The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1860-03-02

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SPEECH OF HON. THOs. CLARK,
,e-...-...; OF THE, SENATE, .....s f. 4,
UPON THE RAILROAD AND FINANCIAL POLICY
OF THE STATE.
.o a.y SASSY 4iGT ----.'a 81 5c { i5ftG.. .
Our financial embarrassment is the con-
sequence of radically unwise policy. We
can be disenthralled by adopting a policy
dictated by the true interest of the State
or self interest, self protection, self fpreserva.
tion, and at the same time be true, honest
and magnanimous towards our creditors.
will not detain this Senate with
lengthy review of the late policy of the
State and our internal affairs, in regard to
internal Improvements My friend, the
chairman of the committee, Or. jStewart,)
the gentleman from Ramsey, did SO in his
report of Feb. g., That able report lays the
system, in all its deformities, before the
people, with its unfortunate results-results
as unavoidable as the laws of nature-as
certain as the laws of gravitation.
That five million loan carried with it, as
part and parcel Of it, the seeds Of its own
failure. 1t was published to the people and
the world that it was an unn1eaning unin.
tentional pledge Of the faith of the Common.
wealth. Would capitalists take such a faith,
or such pledge? Common sense said mo.
The fund monger said no. History says no.
But, said the holder. of this unmeaning
evidence of our pledged faith, the State has
four and half millions Of acres of land to
redeem this pledge. The inanciers answer
ed-we do not loan, money on Western
lands, especially where the title is not yet
perfected. But, said the holder, the .nett
profits" of the roads are pledged to pay the
interest on these bonds The ffnancier as
certains that this tenpretending pledge, by
disputed construction of the language of the
loan amendment, might be construed. to
mean the improbable completion Of not over
two hundred and fifty miles of railway.
But taking it for granted, that the two hun
dred and fifty miles Of road would be COM
pleted, he knew that it would cost $25O0O0
per year to operate and keep in repair one
hundred miles of railway, and that cost on
two hundred and fifty miles would be 1924,
900, that the interest on $5,000,000 would
be $350,00O, so that the gross earnings of
the roads must be $975,0O0 to meet the
expenses and interest. But the money
lender doubted the elements beng equal to
this requirement, and taking the best evi.
dence before him, considered the amount of
our surplus equal to about; f9I:T
$500 900 bushels at 10c... $3.50, 900
Importations, 10000 tons at So. ..... 100000
And passengers, ,atnot over 4O00o.at$5. 100000
Gross earnings not possibly over. -. 100000
Leaving an annual deficit Of (s975,0OO -
less $500, ,O00).. NEUTRALITY-SUSPICIOUS.. 345, 900
Such was the security offered to ensure
"the punctual payment Of the interest" on
the bonds. .t..,+i ~, %.----.e,
Let us drop this disagreeable subject,
coDgratulating ourselves that it is no worse
than we found it at the close of 1859, and
like business men look the difficulty in the
face-not as partizans, but as the represen.
tatives of a young, courageous and patri-
otic people. = ri yaf ~ ai l,i ..r-.5
Let US. approach the subject in its true
light, and with the aid of that wisdom daily
invoked upon us, act for the good of our
Commonwealth, mutually sharing disgrace
if we fail-humbly acknowledging the good
ness of our Supreme Governor if we succeed.
Thus armed, let US not falter in our course
First. The people demand a system of
lAtCAu0 fAuiPkOtVACuSo WuACA SuQl1 ULtuS w
them prosperity. e'a sJ dt..9 eeis2ep
Second. They expected this Legislature
to inaugurate such a system. They did not
expect permanent relief in any other way
First. The system must begin with such
line or lines Of road as best commend them>
selves to capitalists, and be the best paying
roads. Who are the best and most compe-
tent judges?. Our older sister States have
wrangled over this subject, and had great
difficulties to surmount, when they relied
upon taxation for means to construct their
works; but the wisdom of Clinton, a
Kelly, or Williams prevailed, and the
people having the ability and the basis for
taxation submitted, however enqual the
benefits. But this State has not the ability
nor the basis, nor will the people in these
days Of "sober sound thoughts" deposit their
ballots to bind themselves to do that which
they know they cannot do "Proposition''
after "propositioa" has been heralded over
the State looking towards taxation. Who
is so deaf that he can stand in this Capitol
and say Gan uncertain sound" is the reply to
those propositions I? We have a noble,
proud and patriotic people, and they will
stand by us and sustain any engagements,
and all acts we may do, for them and for
their best interests. While we represent
the Judgment Of the people as to the best
and most required roads, and maintain their
preferences so far as In our power, we, must
in their behalf submit to and be content
with at least some Of the views of those who
will construct them. Subject to the ap-
proval OF the people or their representatives
or officers, we are ready to receive and con.
slider all propositions based upon principles
of justice, and those roads commanding the
greatest amount of business must be first
built. -.
There should be no dificulty-there can
be no reasonable objection to these Z" pris-
ciples of jnsfice.n ii The people will sustain the