Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-03-19
liquidation Of Obligations Given In
%. Aid Of RatlrOads. r,.
From the OOoperstoson ~. " Journal.


Proceeding like the following which we
find in the New York Times of the 10Th
have had tendency greatly to damage, with
here spoken Of; ;lsandI the honest andcwen-in-
tentioned borrower, seeking loans, suffers with
the unscrupulous repudiator. There is one
lesson, however, which Directors of Railroads
should learn from these unlawful demonstra-
pie will carry the load which they have placed
upon their own shoulders, providing the prom
issd Quid pro quois Forthcoming, they are very
apt to rebel, and attempt reputation, if they
find themselves called upon to pay obligations
them Therefore should managers of all pub
matters, and not ask the people to assume
of their ability to, carry through projected en-
says: ,. .-,, &c., .,.... ,.-,.-........ ..,,
g,fn An "Anti-Tax Convention" was held on
Wednesday LAST at Pittsburg, Penn, for the
purpose Of repudiating the interest due upon
bonds issued by the County of Allegheny to
certain Railroad, Companies, in payment of
stock. Like many other investments of the
kind, the stock has proved a loss, andthe peo-
pie of the county, quite generally, as would
seem, refused to be taxed to pay the interest.
To carry out their views large convention of
delegates from the several wards of Pittsburg,
and towns Of Allegheny County, assembled
as above stated. Much excitement prevailed.
Resolutions were adopted, with a. near ap-
proach to unanimity, declaring that the peo-
pie of the County will under no circumstances
submit to be taxed for the interest on the
bonds The immediate occasion of the move
ment is suit commenced in Philadelphia by
the bondholders .. ....
"The grounds set forth in the resolutions
to justify the refusal to pay, are substantially,
that the subscriptions for stock were uncon-
constitutional; that they were obtained by
fraudulent representations that the bonds
were sold at a ruinous discount and the pro-
ceeds corruptly squandered, leaving the roads
unfinished and the companies insolvent; that
to pay the bonds would bring ruin upon the
people, and that the bondholders have no
valid claim, inasmuch as many of them were
parties to the frauds committed in the disposal
of the bonds. In view of these considera-
tons the convention resolved that Resistance
to the DEGREES of Courts" was in this instance
necessary for the preservation of their lib
critics and the security of their property"
Pittsburgh is not alone in this particular
kind of reputation. In various parts; of the
West opposition is making to the payment of
obligations issued to railroad companies. Such
movements are indeed quite common in Illi-
nois, Iowa and Wisconsin, where not only
have municipalities pledged their credit, but
farmers mortgaged their lands to aid in the
construction of railroads. In seasons of pros
perity and promise there is little hesitation in
incurring liabilities which become odious when
"hard times" come on; and schemes of re-
lief are undertaken which, through neither
commendable nor honest, are yet fraught with
admonition. 1t is quite unlikely that we shall
see hereafter such free use of municipal credit
in behalf Of public improvements"