The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-04-07


and thirty nine acres per mile FOR
twenty miles. ........ 2G.,-
>SfAtrs ksasssaa As grantee ii Root
River line, ditto IL NJ x e V.
Il d. To- .---...--..- -. :
Beyoad these quantities Of land. inlntd
aEely r,Siucibie a. possession and availal'l
FOR sale. the value OF the muuih0cnt gran
devoted e. the public works of the state
Was contingent upon the confidence q cap
italis.s
The hopes AID plans, which attended Tbs
Inauguration Of the railroad system OF Min
nesota, were identified with the continue,
4 Prosperity 81 the community,
/ In the COLLAPSE q. cre,iit which closed th,
wear ls5', the railroad interests toressw .
pcstponement. apparently inevitable, ~ III,
sanguine expectations which had u>hertsi
summer OF activity. Nor were the publ,
unaware 81 the nature Of the obstacles, thu,
suddenly interposed ~ the contamination n
projects, 81 dependent upon the favorable
aspects Of the financial world.
The suggestion WAS a, length made. thai
the state OF Minnesota WAS adequate. hs
the use Of the public credit, 10 prevent a
suspension ot these important enterprises
Then followed winter Of active discussion
resulting in the submission ~ Cons,itu
State Credit 10 the Land Gran, Railroads
On the 18th OF April, ls5s. the Amendment
was ratified by large popular majority
desire without unnecessary repetition
Ia present al impartial exposition oi that
measure.
LOAN or srArr CREDIT To RAILROADS NJ rHk
STATE OF MINNESOTA.
For the purpose of expcditing the con
struction Of the Land Grant system OF roais
in Minnesota. a special issue of the bonds OF
the State is authorized. bearing interes, at
seven per cent. per annum, payable semi
annually in New York, and which mature
on the LIST dsy Of December lssS. OF twenty
five wears from date The amount issued e.
each company cannot exceed twelve hun
bred and fifty thousand dollars, and the
total issue is limited to an aggregate amount
of five millions of dollars.
The manner Ia which these bonds may
issue is thus detailed in the Constitutional
Provision
Whenever either of the said companies
Ill O.. h..
evidence, verified by the aiiidavits OF the
Chief Engineer, Treasurer. and two III
rcctors of said company, that any ten miles
of the road OF said company has been sctu-
ally constructed and completed. ready for
placing the superstrnCture thereon, the Gov
ernor shall cause to lie issued and delivered
to such company bonds 10 the amount Of
one hundred thousand dollars. and vhenev-
er thereafter. and "a often as either of said
shall produce to the Governor
like evidence Of further construction OF
ten miles Of its road ~ aforesaid. then the
Governor shall cause to be issued Ia such
company further like bonds e. the amount
Of one hundred thousand dollars for each
and every ten miles oi It's road thus CON
str,Icted and whenever such company shall
furnish like evidence that any ten miles OF
its road is actually completed and cars run
ming thereon. the Governor shall cause to
I've issued TO such company like bonds to
the amount Of one hundred thousand dol
lars and whenever thereafter, and as often
As either of said companies shall produce 20
the Governor like evidence that any further
ten miles Of said road is in operation n
aforesaid the Governor shall cause 10 he
issued H. such company further like bonds
to the amount of one hundred Thousand
hereby authorized shall b. issued I'rortded
That two-fifths and no more 81 all bonds
issued Ia the Southern Minnesota Railroad
Company shall b. expended in the construc
ton and equipment Of the line Of rnad
from La Cresceu; Ia the point Of junction
with the Transit Enad a. provided Icy law ,
and FURTHER prot5dad, That the Minneapolis
and Cedar Valley Railroad Company shall
commence the construction Of their road at
Faribault and Minneapolis, and shall grade
an equal number cf miles from each OF said
places
While the Liam Of State Credit was under
discussion. prior 10 its ratification by the
people, the prevalent construction was,
that company might entitie itself to the
full amount Of bonds authorized 10 be issu-
ed. either by the complete construction Of
sixty-two and half miles, or by grading
twic. that distance ready for receiving the
permanent track. la the case last stated
road bed prepared for receiving the super
structure. the amount Of state AMI would
/ he limited 20 ten thousand dollars per mile
while the advance Of bonds upon afuli con
strprtion Of sixtv.two and q half miles by
teAB company or two h.n,irc1 art INV
miles by all can never exceed twenty thou.
sand dollars per mile.
1t was urged, in favor OF giving such Al
option 70 the companies, that railroad
company. by the sale Of first mortgage bond,
or subscriptions to its capital stock. might
provide the means otherwise than by th'
sale Of State bonds. 20 lay down the tie
and iron and equip q road and unless suci
arrangements could be effected. that ID
public might be very certain, that any CON
rany would take twenty thousand dollars r.
mile for sixty-t~o and half miles Of rns
completed and in operation, rather than II
ceive ten thousand dollars per mile for
q double distance with no prospect hat
leave the road-bed useless and liable 70
0 injured by the wcather and Otherwise b
il was coon asoertAined. that rails and TO
ing stock oonid not be sdvsntsseously r,