Red Wing sentinel. [volume] (Red Wing, M.T. [i.e. Minn.]) 1855-1861, 1859-10-08

reliance on such magnificent posGblll-
ties. l dc not believe that the State
is now any better than it was two
years ago..-at least so far as its rail-
way enterprises are concerned. (Hssr.
hear,\ And now, would draw your
attention for = Few moments to tho.
Democracy, as distinguished from Re-
Publicsnism. They tell ns that De-
mocracy means taxation and kepubli-
canism the abolition of taxes. Now
l boldly assert, and am prepared to
maintain, that the result Of the Demo
cratic policy is to obviate the necessi-
|ty Of levying taxation. l would par
ticularly desire to be understood here;
for have been misconstrued by some
|portion of the press. l say that the
effect of the adoption of the Demo-
cratic policy will be to appreciate the
bonds Of the bonds Of the State---to
enable the companies to pay their own
interest, after the tax law shall have
passed, should such Law be deemed
necessary.
I distinctly say that in my opinion
some Legislative action should be ta-
ken on the subject. Let it take the
shape Of a temporary loan, or what
shape you will---some legislation is
necessary to negate the idea Of repu.
diation which has, unhappify, become
associated with the State honda Of
Minnesota. (Checrs.) Why is it,
that those benefits conferred by the
State have been wore than useless? ?
What is it that makes our State
worse than Wisconsin, or any other
State? The railway bonds are IN fact,
better secured than the $3.50, 900 bonds.
Yet they are not worth anything in
the market because it is = mere quea>
tion Of honor. On the part of the
people of the State there is no legal
liability to pay those bonds. And
leading parties in the State have un-
hesitatingly and persistently advoca-
ted reputation, because. if you please
Of that pledge Of the Legislature
which, according to Mr.. Baker, has
been the ruin Of these bonds. This
pledge was. lin reality, reputation in
advance. After its passage it was
Immediately placardcd and forwarded
to Wall street from the .Minnesotian
Office, so that when parties went rom
the State to Wall street to raise the
necessary money, this reputation doc
ument was presented to them, and
their mission was a failure. This was
the result OF their rePudiatiop pledge.
(Cheers.) 1t is, hold, necessary that
the State should do something 70 IN
dicate to the capitalists Of the east
that the policy Of Minnesota was OPP
posed to repudiation---that let the
worst come to the worst, Minnesota
would not dishonor herself. (Cheers.l
Under the Democratic policy, then.
the companies would he enabled to
pay their interest; and even should
the State have to foreclose the securf.
ties, still you will get all the advaRc
tages your Republican friends promise you.
Xou would also secure in addition, an ap
probation Of the bonds, and keep up tho
credit o. the State. (Cheers.) In hls letter
to Mr.. Becker, Mr.. Banning admits that
the effect of such legislation repledginE The
these bonds valuable at par, aud the COM
panies would make 81, 100000 clear out Of
the transaction, with IN expenditure Of only
$60O,OOO Yet, with strange Inconsistency,
he says IN the same breath that these lands
are worth $25 ,OOO, 900 and companies would
soon be found to prosecute the scheme. He
thus assumes the extremely improbable
ground that the railway companies wepa
quite willing to abandon such splendid
schemes for the sake of avoiding the pay
ment of paltry sum Of interest Is It 'f6N
due. Such state Of things Is by no means
probable. People do not thus carslessly
throw aside scheme endowed to the ex-
tent Of $4,000 = mile. We have thus
seen that the Republican polich involves Z
loss. 1t should also BE- remembered that
under that policy, the enterprises would be
placed in the hands Of new parties who
would be entirely exempt from all obliga-
ton to pay the $2,5oO,O00 and these Sc
curities would Of course be inevitably lost.
{ heal, ,hear.) Antagonistic to this, you have
the Democratic policy which enables the
companies themselves tapay their own inte-
rests-which sets in active circulation 81,
5OQ!ODQ Of your currency now laid up
which, with bank tax on even that amount
Of capital would go great way Of itself to:
ward paying this interest (chsers.( You
would unde, this policy, secure the coustruc-
ton Of your roads-at least 62 l-2 miles Of
each line, and would secure more than
enough to pay the bonds. (Chsssa.) These
are in my mind the results Of the Demo-
oatic policy. The policy to which it is op-
posed is that OF reputation; for it promisss
or pledges its professors to nothing. 1t Is Z
policy which cannot fail to entail additional
distress for the reason that lift can be ca}ted
an enunciation Of policy 1t ali, it is policy
resulting in the loss oftwo million and . half
Of bonds already issued-in the loss Of your
securities, and inevitable tantiqp cloud
cheers.
TRIAL TRIP OF THE GREAT. EAsT-
ERN ~
/ By ths Arabia, We have the f.llew;p5
|, details ofofthe tr'al trip Of the Gress Est
cru: 9
The great event Of the week had becn th4
departure of the Great Eastern for 80. The
!. Nova Scotian brought ont news thas tie
I vessel had proceeded down the Thames -
. for q Pur2eet on the 7th, and anchorsd
there for the tide Of The following morn