Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-01-22

keep their faith, maintain the credit OF tne
bonds, and build their roads. When the
Loan bill was before the people, the companies
pledged themselves to give us Railroad s'' com
munication with the East. They were IN
such haste, that they took bonds for Deeds
for lands on which to locate their depot
Mr.. Wells had said that the Railroad infiu-
ence would be too powerful to resist, and its
hostility had better not be invoked or it would |
"crush us!' The whole Railroad system had |
better be Frustrated for five years than that
their present intentions be carried out. Inc
companies are trying to solve the problem OF
building roads without money. If they can
not now sell five millions of State bonds,
backed up by all their own credit how can
they sell fifteen or twenty millions OF their
own bonds to complete their roads? Gap
plause.) The influence of these companies
on the legislation of our State, had already
been felt, and the people should beware how
they entrusted power to them. applause
The banking law Of this State was OF Railroad
production, and every one must see that a
good currency would not be afforded the
people under it so long as State Railroad bonds
were allowed as banking basis at par. Mr..
Baldwin said the tax of Hennepip county
would amount to sixty thousand dollars, in
addition to the present tax, if the whole five
million was issued. The people could not
pay it.
Mr.. BATES said, to throw discredit upon
the Railroads of the State, was not the best
course to be pursued. If the companies vlo-
lated their charters, he would take legal means
to enforce our rights. 1t was thought by
some the companies would get all their bonds
for grading and finish none of their roads.
Such was not the case Since the parties had
gone on to New York new trust deed had
been made by all the companies to the Gov
ernor, giving the State prior lien on their
roads and franchises. This is mistake.l
The deed was drawn in Chicago, because
there was no lawyer in Minnesota who knew
enough to draw it. CA voice: "There will be
soon, Mr.. Bates is 'reading law himselfD
He thought we were in critical circumstances.
There is a power in the combined Railroad
interest which no toaoz could resist: power
which might well make us fear and tremble.
mo sstrembIing" was here evinced by the
people. They evidently were not badly scar
ed)
| DR.. FLETCHER said, he understood this
trust deed business, and "pitched into" Mr..
Bates rather sharply. He showed the "trust
deed" question up in manner anything but
pleasant to Mr.. Bates.
Mr.. BABBIrr had word to say on this
question of Reputation" There was his
torical fact connected with the question, which
we should not overlook 1t had been said
that Reputation had first been preached by
a correspondent of the N. Y. Tribune. That
was not true. The Railroad managers of
Minnesota, through their friends in the Legis-
lature, pledged themselves to reputation be-
fore the loan bill was adopted by the people.
(Applause) The sixty members, who voted
for that bill in the Legislature, were solemnly
pledged to reputation in soriting. (Cries Of
that's SOY He had seen the document
which they signed himself, and he challenged
them to deny it. A correspondent of Bos-
ton paper, (Mr. Nourse,) had said that the
man who should whisper reputation in this
State would be kicked. He should object te
his friends Messrs. Keith and Bates, who were
present, being booted. Uaughter.) The
first thing the companies did was to repudi
ate. But tax was already upon us. Tit
last advices were, that the bonds could not bt
sold and would be brought home The cou
pons would be torn off and used to pay STATE
taxes The State would be bound to re
ceive them; but when received and cancelled
how was the expenses of the Government tt
; be paid? AS there was about 81 100000 Q
bonds already issued, and $780, 900 more du
the companies, as the thing now stood, w
were bound for the interest on 81 ,S0O, O0'
any way we can fix it. Hadn't we bette
stop any more being issued? There wer
then good reasons why the bonds would no
: sell in New York, as he knew they were no
issued according to law, at least so good law
yer's said, and Wall Street don't trade il
doubtful paper or bonds. Then again, tn
character of the companies themselves wer
such that capitalists would have nothing t
= do with them, either at home or abroad
These are the reasons why the bonds cannc
be sold He understood Col. DeGraff has
contract on the Transit Road at twenty-five
thousand dollars per mile, and pays back ce,
tain directors eleven thousand dollars a mile
He had heard that the Vice President of tina
road said he would send those swindlers
State Prison, or go himself applause.
What capitalist would have anything to d
with such gang of swindlers? applause.
Mr.. Babbitt said that judgments had jus
been obtained by the Milwaukee men VIII
!, were formerly interested in the companies
and who were bought out at ten thousan
dollars each. tits said we wish to discred
:, the bonds. The question of the bonds
already settled. They can't be sold. (Grea
= applause.) Mr.. Chamberlain says, he sha
stop when the grading is completed. Othe
parties will build the roads, but they will nc
trust money in the hands of the corrupt an
dishonest men who now control these comps
MES. (Applause.)
+ Mr.. Charlton wished to speak to the resc
n lutions: no one had as yet. Mr.. Nourse, tn
attorney of the Cedar Valley Road had spoil
!. en- in defense of the Companies.
!. (Mr. Nourse said he was not the attorne
+ Of any Company any man who said he wa!
Y Hed) Prs -. -. ~:
e Mr.. Charlton resumed: Mr.. Nourse say