The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-04-01

road, which is PRIOR LINN THEREON lex.
cept the southwest branch oi the Pacific
road. OF which the security, Us will he OK.
planned, is differently
I'd. The State lends its bonds for SUN
only equal 70 ttcioe The amount 81 proven 10
have been invested In the construction and
equipment OF said road, that is 10 say, the
railroad companies have TO expned $4,000
for every 500, 900 loaned by the State, and
erery dollar adunoed BY the State must be ca
pended on The reads.
81. TO prevent the possibility OF swind-
ling the State out Of the rails &C., the law
provides that said iron and rolling stock 50
purchased, shall bsiong 70 the State until
placed upon the track for use, after which
time the State shall have FIRST ilsN on
said iron and rolling stock, together with all
the road and its equipments constructed,
aud TO be constructed for security OF the
payments Of the principal and interest Of
said bonds aud all bonds issued, or may be
issued 10 said company =" and the
State shall have power 10 enforce said lien
on said road. for failure On its part To pay
punctually, principal and interest ON the
bonds issued Tor its benefit.
9TH. The law provides for the election of
Board of Public Works (none Of whom
shall bc interested in said roadside look after
the roads. and watch the builders thereof;
aud sec whether the materials u-rd in such
road ARE of the best quality aud best adapted
to the constitution OF first class railroad"
aud all other particulars, az "a the con
structlon Of the roads, and the manage
mcnt of each Of the companies; and report
the same 10 the Governor, and if the Clover.
40: and a majority of suct, Board arc at
opinion that any company has been guilty
OF bud faith "he Governor shall wst,ihoid The
further issue Of State Bonds"
9th. In the case 1T the South, West
branch of the Pacific road. the State docs
not loan its bonds. but guarantees the mort.
gage bonds of the company TO an amount
not exceeding two thirds Of thu sum actually
expended on tho road, the State, IN IN the
other cases having the sole ownership Of
the iron and rolling stock till put on the
road, when the mortgage holds It. And
9th. In case the Pacific Railroad Com.
pany fails 10 complete the said frat division
Of the said Southwest branch in three
years from the passage Of this act, or 10
pay the interest on said guaranteed bonds,
or TO hold the State harmless from said qua
rantcc. then, and in that case, the said South
West Branch Railroad. the lands appropri-
atcd to the construction thereof, belonging
to the Pacific Railroad Company at the
time Of such default and all appurtenanccs
and franchises shall at once By operation u
lar, and without any process or proceeding
become the property Of Me State, subject
only TO the Aforesaid mortgage And the
Governor of the State, upon the fiIurc Of
said company 10 perform all or either OF the
above conditions, may take possession there
Of in behalf oi the State, and manage and
control the same till otherwise Disposed Of
Wy the Legislature"
Section % Of the same law of Dec. 10,
1858, contains fo'm Of mortgage required
TO be made by Pacific Railroad company
Of It's lands, and ofthe North west Branch 10
secure the loon Of SlOOOO,OO The con.
veyancc Ia required 10 bc made 10 tho Treas
urer Of the State with u provision that the
company may yell any part Of the lands con
vcyed, eroept such ~ may be necessary for
the nae OF the road, and nhen payment a
made 10 The State Treasurer, he shall join In
a conveyance, and shall hoM or mpea The
proceeds Of such Salc for the purpose Of Iay.
ing the bonds intended 10 be secured by tie
mortgage"
Now compare the security provisions
quoted from the Missouri act, with the pre-.
tented sample securities Of our loan bill,
and you cannot fail 10 be convinced that the
latter instead Of being modelled on tn plan
Of the former, as its advocates assert, IL "a
basc counterfeit, In which every substantial
security has been carefully avoided.
live resolve to adopt the Missouri policy
10 expedite the construction Of our roads, Il
IL not best TO vote down this bill ulfhom ,e. |
euy'f,es, and wait ill W. can get one WIN
sEcumrEsy Respectfully,
ID A Ikoppurans