The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-03-27

and in conclusion, hope that each of you
will return to your families and constituents,
to hear universal expression OF appr0ba-
ton of your course while in this Senate.
On motion of Mr.. JONES, tho Senate
then adjourned until the I'd of June next.
HOUSE.-House met, and was called to
order by the Speaker.
In the absence of the Chaplain, an appro'
pirate invocation to the Most High was offer
ed up by Rev. Mr.. Scofeld, one of the mem
bers.
Mr.. SliEETZ called the attention OF the
House to the following resolution which was
adopted yesterday during his absence. lie
said the resolution was useless and uncalled
for, and its appearance upon the journals was
ridiculous, as no charges had been made i'm
plicating th"se voting against the Loan Bill:
WHEREAS 1t has been stated upon the floor
of this House, that certain influences were
employed by parties outside OF this House to
bind and control the votes OF members OF
the House against the passage of the Bill
known as the $5,OOO,0O0 Loan Bill; there
fore,
Resolpel, That committee Of five be APP
pointed by the Speaker to investigate and
inquire into the matter, and report to this
House upon all matters connected with said
charge, and that the committee have power
to send for and compel the attendance of per-
sons and papers.
He moved a reconsideration of the vote
by which the resolution was adopted. Car
ried-ayes "a, nays Is.
The resolution was then indefinitely post
poned.
Mr.. OTIS offered the following resolu-
ton:
That committee of three be appointed
by the Speaker to prepare suitable device
for State Seal for this State, and that they
report their action in the premises to this
Legislature at its adjourned session in juno.
The SPEAKER appointed as such com
mittee, Messrs Otis, Pierce and Keith.
Mr. TEFFT offered the following resolu-
ton:
Resoiced, Tia the Speaker of this House
appoint committee of three to draft and re-
port & bill prescribing the bounds of Con
gressional Senatorial and Representative dis
tricts among the several districts accord ng to
the provisions of section 2, Of article OF the
Constitution; and that said committee be
required to report the same to this House
during the session in June next.
The resolution was laid over until the June
session.
On motion the House adjourned until
Wednesday, the second day of June next, at
II NJ.
AnnRESS
OF Members Of the Legislature OppOs-
ed to the Five Million Loan Bill to
the People.
We. the members of the Legislature opposed
to the passage of the bill amending the COnsti-
tuition SO as to provide for a loan of the credit
of the State to certain railroad companies to
the amount of five millions of dollars, beg leave
to submit few of our reasons tor SO doing:
1st. We opposed it as a wantOn departure
from principle established by the experience
of three quarters of a century, and Incorporate
ed into every State Constitution framed dur
ing the last twenty years.
I'd. Because we believe it will prevent immi-
grafton. and the investment of Eastern capital
in property in Minnesota. by reason of the
heavy taxes which will follow, and depreciate
property. stagnate business, and involve us in
ruin.
pletiOn of single mile OF road. and allows the
different companies to obtain the whole amount
of the five millions in State bonds by merely
grading. or throwing up ridge of dirt.
4th. The bill allows the railroad companies
to get one hundred thousand dollars in bonds
for grading any ten miles of their road in de-
tached pieces. And the companies selecting
the ca lest grades on their roads, will obtain
one hundred thousand dollars, though the &C
tual cost OF such grade may be less than fifty
thousand dollars.
9Th. AS security to indemnify the State
against taxation, the Governor is to receive
an instrument pledging the net profits on
Dads which we have no security will be com
pleted. IIls-instrument also pledges con
yeyance Of the first two hundred and forty
sections OF land free from prior encumbrances
which said company is or may be authorized
to sell in trust for the better security OF tho
treasury of the State from loss on said bonds
which said deed of trust shall authorize The
Governor and Secretary of Stale to make con
yeyance of title to oil or of any OF such land:
to purchasers agreeing with the respective
railroad companies therefore, while we have
no security, they will ever be authorized tt
sell that amount Of land or if they were, tina
it would BE- free from encumbrance ; for 1t il
a we'll established fact that they must locate
and complete twenty continuous miles OF roaC
before they can get that amount OF land. while
under this amendment they can obtain the
| whole amount OF the loan without laying one
| pound of iron.
9th. IAN amount of first mortgage bond:
on their roads, lands and franchises cores
pondipg to the Safe bonds issued, shall BIZ
| transferred to the Treasurer of the State"
| Now. what will be the first mortgage bonds
| of these companies The companies transfer
! to a trustee all their rights, franchises, land
and roads (present and prospective.) as secu
rity on the bonds issued by said company, ant
/ in an amount (after allowing literally fol
/ contingencies expenses. large salaries, and ;
depressed market) sufficient to complete thu
: whole road. OF these first mortgage bond
the State will rcceiXe five millions in lieu @
! five millions issued by the State. while tn
balance will be thrown into market a. q sacri
fee of perhaps lightweight per cent, on
which the State musb receive al par.
In this connection it may not be amiss t
say that the bill was hurried through the lie
gislaturc with ali the haste OF jealous parti
zanshp. aided by powerful outside pressure
and though earnest and powerful efforts wer
made TO amend the bill with the view q bette
securing the State. (see eppendiI,) its friend
would suffer none. no. nos even the insertion
OF the word continuous" between the word
item and miles, While in the House i
was pressed to its final passage under the pre-
rious question, thus cutting off amendments a
well as debate.
One fact more and we have done.
According tc tie Constitution. the Legisla
turc is required. on creating any State indebt
edness at the same session, to levy q tax t.
meet the interest, and create sinking fun
to meet the principal when due.
To have passed such law before the adoE
tion by the people of the proposed amendment
would have jeopardized the measure and ren
dered its defeat certain.
Consequently an adjournment from the 25t