St. Cloud Democrat. [volume] (Saint Cloud, Stearns County, Minn.) 1858-1866, 1860-01-12


600. The Wright county ", var Mas cost
The State 100000 Gov. RANsrYz rec.
oom.ncnas that SO, 10000; In ali, be &C.
Quoted from the allow,d salcries Of State
Officers; and 81 ,sGogo fvn' tie *sCcn-,
tingent Funds" allowed1to snch III G;;cers
~ the Ncccasin clique wto have brought
the State to the verge Of bankruptcy.
After accounting The arguments which
show conl"sively that " State Railroad
Bonds were illegally Issued, ans! that tic
present hol1crs bought them at large
discount, he gees On ~ say:
II he Very fact that the State cannot be
sued, that the laws of the land GIVE no
tribunal where her legal obligations can
be tested and entorcel makes NE The
more tiesir:ous that she should NEE. even
doubtful Obligations in liberal and equit-
ah!c s. lrlt, that Vii commend our action
to the arIsora' os all enlightened ci,izo,,<s.
Acc rc'iny',y. :'rop'oss for your ;,;u-
~ sll;H chr.s t:rac.. %t,l!.:v thu i,,luwlu.
modes that occur to inc, as worthy III
cons, daiatioa in the settlement OF This
question. each suggesting such equita' lie
arrangement and compromise with both
the Railroad Con pan;es and the Bond
holders as to my mind, meets the case
fully and does exact justice to al parties {;
list Assuming that the Railroad Com
ranies Will fail, as soue of .hem have fall
ed, 70 pay the interest on tie Bonds fall
ing due from time To time and tha, thus,
under the terms OF the contract, the State
re acquires the lands, franchises, &C.,
suggest that it is yet possible to secure
tn" construction OF about $50 miles a.
isa'lr':ads within our State, as we'll as settle
finally this bonc question, by granting to
parties wiling to accept them, 9th r char
tiers OF the most liberal charac;er--- the
State rendering to such part;es, for the
construction Il every twenty miles Ut
continuous i;a;!roAd 'Ioroug'loiy and sub
stancially built, when complete d and the
cars running thereon, a bonus Of ten
Thousand dollars mile, III State '.o,a.
bearing u graduated interest g., less tn ~
! per cent. per annu~.. alyavs uuon
eonditlsn, that II exchange therafor an
tq'a' ahlou::,t q Minnesota State Bonds"
sha4' o. returned to the State Treasury
~: cancellation The interest on such
new >:3nas however, to be postponed ot
- graduated as to accommodate the present
cnibarrassnlenss Of Ike people.
his compromise is tie which the
Eond-h ol ,ers, who are mostly Ra lroad
II. Gu Or ltsilroad "ontrac,crs, might find
dcsi1ab Ie on account Of the favorable op-
pt rtunity it offers 70 invest their special
bends. The lands alone that would be
b! snc:l Company Or con} an
les, is genrcus boon. aside from the bonus.
l hey a'nornt Ill the aggregate to about
3 ,oo0,uoO acres. Attic tive they were
granted BY cvn@rc<s, it syas esti,nateo t!::rv
wou' d be worth ten ipllars an acre as so,n
as the Railroads We're completed. Eight
years are yet allowed tor their com, elton,
and there is !is1le dnubt that Congress
would extend the time. For cacl mile
ot road constructed the Company would
DC entitled to 3,S4J acres, worth twenty
thousand d,llars at low estimate. -AuI
70 this tic ten th'usand dollars a mile
given il State Bonds, and it would make
! bonus equal 70 thirty thousand dollars
mile t''r completed Railroads. Gould
here be presented more liberal or gene
:os!s ut:ar to tho Bond-holders Indeed
% any body Of men commanding the
requisite ea!:i'"!, either in STvciaI Bonds
'r otherwise, is acceptance would finally
oroyc one Of the most profitable invest
nents the present times afford
I'D 49, Ga as Il, the. Bend holders might
Tot be >t'ose<! 10 invest IA the Stock Of
:uc?: company OF c1'n2 !ani"a, il IS therefore
ut just tina, a" Independent Mode sho.ll
1e provided for taking NJ anl cancelIing
he bonds Oh Il tai. ana equitable basis Of
Then, on the holders of
Any "Siinnesots State Railroad Bonds"
presenting *i,cn at tho State Treasury
or cancellation, other and general Bonds -,
# the State would be issued to them at
he rate ascerta!ned and fixed by you /
Sih the interest adjusted as to the
AMOUNT and time, to the present embarras<-
2! condition Of the people. g..