The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-09-23

as it now stands, says that all the properties
rights, privileges, and franchises, must be sold
on this foreclosure. And as to the right of
the Governor to bid, it cannot be found in
the constitution or laws. He has no au-
thority to bind the State, without it be ex.
pressly given no matter whether he bids but
ten cents on the dollar, or offers ten per cent.
premium. And even if he might step for
ward to prevent so great sacrifice, it is
plain that he would have no authority to
bid one cent beyond the amount of interest
due to the State, because the excess would
have to be paid out of the treasury, and that
can be done only by direct appropriation
for the purpose.
And then again, the interest may regularly
be paid to the State, but as there are other
creditors holding bonds secured by the same
mortgage, what is to prevent them from
foreclosing and selling out every thing to
pay the interest due on their bonds? Will
it be claimed that the Governor could attend
sale made at their instance, and bid so as
to prevent sacrifice? Certainly not.
1t seems to US as clear as the sun at mid
day, that to delay legislation until after
default and forfeiture, as proposed by the
Republicans, inevitably leads to a sacrifice
of the securities held by the State, however
much the officers of the State might strive
to prevent it; and it is our deliberate belief
that at least portion of the men who die
tated the Republican resolution, deliberately
seek to produce this result. They are non
resident spectators, who care nothing for
the reputation of the State, or the interest
of the people, so long as they can make
money by the operation. The language of
the resolution is most carefully studied. Its
entire application to the state of facts
above suggested, and to the law as it now
stands, is not the result of mere accident.
1t was only arrived at by careful delibera-
ton. 1t is but another step in the plan de-
vised to get possession of the Railroads, in
spite of the State, and in spite, too, of the
Companies themselves.
They first covertly procure law to be
passed, directing every thing to be sold on
the foreclosure of the mortgage, and emitting
to give the Governor or other State officers
authority to protect the State from sacri-
fee. Then, when the omission is discovered,
and their designs manifest, they, under the
specious pretense that the Democratic party
was DESTROYS of taxing the people to pay
the interest on the State Railroad Bonds,
persuade the leaders of the Republican
party to take ground against any further
legislation, until after default and forfeiture
on the part of the companies.
After a default and forfeiture! The full
force of this sentence cannot be seen with.
out again referring to the Constitution. It
will be found that, although default may
be made at the next time for the payment
OF interest, which, we believe, is in January
next, yet forfeiture cannot take place be.
fore the LIST of January, 1862. Some of the
companies may pay the next six months
interest, or the spectators may not be quite
prepared to carry out their programme so
soon, and the Legislature might Immediately
after the first default enact such laws as
would save the companies not defaulting
from falling into the hands of these men
If, therefore, legislation could be delayed
until after forfeiture, they could in the mean
time, perfect their arrangements, and then
snap their fingers at the legislature. They
will then be prepared to claim, as assignees
under the mortgage, the right under the law
as it now stands, to go on with the grading
until each road shall have obtained from the
State 81, 100000, avhen they could repeat the
farce Of forcing the foreclosure ofthe mortgage,
that they might purchase the roads again, DIS
charged of all obligations to the State. The
knowing one are already beginning to say
and in this they may be correct-that the
Constitution guarantees loan to each COM
pany of $l,25O,OoO for grading merely, and
that any release which the Governor may
have exacted from them, is as so much waste
paper. That this is their object no sane
man can doubt. We think, however, that
they may yet be foiled by proper legislation !;
and to this legislation the Democratic Party
is committed by the thirteenth resolution of
its platform. That resolution pledges the
party to advocate such legislation as will
more fully ensure to the State guaranty
that the securities held by her from the Rail.
road companies shall not be sacrificed, and
the roads left in the hands of purchasers,
discharged Of all obligations for the loan of
State credit, as would inevitably be the re-
suit should the programme of the Republic
can party be fully carried out"