The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-03-25

The DAILY Dfnnssofiaa of the 18th Of March
makes the following assertions:

The DAILY .Mmnssofiaa of the 18th Of March
makes the following assertions:
1--WE assert n a. fact, that it ia the purpose
and intention Of the friends Of the loan bill 10
pass law authorizing tax 10 meet the interest
At least, II not an additional one 10 create .
sinking fund TO meet the principal, Immediately
upon the rcassembling OF the Legislature IN
June" I'VE assert further, upon the best au-
th0rity, that the main. the moving object, Tor
which an adjourned session has been determined
upon, u In the event Of the proposed loan, to
pass law levying such tax
The undersigned, friends Of the loan bill in the
Legislature, many Of whom have voted for the
adjournment TO June, are directly referred to
in tbs above extract. 1t is declared to be our
purpose and intention to pass law lsvying
tax, at the June session, and that is imputed 10
US rs the main object" Of the determination to
adjourn. We therefore feel justified In pro-
nouncing the above statement to BIO false, which
We most unqualiiedly do
We voted for the Loan Measure, with the
belief and the determination that there should
be no tax either for interest or principal We
multiplied securities against tsxation--we i'm.
posed forfeitures on the Companies which
make II their highest interest to meet these pay.
ments--we would, one and all, have voted
against the measure, If we had not deemed it
certain, in the language Of the bill, that the
State Treasury was exhonerated from any ad
yances Of money either for interest or principal
on the State bonds.
We refer you 10 the Section, a. proposed, for
h., .ft
mortgage bopds upon the roads, lands and
franchises OF each company. to the full amount
OF State bonds issued. which may be sold per.
emptorily to provide for Interest OF principe
on State bonds, with further remedy by fore.
closure OF the mortgages pledge Of nett. pro.
hts for interest payments conveyance in
trust OF Ijj,600 acres by each company, or
Gli,t0O acres IN ali, to provide a sinking fund
for principal or any default Of interest-a Ger.
tainty that no bonds can issue, until the com.
panies prove a certain amount OF actual con.
struction and that the whole five millions of
bonds will never issue without the construction
Of $50 miles OF road, or q double amount Of
road bed ready for the iron--a further provis
5sppPihS i'SuN VI W Company
falling 10 pay interest on former issues--a ION.
dition imposed, under penaliys Of forfeitures
Of lands and franchises pertaining TO the undn-
isbed road that each Company shall complete
iity miles before the close OF ls6l, one hundred
miles before.lsGi and four ffths. OF its entire road
before lS6G-thesc accumulated securities, con.
ditions and forfeiturcs satisfied our minds that
the measure was well guarded. II was dis.
cussed for weeks, repeatedly amended, and
passed with the most careful consideration.
We found, also, that other American States
had loaned their credit for railroads, to an az.
gregate amount Of not less than one hundred
millions, often with less. and never with m ore
security than we required; and there IS nof u SIN.
gle instance Oh record rhsre a dollar ot taxation
~. b,.n sp.ed o. pad Mstttos.
The undersigned, therefore, take this occasion
, to deny that they have had, or now have, any
/ 'intcntion" or object a. above charged; and
we moreover pledge ourselves Individually and
collectively, TO vote against any proposition 10
levy u tax either for the interest or principal OF
the proposed loan Of State credit. We claim To
have removed al probable chance Of taxation,
by orr legislation at this scslon and We shail