Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-04-02

actions of this Road, with tho disgracefua do
tails of which all St. Paul has been ringing
for tho past two or three weeks.
About that period ago the Transit Railroad
Directors met at the Fuller House in this city |
Almost ever man with his attorney at his |
back.
twas soon evident to outsiders some i'm
portant matter was on handl
Not only were the Directors Of the Road
here, but others from New York, Chicago,
and even individuals from Washiagton City(D
were here on the spot, all apparently deeply
interested in the result.
Great was the "boil and bubble" through
out the hotel There was q constant nego-
tiating going on,-s hum and hustle like
bees swarming. .t n
Finally, the grand result was attained
nine of the Directors resigned, and nine others
took their places making the second time the
Board has been partly changed since the or
iginal directors bought their appointments
from the Extra Session of the Territorial Leg
islature in 1857!
1t may be well to explain here,
that such changes are easily made in
Railroad Companies which, having no capital
paid in, have therefore no stockholders tn be
consulted. The Directors of all these Land
Grant RAILROADS. with perhaps one Road sx-
cepted) do not seem to consider they are
acting in merely fiduciary capacity-that
the charters were granted them, the lands
given them, and the S., 600, 900 loan rendered
them, entirely for the benefit Of the commu-
nifty; and that the Directors are only Trustees
for the proper and faithful administrative =
these grants on behalf of that community
Oh mol They act under no such conscious oh.
legation of trust. On the contrary, they
deem the roads their private property and
consider that the. Road's, franchises, lands, &c.
are Justly available for filling their own phi
vate purses. 1t is good thing, they think
an advantage they have gained by their money
their tact, their management! the spoi
of their bows and spears-the legitimate re
ward of their prowess!
Their position is, broadly, that the Direc
tors oson the roads, individually, by virtue o
their official positions
When, therefore, the first partial change il
the Direction took place in the Transit BOA.
/ few months ago, it is not surprising tina
those who retired, acted upon this very assump
, ton. On that occasion, we are assured, On
Hundred Thousand Dollars of the Bonds
one hundred thousand dollars of the propert
of the People of Minnesota, given by them
| furnish the means wherewith to build tn
: Transit Railroad-to grade it, to tie it, to ba
3 last it, to iron it, to establish its depots an
: to put on its rolling stock-one hundred thou
: sand dollars of bonds were abstracted fro1
I their legitimate purpose and went to line tn
t pockets of the resigning directors at the raj
= of $4,000 piece, as a consideration "a
compensation for their designations! An on
: rageous precedent was thus set; and we woul
: inform our cotemporary Of the Rocheste
z Free Press, that at the Transit Railroad gathe
: ing at the Fuller House in this city two (
# three weeks since, this disgraceful preceder
{; was faithfully followed, or rather improve
/, upon. We would inform our cotemporary an
. the people, that nine retiring Directors on tn,
+ occasion sold out for the sum of too hundre
J. thousand dollars of Bonds-pocketing eac
Q man over twenty thousand dollars-makir
It . grand aggregate of THREE HUNDRED tho
e SAND DOLLARS OF BONDS, which instead of b
J. ing applied to build the Railroad, have gor
e to enrich pack of swindlers who helped
d delude the people Of Minnesota into the mi
= Of that Is, 0o0, 900 Loanl
!, What think the people Of these things
le What thinks our Rochester contemporary
re Have they, has he, no thunders of indignatit
d to blast these wretches who are thus stealth
h for their own ACCOMPLISHMENT, the mon,
g which must eventually be wrung by taxati'
Of from the hard EARNINGS of the people
4 large! And remember, also, that Mr.. S1BL1
to saw al this, and knew all this, and yet pc
Ii. mtted it
d But we assure the Rochester Free Pre-
in that this is not the whole of the dark tale
r corruption and plumber connectet, with L
Transit Railroad operations. A still dark
ID and more shameful record remains to be G
posed!