The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-04-03
Opposed TO the Five Million Loan.
ST. PAUL, March 10, 90.
To the Editors of Pioneer and Democrat:


announce that Won are "unqualifedly in IA
yor of the ratification by the people Oh 'ne
proposed amendment" and your future "u-
Yocacy of the same, as likely to produve -"
powerful effect upon the public mihu; hou
ability and influence are such. that aitnousn
the issues were otherwise doubtful. your course
may perheps assure the success VI 'ha' "ieaS'
ure While repose great conhae-oe !" !ou'
earnest patriotsm and sound Judgment, can
M, go tho CONVICTION that in this case. you
are in error and are, in fact, counselors OF evil
action. Yet. relying upon your known fair
,css and courtesy. | do not doubt but you will
adm;t INTO vour columns. both daily and week
w a reasonable share of temperate and rele-
vant articles. taking grounds in opposition to
vour owa views. 50 that your readers may have
some chance of seeing both sides of this great
question; and. SO that your columns, which
ever side is wrong, may convey 10 them the an
tdote Is we'll as the poison.
With YOUR kind permission. therefore, will
undertake 10 convince your unbiased Minnesota
readers. that it is alike their interest and duty
10 vote against the proposed State loan.-
Among the practical reasons in support of this
position allow me 10 present and unfold in
lew articles, the following propositions:
lst. The proposed amendment does not rea-
soaablv secure the State against loss:
ID The beneficiary Companies may, and
therefore, probably tciH swindle the State out
II the loan.
Sd The loan does not insure the completion
Of any Railroad. in whole or in part, but Will
probably postpone the real commencement, and
retard the actual progress OF Railroad i'm
proyements of our State.
4th The ratification of the loan, will dimln-
ISL our seli-respect as people, increase the
decentralization of our politician and otilce-
seeking fellow citizens, damage our reputation
abroad. and as a consequence. cast serious CD
structions into all the ordinary channels OF I'M
migration thereby effectually diminishing the
influx Of substantial citizens and solid capital
istS And finally:
9TH That although we are inquest onably
shr,wd and enterprising people. we cannot. il
We ratify this loan. reasonably hope to escape
paving the price demanded by Experience
rom all fools. who will not learn in any other
school.
l desire TO amplify somewhat on the above
DropL sitions and will commence with
TIE SECURITY Allow me in the outset to
GiscIaim all intention of assault upon any d.
rector or stakeholder of any of these Railroads.
l know but very few of these gentlemen, and
most OF these | esteem as both honorable and
patriotic will not say that there is any one.
connected with these companies, who would
enrich himself by doing wrong, or who would
habit. or innate faint of original sin.
But as one of the Body-Politic, l do most
earnestly insist that if this State is to be con-
verted. by a change of the constitution, into
Fund Monger and Bond-Lender. whose obliga-
tions are to be secured by pledge of our pro-
pertv. that the State shall do this business in a
business-like way. If the State is to be made
grand almoner for needy railroad companies.
llan make the loan gift, and not debt with
sight of defalcation. But if 1t is to be a debt,
or an endorsement. or accommodation" let
1t be secured like any other debt not on conf
dence. which is only abstract. but on property
which is tangible and real
II the State trusts its money In the hands OF
q PUBLIC officer elected by the people, and re-
spOns ole TO them. Treasurer for example, be
lie eyer 50 pure and reputable, he is heverthe
Z. =. very properly required to give unquestion-
able security If the State lend its bonds. its
moneys worth TO a railroad, or canal, or bridge
COMPANY. which is not responsible to the peo-
pie : there any reason why like unquestiona-
bic security shall not be exacted from such
company, as a condition precedent OF the
trust.
/ answer thus Inasmuch as character is not
accepted by the community as 4 sufficient Sc
curity from public officers, although elected 6y
the people, who may be entrusted with public
property and inasmuch also, as the experience
of mankiad requires in all business transac-
tons loans oil money for example-securty
more certain, more available and more con-
vertable into value than character, therefore,
be the character of our Minnesota railroad ope-
~ators ever so exalted, pure and iEyulnerable
10 temptation. there neither Is or can be any
soun,; reason why the property holders of Min
nesota should lend themselves and their pro-
perty to these railroad gentlemen, without
first obtaining positive and reliable security.
a. A sure guarantee against loss and deialca-
ton.
grant. however, that character is an element
Of security. always worthy to be considered
and honered and that there are ia these Rail
Dad Companies gentlemen OF the highest
character but they may sell out, go out, die
ont or be ont voted. and they may have no
more power 10 choose or control their asso-
Gates Than one who pays for admission into
r',catre or circus The stockholders change.
Int the corporation lives on, without emotion
or conscience and therefore without body to
81 .,.r. or a soul TO be damned. 1t these sug-
.rastions have any force, the most enthusiastic
believer in human periectablity, Will see that
there i not even 4 ch0racter-Securay for the
proposed loan.
There is another kind Of moral security
much relied upon by some OF the advocates
Of this loan overwhelmingly. interest. The
by being honest than dishonest 1t is very
old proyerb that Honesty is the best policy"
bat alas. human nature is so prone to be dis
honest. that millions daily pray to be delivered
from temptation. and after all. how many fall
victims to convenient opportunity.
But ] WILL in the course of these structures
undertake to demonstrate that the proposed
amendment offers premium for dishonesty;
and also guarantees impunity for yielding to
the temptation of swindling the State.
Now let US look for moment at the ''ample
securities" provided for in the amendment.
The reader will please compare my commenta-
" with the bill, and Judge Tor himself.
LIST. The securities are three fold" as fol-
lows: Net profits of the road, which cannot
b. available till the road earns more than eX-
penses. Which may be a long time after the loan
Shall have been exhausted. the State cheated.
and the tax payers saddled with principal and
interest. Such a contingency destroys the re-
liableness of the security.
"a. g TIE first 24O sections of tand.'-This
security is peculiar and singularly mired. The
power TO make deeds is conferred upon the
Governor AMI Secretary the more important
power. to sell the lands is reserved to the rail
road corporation Whatever their defalca-
tions. tney alone can sell the lands. Here
then is a mortgage pretended to be security
to the State tchich cannot be fOrecl0sed ercept
6y the mortgagor. that is to say by the Rail-
Companies themselves. Would any sane man |
accept mortgage like this as security for
money? If not, by what process of argumen-
tation can it be made to bear the remotest SEM
blance of good security to the State? And |
bv the power to sell. now conferred upon the |
State. the land security will not he available |
till the prescribed alolments of road shall have |
been finished, before which time the companies |
nav have defaulted and the lean swollen into |
the trightful proportions OF huge and oppres.
siye State debt This then is not a substantial |
security. =,
1t is proper to remark that some of the rail
rad men claim the right to l2O sections of
land upon the location of each road, and that
.bey will get the same. This. however, is con
troverteL by others, who maintain that they
receive the land only as the finished road ad-
yances. if untaken lands there are. within pre-
scribed boundaries parallel to the line oil the
road This suhiect / VIII not farther consider