The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-09-30
THE WEEKLY PIONEER AND DEMOCRAT.

trust deed, that the State may receive some
thing like the security which she would
have received had my views been originally
carried out" Day after day applications
were made to Gov. Sibley for the purpose
of inducing him to change his views, and
those applications were made by the mem.
bers Of the company, with whom Gov.
Ramsey was in daily communication, and
with whom he daily consulted. The result
was that before the bonds were allowed to
circulate as the basis of currency, these
parties were obliged to act precisely in
accordance with the principle Gov. Sibley
had at first laid down, by giving the State
a first lien upon their lands and franchise
ments. And the trust deed giving the lien
still remains on the file. (Hear, hear.)
Next, the Minnesota and Pacific, and the
Southern Minnesota Railway Companies
were compelled to modify their securities
before their bonds were allowed to issue as
the basis of banking and currency and
the Minnesota and Pacific Railway Com
pany accordingly so modified their trust
deed that the utmost limit of their issue of
first mortgage bonds was 100000 only,
exclusive those going to the State. So
that the State has security for all the bonds
which have been issued. She has not only
the security originally contemplated in the
Loan Bill, but she has as further security
what almost amounts to first lien on the
lands and Embellishments of the roads. As
my friend Banning confesses, the action of
the Governor was acquiesced in by the
companies, and this, he remarks, makes it
practically impossible for any further issue
of State bonds, because, he argues, that the
roads will never be completed in accordance
with the terms which Gov. Sibley has pre-
scribed, and which they have agreed to.
Those terms are that no further bonds shall
be issued until the roads are fully equipped.
So much for the action of the present Dem
ocratic administration in reference to the
railway and currency questions. 1 come
now to brief discussion of the railroad
policy as enunciated by the two political
parties. need not recapitulate the causes
which have been instrumental in bringing
about the present crisis in our affairs. 1t
is scarcely necessary to refer to the dona-
ton of lands which was made by Congress,
to the amount of twenty-five millions of
dollars. Nor need l advert to the
financial crises which have occurred
throughout the States, bringing with
theE so much distrust in the railway
enterprises of the West, that it became
impossible for their promoters to secure the
necessary amount of capital to enable them
to 90 forward. And, as little reason is
there for charging on the circumstances
which indicated to the people the necessity
of stepping into the gap, and doing what in
them lay to protect themselves from the
pending loss of lands, to the value of twenty
five millions of dollars, donated to them by
Congress. Now, it was expected, when this
question was launched into politics by our
Republican adversares, that some practical
means would he presented which would give
promise to the people Of the State of speedy
extrication from their existing embarrass-
ments. The Republican party have taken
upon themselves the onvs of launching this
question into politics. We must, for char
ity's sake, believe that they had some prac-
tical object in view in bringing it forward !;
that this fifth resolution was not mere ad
captandum resolution, intended to catch stray
votes. Now, what have to complain of in
regard to that resolution is, that it does not
pledge the party to anything, and that it
does not meet the necessities of the times
nor the expectations of the people, who re-
quire something which promises relief This
fifth resolution is three headed thing, which
means either nothing, reputation, or tax
alton. 1t is one thing in one light another
thing in another respect, and yet another
thing regarded from third point OF view.
AS L have already stated, the party is
pledged to nothing. There is nothing in it
which asks the people to signify whether
they approve of the policy of the Govern
ment or whether they disapprove of it.
Gov Ramsey-and the resolution appears
to have been specially framed for nom
committaists like him-declares that it
means nothing. At Winona, where he made
his celebrated thirty column speech, which
was fully reported in the Mnnesotian-a
paper, by the way, which is rapidly retiring
to the west-(a laugh)-at Winona, Gov.
Ramsey was asked, if, supposing the railroad
companies should become defaulters, and for
fixture happen, and the Legislature pass a
law imposing tax, would he approve of
such tax? "Well," replied the Governor,
Il don't know--it would depend upon cir
cumstances." Laughter.) This is just
the ground for complaint which 1 have
against the fifth resolution. l do not know
what it means. 1t means anything, or it
means nothing. That is what Gov. Ramsey
says, and that is what l say. But such
resolution is not what the people want.
They require something more definite. 1t is
framed to suit all kinds of places. Dis
suss it in some ATTITUDES, and it may be I'M
derstood to mean Reputation whilst, in
honest neighborhoods, it bears the appear
ance of Taxation. Now, let us see how it
translates itself. 1t reads thus
Resolved. ftth That however men may have
originally differed upon the adoption of the
Five Million Loan policy, we all unite in de-
termination to preserve the plighted faith of
the State from the stain of Reputation, by
meeting all our obligations to the entire extent
of our honest indebtedness that in regard to
the question of the taxation of the people to
pay the interest on the State Railroad Bonds.
we hold that the Constitutional Amendment
itself points out the mode by which that inter-
est shall be met; that we will faithfully carry
out and abide by that amendment, and shall
hold the railroad companies to a strict complI-
ance Herewith and that we shall oppose all
further legislation upon the subject until default
and forfeiture shall have been made on the part
of the companies.
Now, gentlemen, we have here very
nice use of terms. "Honest Indebtedness !"
What significance is there not in that single
word "honest"! 1t is very pregnant
word, and is worthy of the most attentive
consideration. In this connection, / would
vofor 20 al H1.cbo1 cfofo-