Red Wing sentinel. [volume] (Red Wing, M.T. [i.e. Minn.]) 1855-1861, 1859-10-08

COUNTY, MIMI. SATU.
other parties, thus placing the State on
a par with possibly, thirty millions Of
lother bondholders. This construction
of the act, l repeat was urged by Al
. exandcr Ramsey, and strenously resist
ed by Gov. Sibley, the head of the
present Democratic State Administra.
ton. Cheers. But what next? In
connection with this matter, an appli-
cation was made for the issue of cur
rency upon the bonds which had been
delivered over to the Minnesota and
Pacific railway Company, to the
Southern Minnesota and to other COM
panies. Gov. Sibley not withstandnig
proof was given, by the affidavit Of
John w. North, and others, and that
. the bonds had been sold for ninety
five cents on dollar, thus establishing
\ current value for the bonds, as re-
quired by the banking lava state
Of things possibly in which they could
compel Gov. Sibley, to allow the cur
rency to issue-Gov. Sibley, l say, re-
sisted this application also. He said
to the Observation-Disclosures, you
must down to the doctrine which
first established. We will not accept
these bonds as the basis of currency
unless you will so modify your trust
deed, that the State may receive some
thing like the security 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 members Of the company with
whom Gov. Ramsey was in daily COM
munication and with whom he daily
consulted. The result was, that be-
fore the bonds were allowed to circu-
late as basis of currency, these par
ties were oblige to act 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 file. Hear, hear. I
Next, the Pacific and Minnesota, and
Minnesota and Pacific Railroad COM
panies were compelled to modify their
securities before their bonds were al
lowed to issue as the basis Of banking
and currency; and the Minnesota and
Pacific Railway company accordingly
so modified their trus, deed that the
utmost limit Of their issue of first mort
gage bonds was 100000 only, .exclu-
siv. Of those going to the State. So
that the State has security tor all the
bonds that have been issued. She
has not only the security originally
oontempla: ed in the loan Bill, but she
has as :. further security what almost
amounts to a first lien on the lands and
franchisements of the roads As my
friend Banning contesses, the action
Of the Governor was acquiesced in by
the companies, and this he remarks,
Fmakes 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 had pre-
scribed and which they have agreed to.
Those terms are that no further bonds
shall be issued utnil the roads are fully
equipped. So much for the action OF
the present Democratic Administra.
ton in reference to the railway and
currency questions.
I| I come now to brief discussion OF
}, the railroad policy Is enunciated by
the two political parties. l need no,
t rec:pitulate the causes which have
been instrumental in bringing abou,
. the present crisis in our affairs. It il
scarcely necessary to refer to the do
: nation Of lands which was made by
, Congress to the amount OF twenty five
: millions OF dollars. Nor need / ad
vert to the financial crises which have
Z occurred throughout the States, bring
;, ing with them so much distrust il
Z the railway interests Of the West, tha,
b it became impossible for their promo
t ters to secure the necessary amour,
D Of capital to enable them to 20 for
+ ward. And, as little reason is there
y for charging on the circumstances
! which indicated to the people the
;, necessit, Of stepping into the gap, and
Il doing what in them lay to protec'
8 themselves from the pending loss o1
J. lands, to the value of twenty-five
= msliion of dollars donated to them by
T Congress.
f Now it was expected, when thi,
question was launched into polite.
J., BY our Republican adversaries, thai
J. some practical means would be pre-
$ sented which would give promise
il to tho people Of the State !: O
speedy extrication from their existing
y embarrassment. The Repubiical
s (party have taken upon themselves th.
/, 0asts of launching this question int
J. politics. We must, for charity's sake
J. believe they had some pr actical objec
J. in view in bringing it forward; tina
9 This fifth resolution was not mere
q aaeaptana.tns resolution intended K
|. catch stray votes. Now what hav,
It to complain of in regard to that resolu
I, ton is that it does not pledge tn,
"a norsv ><, o,,v%h;un, <hat - l<~. -oo