The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-03-20
For tho MinnesotiQn.
The Five Million Bill.

The Five Million Bill.
IT has been said by the friends of the Five
Million Loan Bill, that the opponents of that
measure are most unfair in their mode of at
tack, and that instead of attacking the merits
and dement's of the bill, they prefer to assail
the merits and character of the companies,
and the men who control them. They say
admitting the parties who control there roads
to be corrupt, still, if the State, by the terms
and enactments of the bill is properly and en-
tirely protected, it is no good reason why a
business man or the State should hesitate in
closing the contract and loaning the $5,OOO,-
600.
Let US pause for moment, and appeal to
the friends Of this measure, and ask them if
this their proposition is sound. We say it
is not, for prudent business man would not
lend his money no matter on what security,
to corrupt and dishonest man for many
reasons.
First, as matter of principle-and Sc
condly, because, make his bargain as he would
in such a transaction, in the end he would
lose his money, for after all, the real and true
security in all transactions is liz the honor
and integrity of the man or men in whose
hands We repose the keeping Of any trust.
We do not mean to say that in all sach
cases We should regard lightly all other kinds
of security, but we do mean to assert that
pecunary responsibility is not the sole and
only one to be looked to when we are asked
to mortgage our young State for Five Mil
lions Of dollars, and, in the language of the
bill, pledge the youth and credit of the State
for the payment of the interest and principal
of this enormous debt.
We will now pause for moment and look
at the bill which has been sanctioned by the
Legislature, and see whether the suggestions
we have made do not apply with full force to
the present controversy.
We assert, first, that no security is given
in the bill to protect the State and secondly,
we have not those moral guarantees in the
character of certain gentlemen who control
these Roads to induce us as careful business
men to consent thus to mortgage our State,
and trust them with the distribution of Five
Millions Of the peoples money.
Sec. 10, of the bill reads as follows
whenever either Of said Companies shall produce
to the Governor satisfactory evidence verified by the
adavits of the Chief Engineer, Treasurer and two Dr.
rectors of said Company that ten miles of the road
OF said Company has been actually constructed and
completed readp for placing the supeasructure there
the Governor shall be issued and delivered
20 such Company, bonds to the amount of hundred
thousand dollars; and Whenever thereafter, and Of
ten either of said Companies shall produce the
Governor like evidence of further construction of ten
miles of its road aforesaid then the Governor shall
to be issued to such Company further like bonds
to the amount of hundred thousand dollars for each
and every ten miles of road thus constructed"
Constructed" in the bill, means grading
and nothing more so that the Governor of
the State will by the terms of the bill be oblig-
ed to hand over the entire five millions of
| State bonds before tie is laid or an inch of
iron put down upon the roads. 1t is
also entirely clear that the Companies may
grade ten miles here and ten miles there,
where the grade is light and country level,
and still be entitled to the bonds. Let us
see now if it would or would not be their
interest to do this. Each ten miles thus Sc
lected could be graded for four thousand
dollars per mile, making each ten miles cost
forty thousand dollars, and leave to the
Company adopting this course sixty thousand
dollars as clear profit on each ten miles,
In other words, they would save, out of the
five millions of State Bonds exactly three
millions of dollars
Now we submit that by the very terms Of
the bill there is a strong temptation held out
to these Companies to be dishonest, and it is
asking too much of the ci}izens of the State
thus to trust them. 1t is obvious to all that
the bill per Sc gives no security, and now we
assert that after all the security must be
mainly found in the integrity of the mer
who control these Companies. Now on this
point how do they stand
1t is well known that the five drafts fol-
five thousand dollars each, made at the time
of the Extra Session. and signed by Moses
Knee!and and Daniel Wells payable in sixty
days at the Office of Duncan, Sherman Co.
of New York, and endorsed by certain Of
ficers of these roads, was but small part Of
the funds used to bribe the Legislature 10
procure these charters. 1t is also well known
that the eighty-fve thousand dollars in notes
of $4,000 each, dated in July last, payable
in ninety days, signed by Charles j. jenkins
Moses Kneeland and j. Hadley, and endors
ed as above, was but small part of the mo-
ney paid to induce some of our citizens to
resign in order to let certain scoundrels from
Wisconsin into the direction and control o
these roand-thns making 100000 beside.
the paid up stock used by other scoundrel
for the same base purpose.
1t is useless to assert that these men d.
not vet control these roads, and we submit
that as the case now stands the kind ant
character of the men who ask this loan, is
pertinent subject of inquiry.
EXTRA SESSION.
The Speaker of the House has signed tn
necessary papers for transferring Mr.. VOL