Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-04-09

25,67O net-prOntS anu WHICH, ohJ
lies were finished, doubled that revenue.
If the Hannibal and Saint Joseph Railroad
hen running twenty-five miles into North
m Missouri from the Mississippi River, ex-
seded the most sanguine calculations Of re-
eipts, and now, when finished to the Mis-
ouri river, can carry an interest account IN
.vor of the State on Loan OF $S,OOo,ooo,
assert that the Transit Railroad Of Mime
ota will show results equally favorable.
So with the MINNEAPOLIS and Cedar Valley
Railroad. Already traversing the most dense
v settled districts of the Stats, and destined to
,nioy running connections with Lake Superb |
" on the North, and Saint Louis on the |
South, it cannot be affected by the rival trans
,eftation of the Mississippi in any greater de-
,ree than the great longitudinal line which
the head of Lake Michigan with the
Bay OF Mobile; while, until the extension Of
q more direct line of communication from
Saint Paul to Milwaukee and Chicago, either
by the Mississippi river towns or through
Wisconsin, events seem to indicate that the
Northern section of this road, to the vicinity
of Owatonna, will constitute the artery OF our
Minnesota railroads,
1t is like working with great forces, the re-
alization of such system There is not a
petty or provincial feature about it.
If it will not pay-just as rapidly as it ad-
vances-it will be only because some new
revolution of internal communication is at
hand, and all experience in American rail-
roads is suddenly to be at fault.
THE CONVEYANCE TO THE STATE OF TWO HUN
DRED AND FORTY SECTIONS OF LAND.
The next special and exclusive security d.
rected in favor of the State, consists as fol-
lows: "The Governor shall demand and re-
ceive from each of said Companies, before any
of said bonds are issued, = aeon
veyapce to the State of the first two hundred
and forty sections of land, free from prior in
cumbrance, which such Company is or may
be authorized to sell, in trust for the better
security of the State from loss on said bonds,
which said deed of trust shall authorize the
Governor and Secretary of State to make con-
veyances of title to all or any Of such lands to
purchasers agreeing with the respective Rail
road companies therefor; Prooided, That be.
fore releasing the interest of the State to such
lands, such sale shall be approved by the
Governor, but the proceeds of all such sales
shall be applied to the payment of interest &C
cruing upon the bonds in case of default o.
the payment Of the same, and as a sinking
fund to meet any further default in the pay
ment of interest and the principal thereof
when due"
We have already shown according to thu
plain tenor of Section 4, of the Land Gran
Act of Congress, that there is an eaisting righ
to sell one hundred and twenty sections o
land for each of said roads and branches; ant
another quantity of one hundred and twenty
sections, when twenty continuous miles q
road are completed, subject in all cases to tn
qualification, that these quantities can b.
found within twenty mile section Of each o
said roads and branches. The grounds hav
also been stated, for the conviction that tn
General Government acquiesces In this con
struction of the right to ALLEVIATE the land
which may be certified to be covered by tn
Railroad Grant. Therefore the Minnesot
and Pacific Company, has transferred an i'm
mediate right to sell 24O sections, or 1886
acres, (on account Of the main and branc
lines.) The Southern Minnesota has trans
ferred 76,sOO acres, for the main or Minnese
ia Valley line, and perhaps &c, 7sO acres (wha
may be found unsold on any twenty mile sec
tom for the Root River line the Trans
76,sO0 acres, being for single line; and tn
Minneapolis and Cedar Valley road, &c. 70
acres, or what may be vested in the Comps
ny on any twenty mile section between it
termini The Southern Minnesota and Trar
sit may render the whole amount of 24O SCI
tons, available by the completion of twent
continuous miles of road.
doubt not that Governor Sibley, actin
upon the suggestion of Commissioner Her
bricks, will take early measures to separat
from the mass of the Land Grants, the tot.
quantity Of lands held by the State under tn
conveyances of the Companies, viz: Ga, 40
acres. Selected under his direction, of cours
with every possible cooperation on the PAL
of Railroad officers, the value of these trus
lands can be readily appreciated. The land
of the Illinois Central R. R. Company, hitt
erto sold, have averaged $3.50 per acre
Even at $40 per acre the proceeds Of the abov
conveyances in trust will be So, 900.
These proceeds are intended to constitut
a sinking fund for the discharge of the prin
cipal of $5,O0O,OOO. If Company thu
parting with the title and right to conve,
in favor of the State, shall agree with par
ties for the sale of any Of these lands, tn
Governor may approve Of such sales, and ii
connection with the Secretary of State, ma,
execute deeds to the purchasers, but all pro
ceeds Of such sales 60 into the Treasury, an,
must there remain as sinking fund for princi
| pal, unless required to meet default ln,paymen
ofinterest. 1t is also provided in a subsequen
clause of the Constitution that if Compan,
fails to meet any semi-annual payment of in
terest, the Governor may sell the lands en-
tirely at his discretion and protect the Treas
ury. 1t is further enacted by the Legislature
in the matter of such forced sale, that if an,
Company fail to provide such interest sixt,
days before the maturity of interest or prin
cipal on State bonds, ISSUED to such Company
the Governor may advertize and sell tn
lands in such parcels, and at such times, a
he shall deem expedient, and all such sale
shall be made by the Governor and Secretary
of State, and shall be absolute conveyance
| of the title in fee as far as the same may have