Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-08-27

ested in the Railroad bonds, and play no tax |
in localities where taxation was unpopular.
Butas it was not to be supposed Democrat
ic platform ever contained dodge or eva
sion the fair Interpretation is, that the pay
ment promptly" shall be by immediate tar-
alton in case the next State Executive and
Legislature should be Democratic, and be
thus able to redeem this ".pledge" made by
the Party. Indeed, unless this was the
right Interpretation, and taxation was the
mode of payment, the point made against the |
Republicans for being for reputation because
they went for exhausting first the remedies
laid down in the Constitutional Loan Amend
ment, and that this delay in the payment Of
the bonds was practical reputation, fell to
the ground,
But, said the Governor, why should the
State of Minnesota anticipate in this way,
that the Railroad Companies will and must
default in their contract under the Constitu- |
ton to pay regularly the interest on the
bonds? Why should great party pledge
itself in advance that if it obtained power it |
would inflict tax to accomplish an end 9TH |
erwise provided for? The Railroad Compa-
MES have not defaulted; and in truth one
portion of thc Democratic platform is even
shaped under an apparent belief that they soiU
not default, for it says that another Demo-
cratic measure will be not to issue any more
of the bonds called for by the 5,0O0,0 600
loan! Now, about one-half the loan of the
State credit will have been issued to the roads
for the grading alone, before this new Demo-
cratic policy could possibly 60 into effect, did
they succeed in obtaining again their places
of power. The other s2,5Oo,oo0 was well
known to beespecially reserved, with the con-
sent of the Railroads, to place the iron and
cars on the portion already graded.
The grading had been the easiest and cheap
est part Of the work and it was thought by
good judges that the SIC, 900 mile in bonds
to be yet received from the State, would hard
ly put on the cars and iron! Therefore, the
Democrats must consider the Railroad Com
panies to have capital in plenty, not only to
pay the interest promptly but put on the rails
and running stock, or else their proposition to
not issue the bonds reserved for the iron and
cars, intends that the Railroads should all be
suspended and no further work done upon
upon them.
In fact the whole tenor of this part of tho
platform looked like inviting the Railroad Com
panies to make default in the payment of
the interest on the State Bonds--to then per-
NIT them to retire from building or finishing
any of their roads,-but with the grading
bonds made good and par to them by taxation
Of the people-while by the last clause of the
thirteenth Section, the securities or mortgages
or liens held by the State on the lands, fran
chises, and road-beds of the companies are moi
to be sacrificed, " or in other words put up
for sale, and forfeited to or bid in by the State
This he supposed was what was meant by
not /" sacrificing the securities.
To sum it all up, the Democratic Platform
of State policy meant no Railroads at all-Im
. mediate taxation of the People to pay the in
terest on the Railroad Aid Bonds-the Rail
> road Companies, however, to retain all thei
lands, franchises and road beds. If this wa
' what it all meant, and he could not see that
= honestly meant nything else, it was, in hi
/ opinion, most unwise and disastrous polio,
: alike for the people, for the Railroad Compa
e MES, and for the bond-holders
y He thought the Platform of State Polio
y adopted by the Republican Convention niue
Il the most manly and statesmanlike. 1t wa
n opposed to repudiation-it admitted the obi
y CATION to make tho bonds good IN the end
l. abided by the terms of the Loan Amendmer
It to the Constitution held the Railroad Con
It panies to the contract to build the roads an
e pay the interest on the bonds,-or, failing
It do so, it claimed that all the lands and prope
+ ty of the roads should justly go into tt
a. hands of the State, to be used as "assets
r. by the sale of which the State authorit
l. might reduce the whole debt of the State
d the bond-holders, and yet, perhaps, secu1
d, the building of the roads by putting them
n to fresh hands possessed of larger capital +
- the purpose.
ne The Democratic policy carried out, howe
:" err, rendered hopeless any wise adjustment
y this whole complication. 1t surrendered g
erything to the corporations at the start ga
r- them bonus for not living up to their G
n, gagements; in effect stopped the building
&c. the Railroads entirely; and proposed taxi
IT. the people unnecessarily, -disastrously
W them if the taxes were collected-disastrou
)" " to the Railroad Companies and the bon
he holders, and most disastrous to the credit
he the State for a long period, if the burdens
en- taxation already borne by the people shor
as render the failure to collect the tax to pay
IRE interest on the bonds, after being levied,
inevitability.
lin This was what he meant when he said
in fore, that the Democratic State policy was
Ell bad one for everybody. If carried out
of would Cypress, or endeavor to Cypress,
ra people, and it might destroy also all hope
ere the Railroads and the bond-holders. !
in people could not bear any more taxation.
&C. any man looked at the statistics, he would
IAN the present taxes all over the State, in gr
en- measure, suspended or delinquent The
18th tempt to levy or collect more at this ii
eel would be most unwise, and could not but
lad failure. r ---..
this He would not designate what might be
attic best policy to get the State out Of her fin
ida. cial difficulties, and yet preserve her hor
the which every patriot must insist shall be l
ing served. But if the Republican party G
.ror into power, they would endeavor to ''sa
old fee" neither the people nor their credit
be but by wise compromise, if possible, W
pies holding all parties to their obligations,
He deavor to retrieve or settle the disaster
sofa the past, as the necessary preliminary to