The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-02-27
(Reported for the Minnesotian.)

Chairman. but that person declined. Capt.
Sr.pKEv being nominated in his stead, NC
cepted it temporarily, until Mr.. MARSHALL
should arrive,) and was chosen.
4 Ue ;rtroducced the first Speaker Of the
evening"
Mr. HALE. He said it was an agreeable
fact that these meetings we're so we'll attend
ed. and evinced the interest which the mea-
sure had attracted. 1t was q theory of our
Constitution that amendments being pro-
posed to the Constitution, the people would
discuss them after their passage in the Legis-
lature, and then, when brought before them,
adopt or reject them as they See fit. The
order is changed now, though. We are dis
cussng them before they are passed. The
Speaker said that there may be some slight
nformality in this but those in favor of the
measure 'naugurated the principle, and we
were merely replying to them. Mr.. Strong
had set the example in his speech of the
other night. l, in common with others, he
said, came here to hear his views on the " FL
nancial Crisis" but was surprised that under
that disguise, the Speaker had diverged into
an eulogy upon the proposed measure, a do
mestic affair of our State, and which really
had nothing to do with what We supposed
be was going to enlighten US on. However,
that was all we'll enough. Discussion will do
no harm. The question should be discussed
on its merits-no imputations of Selfishness
on either side should be allowed. He was
sorry that personalities should have been
used, as they had been already, in the meet
ing on Monday night. But as the door had
been opened, he would indulge in pleasant
review of the speeches on that occasion,
merely scanning their arguments ard attack
ing their positions, not them.
He said that the first speaker, Mr.. Hol-
Unsteady was interested in the meaSure-al
though in one sense he had disclaimed such
interest-and that another of them Mr..
Taylor) was we'll known to be IN THE PAY of
one of the Companies, and of course depend
ent on them for his regular salary. 1t was
natural, therefore, that men such as this,
should be found who would defend the mea-
sure in public.
Thus far, he had given the "retort cor
teOus." But he was surprised that asper
sions had been cast on the Opposers Of the
measure by Mr.. IIollinshead and others, be-
cause they had deemed it ineXpedient TO
now loan the States credit as proposed. 1t
was natural, he said, that we should do this.
1t was a question of such magnitude and So
licitude no one should be blamed for wanting
to pause, and consider we'll whether we are
about to pass measure which will |" cover
our State with glory" as they eloquen:ly
talked about, or else cover our people with
taxation, ruinous and burdensome-delay, in
jure and wreck our prosperity, turn emigra-
ton from US, and create an incubus which
will weigh US down for years. applause y
We are all friends CT railroads, and wish they
could be built and only differ from the ad-
vOcates of the measure in the policy of loan
ing them credit. Here hinges the whole
matter-the expediency and policy.
The speaker then went into an analysis of
the plan proposed, its practicabllity, advan-
taees, and means of its accomplishment, and
took short and masterly review of the abil-
ity of the State to incept any such measure
now.
He had enquired of Mr.. Armstrong the
State Treasurer what the Territorial taxes
for last year amounted to, and found that
They amounted Observation-Disclosures. ...... $50 900
The aggregate of Co. Taxes had also amounted
Making total. .......................... $350OOO
Which the people of our State, will be
obliged to pay.
The Legislature had postponed the pay
ment OF these taxes for SIX months, with
great unanimty at the request of the people,
for they were actually unable to pay them
when DUE
The estimated taxes of the State, was $70,-
900 for the current yer and the County
taxes in proportion, as above stated, would
amount to $42O,00O making a total of
$4,000 which the people O.. your State will
be compelled to pay this year. Adding to
this last years unpaid taxes, makes the enor-
nous total of S840,0OO. In addition to this
the State had authorised the issue of $780,
O1O. of Shnplasters. This swells the SUN
to over one million dolLars,-a sum the citi-
zens will have to pay next year.
Now, situated as the State is, should it en-
dorse for these railroads This is the point
to be settled, and hope that the friends of
the scheme will meet the case fairly. He
claimed that it had not been DONE but that
the gentleman who opened the loan Measure
meeting had used specious and foggy plead.
ing. No they had all gone off in pyro-
technic display, dazzling and brilliant, in their
eloquence about the great prosperity which
the loan would give the state.
Now if Minnesota is so unenviably situa-
ted, as have shown. should she endorse for
these bogus Railroad Companies Men of
Minnesota you are to answer this Think
of the burden-your population is only 49,
0CO voters. at the utmost, and you can thus
readily conjecture the enormous burden to be
imposed on the few taxpayers. already
heavily burdcned with county and town tax
es. as is common in the commencement of
every new State.
lie then spoke of the securities, and re-
viewed Mr. Hollinshead's arguments that the
Railroad Companies were now entitled to
3oO,OOO acres Of land, on account of the sur
veys, &c., already made. This was what he
said could be mortgaged. Is this the ample
security spoken of But what assurance
have you that money given them will be hon
orably spent in constructing road ? What
security, what pledge do you find in the bill :?
Even II the Companies are honestly dispos-
ed, there may be frauds. Some of the Of
iicers may squander or misapply the loan, as
has been the case in hundreds of Companies
before. Suppose it should be done with
these! But, said Mr.. Hollinshead, we will
pledge the "nett profits of the road ; and
he gave glowing description of the pros
poets OF the roads, comparing them, when
completed, with Wisconsin roads, concerning
, WHICH ne mas quoted, out OF something or
,, other, very captivating and plausible ac-
count of the great profits, cheap construc-
tion, &c. Can it be possible, that a fraction
! Of road running into a wilderness, can make
. profit of $4,000 per mile =? But bear in
! mind the cost of the roads, $4,000 per
mlle-nett profits, 5000 per mile per annum.
If the nett profits of these roads amount to
25 per cent. on the cost, per gear, why should
their roads now sell in the New York stock
market, as you will find them quoted, and as
their stocks actually now sell from Sll to
, $40 on the hundred! (Laughter)
Mr.. Hollinshead had said that it was the
7, IL IL fho Cfnfo