Red Wing sentinel. [volume] (Red Wing, M.T. [i.e. Minn.]) 1855-1861, 1859-02-19

lists, that we are entirely satisfied with ou1
bargain with the Railroad companies. Tina,
VIC are not going to raiSe the cry Of fraud
should it become necessary for US to pay
the interest on the bonds, or the principal
either. That we have and will act through.
out this trasaction in good faith whateve,
may he the consequences. ... .. j..
1t is rumored that English capitalists wo'd
be willing to purchase our bonds, provided
the Railroad companies execute exclusive
prior mortgages to secure them. '-' II
This,we believe would be measure frangh'
with evil, as it would very much affect the
market value Of any subsequent bonds
which in the course Of business it might be
necessary for the companies to issue, and
which when their lands are subject to their
control, ought to be first elias securities. Six
millions Of acres of first class lands, ought
not 10 be rendered unavailable Ivy a s., co.,.
OcO loan, when it will take at least three
times that amount to fini>h the roads.
Besides it would not bc acting in goca
faith for the State to force the Railroads into
such measure. She was anxious for the
speedy completion ofthe roads, and to hasten
it she agreed to loan them her credit. They
accepted tie terms. Depending upon the
State credit they contracted for the construc-
ton Of the required amount Of roads, and
agreed to pay either with the bonds, or as
soon as they could be negotiated. AS far as
the State is concerned, they have fulfilled in
every respect; but the bonds are worthless.
Why? Not because the credit of the State
is bad-that the Railroads should have con-
sidered when they made tho bargain-but
because it is feared that in this instance the
State will repudiate. The fault then being
entirely on the part Of the State, she ought to
furnish the remedy. This remedy is simple.
She has but to show that she is willing to
pay, if the railroads fail, and to do this it is
only necessary 10 vote tax to meet that
contingency, and it can be done in no other
way. We say then let the tax he voted
and furthermore, without delay. s.
We know that the members elect Of the
Legislature, were moi chosen with such a
contingency in view. Goodhue county is
represented by five gentlemen, who were
each Of them opposed to the !oun although
the county went largely for it, and such, it is
probable, is the case in many other counties;
therefore, it may be thought dangerous to
leave the question with them. As for our
members, We believe, that Notwithstanding
they arc opposed to the loan, they will vote
to maintain the honor aud credit of the State;
to fulfill its obligations; that they dare not
60 'or reputation that they dare not face
their constituents with such record. They
know how joyf,lly the Democracy will meet
them on such an issue. So we believe it is
throughout the State, and therefore, we 20
for special session Of the Legislature, as
soon IS it can be convened, for the purpose
Of having this tax decided.
The Red Wing Republican. in it's last is.
sue. says in relation to the bonds that l,av-
ing incurred the obligation, it is our duty as
people to keep our faith 10 the full extent
OF the pledge we have given, provided al
ways that the other party 70 The contract
does the same. We believe in performing no
more than we have contracted to 90. When
ever the Railroad Companies shalt require
anything further, or shall full to perform
their part Of the obligation, we regard the
people as released from all covenants they