The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-08-12
the Loan Bill, d. c. paid it themselves. Here
is the resolution Of Rice County

Is the resolution OF Rice County
Rssoioed, That We, the Republicans Of Rice
County, are opposed to every and all PROPOSE
tons 10 levy tax upon the people Of Minne.o
Ia TO pay the interest or principal upon the
whole or any portion Of the Five Million State
Loan Railroad Bonds issued or to be issued. un.
al such time a. the Railroad Companies shall
strictly comply with the provisions Of the Loan
Bill, and show satisfactory proof that the bonds
issued have been faithfully applied to the con
struction OF the roads and TO no other purpose
whatever.
That Of Omsted is nearly identical. Now
10 oil candor we ask il any arrangement OF
the English language can be invented more
perfectly absurd 4 contract has been en-.
tered into between the companies and the
State, by which the former agreed condi-
tionally to pay principal and interest on GER
tain bonds, while the latter Internationally
pledges itself, upon failure of the other par.
ty, TO pay such accruiDg indebtedness. Now
we arise in our majesty and stuff ourselves
into certain resolution which swears that
unless the Rail Road companies pay said
demands, are wont!t Delightful harmony
among the repudiationists. Steele County
will come TO the rescue only when the hides
Of these monster companies long dry upon
the rack-Rice and Olmsted, only when
these same companies, with their pockets
crammed with worthless bonds, having fully
discharged all their own and the States liza
bilities. stand in no need OF aid
But let Us inquire what these companies
havedoDe that calls for such blood and thunder
attacks? We venture the assertion that
they have In nothing transcribed the priyi-
leges granted them by their charter end the
loan bill. They are in debt, it is true, and
owe sums that ought long ere this to have
been paid but we told that but for the
failure Of the last Legislature to make pro-
vision for the interest, and but for the un.
generous, trailorous attacks of Minnesota
ans upon the state credit, the same system
now developing itself in population meas
ures, the companies would have been able to
negotiate the State bonds and would to-day
be free OF debt, their credit COED, and the
roads 10 rapid progress towards completion.
1t is not possible to suppose that Minnesota
State bends, upon which the interest is sure
to be paid, and sustained by the unquestioned
confidence of the people, would be unsalcabls
in the money markets. The first fault of the
companies was then, that they felt too Sc
cure, that the people would sustain the cred
it OF their promises at all hazards, and crea.
ted great indebtedness based upon mere
confidence. The next great and most fatal
error. was throwing out upon community
flood OF currency based upon these same &C.
curities. the want Of confidence in which the
people had given such unmistakable eyi.
dence.
The whole matter may be summed up
thus:
The State is inexcusably at fault that she
did not thus protect her bonds so as to place
them among the leading stocks in the mar.
ket. The people are in FAULT that they did
not come up to rescue the reputation Of the
securities. The companies reposcd unwar.
ran,ed confidence in the value of the bonds
and the disposition of the people to protect
them and IA the result OF these errors, rain
has fallen upon all, and yet only the com
panles are TO be damned for all this wicked.
ness
II certainly is TO be hoped that Minncsoti-
ans Will pause ere they take any steps that
even 10y implication favors population it
Will ailix stain which. generations cannot
remove. The interest upon all the bonds
now 10 the hands Of those entitled to inter.
est upon them cannot exceed thirty five
cents per cdPte upon our population, and
Tor this real plttance shall We leave our pos /
terity heritage OF shame! II wisdom has
been wanting IN the management of our
Railroads, that certainly cannot excuse our
dishonesty.