Saint Paul weekly Minnesotian., 1859-01-15
Railroads In Minnesota.
ST. ANTHONY, Minn., Dec. 4, 1858.
OF the Boston Courier.


have noticed within few days articles in
several Eastern journals, in relation to our
Railroads, and the State bonds issued to aid
them so simultaneous and so similar IN tone,
as to seem to spring from a common source,
all of them doing, it seems to me, great injus-
tice to our State, and all tending, by the pref
udice they are likely to excite, to delay the
building of our railroads, and to bring about
the very state of things professedly depreca-
ted. My attention has especially been called
to the leading editorial in the Daily Adoertiser
of November "a, which, while doubtless in
tended to be fair, needs very much correc-
ton. --.'.- ' '''-- ..A-
And first may say, that nothing new has
happened to call forth panic in regard to our
State stocks, nor has the word "repudiation"
been hsped among us. We have only heard
the idea suggested in Eastern papers, either
editorially, or in letters of anonymous, ire
sponsible correspondents. Minnesota has in
CURED, and is likely to incur no debt which
she will not pay promptly, principal and in
terest.
The late action of the Railroad Companies,
in the matter of issuing first mortgage bonds,
is nothing new, unexpected, nor contrary to
the compact between them and the State.-
Our Constitution, as originally adopted, for
babe the incurring of State debt of an
amount greater than $25O,0O0. Therefore,
when the Companies sought the aid of State
credit to the amount of S. ,000, 900, it became
necessary to amend the Constellation, which
could only be done by submitting it to vote
of the people. This sis the reason why the
whole matter was Incorporated in the Consti-
tuition; it was not merely for the sake of ''act-
ing upon the plan, now somewhat popular, of
making the Constitution the receptacle for all
sorts of specific legislation"
The matter was submitted to the people
April Is, 1858, and the amendment thus
loaning the State credit, was carried by vote
Of over four to one. Ivoted against it myself,
not believing in State debt under any cir
cumstances. In common with others who
spoke against the proposed loan, pointed out
the fact that by the provisions of the amend
ment, the States first mortgage bonds"
would not have any priority of lien on the
railroad franchises and property over other
"first mortgage bonds" We showed by the
debates on the amendment while it was before
the Legislature, that whenever an attempt
was made so to shape it that the State should
have such priority of lien, it was uniformly
voted down. The people, in voting upon the
matter, knew that it was not expected that
the State should have such priority of lien,
and with their eyes open adopted the amend
ment as it is.
Governor Sibley chose to take different
view, and to require that the first mortgage
bonds delivered to the State as security for
the loan of her credit. should take precedence
OF any and all other bonds issued by the sew
eral Railroad Companies, as lien upon their
property and franchises. 1t is not generally
supposed that this was done from any pecu-
ilar honesty, or regard for the States securi-
y; but simply because he wished to be elect
eo United States Senator, and thought that