand dollars.
The SAID bonds thus issued shall be denomi
mated Minnesota State Railroad Bonds" and
the faith and credit of this State are hsrebv
pledged Tor the payment Of the interest and the
redemption OF the principal thereof. They shall
be signed By the Governor, counte rsigned by
the Treasurer, sealed with the seal Of the State.
Of denominations not exceeding enc thousand
dollars, payable TO the order Of the COMPANY
to whom issued. transferable by the endorse.
ment OF the President of said Company and re.
deematle at any time after the expiration Of
ten years from the date thereof. The said Com.
panies, or either of them, are hereby author.
lied TO sell or dispose OF said bends issued To
them, at not less than par. and in such manner,
time, and place, ss 20 them may seem eApe.
dent.
Each Company shall make provision for the
punctuai payment aud redemption Of ali bonds
issued and delivered a. aforesaid 10 said Com.
pany. and fer the psnctual payment Of the in.
terest which shall accrue the con in such man.
uer a. 10 eXonerate the Treasury of thi, state
from any advances Of money for that purpose :
ana IS security therefor. the nett profit, OF sad
roads, or either 81 them when any part thereof
shall lie constructed, are hereby pledged for the
payment Of said interest and first mortgage
bohds oi thsresPeciivr Companies, CORE .ponG-
ing IN amounts to the State bond. issued, stall
be transferred TO Tie Treasurer Of state. and ia
case either OF sad Companies shall make de-
'aHit IN The paymcnt Of either the interest or
prlneipa. 81 sad bOud, or parts thereof. no more
slate bonds shall thereafter be issued TO sail
company; AMI the Governor -htll proceed in
such manner A. may he prescribed by law 10
sell The bonds OF the deiaultng Company or
companies or NAV require a fore, losute % the
moFiea age executed TO secure the same Pro
yids9, That II any Company 50 IN default, be.
fore the dsy Of sale, shall psy all interest ami
principal then due, and ali expenses incurred
by the State, no sal. shall take mace. and flo
right OF suca Company shan not b. irupa.-e ..
to a farther loan ~ state credit