The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1860-06-01

tain eight thousand dollars per mile over
and above the twenty thousand dollars to
be received of the State? Only by sale
of its first ortgage bonds; and by such
sale the very security to the State would be
enlarged, because it would then receive the
net earnings of completed and more ex.
tended road.
We think it was the expectation of the
people that they should have a completed
road it was our intention to furnish it
and we think it is due to them. We think
also that fair construction of the act
amending the constitution will justify your
Excellency in holding to that effect and
we are sure the people will justify you.
Had our company contracted for the
grading of one hundred and twenty-five
miles Of road merely, and made no provi>
sion for iron, ties, chains, spikes, &C., we
should have felt that we were justly obnox>
ious to the charge of attempting to obtain
the securities of the State without an ade-
quate consideration that we were attempt
ing to speculate upon the misfortunes of
the people; that we intended to take the
peoples money and leave them a ridge of
sand of hundred and twenty-five miles in
length.
When, with such unanimity, the people,
impelled by the calamities that had over
taken every railroad enterprise, and with so
much confidence, rendered their generous
support to the railroad companies, we should
consider it worse than crime by any act
of ours to have disappointed their just ex.
pectations. Hence we steadily refused to
entertain any proposition which did not Sc,
cure fifty miles, at least, of completed road.
We lost no time, spared no pains and stop
ped at no obstacles, until we had, as we
supposed, secured the completion of fifty
miles of road, at least, to the people.
II, however, we have misconstrued the
amendment to the constitution, and cannot
receive the State bonds without giving to
the State
First. A first mortgage with the power
of selling 240 sections, or 153, 600 acres of
land, and
Second. A first mortgage upon the net
earnings of the road, and
Third. Another first and exclusive first
mortgage upon all the remaining lands,
property and franchises of the company,
we certainly shall be unable to meet the
just expectations of the people and shall
have grossly deceived ourselves
If we give all these securities to the
State, and expend the State loan upon the
road, we must within two years abandon the
enterprise we have with so much difficulty
got under way, turn the road over to the
people in an unfinished condition, and have
saddled the company with floating debt
from which nothing but a miracle could
extricate it.
On the other hand, if we decline to re-
ceive State aid upon the terms prescribed
by the Executive, we must suspend work
until the settlement of the country and the
restoration of confidence in railroad enter.
prises will enable US to proceed.
In view of these considerations, we hope
your Excelleucy will feel justified in so con-
STRUNG the constitution as to enable US, af-
ter having given to the State conveyance
of 240 sections of land and the net earnings
of our road, to receive the State bonds as
often as we shall be entitled thereto, by
transferring to the Treasurer of State an
amount of our first mortgage bonds CORES
pondiDg to the amount so received of the
State, to be issued in accordance with the
provisions of our trust deed, before REFER
red to.
1 am, sir, with great respect,
Your obedient servant,
EDMUND RICE,
Pres't MINI. & P. R. R. Co.