The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-02-13

capital TO attract this, it must be proftcby
employed, and now, with the late crisis star
ing the capitalists in the face, they will be
cautious how they invest it. Stocks have as
much intrinsic, commercial value as ever,
but the market value has deprecated. He
explained the causes, and SO id it was imposs-
IDLE that any new railroad project could go
into market now and succ eed. No compa-
ny would now undertake o attempt to raise
money on their own bond IS. This state of
things would Lot last loI lg, however-may
be not year; but it wou Id prevent any sue
cessful project from incep ton while it lasted.
He believed no new project would COM
mand the confidence of capitalists more than
the Minnesota land 6 rant roads, which he
said formed the most admirable network of
roads which could ha We been devised to de-
velope the resources of Minnesota. and emu
merated the prime ipal projected routes
through the State. He believed they would
DO built, but when, he could not predict
very likely within Fl We or six years. 1t could
not be soon CONNER iced if the railroad COM
panies here were compelled to rely on their
own resources otherwise it was question
of time merely. But, to the question
Would it be proper for the State to aid
them in their infancy? The plan proposed
by some friends of The road in the Legisla-
ture, is not by payir them money, but by,
as it were, endorsin their notes. He illus
trated the plan by familiar explanation,
drawn from the expe ,rience of business men.
He applied the simile. The companies
who controlled the sc, roads had supposed
they could 80 on end complete them. But
the crisis had ovel:taken them, and they had
become unable to do so. Some members of
the Legislature Fad introduced measure for
their aid, which he had been told was an ex-
cellent measure He thought the loan should
be we'll guarde d, and investigation made as
to the disposition of the loan, to see that it
was we'll applied. (Applause.)
The same causes produce the same results.
Roads sometimes prove Improbable, when
they We're too costly or had too much compe-
tition, or sold their bonds at a discount. In
our country however, they could be built for
an average of from II to $4,000 dollars per
mile, all expenses included. The equipments
would cost $4,000 per mile. Would this pay?
1t might trouble any one to answer this, and
he must say as he did before-like causes
produce like results.
He mentioned several in operation, to prove
that western roads were exceedingly profta-
BILE, whether long or short ones. He thought
the country along the proposed routes was
as thickly settled as that along those he men,
toned was, when built.
Here was so miles of road, costing 81, 25O,-
900, say? To pay the interest it must earn
$4,000 per mile net. But if it earns $4,000
per mile, as they will undoubtedly do, the
net will be from to thousand dollars per
mile. Could one doubt that they will be
profitable? But setting aside that question
| for the present. Even if these roads do not
pay we'll right off, the benefit to the country
though the disbursements of the cost of con-
struction, and the increased value of proper
ty would be of inestimable Importance to the
| new State.
| He thought the roads would not only be
paying investments, butpay well in the advan-
tages to community, resulting from the in
creased productiveness, easy access to mar
kets, increased facilities for travel, and conse-
quently an inducement for emigration. The
land, too, would be greatly increased in value
and mentioned the value of the land along
the roads in Wisconsin, which had been en-
HANGED by an access to Markets.
Such is the enterprise, then, to which Min
nesota proposes to lend its aid. Is it one
worthy the fostering care of the State This
is aquestion each one can answer for himself
Will the money be we'll applied If men,
Der of the Legislature, he would vote for no
bill that did not offer sufficient guarantees for
the honest appropriation of the loan. He
thought self interest was powerful motive
even if we conceded that honesty was out
of the question-and here self interest was
involved.
He thought the security to the State was
large ; as it should be so, and vigilance in
guarding itsInterests could not be too strong
ly commended. If a Legislator, he would
frame the bill with all the safeguards posi-
BILE, but would not-by too much safeguards
render the aid futile. And though year
ago, he would have commended the clause
prohibiting State debt, times had changed
much since then, and now he would vote to
change the prohibition as matter of right
The roads are weak, and need help, and the
reasoning which would have passed such
clause in the Constitution a twelve month
ago, would be useless now.
He liked the manner proposed, of referring
it to the people. Thus,the responsibility was
taken from each member in thus referring
the matter to his constituents. He said to
them-I should not do this-YoU can take the
responsibility of the measure. (Applause.)
COL ROBERTSON said he had been much in.
terested by the remarks of Mr.. STRONG.
That gentleman had referred to the various
money-making manias which had agitated the
world. They were speculations which prom
Used great gains. So was the one advocated
by the gentleman, and just as seductive in its
tendency. But we should beware of being
Influenced in that way. (Applause.)
He then reviewed the measure. The great
need of Minnesota, to revive her prosperity,
was immigration. We wanted people. We