The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-03-18
NEW SERIES-NOl24

the June session, prescribe the remedial law,
and when II Is remembered. that this will be
done by tho same legislators that passed
tho loan bill, there Is surely no violation OF
probabilities.R even OF certaintics In supp0s-
ing, that their legislation will be In accord.
ance with the bchests Of tho railroad com.
panics.
Now. after this analysis OF the securities,
which ! believe 10 be In accordance with
strict legal Interpretation and construction,
let us indulge In prophetic glance into the
future TO see how the swindlc may be worked
out.
We will suppose tho time 10 be the first
Of June. 1859. Each company has sold its
l2O sections Of the lands, and holds or has
divided. or otherwise disposed Of the pro.
ceeds, conf,lc,l TO il for "Ms batter security
Of the treasury Of the STATE The directors
have received In consideration Of services
depot grounds, &c., &C., ten or fifteen mil
lions Of first mortgage bonds; they have sui.
ticicnty graded their road. over the most
level land Of the prairics, or they have done
better II you pleasc--to draw its share Of
the loan.
At this stage Of the game. the roads arc
in debt 10 the State S5,000000. What
will the railroad men, M shrcwd linanciers
do thcnf They may do this bankrupt
their respective companies, aud extinguish
the debt A quick way TO make five mil.
lions, for which there arc abundant prece.
dcnts. Under the old banking system, the
most profitable part Of tho business was 10
expcnd, and then break, buy In their prom
misses. start anew, and repeat the Samo opcr-
alton. Many expert busines men and pro-
l,ssional ilnancicrs travel the same beaten
track TO wealth and honor, and why should
no, railroad conmniess
l,y such coup lie grace the companies
WILL IN single stroke Of mastery policy,
sink the trust fund aud wipe out an oncrons
incumbrancc. Shall We expect mortal rail-
road kites, In pursuit Of improvement
under difficulties, 10 resist NO magnificent
chance for speculation Would II be fair
10 treat them m culprits for yielding 10 u
temptation No powerfully seductive ~ this I,
Iicaies. they will then have multitude
Of reasonable extenuations unforeseen nc
| cidcnts, &c, &c., &c. TO serve the State
they will patriotically causc their respective
companies To be sold out for the benefit Of
the bondh0ljers, thcy, themselves holding
most Of the bonds, the suffering and dsap.
pointed State, the balance.
Aud then M may sec tho old vampires.
rcvamIed with some fresh associates, into q
new company. who will come forward aud
purchase the first mortgage bonds. including
thOse Of tho State, Tor lew cents, perhaps
u few mills on the dollar.
Thus. will the State sll out all its sccu-
riti,@ and claims upon the several roads.
iiy this time, the blindest tax.paying sup
portcrs Of this bill will scc that tho sample
eouy,i,t, 10 the STATE have nil vanished, and
that the people have been swindled by tho
then "old'' companies. They will ~e immi-
grafton diminished by reason OF this State
debt, beneath the crushing weight of which
they will groaD there viii not be piece OF
finished available railroad In the State; and
then Just in the nick OF time, new Railroad
Companies, galyanizsl out Of the old oncs.
will come forward with new measure OF
"fndnt,ai relief" In the shape Of another
five or ten million loan, properly guarded
and amply secured Mn tune. ~ the only way
TO save the roads and the State from utter
ruin Granting, for illustration, that the
peopc will ratify the proposed amendment.
and judging from our past legislative cxpc-
rience, Minnesota viii be the very Geld
whcreon 10 play out the programme herein
Respectfully, &c,
ID. A. RoBERrsos.