Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-02-05
The. Mankato stIndependent" ON the
60 Bond Negotiations.

Il THO -m0nk0BO Ssx0OeP6uOCuSD YIN SAAe
g. Bond Negotiations. :
l. One of the very best weekly newspapers
on oursexchange list, published in Minnesota,
is the Mankato Independent, . Republican
journal, published at the prosperous County
Seat Of Blue Earth County, on the Minnesota
River. 1t is edited with much vigor and tai
ent, while both tact and principle seems to
guide the pen of its editor, Mr.. Hensley. In
the number issued on the 9th ult, the hide
pendent alludes to the failure to negotiate the
Bond, and thus expresses its views on the
| subject: .r... .-,.. .-..-..rr .-...r
FAILED TO NEGorIArE.-The st. Paul papers
announce the entire failure of Gov. Sibley and
others from Minnesota, now in New York, to
| negotiate the State Railroad bonds in that
market. - - al 81
This was by no means an unexpected an
nouncement, nor, scith a large class Of our pop
alatl0n, an UNwELCOME ONE. .-.-... . g.. -r-e-
The inevitable certainty of the State being
called upon to meet the accruing interest upon
the bonds, and the position as regards secur-
ity in which the State is placed by the recent
decision of the Supreme Court with reference
to the question of priority of lien, have tended
to inspire feeling of distrust as to the inten-
tons of the Companies with many who were
warm friends of the Loan Bill, and to deepen
the hostility of the enemies of the measure.
The difficulties experienced by the people
IN meeting the demands Of the tar-gatherers,
now abroad in the State, have also had a ten
dency to inspire wholesome dread of the
probable contingency of being called upon an
nually to pay the interest upon So, 600, 900 in
addition to the present-in these hard times
-onerous burdens of taxation. .ra
1t has become Preualent conclusion, that
THE ROADS HAD BETTER STOP FOR THE PRESENT,
than that the people should become impover-
ished, with no valid assurance that the roads
would not fail an the end. 49,.
We incline to the belief that the entire fail
ure to negotiate these Railroad Bonds, and
the surrender of the Charters by the present
Companies would greatly inure to the material
aoe!tare Of the people.
This Railroad Loan has proved not only an
incubus upon the people of Minnesota, but it
has had the effect to diminish immigration
from neighboring States, and to create feelings
of distrust as to the financial integrity of the
State.
Our whole railroad policy is looked upon as
reckless in the extreme, ny the people OF other
States, and correctly so.
The idea of the young and sparsely settled
State of Minnesota undertaking at period of
unexampled financial depression, when stocks
and bonds of whatever character-Railroad
bonds in particular-are drugin the market,
worth scarcely more than the blank paper up
on which they are printed-at period of such
universal distrust in internal improvement en-
terprises, and widespread distress among the
people-to carry forward SO magnificent a
system of Railroads, is, to say the least, an
exhibition Of Young american audacity, that
is not calculated to inspire confidence IN either
tile acisdom or honesty Of our people aoith er-
perienced CAPITALISTS and fnanciers.