Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-02-05

The Pioneer Manufacturing Publ
opinion NJ Hastings--The Ledger
The IndePendent--.The Bonds. Il
There is published in our neighboring cit
OF Hastings, dingy seven-by-nine sheet er
titled the Ledger, edited by one DIAMOND
formerly an attache of the St. Paul Pioneer
who, pretending to be neutral, is ever sneak
ingly stabbing the Republican party, its lead
ers, and its presses under the fifth rib pre-
tending candor, but i'll concealing the partizar
bitterness in his heart that so dictates his ev
cry action. This person was up here in St
Paul on visit the other day, and then saw
some eight" around his old haunts in the
Pioneer office, sufficient to induce his endeav'
Oring to illuminate the people of Hastings, on
his return, touching the weighty subjects o.
the State Credit, the Negotiation of the
Bonds who "killed cock robin ;" the dread.
full course of the St. Paul MlNNEsor1AN; and
what horrible ogre DR.. FOSTER was!
This ticle,-mainly written, no doubt,
here, in the Pioneer office itself-was duly
transferred yesterday morning to the State
printing organ: with an extremely sonorous
shout of triumph over the M1NNEsoT1AN be-
cause the infnteissimal Cape-May DIAMOND Of
the fy-leaf Ledger had uttered his potential
voice on the question!
Such stuff, from such quarter, may infiu-
ence babes and Stockings and still weaker
souls who believe with the Pioneer that the
''fate of Minnesota has been sealed for ten
years )" but grown up men only put such ar
ticles behind them, where Satan was once
told to get himself speedily.
We profess to have some little knowledge of
the people Of Hastings and of that quarter of
Dakota Co.; they have twice given us pre-
ponderating majority of their sufrages; and we
know we are not mistaken in our belief, that
fully two-thirds of the men of intelligence in
that region, whether formerly loan men or anti
loan men, sustain our course emphatically and
without reserve; and that this tender to the
Pioneer, at Hastings, called the Ledger, is not
only not sustained in its position, but will find
itself not so successful in future in sneaking
patronage, by concerning the Republicans of
that place, away from the Independent, the
manly, honest and outspoken Republican press
of Hastings.
To Offset the ledgerdemain of the little Hast
ings offshoot of the Pioneer establishment, we
copy the following leading editorial in the last
number of the Independent:
The RAILROAD BoNDs-The Pioneer and
Democrat, one day last week, with grand rhe-
torical flourish, announced the failure of Gov
Sibley to negotiate the Railroad Bonds in the
New York market, where that gentleman had
been for some time, with host of other rail-
road Adventures, endeavoring to draW the aoooL
over the eyes of Wall street; a scheme they
would, according to their own say, have been
successful in, had it not been for an old COPY
of the NianesOtidn!
1t is presuming great deal on the influence
of DIR. Foster, and very little on the intelligence
of Wall street, to suppose that that stock and
bond emporium relies upon mere newspaper
intelligence for its basis of action; or that Dr.
Foster, unsupported by facts, is enabled to turn
the whole current of popular opinion from
loan to an anti-loan channel. 1t is absurd it
is unreasonable.
1t is an old saying that with inception COM
mences the element of dissolution. "Muta-
tons marks all earthly things" and if the
transaction has been most rapid in regard to
the Railroad Loan, let us look for the cause
IN the rottenness Of the measure at its BIRTH
Hundreds of individuals-yea thousands
voted for it upon the representations of those
Immediately Interested-that it was to cost
the State nothing-that she was secure, both
principal and interest, in the securities which
the Companies offered. This illusion was ban
ished by the mdndamus issued against the
Governor, and the decision of the Supreme
Court recognizing the right of the Railroad
Companies to issue vast amount of Bonds
which enter the market with like security as
those issued under the provisions of the Loan
This action left the State without the ability
to pay the Bonds, except by direct taxation
and the interest too in the event of the Rail-
road Companies failing to meet it must be IL
quidated from the same source. Now, the
movement placing the first mortgage bonds
of the roads on par with those issued I'M
der the provisions Of the Loan Bill renders
both worthless, so far as the bond market is
concerned, until the legislature shall have ia
ken some action for their redemption and the
payment Of interest, by taxation of the peo-
plea matter that was thrown out of the &C
count when the overwhelming vote for the
Loan was deposited.
Is it wonderful then that Wall street, post
ed as she is and ought to be from other sour
ees besides the Minnesotian, should hesitate
to negotiate for Bonds, which enter the mar
ket upon a par with $22 900, 600 secured by
the same lands-and the faith Of people who
have been led to believe that they would never
be called upon to pay cent interest or prin-
cipal to redeem those Bonds. There is the
first cause of Gov. Sibley's failure to negoti-
ate the bonds. Now let us look at the sub
ject from another quarter.
1t is apparent to the mind of every practic-
al man, that to push forward the road with
the rapidity which has characterized them, was
but scramble to secure to the companies as
many bonds as possible-the roads having been
graded in most instances where the work
could be rushed forward with the greatest
facility. This had the effect to throw large
amount of Bonds in the market-an unwise
policy as the abundance of them in the mar
ket had the effect to cheaper the price. The
Railroad Bonds have not been negotiated, and
the failure on the part of those individuals who
were selected for the purpose, to effect their
object, must be attributed to the Railroads
themselves, however much DR.. Foster may
have taken advantage of their mismanage-
ment.
The effect of this failure to negotiate will
prove disastrous to many individuals along the
lines who have advanced food. labor and nee
essaries generally to the companies, expect
ing to realize their reward when the negotia-
ton should have commanded the money on
the Bonds; but to the State, her future pros
perity, ace beliere that TO STOP THE ISSUE OF
BONDS NOW, aciH be Of incalculable benefit