Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-09-24

but purely money question. On the one
side are the holders of the bonds, and on the
other the taxpayers and people of the State
Now, Sir, if you will give me your atten-
ton, will prove the truth of my position so
plainly that you will be forced to admit, I'M
less you are wholly blinded by partisan zeal,
its entire soundness.
This resolution, when stripped of tie garb-
age that surrounds it, proposes three things:
LIST. That the Railroad Companies shall re.
lease the State from the two and half mil
lions of bonds yet undrawn.
I'd. To provide for meeting promptly the
interest and principal upon the two and half
millions already drawn, (Which means taxa
tion.)
Sd. That the mortgages now held by the
State on the lands and roads shall be released,
Cor as it is adroitly put in the resolution shall
not be sacrifced.)
These three propositions embrace the en-
tire substance of the resolution. Now pro-
pose to show that by carrying out its provis-
ions, the bond holders will make nineteen
hundred thousand dollars, (supposing that
taxation would make the bonds good, and
that the people of the State would not only
be swindled out of these bonds, but also the
entire land grant. The snake in this resolu-
ton is concealed in the first clause. 1t holds
out in this, the idea of compromise by
agreeing to release the State from the two
millions and half of bonds yet undrawn,
and the expectation is that the people will
clutch at anything, and come to any terms,
by which the State can be released from the
remaining two and half millions Now,
Sir, look at the infamy of this proposition
Why the Companies have already released
the State from issuing the other two and a
half millions dollars of bonds, by filing with
the Governor of the State supplemental deeds
of trust and resolutions, by which they can
only draw the balance of the bonds as they
lay down the iron and put the cars on the
bonds they can neither buy cars or from
The Governor required this agreement of
them before he would consent to receive
the bonds as basis of banking at 90 cents
on the dollar. The Companies were bank
rupt; the bonds were about to be sold at
auction to pay the Is or 90 cents on the dol
lar for which they had been pawned, and
they were forced to come to these terms in or
der that they (the Companies) could redeem
these Bands.
They agreed to these terms-the Auditor
received the bonds-the currency exploded
and the Companies were fairly caught in their
own trap, they having thus practically re-
leased the State from the two and one half
millions of undrawn bonds.
The question now is, (and it is the only
question: and the bond holders reason thus,
having got two millions and half of bonds,
how shall we, the bond holders, (not the Rail.
road Companies, for they have parted with
the bonds,) make the most of them, and at
the same time get the entire land grant for
the companies, which we and they can sell
hereafter, and make of it another source of
plumber. The course is plain. We will get
the Democratic party to pledge itself to make
good the bonds we hold, and when the next
Legislature meets, under the pledge as above
given, to provide promptly for the payment
of the interest and principal of those we now
hold, we will get the tax bill passed. Those
bonds have cost us but about 5000, 1000, (the
amount actually expended and paid upon the
roads) and then we will clear nineteen hum
dred thousand dollars, part of which we
can well afford to use as corroption fund to
secure the proper legislation, when the Legis-
lature shall come together next winter-and
no doubt the Legislature WILL under the pres
sure OF these bonds and other agreements we
will use, release the mortgages on the land
grant which We have given to the State, and
thus we will get the land grant, and make a
clear profit of nearly nineteen hundred thou
sand dollars on the bonds we have drawn.
This, Sir, is the secret purpose and history Of
the 9Th resolution, which you are expound-
ing to the people, and the deliberate plan ard
purpose of which is to swinde your fellow
citizens out of the State bonds and the land
grant.
You have, | am aware, from the first been
an ardent advocate and supporter of the Five
Million Loan Bill, and thus far have endorsed
all the measures of the Railroad companies
and their fatal connection with the present
Governor of the State But, sir, am willing
that up to this time, you have been in COM
mon with the masses of our citizens, mis-
taken, deceived, betrayed But, sir, if you
should still go on, now that you fully under
stand the object and purposes of this resou-
ton, and the policy you are advocating, you
will receive, as you deserve, should this infa-
my be consumated, the curses of the people
whom you have betrayed, and the condemna-
ton of every honest man.
Your obedient servant,
WIN. L. BANNING.
No. De-. Letters from, wv,