New-York daily tribune., 1859-01-11

sr,r o tlrsst D.
u. -, m-sr Of -. .sar sfssni fasd 70 me-, ~
fu.s,- a-.Ul, ,s- P~yHsrt ef iO',r.t or
,v.s The sts-.sss snou-t thus HaDsfs'rsd !" INC '
srsm-vst sfs e pcr,ssse sonis OF III. rosd- sns
ass f.l sh.<s uf "a. rrssec',r coDIs1i's enresSoHHo<
sse spps'"oes s.si se 'rsrssnd 70 Ss rss ,o
strstiop D. liven 20 the rsrsseooSy Z" tss
80. .s,si.-5 40 ruth 60 au-rt toe fsrpeI ts,,
r.su.o priority q non % TIE me ~ tss
srhwr- Safe sthsn sni the oouos.es N
,k. k- ,ru. e. to, rc- ,se s,at- apou ~.
s,ns teotIs .rs the bidders of h-s' rsosasr ,sd. rs
,l~~p rhsi The pr.a- d- is-d hat is- e',fsa
,,u.s ,, ,b- con ps bu, II .s,a %
sd ttst this De is'on IN no c,.e sr-' ,os -
,,trs.-e bis 81. ubn TO The en.'s'e'to sssn 70
,h ~ BY ID. hsh- 81 hun.l Of TIE ssts Fsarired o. te
sEpSAs .Vcs 'hsHi- or no,ihossos oi ta, ss,,s
10 A.. n.s- ,f ne stste n '.nse An s'"uf
M "a, ,ss o-car-.nc. ef soy .-s.alt re psyesu, Of
ineie, The On the pd ~ 'se corr-a-. O. 80
ect,op h,ips ds ssd r-,sele 'l,, d.,s IA st.sc- ot
ib- ,.nsDpU. i.isre'' dr- uyon ne st.t~ ssoes
r,p IN No prn-,t the er'di, OF 'h" s,- end' W.
n,srr. cur, an, Enuds' tas reoe'y f
G.,r, !. .nrnreso 10 case lfnlt the pat %
=. p psyuet interest p'ueis se-n eo-
40 ,.r eU tb. nds the e-fso ing com ani's q" to
lard, b-h IN or nav r-iare foreclosure o.
he uertst, 1.eu,~d The ths greater or
80 .rs,ty Il tie deiaut mightirquire.
Tis statement IN the main, une, ouf 'nssnaco Is
It leaves oot ITS. q,-stioo at issoe 10 Mlaoeso'a'
We propose to sufp'y WHIST tee Go'eFnof in'en'oo-
ally. in a pr ,batilt,, cmt'ed
When this loan .a, voted on by tbs people, il was
publicly and copstscty procsimed that the rights OF
u e eope were fully scd amply pro.eotet, aoi tast
they opd not be called upon to pay etae- interest
or p,ineipsl Of the proposed loan. The is~ WAS
claimed 70 be psrfect ore, and that the Conpaniee
could rot under csyeul, dra~n provisions, desisnd
tte State They urderiood the law, q. the Governor
hims.f pub icy p'ccsios that he unters,od 't, ani
in fact ,hs tue opy teIse construction, tnst
can he plscei upon tie language Of the Law.
L.tus.1amipe this poui icr moment The STATE
TO have the let earnings Of the r1ad to pay In
ter.st bui until the road Is completet and runniog
t.e,e are 10 esrnings. s. The Sats has no security
here TIE State sas 10 hay. deed OF tuss oil tue
lonc rs, cbses &c, # the several ioads; oa, the
roa = Sot no land, >Id Lad 20 vlasbe hanehlIes
pp,il some portion Il the road was competed Inc
giant dons jug the land 10 NJ Lines IA does not enable
TIE State 10 avail berse Of the grant until tnA roii Il
completed. So there is no security here. The drst
pof'Csge bObds ens oOy security Which the o'ate
las 10 protect its advsrc.s and To soPpose taN tue
people OF Niaresots do not n'eod tina, tois mortgage
phonlo h. II :lusively the i'st mortgage is gross
u,pui ,tion against their shra rasdoess and sasacity
To suppcs. fvr ms ,roe, that the 81 $50 Vw waca
tr.y asi. edto sdvatce to the North Pacific Rslro4d
Company should he secured by the Company, mott
gsge of an equal amount witch mortgage was TO De
20 byherr CT srecter security To An toe s Oo 600,
besides ~bich the Company propose To Issue, MAKES
th, proposition too abs,Io TOR Argument This mort
gag. s all the security the state rs~ ana tns ssclfy
is I-st-wuoly swallo we'd up-hy b-irg placed on an
.qns f,otirg with he Compspys other indebtedness,
equal, secnrsd over sud above this mortgage.
