The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-02-20

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get their own loans.
If the proposed emigration is to come,
and bring in the expected wealth, at the old
ratio, he did not believe we should force this
measure now.
The plea of the r. R. Companies now, is,
help me, Cassius, orr sink. Applause. y
After all our financial difficulties, they come
and ask us to impose an enormous tax on
our people, to push them along.
What will five millions be worth to you,
anyhow, if you get it. 1t will barely CON-
mence your roads. You have nothing yet.
Wait until we are more numerous, more
wealthy, more stable-and until your heads
are a little older, and not let your cupidity
overbalance your judgment, in your haste to
force your measures on the people.
JUDGE CoopER.-Said he had come here
tonight at the request of a large number Of
his fellow citizens, and not from his own mo-
tives. He spoke of the importance Of the
measure, and the interest it has attracted, as
being something extraordinary.
He would discuss but one branch OF the
matter-the legality of the measure, and had
divided this feature of the bill into several
heads.
First.-Does this bill propose to create
State debtl He had been surprised to see
in some papers, that 1t had been claimed that
this bill creates no debt, as the bonds do not
fall due for long time yet. He proceeded
to explode the arguments used to support
this.
Second.-Whal is the nature and Office of
fundamental law? He defined this at length,
and explained Legislative law, and the pow
ers and force of such. The tendency of the
age was to anarchy. To adopt three months
ago Constitution, and now to attempt to
overthrow it, was an evidence of this.
The bill itself has no evidences of being
fundamental law, except in clause or two.
Third.-What purposes are to be SUBJ
served by this bill, in the functions of fun
damental law-and does it not evade the
Constitution? He said it did, and that the
people would so judge it when submitted to
them, and he thought there was not court
but what would declare this act null and
void.
There is more than violation of the Con-
stitution in this bill-it is revolutionary in its
character. 1t will serve as a precedent for
dangerous tampering with the Constitution
hereafter, and the door ought not to be
opened so soon. He said any great change
in the Constitution should have plenty of
time in its consideration. This measure must
be hurried through-now or never You
can not investigate the securities+there are
none. They offer the net profits of the in
come of the roads to pay the interest on the
| five mlllion-that net will be 5000 per mile
less than nothing. (Applause.)
He had seen many enterprises begun, and
huf fory &n;cbod No 0fofo ovor 1oopod
credit, but had lost money. He cited several
States. He wanted roads, but not roads
running into the wilderness. 1t was their
profits which were to be pledged.
He doubted the wisdom of the loan. He
believed the companies were not trustw orthy.
Mr. WILKINSON said he could see nothing
in the proposed amendment to our State
Constitution, providing for q loan of the
credit of the State to certain Railroad Com
panies which commends the measure to his
better judgment. Nor did it look to him
like sowing golden seeds from which the peo-
pie are to reap golden harvest. Was his
judgement convinced in favor of the measure,
and did he believe such happy results would
follow its adoption, he would yield to it his
ready and cordial support. 1t is true in
deed, that by the adoption of this measure
we shall be scattering broadcast the golden
seed, but it looks like scattering the seed by
the wayside, for the "fOacts of the air to come
and pick 1t up," yielding unto us no harvest in
return.
The people of the Territory, acting in &C
cordance with the spirit of the age, have
with singular unanimity adopted Constitu-
ton which declares that the credit of the
Ill h. ind;
al, corporation or association whatever and
he was thoroughly convinced that our Con-
stitutiOn contains no clause which more fully
reflects the feeling and will Of the people
than this.
This provision was intended to place the
Treasury of the State beyond the reach of
any and all influences, however plausible
they may appear, by which the peoples mo-
ney might be used for purposes other than
an economical administration of the State
government
1t was inserted in the Constitution to
shield the people of the State, from the dan
ger of oppression and ruinous taxation. 1t
was made to put it beyond the power of the
Legislature even, to take the peoples money
and hand it over to soulless, heartless cor
porations. 1t acas right-take this PROPOSE
ton in the abstract, and no one will deny it.
Why then remove this safeguard from our
Constitution We are answered by these
modest Railroad Companies, that the pro-
posed loan will not create State debt. We
do not ask the State for money. We mere
ly ask the State to become our securities, or
our endorsers and everyone knows, say they,
that an endorser is not liable until after de-
mand is made of the principal and payment
refused; so that the State would be under
no obligation to provide for the payment Of
the interest which will become due every
six months upon this immense loan.
Those who publish such propositions are
either grossly ignorant of the law, or are
guilty of wilful misrep; esentation in order to
deceive the people.
1t is asked that the State issue her own
State Bonds, with all due Formally, to the
amount of S., 900 900, and under the author
ity of law deliver them over in equal amounts
to four several Railroad Companies. And
for the payment Of the principal and interest
of these Bonds so issued, the faith of the
State is pledged.
The interest on these Bonds so issued by
the State is to be paid semi, annually in New
| York, and the State must provide for the
payment Of this interest, and if it is not paid
when it becomes due the credit of the State
will be gone. The holder of the Bonds will
look to the State alone for their payment
Once being in debt, the State will be bound
in honor and good faith to pay it, and to &C
complish this purpose the people must be
taxed to an amount greater than they can
bear.
The result of this additional, ruinous, tax
alton, will be to lessen the value of real es-
tate and ultimately to retard emigration.
The position assumed by the friends of
this measure that the earnings of the roads
which the several companies will be able to
build with the proceeds of this loan, will Sc
cure the state against the payment of the in
terest on their bonds is simply absurd.
This loan of $5,OOO,OO0 divided between
four roads, would have the effect of starting
n LIZ.