The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-01-13

the character Of the securities previously
described. The Governor, while he ex-
pressed his willingness Ia submit 10 the con
s,ructiou given 10 the law by the highest
legal tribunal of the State, required OF the
companies such change or modification OF
their trust deeds as to authorize him, as the
agent Of the State, 10 cause an absolute
foreclosure and sale OF all their roads, Lands
OF franchises, within sixty days after the
occurrence OF any deaul, in the payment OF
interest. The interest on the bonds OF the
companies delivered 10 the State in accord
ance with the requirements Of the foregoing
section, being due and payable sixty days
in advance Of the semi-aDnual interest due
upon the State bonds foreclosure and
sale can be made, in case of default on the
part Of the companies, in time to protect
the credit Of the State bonds when the III
terest thereon becomes due aid prccludes
the necessity of other legislation Tor that
purpose.
The Governor is empowered, in case of
default ON the part Of the companies IN the
payment of interest or principal when due.
in his discretion, but in such manner as may
be prescribed by law, either Ito sell the
bonds Of the deaulting companies, or the
lands held in trust as above, or may require
a foreclosure OF the mortgage executed 10
secure the same" as the greater or less
gravity OF the default may require.
have thus set forth, in as brief terms Us
the nature Of the case would admit the
circumstances under which the loan of State
credit was authorized by the people, the
conditions upon which it was made and the
securities exacted by the State. The early
completion OF the railroads being indispen'
sable to the prosperity Of the State, in de-
veloping her resources, the loan amendment
was adopted, us has been stated, with sin
gular unanimity.
Minnesota is much the largest State in the
Northwest, being twice the size of Iowa, and
in her climate, soil and the excellence of her
cereal productions she is not surpassed. Her
population ia composed mainly OF emigrants
from New England, New York, Ponnsylva-
MIA and the Western States. The rapidity
with which she has advanced is without
precedent, even in the history Of the west.
In 1850 her census tables showed less than
5000 people, and comparatively small
amount Of property. In 1858, although no
regular census has been taken, it is estilnat
ed that her population amounts to nearly Il
quarter Of million, and the Auditor of
State reports the taxable property 10 be
more than S5O0O0,0OO.
In view Of this statement Of facts, the
simple question for capitalists to determine
is, whether the bonds Of Minnesota, issued
with the sanction Of vast majority OF her
citizens, without distinction OF party, and
backed by securities of unquestionable char
acter and value are not as desirable ms a
means Of investment as those Of any other
| State in the Union.
The work upon each OF the four railroads
has been prosecuted with great vlgor, and
no bonds ire issued by the Governor until
they are thoroughly examined and reported
upon under oath, by competent engineers,
appointed by him for that purpose.
/ HENRY IT, SIBLEY,
tiocsynor Of Mime sofa.