The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-09-30

also refer you to the Msnnesotian, the leading
organ of the Republican party in this city.
l would commend to your attention its de-
nunciations Of the loan policy and railway
policy, and especially would 1 desire you
to notice its loud-mouthed defamation on
the dishonesty of the railway companies,
and on the dishonesty Of the means by
which the Loan Bill, so called, passed the
Legislature. They say that the $250,0OO
loan was an honest indebtedness; but the rail-
way Indebtedness incurred by the State was
dishonest. This is the Interpretation put on
it by the Republican critics. This is tie
Interpretation which the Mi,snesotian put
upon it-this is the Interpretation which
that Jupiter Tonans, Mr.. Banning, (laugh-
ter) put upon it-and this also is the inter-
probation put upon it by Mr.. Chandler, the
first foreign gentleman linked up with our
politics during the present campaign.
From his high position, as Senator, even
that gentleman descended to preach repudi-
alton by two falsehoods. There were, he
said, some parallels existing between Michi-
gan and Minnesota in this matter. In
Michigan they had issued bonds for a
$5,0O0,000 loan i; $2,500,00O of which had
been honestly appropriated, but for the re.
naming 100000 the State had never re-
ceived dollar. Yet these bonds had, he
said, never been repudiated by the State.
Now, this was gross falsehood, coined for
the sake of reputation. The facts are
simply these. The governor was authorized
to negotiate the bonds in question, and sue
ceeded in negotiating $2,5O0,000; but the
other So, 100000 were left for safe. keeping in
hands of the Morris Canal and Banking
Company. By this Company, however,
this amount was hypothetical for its own
debt, and the government very properly re-
pudiated for the bonds But further, this
Senator went on to say that the State of
Michigan passed banking law, the effect of
which is that now, for 81, you can buy bills
enough to paper this room. Was this hon.
est Ask Judge Goodrich, for he slept in
the alley, Qaughter) what this law was.
After all their twaddle about honest indebt.
edness, we find these Republicans going on
to say, in regard to the question of taxation,
to pay the interest on the State railway
bonds, "We hold that the constitutional
amendment itself points out the mode by
which that interest shall be met that we
will faithfully carry out and abide by that
amendment, and shall hold the railway COM
panles to strict compliance Herewith"
Now, until l heard of the speeches of Mr..
Wilkinson and the auctioneer, (Mr. Bakery
last week, never knew our Republican
friends translated this as 1 do. Baker
plainly AYERS that the Democratic party is
in favor of taxation. Yet in the next
breath he says that the Legislature cannot
pass such law. He tells you with re-
gard to the constitutional amendment,
adopted on the $5,000,OOO loan bill, that
the State is, by the terms of the loan bill
itself, exonerated from the payment of those
bonds that the State was, in fact, only
the trustee of the securities the companies
gave her for those bonds Again, he ven.
lures to say that the treasury of the State
was to be exonerated from making any
further advances. On reference to their bill,
however, / find that the State is pledged to
the meeting of all Indebtedness against it..
1t is expressly stated by them that the faith
and credit of the State is pledged for the
payment of the interest and the REDEMPTION
of the principal of this five million loan.
That is the language of their bill. Yet, in
the face of this fact, they dare to assert that
the Legislature is to be called to max no
more advances. 1t is just as if in course of
business, l lent Mr.. Hall my note, Sc
cured on real estate, getting in exchange
from MIR. Hall negotiable note of which
could make immediate use. Now, if
failed to meet my note, could the holder of
Mr.. Halls note be held to be affected by
my engagement with Mr. Hall? Would it
affect Mr.. Halls obligation to discharge his
note? Such an illustration is sufficient to
show the absurdity of MIR. Bakers position.
The fact is that the State pledges itself to
pay the interest. Each coupon issued reads
like this: Estate of Minnesota promises
to pay" Does this look as if the State was
simply guarantor for the railway COM
panies? The position was too absurd to
require augmentation. Through the Mn
evening paper-ihe citizens were
informed that Baker, in his speech,
met the thirteenth and fifth resolutions,
fairly. For my part, 1 candidly ad.
NIT that he did meet the fifth reso-
luton frankly. He contended that it.
meant, from the outset, fiat Reputation.
But in other neighborhoods the interpreta.
ton varies. We have "little JOKER" under
another name. My friend Mr.. Cole, the
anthropophagous, who carries his head be-
meath his shouiders--Q aughter) says it
means Taxation, and that all further legisla-
ton on the subject shall be opposed until
default and forfeiture shall have been made
on the part of the companies. Then, and
then only, the Republicans pledge themselves
to legislate on this subject. say, that is
the enunciation of policy which leads to
inevitable and immediate Taxation Now
let US see when. Tie first payment of in
terest falls due in next October, and the
next payment on the first of December.
Now, the prevalence of q policy such as
that just noted, must result in making
bankrupts of the companies, if they
were not already bankrupt. Even
though they were not forced thereto
by necessity, the policy Of the companies
would be to default on the first of October.
The law provides for the foreclosure of the
securities in sixty days. We would thus
have the default, if any, occurring on the
first of October. The securities the State
had received from the railway companies
would be foreclosed on the first of Decem-
Der, and then-if these resolutions meant to
affirm any policy-came taxation. The law
expressly provides that all such foreclosure
of such companies shall be only for, and on
account of, the default occurring and that
all such foreclosure shall be by public sale
of all the properties and franchises pledged