The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-04-08

| The present Reaction against all western en-.
terprises. and mos, OF the contracts. exe,,u.
tel by the Minnesota Companies under the
impulse OF State aid. provided for the com
pieton Of certain portions II their lines
''oveTnor sihley has recently decided. that
more stringent construction Of the pro-
vision above quoted, best sc,onis with the
object proposed by the Legislature AMI r->o-
pie. anu Is demanded! by the public inter
csts. tie announces his determination Ia
issue only half the amour, vi bonds au.
thorised in favor Of each company. on ac-
count Of rosd merely graded: and only u
issue the remaining six hundred and twenty
h'e thousand dollars on proof that the pre-
scrit'Nd ten mile sections are fully completed
and cars running thereon. The Minnesota
and Pacific Railroad Company has conform
Ell by resolution "a the Executive construc-
ton IN this respect, and doubt not tina,
the other companies will follow the example.
The Five Million Loan will not issue,
therefore, except rs the representative of
| siNty-two and a half miles of road finished
by each company OF two hundred and fifty
miles in operation.
FOR the purpose Of expediting and secur-
ing such construction, the faith and cre,ii,
OF the State is pledged Tor the payment Of
the interest and the redemption OF the
principal of Five Million Dollars of seven
Per cent. Minnesota State Bonds Such an
application OF the public crciit, with a
State Debt limited 10 two hundred and fifty
thousand dollars for extraordinary expendi-
turcs-total State liability. Five Million
Two Hundred and Fifty Thousand Dollars.
with aocruing interests the limit imposed
by the Constitution ~ the action OF future
Legislatures The people of Minnesota, find
ing 1t necessary To amend the Constitution
in general terms, determined to place the
rights Of bond holders and the securities
exacted from the companies. under the pro
lection Of that instrument
No similar State loan 10 railroads affords
this guaranty TO creditors, while. at the same
time, the rights and remedies of the State
Treasury against the railroad companies are
equally removed from the hazards of I.cgis-
iative caprice,
section ten ct Article nine of the Constitu-
'ioh' AS thus amended, imposes upon thc
railroad companies the obligation 70 indcm.
nifty the State Treasury The rights and
remedies for that purpose. are prefaced by
the Injunction that each s.,,,,~.,~ In
make provision for the punc,,.i n.rr,o,,
Sni redemption of oil bonds issa.ri aul l.
livcreA as aforesaid o. said cor,psp,. and
ioi The puhctuN payment Of the Interest
sLira 4.si3 accrue t1cgt. #. r-.--...
~ o. eXunefate the Treasury ~ the State
from any advances oi f.pney lai that puy-
pose
I urae..f,a d, g4u-li,, 81. it,r,,. .,f .. as
t7EIrY 78Epss.s
TAcy usy g. arranged sut, three ,las..s
ist Forfeiture.
u Special or e,.it...e s,,,ori,,ss .,,.,-
Eisting 81 ple,lss Of nett f.fo6ts sna ths
conyeyance 10 the STATE n, IN. h,n.,r, ,.i
fiftv-three thousand nj. hu,5,.5 .c,,.. ~
land ar two bundre., and f,,tv s.c,,,n. To-.
from prior iucumbranc~
Sd. The concurrent security ofsn .ruouu,
of Arst mortgage honda eou.l N IN. s,.s.
bonds delivered and t,.,ss.,,., ,ro,,, ,;,
t. time Il, the Treasure, of Stat.
VII
u
Inc hfs' forfeiture, I" which company
may subject Itseii by the terms of the Loan
Amendment, viii affect its right to receive
further INSTRUMENTS OF state bonds, while
another forfeiture, which may prove Of great
Importance hereafter VIII restore the control
:" 'he Lana "rant Itself To the Legislature,
ID case the roads are not constructed 10
pfescribcd extent.
J. by hiiure 10 provide ioi a seini-annu-
al payment OF interest, a company forfcits
The night 70 receive any more State bonds.
n'hce DEFINITE amount OF construction must
preeede The issue OF any State bonds and,
"nue' 'he ia'e nAec"'i'e decision. there
'n"s' VIC w" "ui''e'' an" my mics Oh cum
PirN' iaih""i' p''oic tue hinit III thtiG ~