New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-02-01

necesssry I. proposed 10 in the salaries OF all
the State officials TO redoee the Legislature TO sixty
members, fifteen Senstors and fory-fve Repre'enta-
tyes and TO create revenue from sources where the
burden would be the very slightest to the indiyduai
citizen, but an essential and 10 the State
The repeal of the present Banking Law is advised
and an enactment similar TO that of Wisconsin, or some
other State which has been fortunate than MIN
nesota in regard to banks ia suggested.
Nearly half of the message is devoted to consdera-
ton Of the question of the RAILROAD bonds of the State
issued under the Loan amendment to the State Cons-
tuition. These Minnesota State Railroad bonds
have been Issued by seveial Railroad Companies in
dorsed BY the State, with the engagement on me part
Of the Companies that by the aid Of the credit OF the
State, they would build the roads, and would not cal,
upon their indorser FOR either principal or interest OF
the bonds On the faith of the grading OF aoont <'o
miles of Railroad bonds to the amount OF s<'V''Voo
ere permitted 10 be drawn, but the comp nave
failed % complete single mile OF Tall, ana eVen INC
grading doubted Yet three ofthese nave
already defaulte0 in the thentere roni
them. and the rest will probably follow thele OK ample
The State is xpectedy sadded with debt OF more
than two millions of dollars, for which It has 70 snow
80 miles of dubious dir-heaps. The question Is
what 10 do about il To let it alone, the Governor
thinks will certainly Iut a stop to Immigration on
which the Young State mus depend for its prosperity
a. reputation for financial embarrassment, and debt
or an unknown and unsettled amount, must neces-
arily DO her great damage. 1t is cOnended by many
that the State not oonsibe forthese bonds
for which she has received no sufficient equivalent by
others that sbe had no legal power to make herse re-
sponsble and that in either cse, she is not bound to
pay. Gov. Ramsay however, though recapitulatlng
the arguments of this antbond party, does not accept
their conclusions. lie proposes n compromise. Be
eving the bonds to be still in the hands of the raul
roads or contractors, who obtained them for douotu
grading OF exorbitant rates, or in the hands
Of rersons who bought them at a large discount,
he suggests that charters of the most liberal character
be rendered to such parties as viii build twenty miles
of continuous railroad for which, when completed and
the cars running thereon, bonus shall be given OF
$40 eco mile in State bonds, bearing graduated IN
teIest of less than per cent per aDnun always upon
condition that in exchange therefor an equal amount Of
Minnesota State Railroad Bonds" shall be returned
TO the State Treasury for cancellation.
And second be proposes that the bonds shall be eX-
changed for Others the interest adjusted to amount
and time and TO the presel condition Of the people
Either plan, if adopted or both in conjunction, viii
pe,tle yexed and difficult question to the honor and
pecuniaiy advantage OF the State.
After commenting briefly upon some matters OF
merely local interest," the message closes with an alu'
sion to the present aspect of politics. with an emphatic
affirmation Of sound Republican doctrine.