The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-09-16

clause of the resolution announces no
affirmative policy, simply disposition not
to do any thing until default and forfeiture.
If, however, as one Republican orator con-
tends, the party is bound to liquidate when
the Companies make default, immediate
taxation must ensue upon the redemption of
that pledge.
The intention and inevitable result from
the policy here proclaimed, is to drive the
Companies into default. Whether the
Companies are driven to default or not, it
would be their obvious policy to default
that default will occur on the first of next
November, when the first payment of inter-
est occurs-the Trust Deeds and the convey
ance of 240 sections OF land, by their terms,
are to be foreclosed in sixty and ninety one
days,--then comes default and forfeiture,
and then comes taxation, if Republican
pledges and platform amount to any thing.
Our Republican friends, however, say, that
the proceeds of the sales will pay the inter-
est, and that the roads will change
hands. They have but to refer to the
act of 1858, which provides for the
foreclosure of the securities. and they
will discover that foreclosure is only per-
missble for the default occurring. The
whole security of the State must be sacri-
feed for the paltry interest accrued for six
months upon the bonds received by each
company. The two millions and half of
Bonds already issued being then personal
obligation upon the Railroad Companies, is
absolutely lost, and the security sacrificed of
necessity for a song.
The thirteenth Democratic resolution
proclaims an affirmative and a practical
policy; at does not contemplate taration. 1t
contemplates legislative action contingent
upon default. Such legislation is necessary
to negate the prophecy of reputation which
our adversaries have published. 1t will re.
affirm the intention of the State to fulfil its
obligations, if fulfil it must 1t will appre-
ciate in market the bonds and enable the
companies to meet the interest as it falls due,
and thereby prevent the default which be-
comes inevitable upon the adoption of the
Republican policy. 1t will make good the
currency in the hands Of the people by re-
Installing the securities, and by approaching
the bonds it will set into vigorous and
healthy circulation the 100000 dollars
of the peoples paper now worse than use.
less.
The above are some of the leading
points made by Mr.. BR1sBIN. His address
was listened to throughout by the large
concourse present with marked and earnest
attention. We believed during his argu-
ment that his positions were unanswerable,
and we were satisfied that they were so,
when Mr.. Cole attempted to reply, which
he did with sorry joke upon shinplasters
in general, illustrated by five dollar bill
of the Exchange Bank OF Glencoe.
The result of this meeting has been to
stimulate discussion upon the vital question.
Discussion evolves light, and when fully uu.
derstood, the verdict of the people cannot be
doubtful. Mr.. BRIsBIN's hour and half
exhausted in discussing State politics, so he
was prevented from more than casual al.
fusion to national politics. Mr.. COLE
replied as have suggested, by making pro.
fert of shinpiaster. A DEMOCRAT.