Red Wing sentinel., 1859-08-27
||the roads: Near sixty miles Of grading on

Fthc roads: Near sixty miles Of grading on
each road was completed, on the credit Of
the bonds. The Companies made large en-
sasssments. in expectation Of meeting them
with tho honds. Without their fault-far
thesr roads were graded sooner and better
than their contract called for-the bonds
turned out to be totally unsaleable, and
these very men, now asking the support o.
the people, taking advantage Of the neglect
Of the Legislature to provide for meeting
the principal and interest upon the bonds in
case of default by the Companies, themselves
by their oft repeated and persistent ISLANDERS
upon Minnesota and her rail road compa,
nics, made them so.
+ In consequence of this fact, (the unsafe
ability Of the bonds) the Companies find
themselves heavily without means
to 20 on with the roads. or to pay lol
what they have done.
If the bonds had been at par in the mar
ket, 1T is acknowledged that they could
have carried it through. 1t is not thei,
fault that they are not SO. Now, then
what would be fair and honest towards the
rail road companies I? Nothing short o.
this the making of the bonds good in the
market, They did not borrow money o.
the State-they borrowed its credit, and
entered into certain obligations for it, which
they have faithfully performed. Now, the
State, as matter Of justice to them, should
make its tyet3tt good-so long as it is in its
power. A!<24 g.F555 t"ltsal. -
Again, the bonds have gone, many Of
them, into third hands-have been deposit
ed under the State law as a basis for bank
ing-and $3.50 900 Of currency issued upon
then.;t This currency with the bonds il
worthless. What does the State owe to the
holders Of this currency, as well as to the
holders Of the bonds /? That that currency
shall be made good, by the States making
and keeping its credit good. No honest
man will say otherwise.
i There are other reasons besides the strict
juctice we owe to the Companies and the
bond and currency holders. Our future
welfare will depend greatly upon our acting
Justly in the matter. Our reputation and
good name and credit as State are all in
volved.
True, the republicans say, 1--WE are not
bound to pay the, interest and principal be-
fore it becomes due {; what is your hurry,
Mr.. Democrats 2" Now we answer, we
are not bound to, and will not pay before
the debt becomes due but we are bound to
procide for it beforehand, or else we cannot
pay when it does become due; and so long
as, we make no provision for the payment
$50 lcng will capitalists doubt our disposition
to pay. This is where the Republican plat
form is practically for repuc1iation. A
years interest on the bonds comes due next
summer. Minnesota cannot meet it with
out she provides beforehand by law for
meeting it. The Republicans refuse to do
this, which is equivalent to, saying they will
not pay when it comes due. The great OBJ
lection to doing this made by the Rspubli~
cans, and the objection which proves con-
|clusively that they are practically repudia-
tionists is: the additional amount Of taxes
that will have to be raised And this
brings up an important point in the case.
1t is evident that unless the credit of the
State is made good that the the Rail Road
Comp psnies will ia,l. In that case, the State
must necessarily pay the bonds in full, or
repudiate altogether. Even the Rcpubi-
cans deny that they mean to refuse to pay
Altogether. They say they will pay some
time or other. In, that case, then, the al
ditiona:, taxes will be necessary; so what is
gained by postponement? Nothing. If we
postpone we force the Companies to fail, and
will have to pay every cont Of tho bonds;
but if we provide for the interest and prin-
|cipal, at the next session, we make the
bonds good in the market; we set the Rail
Roads Oh their feet; we make the currency,
issued on the bonds, good. The Rail Roads
then can meet their engagements, and 60 on
and complete sufficient length of Roads to
make their ht,a1s available; to get the title
from Government; to raise money on them;
and clear the State, altogether, from all liza
bility, without its having pad cent. This
was the original programme. It was wha'
Was prevented BY the non-negotiable char
acter Of the bonds, and what may still be
carried out, If the State will but show =
deposition to pay her honest debts. As fer
all tho ISLANDERS that were urged against the
Companies, while the S., 100000 Bill was
pending before the people: they have lived
them down. They have shown throughout
. bona fide intention to complete the Roads
|accOrding to contract They have been pre-