Tt. fact s the Governor wac right IN bis construc-
tion Of the Law. The majority Of the Supreme Court
se,e 81. ary wropv and the able dsse Dtpg opinion OF
Jucge Flsidreau axes the inc Jpsis,-ncies aud
scpiisms Of toe majority glaripely ridiculous We
cen come other conclusion than tn suppose that
The majority we're Influenced by corropt co isiiera-
nd ipfa ~ ed n rObDpy
s.eu,iiy. All these facts well known 10 the people
of Minnesota. They are ieadiog aud Intelligent
pee le End they 90 bot hetitats 10 say that gross
fraud tas been perpttrsted. The econsttntonsansnd'
men, adopted by the people IN good faith, aud 10
sinisr eoOd faith wss demanded % the Go np snies.
Bot ibe people believe themselves 10 be defraaded
snd swIdleo and is it to be supposed that they will
iamey submt to this gross imposition
Irssmocb as tney are left by the decision OF the
Court at the mercy OF these ppeculstng Companies,
they have DO alter native left but reputation They
proposed to loan their credit eupposog themselves to
be secure ard would not have indorsed the Cousitu-
topai Sn,epdueDt uDlefs they had 90 thought; aud,
bet thus che atsd spd der Auded they will most GER
'siny ado6t the easiest and the shorts way of pro-
tsctIg themselves by emph >tically negecng TO pro-
vide for tie payment OF either interest principal
No candidate for eu,bsr of tie Legislature, at the
IeIt ele ctioD will dare proclaim himself 10 favor OF
paying DE- bt thur fraudr emily coatractd. The same
people who voted the ams ndmeDt will certainly
vote 10 reiuse payment upon the woniecognzedp pnn-
cite that iIaud viii tes all contracts.
The truth these Companies do not intend 70 build
these roads, 1t is vast ecbeOe of spec al ,tiop of
witch the STATE is to be made tpe victi o. The Com
tsnss get Of Sts,e bonds for each mile Of rail
rad grsced. tbs grading viii probably cost,
not TO exceed. s5,N1 Per mile. The seeculs-
tos thus realize a net profit Of $1,000 per
mile, in the aggregTe the princey SUN of
q 500 GO. With 81 50OCO0 in their pockets, and
pill Of ci $50 miles long, extending over toe prafies
Of Minpe,o'a the Companies will cay to toe state II
is impossible 10 go with these RAILROADS. We cannot
obtain the means Of putting On the superstructore,
for buyrg irvp, builliig debois, pur,hasiog roing
ttocks, &c. We must therefore abandon these euter
priser sno the 5 s,e must take the roads. Bot the
Stste Dss derived DO benefit has neither earnings
l,Id night Of way. II mas nothing in fact, but
ipdeb.eouers OF $2,jCO,0fO. 10 sucb condition of
tbings, is Reputation improbable No indeed 1t %
certain.
We do rot believe that the people Of Minnesota
would willingly repudste. They never wll repudlsts
fair snl hootsty.c Ltrsoted osbt, bu. saca debt
ss this they would not pay, becsuse toey could no'
IL 10 about $io per head To every man, woman aud
child the Sale, aud they have no. tnen derived
sirg'e dollars worth advantage from tbs projected
railroads.
Tbs sytien OF speculation does not stop here It is
true the Governor decided t,st under the law he
will issue bopds for gr ding only 80 miles but tie
law says the Compsnes are ~ have tlOO00 fer every
mile graded a. there is huit alton IN the lsW IN
gs.d 10 the lumber VI mies ~ b. g'aded aad for which
these {, mpanes sht) be paid st this rate. Nov, will
not Sufr.me Court tost decides that ffs'-m,rtgsge
bonds rot frs,-n0rtg0ge t0ac, also be willing
decide that the Companies nave the rgtt t. continue
the prosecuting Of their gradIag over the evel
prairies Of Minnesota, until tie whole s. 800, 900 u
exhausted The Companies will demand this sHi the
pres 1t Supreme Court from their action heretofore,
viii be opy too VIKING yield still further, for in
other wsy the Pr, eide and officers Of C5m-
pares appropriate TO their own q 900 mile. II
makes the friends Of these judges rich AMI friends
made rich in this way are generally grateful. IL Is
s,upsncous swiLdle on the part OF spec latlog and
c'nupt men o. rob the people Of Minnesota, and We
believe th al the intelligent voters Of that State will
Iot be thus deliberately puJderpd. 1uey sill resist