The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-04-17

by the sstrieads of the loan bily' of the Senate
and House of Representatives, in their sad.
dress to the people," heretofore published in the
Minnesotian, at tier request, pledging them
selves to resist, as one man, any proposition
to levy a tax to meet either interest or prin-
cipal of the loan, at the adjourned, or amg
other session of the Legislature,-rus t dem.
onstrate to the satisfaction of every rejecting
man, that they are incompetent to the task OF
providing for the public necessities, or pro-
tecting the public faith and credit of the
State
The worst enemies of the State, never
could desire to see its legislators assume a
position more fatal to its good name, credit
and prosperity And even allowing, for the
sake of argument all the friends of this mea-
sure claim for it, respecting the adequacy Of
the securities it provides,-their position is
none the less insane and disastrous, if the
bill is approved by the people.
1t must be borne in mind, that the faith
aud credit of the State are pledged by the bill
for the payment Of the principal and interest
OF this loan. This will not be denied. The
capitalist who buys the State Bonds, does SO
on the pledge of the State, that the interest
and principal shall be paid-not upon the
faith or responsibility Of the Companies who
negotiate them. The principal argument of
the Companies has been, that nothing but a
pledge Of public faith and credit, acould CON-
mamd a loan IN the present state of the monsy
markets-and hence the necessity for this
loan of State Securities
Then the faith and credit of the State are
directly pledged as we'll in fact, as in theory;
and the State is responsible-not condil ion
ally, upon the failure of the Companies to
pay-bt absolutely and directly in the first in
stance.
These are facts which no honest man will
dispute
The bill provides that, in case of d"fault of
the Companies or either of them to pay thu
interest or principal, the Governor shall pro-
coed, in such manner as MAY BE prescribed By
taw, to sell the bonds of the defaulting com
pany or companies, or the lands held in trust.
or may require foreclosure of the mortgage
This it will be perceived can only be done
AFTER DEFAULT has been made By the Conn.,
panies. Months. and perhaps years would
elapse, before either of these remedies could
be made effectual, even should proper law
be passed to authorize it and, IN the mean
time, aohat becomes of the faith, credit and hon.
or of the State of Minnesota?
Thus, even admitting the sufficiency of the
securities in amount, they are beyond the
reach of the State, in time to save her credit
from ruin-her name from dishonor!
Thus, the State is bound, hand and foot,
until after the dishonor has attached-until az
ter her faith and credit have been sacrificed
her fair name and fame sullied and dishonor-
ed Is this not the fact? Does any respec-
table man dare question it No man, who
has any regard for truth, or common honesty
will do so!
1t may be replied, however, that they will
provide against this difficulty at the adjourn
ed, or some other session of the Legislature
If they do SO, we reply, it will be merely
to deceive-fr they have preclv1ed hhemsetues
firm doing so y! 1t will be remembered, that
this is not a mere act Of the Legislature. but a
proposed amendment to the Constitution
and if it has any force or vitality at all, it is
as a fundamental law. Therefore, even il
disposed to do so, they could not; because
this Constitutional provision, declares that
the Governor shall only proceed to realize
none out of one or the other of these secu.
rites, after default shall have been suffered by
the Companies
Thus. should this loan bill be approved
and no tax levied t, meet the interest, the
honor and credit of Minnesota and her VIII le
people, are placed in the hands of an associa-
ton of the most corrupt, reckless and unscru.
pulous set of men that ever bribed Legisa
ture
To the friends of the State, we say reflect
upon the solemn truths contained in this ar
ticle !
Here it will be observed, that admitting
all the Loan men claim in the way of securi
ties, We have shown that ruin, disgrace and
dishnnor to the State would be the disastrous
results of single default.
But these securities exist only in name.-
The bill is wholly an empty sound so far as
the rights of the State or securities are con-
cerned.
The Companies have no lands-not foot
to convey, and cannot have until they have
completed large part of their road. This is
the decision of the Drpartmeut Of the interior
AS will be seen by the letter from the
Commissioner If the General Land office to
Governor German, already given to the
public Then we repcat-they have no Sc.
curities--not to the value of one dollar to Of
fer the State; and we have shown that il
they had, the State would be powerless
against dshonor, except by taxation, pro
viding in advance for the interest on the
Loan. Approve this Loan Bill, and you
must choose between TAXATION and public
DIsHoNoR-the one OF the other is invitaIle
We are opposed to taxation, except SO far
as 1t is necessary to pay the expenses of the
government, economically administered
This is one of the fundamental principles OF
our Republican faith. This Was one OF the
reasons which induced the Minnesotian, at
an early day, to assume decided position
in opposition to this monstrous and disas-
trous Standardization in every aspect in
which it can be viewed. Disast. GUS in its in
ception, upon the morals Of legslators-dls-
astrous in it's future effects.