Red Wing sentinel. [volume] (Red Wing, M.T. [i.e. Minn.]) 1855-1861, 1859-06-25
MINNESOTA RAILROADS AT
'.t'1 !S!TO BECOME or THEM.

1t was we'll known that notwithstanding
the liberal grant of lands, by Congress, that
Minnesota Raili Dads could not he constructed
without the aid Of the State credit. The hard
times, and lick Of confidence in Railroad
securities, together with tile fact that the
time FIR the construction Of the roads was
limited in the grant made this fact perfect.
~ clear. Therefore the loan Of the State
credit was voted. This loan has, notwith
standing the almost lIerculanean labors Of
the friends Of the railroads, unfortunately
been rendered worse than useless, princi-
pally on account Of the treachcrou~ and re-
vcngc!nl action Of a clique Of Minnesota
politicians; whom the Legislature saw fit
10 leave outside Of the ring, in incorporating
her Railroad Companies and disposing Of
the grant. Their Efforts prevented the Sal:
of'hc bonds, even after the sale Of them
ON exec DINGHY favorable teams had been me-
gota,cd, and the contract drawn, ready for
execution. Failing IN this some Of the rail
road companies after much dsliLera:ion ctri
Guided shat the loan might bs made available
Jas basis for a home currency under the
Minnesota Banking law. 1t was believed
that strong and combined effort, on the
part Of our business men, 10 sustain the
State credit, would make paper issues upon
them correct and safe. all felt that they
must sustain the State credit, and the most
reputable Of our komo banks gave the plan
their assistance, and bought and sold it as
sound and correct None. This gave in
Simultaneous and necd'ul T. lief, and could it
have been continued until the roads hid sui.
ficlcntly progressed to render their lands
available, the plan would have been SUCCESS
full. But az before, We had set of money
shaving harpics at homo, who had before
preyed upon the community, BY scattering
worihlcss and fraudulent paper, which COS.
them nothing and was only secured BY their
endorss 'nent, which business Legitimate
home currency, put an end to. These ras-
Gals with the aid Of the Minnes1tion--an or.
gan sustained and kept in existence, by them,
for the purpose. OF decrying and injuring
Minnesota currcncy-have to all appear.
ances succeeded, and now .ve have the
question open again, what stall BE- done to
build our. railroads Ab,ut ons million o.
eloikers Of these hon'ls have sbeen. issued.
'fhe work on the sroals has bven mostly
discontinued, with no prospect of being re
ssliaei.T We arc dll agreed that the rail.
roads must, il possible, be finished. That the
State credit must be sustained. The mex,
Legislature must settle these questions. =
/ It Is Suggested that the companies should,
land will II dcenpl most, cxpedi nt,y surrcn-
der their chafters ard tho State 20 on with
the work. we don't sss how; that will helm
the case: 4 State 'cn'bark,ng s IN such an
enterprise opens the door for every species
Of fraud, -corruption and f.yoritism, and
ttwlls' . is the. S;a,a to, got. the necessary
',nonayf or credit. Will, tn, bonds already is
sued to bc pail. It conid NOT 10 it. Il Bu:
to 'o'ca tax to inset the interest upon the
Bonds, wonld give those already ISIS ed: a
market value, equal to their face: and make
them reliable banking securities dn;l prvba.
bly, ensure the sale Of tic whole %; fair
terms. W,c'n Sc: no other sWa1 10 arrange
this business. Our difficulties SHOULD he
looked sqnarcly in the face. nur paper