Saint Paul weekly Minnesotian., 1859-06-18
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our RailroaA and Currency AAsirs..'
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Dur RsilroaA and Currency A4airs.s'
The only RemsAy Ior !ou1 present EAn'
baxxassment. 4.--tE rG.
There is no longer any difference Of opin-
on with regard to the policy which has been
Initiated in our State, and which has resulted
n the FIVE Million Loan and the present cur
ssncy now in the hands of the people OF our
own and the neighboring States.
The Railroad Companies are all neariy
bankrupt They have contracted debts tna'
they cannot pay, and their management mas
been not only disgrace to themselves but' IN
the opinion of the whole country, disgrace
also to the whole State of Minnesota. The
Company which has been the most honestly
managed, and of which the people have had
the most hope, has no prospect whatever Of
continuing its work. If its prospects ofpay-
ing the debts it has contracted are not better
than the hope of building its Road, its credit
ors have no great reason to congratulate them
selves upon their shrewdness in givingi it credit.
All the Railroad Companies that have done
work have done so almost entirely by hypoth-
ecating their Bonds from two to five for one
thousand dollars, so that they are fast becom-
ing as bankrupt in Bonds as they have been
from the commencement bankrupt in money.
If any person can persuade themselves to
believe that in the present condition OF things
the Railroad Companies can pay their debts
and complete their Roads, they are no wiser
than the foolish virgins who had no oil in their
lamps. No two things can be more plain to
any business man than that the Railroads now
commenced must stop all work and expenses
and that Currency based upon the Railroad
State per cent Bonds will no longer be re-
ceived by thepeople under the present amend
ment to the Banking law.
Any efforts that may be made to patch up
present troubles, or to make the present Cur
rency pass again, are useless and worse than
useless. 1t is only to relieve present embar-
rassments by playing ourselves into greater
and more alarming difficulties. The truth is
that not only are the people satisfied Of this
but the more intelligent and honest men com
posing the Board of Directors of those Com
panies, admit the evils that surround them
and are ready to give up the whole scheme
any way can be devised to pay debts honora
ably contracted.
We believe that such an arrangement cal
be so devised as to relieve us from all existing
troubles, and that too honorably.
The amount of Bonds already issued can
not much exceed two millions of dollars
The larger amount of these Bonds are now
hypothecated, as we believe, and can be sur
rendered to the State on payment Of money
loaned. Other debts are due to farmers and
merchants on the line Of the roads for pro
duce and goods furnished to contractors; ano
still larger sum, and the amount most diff
cult to manage, is due to contractors for worl
in the construction of the separate Roads.
The parties who have loaned money, we be
leve in most instances will surrender tn,
Bonds on payment of principal with fail
rate of interest; the debts due to merchant.
and persons wherever just and right SHOULD
be paid in full. The Contractors should alst
receive an amount equal to the actual cost o
the work they have done, the work to be es
timated by honest and unprejudicial judges o
such kind of work in other States.
We believe that the whole amount of bond
issued can all be cancelled and the land grant
and rights of the companies returned to tn
State at an expense of one million of dol
lars.
To raise this million of dollars will be a
easy thing when once the Five Million of Bond
issued and to be issued by the State, are car
celled.
In place of these the State Departmer
would have the right to issue Bonds suficier
to pay the debt created by the subscribe
and the cancelling of the old ones.
The Legislature would readily pass la,
providing for the prompt payment of interes
on the new Bonds and the whole people woul
cheerful ratify it.
The Bonds on which interest is prompt
paid and which was issued by State unan
mously would be sought for as basis f
banking home and abroad and could be rea,
lily negotiated.
The present currency would soon be reti
ed and give place to that based upon good S
curities and issued in accordance with SCUM
Banking principles.
We believe that some plan based upon Il
theory above proposed and which has bee
very hastily prepared, would be received wit
enthusiasm and ratified at the polls with
larger vote than was the present unfortuna
Five Million Loan.
1t would at once make the State of MINI
sofa respectable and honest in the eyes of Il
country and would increase the confidence
the business man, and command the self re
pect Of all Of US who have chosen Minneso
for our homes
We believe if past difficulties and discu
sions can be for the present forgotten, an
every citizen who dislikes to see the name
Minnesota disgraced by reputation will tai
hold heartily some proposition similar to whie
we have suggested, the whole thing can bella
complished within few months.
In order to accomplish so desirable an en-
as to restore credit to our own State, and VIII,
is for the credit of the State is for the cred
OF every one of its citizens, let public NEE
ings be held and let such plan be thorough
ly discussed, let the Press dismiss its past di
ferences and labor for its accomplishment an
it necessary let every candidate for the ne,
Legislature be questioned on this subject b,
fore he is returned as member. X.
Cheap Travel...Reduced Rates.
While the Northern Line of steamers al
carving paSsenpers tn 81 Io,,;S for olr,os