The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-05-06
PROM the ChlesSo pelnsrss,s fr.Ss
The Alinncsota l.oaa.

The act of the Minnesota Legislature
making loan Of S500,000 TO the incorpo-
rated railroads named ia the bill, was sub
mit,od TO the vote OF the peop'e on the 18th
inst, and was adopted by large majority
OF the popular vote. 10 noticing, some days
since, the probable result Of the vote, We
spoke in commentator of the loan and au-
CURED success Of the Minnesota railroads.
and the rapid and grea, PROSPERITY OF Min.
ncsota. We observe that al least one OF
our contemporaries has spoken discouragiug-
ingly If no, IN condemnation Of the loan. and
with surprise at our commenlation Of /,
We feel thoroughly persuaded that the
proposed loan strictly guarded as i, is, and
amply secured 10 the State, carried into If
feet according 10 its spirit and letter vii
result in the great and increased prosperity
Of Minnesota and its citizens. Indeed we
regard il ~ q measure OF wisdom and pru
dcnce ON the part of the Legislature and
of the people of Minnesota. An uuprvcc.
dcnted majority OF the Legislature and of
the people approved il as wise and pru
dent and promotwe d the welfare of the
State.
The last Congress has denoted 10 Miune.
sofa scrcn million acres of public lands olong
certain lines for the construction Of railroads
These 100000 acres OF lands Minnesota
granted to certain railroad COMPANIES with
the conditions and restrictions Of the Con
gressiona grant 30 permanently secure
their lands, i, is necessary that the railroads
mentioned shall he constructed within The
time fixed 10y the act Of Congress. We be-.
lieye the time fixed by Congress was ten
years from the passage of the act. The
railroad companies which were chartered and
organized by Minnesota, and TO which the
lands were granted, owing TO the revulsion
in money affairs, were not able to progress
with their work Of construction. Withou,
the aid Of Minnesota the construction 81 the
roads would doubtless he delayed, and the
bcnehccni grant OF the general government
might bc entirely lost While the great
value Of the land might induce railroad
builders 10 enter on the work Of cons,ruc-
ton, il is not certain that they would do 80
Even with the magnificent grant of lands to
the Illinois Central Railroad, il was some
time before parties wanted to take hold of
the enterprise. With the aid OF the State
Of Illinois 10y her bonds secured by those
lands, II she had not already incurred n
heavy indebtedness, the road would have
been built sooner and the STATE all the while
perfectly secured.
Now the people of Minnesota propose
that the State credit should be intrust d Ia
the roads named. in order that the Cougres
sional grant shall be certainly secured, aud
that the extensive district reserved for the
railroads may be brought into market and
settled and culivat, d and the whole State
speedily populated. To secure tina, great
prime ohicc, she is willing 10 loan her credit
10y bonds 10 the nmoun, If $4,000 600 TO
the roads but promises perfect security to
the State by the lands and the entire road
built. Here is the provision:
Each company shall make provision for
the pnnctual payment aHl redemption Of all
bonds issued ami delivered. as aforesaid, 10
SAID company, and for The puDoioal payment
Of The Interest hich shall accrue thereon,
and IN such u manner rs g. tEafrratc tie
treasury from any advances Of money Tor
that purpose and IA security therefor the
'Hphiui Auii htildhu hilh IttAift from
each OF SAID companies, an instrument plcdg-
ing the nett profits Of the road, apl con
vcynnce 10 the Sta'cUi the fret one hundred
and twenty sect ions of land which such com
pany IL or may be authorized To sell. 10 trust
for the better security Of the Treasury Of
the State from loss Oh said bonds and, ht
further security, first mortgage bonis Of The
la.
umouuts 10 the state hobd- isan ii, shall b.
transferred 10 the Treasurer OF DE state a
The tine Of The la-uc oil the : tate bond and
IN casr either Of said com aniCs snail make
default in payment II eilhe. the interest or
principal OF said bonds, 10 more state bonds
shall tuerraiier be lssurl 10 SAID company /:
ADD tn Governor shall proceed "a such man
u,r ~ may b. prc-crhci by law t. -lll The
bond. Of the dpiagtiug company ar coInpa
mics, or tha bands held IN trust ~ above, OF
may require foreclosure OF the mortgage
executed 10 secure the samc: Provided. that
Il any company. 20 "a default. before tLc day
Of sale, shalt pay al interest anl principal
then due, and al oXpners Incurred by the
state, 40 sale shalI take place, aDi the right
90. -urh company to u further lo9n OF state
credit shall not be- impaired
From tlls sec,iDn 81 the la1n bill i viii
b.. perceived that MioGcsota ). prr'relIy as-
cnte by the lands aod the ina,is built.
An impression has hecu made that a
great d,ht would be brought upon the
STATE AMI heavy 'aX euiaih-l IN the po-
pie a a5ger rate IT tax tiian IL paid IN
Pennsylvania or any Other 81 tie states
NON It !. cS pleD' ;fon the term, % The loan
hat % tax Wi b. incurred "a there il per.
fc, -,ur.'y ior the principal AMI interest.
4 20 zee alleged defeat tn the legality or
cou.tiiutiouaiiiy Of the act. ~ s9Iqsse that
,iiat s9a.d II. Peg.4ty cured by ia ad1p.
ton by Cor tr,-s o. part 81 ih- tousiitu-
ton - NInn, rs. and If that should not
b. done. j. aoad b.. rrmelir7i by Niuneu,a
ierit We do ro, 40 how TINS VII ssrlDgs-
ly rrJHace the .yaI
~ y.eS OF th- wiy. -.oi et SIG think tAe
legislature ~ 10 % Minnesota have
acted wialv W. is.fayr u will rce1iit ia