The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-11-25

coed TO advertise for six successive weeks,
in papers published 10 the cities OF New
York and ST. Paul, ard at the expiration
Of sixty days after such default, foreclose the
mortgage, and sell at public sale, all the road,
lands ard franchises Of the company in de-
fault, or such part thereof as the Governor
may direct, and employ the proceeds in pay.
ment Of the interest or principal that may
be due by such company, on the bonds is-
sued to them, together vita all expenses and
damages incurred or sustained by the State
in consequence Of tie failure Of the company
TO fulfill It's obligations. SO much stringen-
cy would not have been required had pr-
ority Of lien been allowed, for then the bonds
Of the Company in default, which the Gov
crnor was authorized to sell to save the
State from loss, would have been amply
sufficient for that purpose.
As further guard against loss or abuse
Of the funds arising from the loan Of State
credit the Governor has decided that only
one half Of the loan shall be employed in
grading the respective roads; tie other half
Of the State bond, TO be fully issued only
when slxtytwo and half miles Of each Of the
four roads are completed, and the cars run.
ming thereon. Either two hundred and
fifty miles Of road must be completed and in
operation, or large fraction OF the State
bonds will remain uDissued.
In closing this review Of the character and
alue of the securities now attainable by
the State for the loan Of its credit aud OF
the new requirements which the Governor
has felt it to be his duty to make Of the
Companies, we wish to repeat that it is no
pat Of our design to call in question the
motives Of the Judges Of the Supreme Court
in the decision they have rendered, nor to
attack the integrity OF their judgment no
Journal could entertain, nor take pleasure in
expressing. higher estimate OF their honor
and capablity. We have merely desired to
state the case az it existed under the ruling
OF Gov. SIuLEY, and as it il now presented
under the decision Of the Court. And this
shows, what must be apparent to oil, that
the necessary effect of the decision is to d.
lninish the securities held by the State. so
as 10 render them OF comparatively little
value. We don't propose to allow this fact,
however, to impair our confidence n our
companies uor to make us believe that be-
cause the facilities are more open Tor the
commission Of rascaties now than formerly,
that they will, pertorce, become changed in
to swindlers. On the contrary, we hope
and believe the several roads viii be com
plctcd, The progress Of the work on all Of
them has, thus lar exceeded our expccta-
tons With the magnificent land grant
from the general government, and The loan
Of State credit to aid them, the bonds Of
the companies would be Of the foremost
rates in the market, but for the develop
meDts OF yIllaiuics on the part OF the Dircc-
tors Of railroad companies in other States,
which have told dsastrously upon that de-
scrpton Of securities throughout the
country.
We append, IA appropriate here, copy
OF the ruling OF the Governor, which has
heretofore appeared in our columns, together
with the judgment OF the Supreme Court
setting it aside:
RULING or GOV. siBLEy.
ElE,rrIXE OKFICE l