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

chased with u,iiroad securities aloae iurin,
the present reaction against al western c.,
ierpTl>es, and usts; ~ the Cs,utracts cNccu
, tel b, the Minnesota Companies un,ieI ID
impulse OF State all, provided i,g the oonl
pleiicn q certain gSnrtious OF their lines.
} governor sihle, mas ry,Srntly decided. thai
more stringent c,,u,truction 81 the pr-
vision stoNr Quote~i best aSJNunis with the
"lsect rroT-ossi hy ;hy Legislature and ~.
pie. snd Is demanded by the public inter.
eSts. He ANNOUNCES his determination e.
issue only hAli the amount N l>,ni, al.
ib"fl>ed IN favor u each oomp~lly. ou a..
| count ~ a rssd merely graded snd only T.
Issue the remaining slN hundred AMI twenty.
ave thousand dollars on py,sni that the prc-
s'Tit<d ten mile sections are fnll, crmplete,i
A;sd cars running theron The Minnesota,
and Pacific Railroad Campsn, ha. CONFORM
| ei hv resolution o. the Executive coustruc-
non in this respect. and doubt uot that
the other o,mranies viii follow the example.
The Five Miiien lsan will not issue,
Therefore except ~ The representative "i
siNty-two and halt miles ~ rcad finished
hv e-..'h c..rny,Sny or two hundred AMI INV
miles in operation
For the purpose ~ eNptNiitinc aud s,,>ur-
Ing such construction, the faith aui crc,iit
81 the State is pledged for the payment oi
the interest and the redemption ~ the
principal 81 Five Million nollars OF seven
per cent. Minnesota State Bnn,is such an
application Of the public Crriii. with a
State lebt limited to two huudrr,i and hftv
thousand dollars for cNtrao1dinai, cxpcndi-
lures total State liability. Five Million
Two Hundred and Fifty Thousand nnllars
with socruing interest lis the limit imposed
hy the Constitution ~ the action If future
Legislatures The people OF Minnesota. find
ing it necessary 10 amend the Constitution
in general terms, determined To- place the
rights OF bond holders aud the securities
eSsctei from the companies. under the pro-
lection Of thai instrument
No similar State loan Ia railnDa,is affords
this guaranty 10 creditors. while. at the same
ttue, the rights and remedies Of the state
Treasury against the railroad o,npanics are
equally removed from the hazards Of legis-
lative caprice
Section ten Of Article nine Of the Consii;u-
ton. as thus amended. imposes upon the
railroad companies the obligation to indeIn.
nifty the State TREASURY, The rights and
remedies for that purpose, are prciaoca by
the Injunction that each company shall
make provision Tor the panctual payment
and redemption OF all bonds issued and de
liyered "a aforesaid 10 Raid company. and
for the punctua payinent of the interest
which shall accrue thereon. IN such manner
a. 10 exoneate the Treasury Of the State
from any advances vi money ioI that put
pose"
| proceed u consider the items of sr
GRITTY THEREFOR
They may he arranged into three classes
LIST Forfeiturcs.
I'll Special OF exclusive securities. ,-,n-
sisting Of pledge OF nett proiits. and the
conveyance To- the State of one hundr,,i and
hty three Thousand six hundred actcs of
land or two hundred and forty sections ire
from prior iucumhranoe.
al. The concurrent security of n amount
OF flrst mortgage bonds. eqnai to the State
e. time Ia the IreasureT of state