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

% responsibility, bYRse Of = sufficient amount
Of the bond Of tie defaaltsg Company. or
by sale Of the i4ads pledged. u foreclosure Of
the mortgage OF deed of tr1.t Of saeh default
lag Company, or by al Or aay such meAn- Of
iadenniheauon.
The Governor may. on sueh default. imme-
aiatsly advertise Tor thirty days, IN three news-
papers Published in the City Of New York, and
one newspaper publsAsd al the seat Of gov
ernment Of this state, IhA! sufficient amount
Of nrst mortgage bonds Of such defAu.t!ng
Company shall he sold on the fortlsth day after
saeh default, in the City Of New York, 10 the
highest bidder for cash, and each sale shall 10
made accordingly, and the proceeds thereof
shall be returned 10 the Treasury 10 lndemnif J
the State for such default, together with al
costs, charges and damages growing out ol
snch default.
An abstract has already been given Of the
manner in which the land. conveyed 10 the
state may be sold, at the Governor option,
IN case Of a default by Company.
The section Of the act regulating the fore
closure and sale, under mortgage and trust
u those deeds, a. TO have little significance.
Gov. sibley therefore suggested TO the Gem
Panies, that "a accordance with the laws of
their own org anization, they should respect
lively execute such Supplementary Trust Deeds
10 direct Their Trustees, or ia case Of neglect
the agent of the State and the Companies, TO
cause an absolute foreclosure and sale OF all
the roads lands or franchises, within sixty days
after the occurrence Of any default in the pay.
ment Of interest.
The Companies very readily responded to
the overture Of the Executive, aud furnished
the summary remedies desired.
In Governor sibley's own language, as re-
Gently published. ''the interest on the bonds VI
the Companies delivered 10 the State being due
and payable sixty days in advance Of the semi
annual interest due upon the State Bends, a
foreclosure and sale can be made. in case Of
default on the part of the c Companies, in time to
protect the credit of the State Bonds when the
interest upon the Bonds becomes due and pre-.
eiudes the necessity of other legislation for tina,
purpose"
la case OF forced sale of a road, with the
and lands thereunto appertaining,
the Act Of March II, 1855, provides that the
purchaser or purchasers, their associates, sue
eessors or assigns, may proceed 20 organize
anew, Snd elect Directors, distribute and dis.
pose Of stock, take the same or any other
name. and may conduct their business general.
iy under and in the manner provided in the
charter of such Railroad Company, with such
changes or variations IN manner and form OF
organization as their altered Circumstance ices,
aud better convenience, may seem TO require.
Pror'dsd, AsrsreT. That no greater or enlarged
powers shall be exercised by the new organi-
zation than are conferred by the charter Of
such Company"
A single further quotation from the Loan
Amendment will complete the review OF that
measure, viz; - Prori,fsd. fanny of said Com
pAniss shall At any time offer to pay the princi-
pal, together with the interest that may then
be due upon any of the Minnesota state Rail.
road Bonds, which may have been issued under
The provisions of this section then the Treas
mer Of the State shall receive the same. and
lAs liabilities of said Company or Companies.
q respect to said bonds shall cease upon such
payment into the State Treasury of princi pal
together with the interest aforesaid"
XII.
GENERAL TOPICS.
shall dismiss the present discussion, with
he consideration of few topics which relate
70 the Future Progress OF the System.
l. Shall IRE hars u communication BY Ra,iroud
rsfA Lake Superior
am prscladed from pronouncing the Rail.
Dad system complete. by the absence of a road
rom the limit OF continuous navigation on the
to Lake Superior. saint Paul may
lot feel this want, for Super or is the only pos.
ible rival OF this city and some Indifference
night be excused on the part OF the Minnesota
~ pseifc Railroad Company, induced by an
pprehsusion of she diversion of trade and
ravei to the Northeast. but far otherwise with
he Southern Minnesota and Minneapolis and
ledar valley Roads. and all interests connect
d with them. They grsyitate irresistably to
ron du Lac. The mines and forests Of North
I'm Minnesota, these are destined to swell far
'eyond present estimates, their freight receipts.
ainnesota was once vested with a grant of
aiuaele lands. ample, If now secured. To AZ
smplish railroad commune alton With Lake
'aperior. 1.-THE Supreme Court Of the United
Mates shall decide, that this gran, is yet avail
sleto Minnesota, through the Company TO
'hich Il Was transferred by the Territorial
legislature, then the route 10 Lake Superior
ray make second appeal to the Interests 10
ay nothing Of the sense OF iu,tice, Of Central
nd southern Minnesota. The counties inter.
stsd IN the prosperity and connections of all
ailroads, whose routes point to the western
xtremiiy OF Lake navigation. are commended
"a sober second thought" on this subject,
7. Wat APPLICATION Of the loan Of State
redf, sc,A best Garancs the interests OF The Cor
rsssnf and people
assume that the per cent Stocks Of Min. |
sso'A are TO be firmly upheld in every de. |
sr'ment OF the public administration. and bv |
Ne people without distinction of party. OF this |
IN there be any question,
What should be done with the proceeds of |
Se millions Of State Boads, in connection with /
limited use OF corporate crcdii2 The Consti
sion. - construed by the Executive, requires
% completion Of 80 miles Of railroad before
. whole amount Of State Bonds eau issue.
he Companies viii be required TO transfer TO
e stats $4,000 per mile of first mortgage
'asas, bat by the further negotiation Of So
Q per mile for $50 miles. which their Trus.
'eds authorize the Companies to issue. it is
Asonabie 10 anticipate. that the foregoing
loans Of railroad construction will speedily
to plaee.-perhaps within one year any
liable restoration OF pablo prosperity aad
asdence ID experienced. Public opinion. IN
'ieipation Of such result, is rapidly organ
6 ,tself, in favor OF . continuous eenssruc
, ~>~sss~esa s~ara Ia cr~-as-e n sa~ WOE.
,csicahlc point OF Jdu~..aa with the Transit
All. thence westward with an eastern com.
aicA,lon TO winana. OF course.) onths Tran