, 1860-01-10

subject tho boudholders to decision By our
selves, upon those strict principles Of the tech
nical law of consideration, which might gve
them nothing for the obligations they hold.
for desiring the settlement of these difficulties
uow, the very fact that the State cannot be
sued, that the laws Of the land gire no tribunal
where her legal obligations eau be tested and
enforced, makes me the more desirous TINT she
should meet even doubtful obligations in lib.
eral md equitable spirit, that will commend
our action TO the approval Of all enlightened
citizens.
Accordingly, Propose for your' inquiry into
their practieabil.,y the following inodes that
occur 10 me, US worthy Of consideration in the
settlement ef this question, each suggesting
such equitable arrangement and compromise
with both the railroad companies and t6e bond;
holders as to my mind, meets the case f1lly ano
does exact Justice to ali partiee:~
! ".lst.-:Assuming TINT the f11ilfoad Companies
will full, As some Of thcm have faled, to pay the
Interest on tue Bonds falling due from time to
ti1pe, aud that thus, under tue terms Of the con-
tr4ct the State re- acquires the lands, franchises,
ett., suggest that il is get possible to secure
the construction Of, about 80 miles Of hail-
rot.n within our State, as well as settle finally
this bond question. bY granting TO parties W..
ing to accept OF them, oineE charters OF zee
mtst liberal character-the State tendef'ne 10
suth parties for the construction Of every t"en,
ty;uiiles Of continuous railroad thoroughly ano
substantially built, when completed aud tug cars
running thereon, bonus Of ten thousana co.,
lars nile, in State Bonds bearing graduated
Interest Of less ,han scren per cent. per annum
always upon condition, that in exchange
therefor, au equal amount Of Minnesota otate
Railroad Bonds" shall be returned to tile state
Treasury for cancellation. The interest on
such bonds, however, TO be postponed or so
| graduated Us to. accommodate the present em-
| batrassmeats Of The people,
This compromise is one which the bondhold,,
| ers, who a1s mostly railroad u,en or railroad
| contractors, might find desirable On account OF
the favorable opportunity it offers 10 invest
their special bonds. The lands alone that would
be.receivable by such u company Or companies,
| is generous boon, aside from tho bonus. Ihey
amount in tue aggregate ~ abon: {, 6,ooo:eoo
acres. At the time they were granted By Con-
| gsess, it was estimated they would be worth ten
| doll IN acre AZ soon is the railroads were
completed. Light years are Jet allowed for
their completion, and there is little doubt that
Congress would extend the time. For each mile
| Of foad constructed the COMPANY would be en-
tit1ed to $50 acres, worth twenty thousand dol.
lars ut u low estimate. ADD to this the ten thou
sand dollars milo giTen In stats Hands, aad II
! would make bonus equal to thirty thousand
dollars mile for completed railroads. Coulo
there be presented q Inore liberal or generous
| offer to tue Dondholders? Indeed to auy body
|
in Special bonds or otherwise, its acceptance
would fiuallyrprove Que Of the most profitable
Investments the present times afford.
"t9nd--But as all the bondh0ldess might mol
be disposed to invest in the stock Of such new
company or companies, it is therefore but just
that an Independent mode should be provide.
for.taking up aud cancelling the bonds On ia
mud equitable basis Of compensation. Then, Of
the: holders Of any " Minnesota State Railroad
Bonds presenting them at the State Treasury
for cancellation. other and general Bonds OF th'
State would he issued to them at the rate ascer
taiped and fixed by you; with tho interest I'D
justed rs to the amount and time, to the pres
entembarrassed condition Of the people,
Thus, you see, that the plan present to re
licse our complications is apparently dupli
cate 1t permits us this advantage IN scttl'n,
these affairs; that, if the completion Of tw'
hundred and fifty miles Of railroad should no
be9 sufficient inducemcnt in the estimation 0
the people for them to guaranty tue present IS
sue Of bonds, OF the issue of new. Of IN c4uiva
lent amount, us bonus, there will then be i
hand, already on our statute-book, anotlc
mode OF absorbing them aud reducing our il,
debtcdness, and so escaping The present diff
culies without the necessity Of further lcgis'a
ton.
Tie Governor recommends that a railroad b
built to Lake Superior with IS little delay 4
possible, thus opening that market for the sui
plus grain Of Minnesota, instead Of sending it il
the direction Of Chicago, Milwaukee, &c.
The Governor discusses briefly the railroa'
to the Pacific, the principle Of free homes to ac
tual settlers, general bankrupt law, the tariff
and slavery, all of course like d 1sepublica,
statesman, and in accordance with the opinion
Of a large majority Of the people Of tic North
| west