The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-12-02

pany the Minneapolis Cedar Valley Company and Transit
Company have actually made default the of the inter-
Bonds severa issued hem due on the first OF
month"; before addressing such notices to the Trustees
the companies default nasmuch as there now no power
conferred upon any of the officers bid for the State the
franchises of such of the Railroad Companies as have
make payment the interest due the bonds issued
them that act be passed as pactca-
be giving authority the Governor other State officer to pur
foreclosure of the mortgage or trust deed Such
dspensbe the securities held by the State from pass
ing the hands Of third persons for nconsderabe sum and
which might result in trouble and litigation and may be- serious
The instruments from the several companies required to be de-
posted with the Governor wit the transfer of the net profits
of the roads for the of interest and of 24o
from each company have been duly executed and the latter
recorded In the various counties In which the lands belonging
the companies e deemed this pecauon to avoid
of title that might otherwise be raised hereafter had
been omitted This not deemed requisite far as the MIN
and Pacific Company concerned the charter Of that
Company provides FIR the filing Of their documents with the Secre
tary of State.
In the present complex Railroad question serious
and responsible task devoves connection with It,
Such of the companies have failed to meet their engagements
them transferred responsible hands In providing by act
for such transfer will be to guard every avenue
advantage be taken ne the State and as no &C
ton of the be effective unless the State the sue
cess bidder when foreclosure takes place. equally certain
tract with other parties make the conditions more
fixed and definite than they 1t quite certain that
of the State and detrimental interests would confer
on the parties receiving them present time there
have been issued of State Railroad Bonds
To the Minnesota and Pacific Railroad Company 100000
" Minneapolis and Cedar Valley q 100000
Southern Minnesota $4,000
Making in all, s2275,ooo
And there has been completed of grading ready for the super
structure the roads of the several companies follows to wit
and 1918 feet
On the Minneapolis and Cedar Valley Road So miles.
On the Southern Minnesota main line up the Min
On Root River branch, 20 miles,
and 1904 feet
of State Railroad Bonds respective COM
banking 1t urged him. that the State Officers had no
right under the law reject the bonds of State and that
refusal his part allow them be used would
them from being negotiated abroad Notwithstanding the paus
aoed the hs
should be assured that the companies would either in terms
substance original ruling the Executive and thereby
bonds the position in the public confidence from
Court would be his duty them if
the State should be thus amply secured against loss and iona @
his opinion aid carrying out the policy indicated by the
people when they voted in favor of loan of public credit the
the State The Minneapolis Cedar Valley Company finally
Executive Office full waiver of all its rights under the
prescribed by the Governor Company
changed and restricted its trust deed that in lieu of
So 600 900 should entire line road including
the The Transit Company by its trust deed
GLIDING the State until xywo miles of its road should
be completed and the running thereon and only on
miles, after the completion Of the sxtytwo miles
aforesaid In addition these formally accepted the
be applied the grading Of their roads respectively and
the remaining be delivered only the roads
completed and the running thereon
The companies last named have also obligated themselves
right of their respective lines
e The Minnesota Pacific Company had also assened sbsa
TALLY the terms imposed upon the Transit Company and the
supplemental deed containing the provisions prepared
by the officers of the Company but for
the instrument not filed the Executive Office
consequently the bonds issued that Company have not been
taken banking basis by the Auditor while portion of those
delivered each Of the three other companies received by
the proof required by the law of bona @ sales of
These the facts connected with the receipt of the Minnesota
State Railroad Bond basis for the of under
the banking and although the result has been unfortunate
had the Auditor refused take the bonds under the circumstances
would been charged with having imputaon
faith and credit of the State with being guilty
continued warfare would be waged the bonds which would
them value that the banks organized upon
He felt bound follow the the
and leave the responsibility of the where justly
belonged.
good why these bonds
much other State stocks unless indeed the State intends
repuda her obligations contamination which but those
regard for public honor and good faith would
advocate The bonds have been issued under the
ons of the Constitution prerequisite having been strictly
observed and of default in the of interest
has voluntarily incurred do not do recommend
that the Legislature shall provide by for immediate
meet the of interest for the people the State
submit the imposition such burden That fact
evident ALL and the that be expected of the State
recognition Of her liability and willingness pay when she
in condition to do By such emphatic declaration, the
place herself right before the nation and the bondhoders them
selves will be satisfied to wait until returning prosperity shall give
to the State the ability meet her engagements trust there
oe that will decide this and question such
to abroad that the the
people of Minnesota will not for reputation
BETTER Tar better that we be visited BY peslence famine for
but violation public faith and the pledged honor
the State would sink Minnesota for all time come beneath
ia CONTAIN and n1fr pofior Of &lo