Saint Paul weekly Minnesotian., 1858-06-05

the Pacific must be constructed through Tn
centre of the State, these are some OF tn
considerations that justify us in anticipating
that Minnesota will eventually become ont
of the most powerful of the Northwestern
States. Stretching from the British Posses
sions on the north, through five and a hal
degrees of latitude to the line of Iowa, with
an area Of nearly ninety thousand square
miles, no State in the Unicn is more favored
in geographical position, or possesses more o
the elements OF wealth than our own. Oul
lands are of the richest quality, affording 6
the farmer, SO that her Agricultural resources
alone are sufficient to insure the ultimate
greatness of our State.
A wise economy in the administration o.
her government is essential to her safe and
healthy progress. We have before US the
lesson of the past, to warn US against that
tendency to extravagant expenditure, which
has been the bane of some of the old as well
as of the new States-which has crippled
their resOurces-injured their financial credit
-burdened them with taxation, and brought
them in some instances to the very verge oil
bankruptcy. v are bound to meet certain
Territorial engagements, amounting to a
large sum, and organization of an entirely
new government must necessarily be attend.
ed with some extraordinary disbursements
but all such expenditures should be carefully
scrutnized, so that they may not, in any
case, exceed the amount required to protect
the honor and the interests of the State
With proper Management, short period will
suffice to eXtinguish all her Indebtedness
without making it necessary to burden her
people with onorous taxation.
The financial crisis through which the
country has so lately passed, has had Ca
lamitous, but it is to be hoped, temporary
effect upon Minnesota. These arrangements
have extended through Europe also, and
have been variously ascribed to the excessive
imitation of the banking system-to the large
Importation of foreign goods-to the vast
sums expended in railroad improvements
and to general needless speculation and ex-
travagance of living. Whatever may be the
particular causes which have superinduced
a revulsion so wide spread and ruinous, the
periodical recurrence of such disasters would
seem to Indicate, that they are as necessary
to the due regulation of commerce and trade,
as are storms for the publication of the phys
ical atmosphere. They will doubtless occur
as frequently in the future as in the past, and
it is the duty therefore, of those who are
charged with administering the affairs of the
State, so to shape its legislation, as to enable
her to meet such crisis, whenever they may
happen, without embarrassment or discredit
The wisdom of general laws which guard
the bill holders against the insolvency oil
banking institutions, has been fully virdicated
within the last few months. In the States
where such safe guards do not exist, many
of the banks have been crushed, and their
notes are consequently worthless. In New
York, Illinois, Wisconsin, and some other
States, the community having confidence in
the ability of their own institutions to meet
their obligations, under the provisions oil
banking laws, which require ample securities
to be placed in the hands of the State au
thOrities, have continued to receive their bills
as currency, and the general distress has been
much alleviated thereby. The Constitution
of Minnesota has provided for a judicious
banking system, which will protect the citi
zens effectually, against loss from the depre-
citation of bank notes, and general law has
been passed by the Legislature to give effect
to its requirements. Banks are at best, but
necessary evil, and their operations should
be restricted to their legitimate sphere, SO
that they may not be made use of to oppre S.
the commercial classes, and through them
the people at large, or a means of disturbing
and depressing the monetary affairs of the
country.
The great plan of railroad intercommuni
cation contemplated by Congress in the liber-
al donation of public lands to Minnesota, has
not yet been prosecuted, in consequence o
the impossibility of obtaining money duting
the pest year, upon any securities, howeye Ell
valuable. The credit of railroad stocks has
deprecated very materially, caused by frauds
and mismanagement on the part of the Di.
rectors of many of these interpretations in
the several States. 1t is vital to the pros.
perity Of Minnesota, that her railways >houId
be completed at an early period. We are
now so isolated that it is difficult especially
in the winter season, to communicate with
the South and East. The large amount OF
produce raised by our farmers, is compara-
lively of little value, owing to tho impractic-
ability of reaching market. The neighbor.
ing States are using every effort to divert
the stream of immigration from Minnesota
to their own lands, and it is evident that they
will succeed to some extent at least, unless
our railroad connections with the east are
speedily finished and put in operation.
The people of this State, by an overwhelm-
ing majority Of votes cast on the l5th OF
April last, adopted the amendment to their
original Constitution, which provides for the
loan of the public credit to the land grant
railroad companies, to the extent of S., ,OOO,.
600 upon certain conditions. Before any
State bonds can be issued to these companies.
they must produce to the Governor satisf c.
tory evidence verified by the affidavits OF
certain of their officers, that a specified
amount of their labor has been previously
performed, upon their respective roads. AS
the guardian of the interests of the State
during my official term, it is proper for me to
state, that while should avoid being un-
reasonably strict with these railroad associa-
tions, shall require to be satisfied by un
questionable evidence, that they have com
piled as we'll with the spirit as with the letter
of the amendment authorizing the loan, and
that they are conducting their operations, as
parties to the contract with the people of the
State, in good faith, before 1 will consent to
deliver over to them any portion of hel
bonds.
There is no object of more Importance
to the permanent prosperity and character
of our State than the diffusion of intelligence
among the people, and especially, the educa-
tion of the rising generation. Congress has
secured to US large share of the public lands
within our limits, not less than one-eighth OF
the whole for common schools, and two en-.
tire townships for University purposes
These donations should be held sacred. to be
appropriated to the purposes for which they
were bestowed If wisely fostered, the State
will possess ample means for all time to come
for the education of her children, and it is
incumbent upon those who now are or NAV
hereafter be, entrusted with the regulation Of
her public affairs, so to dispose of the funds
that may be received for these lands, or any
part of them, that they will be preserved, as
provided tor in the Constitution, forever in
violate and undiminshd."
1t is desirable that there should be an ear
ly and complete organization of the militia