The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-12-02

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Ids bobiosb yibstoogzs1n geT 19i'eani 81 Io g3 a
1870. :: -. - ...e.- -.--- ..z.-- :.
lively as it became payable have therefore deferred
three Of the companies to wit The Pacific Com
pany the Minneapolis and Cedar Valley Company and Transit
Uopauy actually made default in the payment OF the inter-
On tie State Bonds severa issued the first Of
month before addressing such notices to the trustees
conferred upon any Of the State officers the State the
property and franchises Of such Of the Railroad as have
to them that an act be passed practical
b giving authority to the Governor other State officer
Of the mortgage or trust deed Such is in
sensb prevent the securities held by the State from pass
into the hands Of third sum and
might result in trouble and litigation and may be- serious
1 loss. oilA 70 ei2a i1 - 4~ffis- ai' l Boy.
the roads for the of interest and of 240 sections Of
each have been duly and the latter
recorded in the which the lands belonging
the companies lie deemed this to avoid
been omitted This deemed requisite far the Min
and Pacific Company concerned the charter Of that
Tor the fling Of their documents with the Sece
In the present complex state question: serious
of the companies failed to their engagements
be dispossessed and the important interests entrusted to
for transfer will be necessary guard every
advantage be taken nure the State and
bidder when foreclosure takes place. equally certain
that in such event. you will have full under
fixed and definite than they is quite certain that
issue of bonds would only be unwse the
on the them Up to the time there
have been issued of State Railroad Bonds, e
To the Minnesota and Pacific Railroad Company $500 900
! Minneapolis and Cedar Valley 100000
| 4" Southern Minnesota q" 575 900
| Making in ALL - s2275oOo
completed of grading ready for the super
structure the roads the several companies follows
On the line of the Minnesota and Pacific Co., SO miles
On the Minneapolis and Cedar Valley Road, esa miles
On the Southern Minnesota or main line up the Min
On Root River branch, - 20 miles,
and 1904 feet
After the issue Railroad Bonds respective CON-
panies the Auditor mpouned
banking It urged upon him. that the State Officers had
right under the law reject the bonds State
them from being negotiated abroad Notwithstanding the paus
SsS Of seo placed ss as the As 6s in chimney 1t
should be that the would accede either terms
restore the bonds to position the public confidence
which they had been displaced the decision of the Supreme
the State should be thus amply secured against os and bona M
sales made the State Administration clearly bound
people when they voted in favor Of loan Of public credit 70 the
Railroad Companies consistent with the interests of
the Executive full waiver of all it's rights under the
decision of Supreme Court and accepted the original terms
changed it's deed that in lieu of $9O0OO
proposed of mortgage bonds in its original trust deed only
900 should be issued its entire line of road including
to the State The Company by its deed
only 1000 of first mortgage bonds in
GLIDING the State until miles of it's road should
be completed and the running thereon only 900
mile Of its road should be graded and completed
sections miles, after the completion of the sxtytwo miles
aforesaid In addition these companies formally accepted the
ruling of the Executive by which only $6250OO of the aid
be applied the grading of their roads respectively and
the remaining be delivered only the roads
completed and the running thereon .- ,~,s..(
have Oh uated
the right of their respective lines posi-
be The Minnesota Pacific Company had also subsan
tally the imposed upon the Transit Company and the
supplemental trust deed containing the provisions prepared
signed by the officers of the Company but for
consequently the bonds issued
banking basis by the Auditor while portion of those
delivered each of the three other companies
him at 95 cents the proof required by the law of bona tide sales of
the bonds at that having been previously placed his hands
These the facts connected with the receipt Minnesota
State Railroad Bonds basis for the currency
had Auditor refused take the bonds
he would have been charged with having imputaon
upon faith and credit of the State with being guilty
illegal power anticipate that
would be waged upon bonds would
value that the banks organized
would be subjected the crushing opposition Of
leave the responsibility Of the where Justly
belonged As -~-fElo = 10 5'i,,L'e - -
There no good why are not now worth as
much as other State stocks unless indeed the State intends to-
who have regard for public honor and good faith would venture
advocate The bonds have been issued under the solemn
tons of the Constitution every having been strictly
observed and default the payment interest or
principal the State bound acquit herself of liabilities
has voluntarily incurred Il do propose recommend
that the Legislature shall provide BY law for immediate taxation
poor imposition such burden That fact
evident ALL and the most that be expected of the State is