Saint Paul weekly Minnesotian., 1859-12-03

ton, and upon my refusal to issue the State
Bonds 70 them upon any other terms, q Writ
Of Mandamus was applied for to the Supreme
Court, by the Minnesota and Pacific Railroad
Company to compel me to deliver to them
the Bonds Of the State, without exacting the
exclusive first mortgage bonds of the COM
,pany 10 return. j desired the Attorney Gen
'eral to attend on the part Of the State, and
the question was ably L. and elahoratcly ar
gued by, hun before the Suprme Court but
nevertheless, the maj ,rity of that tribunal de
cided that my ruiz 'g was, erroneous, and that
the State by her. own 8c5, had placed herself
on like fuo,ing with other holders OF the
first mortgage bonds of the companies under
their deeds Of trust, aud could not therefore
legally require an exclusive priority OF lien
upon the property of the Companies. s'
He DIDN'T THINK He WAS BOUND TO OBEY TIE
COURT, But STILL THOUGHT IT BETTER TO DO SO.
ut was Questionable in my mimi whether
the Supreme Court possessed jurisdiction In
the case. but as it was the tribunal Of final
resort in the State, foresaw, that, IF | diSre-
ysy,ied the mandamui directed to me, the
Rail Read Companies would probably consent
10 receive tie State Bonds under my original
ruling. bat would then apply to the Supreme
court to be released fro,n what il had already
decided to be an illegal obligation imposed
upon them by the Governor, and, in such q
contingency, the interests Of the State would
have been exposed TO new complications and
perhaps new dangers 10 ...
BLOW q NUMBER one p AGAINST THE MARKET
VALUE OF THE BONDS. .....
~ therefore submitted to the Writ direct
ing the issue OF the State Bottls. bat the pub.
lici,y given tn the disagreement between the
Executive and Companies by the proceedings,
was the first blow to the market value of the
bonds, which, under the original construction
were eagerly sought for at par, but after the
decision Of the Supreme Court, began to be
regarded with suspicion"
We shouldn't wonder! The whole world
AMI the rest oi mankind, just about tina;
line, began to have an inkling-that the ell
lire Loan Policy was cautiously and dehb-
ate concocted "swindle " on the People Of
Minnesota to put money into the private
pockets Of few; hence, the suspicious y
3 'N BLOW NUMBER TWO.
This blow, Mr.. Sibley neglects to mention.
We will do it for him. All will recollect that
preparations were being made here to issue
currency extensively, based on the State Rail
ROAD Bon Is. A hundred thousand dollars Of
the : money" was signed in the Auditors
Office, ready to be pitched out upon the COM
munity The bankers and mercantile men of
St Paul became alarmed A committee wait
ed on Nr. Sibley and the Auditor to uge that
the safety of the people or bill-holders demand
I'd that those Bonds should not be received at
more than about eighty cents on the dollar, at
furthest--as some contended, for not more
than fifty cents. The State officials agreed
not to receive the Bonds as currency basis,
except at about twenty cents depreciation
and this fact, announced in New York, was
blow number "two" to to the market value Of
the Bonds.
----~---~- BLOW NUMBER THREE.
.Whsn the Railroad officials in New York
and III minnesota ascertained this, curses
Doih load and deep were uttered. Party in
itncEres were at once brought to bear to make
,t,en charge their position and sacrifice the
'1"V'' l"' oie oe'eht ol the h'l'road oo'h
'.i '',.''cs. ne! Susese"el. ''o'ey all" Du'''
~ "'n seated TO back out. \ plausible pre-
,.gt ~as all that was wanted. To give il to
tleih' "'Se a''" "l'rePotao'e cNie''eh' was
''''' {" 70 y '''N AUCTION oa'e '' ''e
>@"'' vas maze al inc Ne" 0fN hSc'la'Sc
80 "''' @'o'"" were '''''' n"'! ia''e" as nav
's "''' -'h . '''f - W" i''N' a''" inc
> Er'%'' vs." 'e'vs''i"ei ''' 20 o. raul !"
J''' '''"'y asa ''''''''' N 'aAi''I 'nS '0'i"'
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y ~ ''''''' ''' 'e'''''1' ,''' eA''aS 'A90'''
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-, '',' '''> VI "'' ''' " '''n .
"s''".' pe'P'e' "Pies'''' '',e' ''''e'y' anu
-,
th. RI .ealitv Of the Mock Auction in New
" ,s,, 49,, ,'..,, - ~, IS 49,,
~ o'N' "'' 'Np'".' ~ '''0 gaze - INC 'o"',
mnn',y, the whole tranSactlo ',-the Intended
;,crpetra,ion of the swindle in this very style
h, /; ~ ,,cc, known :, us weak b,t,,o
.;,I,., xo, n;,,,,u,., ~, ,,a.;,.,,t H.
'' e': "eae' .i'
dare not lake tie responsibility Of allowing the