Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-01-22
The Failure TO Negotiate tne
uond...ss WHO DID IT9o

W. have 70 announce this morning the entire
failure of the negotiations which have peen Pena-
ing for some time at New York for the saie VI tne
Minnesota State Railroad Bonds.
The announcement is brief but it is comprehen-
sye. --'-
The foregoing is the commencement OF fe-
rocious, Bombastes-F urioso leader in the Po-
nser of yesterday, the goth, denunciatory Of
the M1NNEsor1AN. We will now proceed, calm
ly and coolly, undisturbed by the brayings Of
a foolish boy, to answer as succintly as pos
sible, the question propounded, Of" Who
did its" But first, we will quote another ex-
tract from the same article, which seems to be
its answer to its own question:
"Citizens of St. Paul! When Gov Sibley went
to Duncan sherman, on the day appointed s for
answer, a copy of the St. Paul Minnesotian, which
openly denied that the faith of the State pledg
ed for the redemption of the Bonds, and boldly ad-
pocated repudiGtion."
LIST. We reply to this by the following ex-
tract from EARL S. GooDRIcH's letter to the
Pioneer, dated at New York, January LIST,
1859, and published in the Pioneer of Tues
day, the 18th inst The editor-in-hief Of the
Pioneer says:
"Not that the Minnesotian, or any other Mime.
sofa paper possesses sufficient influence to control
or seriously affect the judgment of Wall street in
any legitimate way on any financial subject"
I'd. We reply further, that we do not deny
that probably DUNCAN, SHERMAN Co. ex-
hibited ga copy of the Minnssotian," as rea-
son for their refusal but the Pioneer disin-
genuosly attempts to deceive the public by
Withholding from its readers, that THE "copy
Of the Minnesotian" they thus exhibited, was
of the date of March 10Th, 1858, before the
Loan Election: which paper contained the fol-
lowing pledge of reputation in advance, from
the "sixty" members who voted for the Loan
Amendment:
TO THE PUBLIC.
The DAILY MrNSEsorlAN, of the 18th of
March, makes the following assertions:
"'We assert it as fact, that it is the pur-
pose and intention of the friends of the loan
bill to pass law authorizing tax to meet
the interest at least, if not an additional one
to create sinking fund to meet the principal,
Immediately upon the re-assembling of the
Legislature in June. We assert further, upon
the best authority, that the main, the moving
object, for which an adjourned session has
been determined upon, is, in the event of the
approval of this proposed loan, to pass law
levying such a tax
The undersigned, friends of the loan bill
in the Legislature, many of whom have voted
for the adjournment to June, are directly re-
ferred to in the above extract. 1t is declared
Io int TO l.,
levying a tax at the June session, and that is
imputed to us as the main object of the de-
termination to adjourn. We therefore feel
justified in pronouncing the above statement
to be false, which we most unquali6edly do.
We voted for the loan measure aoith the
belief and the DETERMINATION that there should
be NO TAX EITHER FOR THE INTEREST OR PRIN-
CIPAL. We multiplied securities against tax
alton; we imposed forfeitures on the Compa-
MES which make it their highest interest to
meet these payments zoe aoouLd, one andaU,
hare uOted against the measure, if zoe had not
deemed 1T certain, in the language Of the bill,
that the State Treasury aoas eronerdted from
any aduances Of money either for INTEREST OR
PRINCIPAL ON THE STATE BONDS.
We refer you to the section, as proposed,
for the practise nature of these securities.-
First mortgage bonds on the roads, lands and
franchises of each company, to the full amount
of State bonds, with further remedy by
foreclosure of the mortgage, pledge Of net
profits for the interest of payments; con-
veyance in trust Of 1885, acres by each
company, or Ga, 400 acres in all, to provide
a sinking fund for principal or any default of
interest; certainty that no bonds can issue
until the companies prove a certain amount of
actual construction; and that the whole five
millions will never issue without the construc-
ton of 25O miles of road, or double amount
of road be ready for the iron; a further pro-
vision stopping the issue Of bonds to any
Company failing to pay the interest on bonds
of former issues; condition imposed, under
penalty of forfeiture of lands and franchises
pertaining to the unfinished road, that each
company shall complete fifty miles before the
close of 1861, one hundred miles before 1864,
and four-fifths of its entire road before 1866
these accumulated securities and forfeitures
satisfied our minds that the measure was well
guarded. TWAS discussed for weeks, repeat
edly amended, and passed with the most
careful consideration.
We found also, that other American States
had loaned their credit for railroads to an ag-
millions-often with less, and never with
iuOlc, ocCullty lLAdu VIC HtcIo 70
not a single instance on record that a dOlla7.
Of taxation has been leuied or paid therefor.
The undersigned, therefore, take this &C.
casion to deny that they have had, or now have
any intention or object" as above charg-
ed; and zoe moreover pledge ourselves, inaipid-
ually and collectively, to cote against any pro-
position to Leoy a tar either for the principal or
interest Of the proposed loan of State credit
We claim I'm have removed all nOSsihle chance
of taxation, by our legislation at this session;
AND WE SHALL RESIST, AS ONE NAN,
ANY PROPOSITION OF THE KIND,
EITHER AT THE ADJOURNED OR ANY
OTHER SESSION OF THE LEGISLA-
TURE. .-.-
Samuel Hall, James @. Frost A.
e. Murphy, Thomas Cowan,
T. n. Bates, DIS. Norton,
o. W. Streeter, !. Van Etten, ... .. .
George L. Otis, G. E. Skinner -
F. Rehfed, G. 8. Cave
Henry Poehler, D. w. .Dunvell
8. g. Beman, William Sprisg Hail.