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

In GOvernOr SIBLEYS own language, as re- u
entity published, d" the interest on the bonds {
the Companies delivered to the State being r
ue and payable sixty days in advance of the q
interest due upon the State bonds, j
foreclosure and sale can be made, in case of t
lefault OH the part of the Companies, in time t
o protect the credit of the State bonds when {
he interest thereon Incomes due, and pre- I
dudes the necessity of other legislation for {
hat purpose" ... .-.--.- II
In case of forced sale of a road, with the
franchises and lands thereto appertaining, the
Act of March 18th, 1858, provides that the
purchaser or purchasers, their associates, sue
cessors or assigns, may proceed to organize
anew and elect directors, distribute and dis
pose of stock, take the same, or any other
name, and may conduct their business gener-
ally 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 circumstances and
better convenience may seem to require; Pro-
uided hOaoeuer, That no greater or enlarged
powers shall be exercised by the new organi-
cation 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: Provided, If any of said Com
panies shall at any time offer to pay the prin-
cipal, together with the interest thatmay then
be due upon any of the Minnesota State Rail-
road Bonds which may have been issued un-
der the provisions of this Section, then the
Treasurer of the State shall receive the same,
and the liabilities of said Company or Compa-
MES, in respect to said bonds, shall cease up
on such payment into the State Treasury, of
principal, together with the interest afore-
said"
XII.
GENERAL TOPICS.
shall dismiss the present discussion, with
the consideration of few topics which relate
to the Future Progress of the system.
l. Shall zoe haue a communication by BAIL
road to Lake SUPERIOR?
am precluded from pronouncing the Rail-
road system complete, by the absence ola road
from the limit of continuous navigation on the
Mississippi to Lake Superior. st. Paul may
not feel this want, for Superior is the only
possible rival Of this city; and some indiaer-
ence might be excused on the part of the Min
nesota and Pacific Railroad Company, induced
by an apprehension of the diversion of trade
and travel to the northeast; but far other
wise with the Southern Minnesota and Min
neapolis and Cedar Valley roads, and all in
tcrests connected with them. They gravitate
i,resstab,y to Fon du Lac. The mines and
forests of Northern Minnesota-these aredes-
tined to swell, far beyond the present esti-
mate, their freight receipts. Minnesota was
once vested with grant of valuable lands'
ample, if now secured, to accomplish Rail
road communication with Lake Superior. If
the Supreme Court of the United States shall
decide, that this grant is yet available to Min
nesota, through the Company to which it was
transferred by the Territorial Legislature, then
the route to Lake Superior may make sec,
ond appeal to the interests, to say nothing Of
the sense of justice, of Central and South.
western Minnesota. The counties interested
in the prosperity and connections of all Rail.
roads, whose routes point to the Western ex'
trcmity of lake navigation, are commended to
"a sober second thought" on this subject.
2. What application Of the Loan Of Stat
Credit, soiU best adoance the interests Of Goo
eminent and People?
assume, that the seven per cent. Stocks
of Minnesota, are to be firmly upheld, in every
department of the public administration, and
by the people without distinction of party
OF this can there be any question? The rail
road enterprises Of the State may, SO far, rely
with confidence upon the means for construc
ton.
What should be done, with the proceeds o
five millions of State bonds, in connection
with limited use of corporate credit? The
Constitution, as construed by the Executive
f requires the completion of $50 miles of rail
: road before the whole amount of State bonds
f can issue. The Companies will be required
, to transfer to the State 100000 per mile o
first mortgage bonds, but by the further ne
? gotiation of $40 900 per mile for $50 miles
which their Trust Deeds authorize the Com
panies to issue, it is reasonable to anticipate
that the foregoing amount of railroad construc
ton will speedily take place,-perhaps within
one year, if any sensible restoration of public
, prosperity and confidence is experienced
, Public opinion, in anticipation of such re
suit, is rapidly organizing itself, in favor Of a
. continuous construction of railroad from La
Crescent to the most practicable point ofjunc
ton with the Transit road, thence westward
with an eastern communication to Winona
of course on the Transit to its junction with
! the Minneapolis and Cedar Valley Road
thence Northward on the latter to its northern
terminus, while the Minnesota and Pacific
} will be expected to connect Saint Paul and
Saint Cloud, and three fifths of the State Loan
will enable the Southern Minnesota Company
. to ascend the Valley of the Minnesota river
about thirty-six miles. Instantaneously, up.
on the concurrent operation Of these sections
of railroad, business would follow, ample
not only to pay running expenses and the tax.
alton of three per cent. on the gross earnings
but to discharge an interest of seven per cent
J, upon the entire cost of construction Who.
ever doubts it, is so obdurate a skeptic, that ]
) confess my inability to relieve him.
Ihave intimated, that an intelligent public
opinion exists in favor Of the foregoing policy
l add, that the interests of the Railroads alike
demand its adoption. 1t is folly and madness