The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-04-01

always limited by Trust Deeds TO the ntis-
fa1tion of bond-hoidys, and nerer at the DIS
eretion Of railroad offers, can fail to exone-
rate the State Treasury from loss.
The emigration argument in favor Of the
railroad loan-its value in stimulating labor
and attracting capital-and, as conse-
quence Of the general prosperity, the in
creased rates which the State Scrip and
the S25O,000 loan will command 10 the
market, have never been set forth more con-
clusively, than in the following article from
Bonroe's Journal of Fnanoe and Bank Re
porter Of March 20. The Journal is pub
lished in Wall street, New York, and we
are informed stands as high as any publica.
ton Of the kind. 1t will be seen that a
Minnesotian" spoke OF the loan, as its oppo-
nents are accustomed to do, and put the case
far more strongly than the facts justify but
this makes the testimony of the Wall street
paper more satisfactory. We quote as above
stated:
JAMES MONROE, ESQ.,. DEAR SIR The bill to
so amend the Constitution Of Minnesota SO as
TO allow the issue Of Five Millions Of State
Bonds to the railroad companies Of our State,
has passed the Legislature, making the debt Of
our State in all s., $50, 900. What effect will
this have on the value Of State scrip in your
city, A reply through your Reporter would
oblige MIsSEsoTIAN.
We do not consider that this issue Of s., 000,-
600 Of State Bonds will in the least diminish the
value Of any bona )iie evidence VI debt standing
against Minnesota. The great improvements
which this sum will promote will amply com
pcnsate the people for the outls" w 70 opening
+ tfe STATE TO The emigration o. ali classes, be
sides which the enormous expenditures required
in building these roads will greatly add to the
working capital Of the State, and thus cour.
age great enterprise. II these bonds are judi
ciously put into the market, II will create . de-
mand for scrip which did not exist before, add.
ing greatly to its value, besides which the new
banking law which your Legislature has just
enacted will furnish the means of absorbing all
State stocks issued by your State, whether
bonds or scrip.
What can add to the force Of this brief
paragraph on every point referred to! OBJ
serve the language-"re-open Minnesota to
emigration, recognizing the fact that we
had not our share last year, and that the
loan measure is of vital Importance in giving
us our share for the coming season.
| In former review OF this subject, we al
luded briefly to Senate amendment re-
quring each company to complete fifty miles
of road before the expiration of the year
1861, and one hundred miles before 1864,
and four fifths Of the entire length before
1866, with penalty for the non-compli-
ance with these requirements, that oil the
lands and franchises pertaining to the por-
tions not thus constructed, shall be absO-
lutely forfeited to the State. The select
committee of the House Of Representatives,
explained the object and effect Of this provi-
SION as follows
1.-The charters granted to the companies
at the extra session of the Territorial Leg
stature last summer, for some reasons not deh-
nitely known to your committee. failed to com
pei the companies 10 progress with the work
| on their respective roads from year to year, or
forfeit their charters. BY the provisions Of this
| prop osed loan Of credit, we secure to the state
what should have been done by a previous Leg
stature, thereby securing to the State the vlgor-
Gus prose- ution OF the work on all the roads
from year to year until completed or for
feiture of their charter in season for the state
to dispose Of the remaining portion OF the land
grant to such companies as Will complete
them
When it is considered that unless these
roads are completed before March B, 1867,
the lands pertaining to the unfinished por-
tons Of road, will revert to the United
States, the right above secured to the State
is, of itself, sufficient ground to vote for
the loan. At present, the companies have
vested rights of which they cannot be de.
prived against their consent, and extending
over the whole period of ten years. BY the
terms of the loan, and which the companies
accept as conditions Of securing the aid Of
the State, there must be 200 miles of road
in operation before the close Of 1861. or The
! State takes back he land grant. So in 1864
if 400 miles are not completed-so by 1866
fourteen months before the lands revert
to the United States-if 1900 miles -four
, ffths Of the whole are not completed Al
we have already remarked, here are thre'
, opportunities lwhtoh riR be lost BY coirne