The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-12-02
GOV NOR'S NJ ESS A G E
EXECUTIVE OFFICE, MINNESOTA,
ST.. PAU. December I. 1851.


touching the stat condition of the country may
expedien proceed to the discharge of this duty with much
REGARD to reyv consistent with full exhibit of the affairs
the State
State of The Union country well the nations of Eu
rope was sut ring from the effects of financial crisis almost
severity The entire fabric of commercial conf
ence and been shaken its foundations if abso
uey destroyed and our State common with the other portions
conderacy most nuriousy affected thereby For
een immigration essential to the development of
and in value of the taxable property of infant
State entirely checked Eastern capitalists ceased to invest
their among operations real suspended
umbemen failed receive adequate return for and
cultivated fields usually prolific seemed for time to deny
that abundance which they accustom
ed yield But for the strong and abiding faith OF our citizens
the triumph of Minnesota all these
founded upon the knowledge they of the fertility OF her
suby of her climate and the advantages OF her geo
graphical position they must have succumbed to such concur
renee that there still great
scarcity this State but the somewhat al
mshd by the bountu crops of the past season. which nave en-
aguursts SELL for transportation other States
large of their surplus grain and we have every reason to
believe that with the crisis past and that ere long our state
will that onward prosperity which has oeen tenn
porarily interrupted.
gloomy things then existing and expe
dite at the same time the works upon Roads for which
muncen Grants of the puc had been made y
caused the former by propose and the people subse
quent election adopt by overwhelming majority of votes
amendment the Constitution loan of State credit to the
Land Grant Rail Road Companies of 100000 regret be
obliged that the has failure and has by
accomplished what hoped from either providing
in the completion the work the roads For full under
standing subject will requisite detail with
some partcuaty the events which have transpred in connection
with the issue Rail to Companies
and the to which their depreciation value in udg
ment is attributable.
Soon after adoption of the Loan Amendment" called
Road Companies commenced the work upon their
tive lines Upon the application for Bonds for labor actually
performed compliance with the law, felt my duty place
upon record construction of the language of the amendment
strict compliance the part of the Companies of
prescribed requirements before of the obligations of the
should be issued to them accordingly prepared after
deliberations and placed the Executive Journal on the Atm
of August 1883 the conditions upon which the state Bonds would
be delivered copy of which herewith transmitted and the com
respectively informed of their precise tenor beiev
ed thenas still believe that when the people voted the State a
these companeshey intended and expected that she would
the exclusive first mortgage bonds OF these COM
pan amount equal to the State Bonds received by them
giving apoy their entire lands roads and franchises
in State The Companies objected to this construction
and upon the State Bonds to them
terms Writ of Mandamus applied for to the Supreme
Court the Minnesota and Pacific Rail Road Company to compel
deliver the Bonds of the State without exactng the
exclusive first mortgage bonds OF the company IN return
Attorney aen the part of the State and the
Court but nevertheless majority of that tribunal decd
ed that ruling and that the state by her own
had placed herself like footing with other holders OF the
first bonds the companies under their deeds OF
could therefore legally require an exclusive priority OF
lien upon the property of the Companies
questionable my mind whether the Supreme Court
sesed jurisdiction the but as was the tribunal OF final
the Rail Road Companies would probably consent
the State Bonds under original ruling but would
ready decided be illegal obligation imposed them by the
Governor and in such contingency the interests of the State
dangers therefore submitted the Writ directing the issue OF
the State Bonds but the publicity given to the be-
blow value of w ouds which, under the
original construction eagerly sought par but after the
Supreme Court corded with suspicion
The several Companies having the bonds due them
attempted to effect their City, but
unsuccessful and their ocatou and prompted by
public duty at civ spent several weeks
the endeavor sell the the Companies might
the progress the work upon their roads, the
speedy completion Of which desirable and important to the
State herself 10 do that lese exertions would have been
crowned with uu tor The determined and mlschevous
C!tzens through the insrumentalty
pres etters defeat every attempt sell
the al
by the M without distinction of party these
Raj Companies know of like the history
of M w citizens have deliberately combined and in
undermine and destroy the credit of their
Ste. Before the adoption OF the Loan Amendment it
proper for to strive its
eat but when it became part of the settled
policy State heduy of every good citizen to lend his
influence carrying out possible to successful conclusion
be regretted that these Vaccinations far effect
i've as to prevent the negotiation of the bonds New York City,
although arrangement made by the part OF the
companies with leading firm there which have
eve would resulted the sale of the bonds fair price,
it did not with the assent of some of the companies who be-
cved they could effect sale at higher rates and
n declared null void Unfortunately these authorizations
v not been being little
or no of their have depended mainly the State
enable them to prosecute the work upon their roads Un
their bonds except at ulnous rates.
and even release them from hypohcaOn all labor
the roads been suspended and the companies have the
means meet their engagements to those to whom they
ebe with the single exception OF the Southern Minnesota
Company the December nsament OF
Oh the State Bonds they have received.
The act of the Legislature approved August l2h 1893 required
the Railroad Companies deposit with the Treasurer of the State
sixty the date which the semfannua inter
on the should become DUE sufficient
interest," with the but
consultation with the Attorney General
became satisfied lac conhicted with the of the
loan amendment which only made it incumbent upon the COmpan
pay the interest the State Bonds issued to them respect