The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1860-10-12

principal or interest until the conditions
were complied with, was foul aud bastard
claim.
Mr.. Banning examined the loan amend
ment. There were two ways of testing the
meaning Of the Constitution, one was by
the plain, unmistakable language of the
instrument, and another, by studying the
designs of those who made it-if the first
fails, men look to the latter. The Supreme
Court does this in constituting the Constitu-
ton of the United States. MIR. B. read
the manifesto of the sixty-three members of
the legislature, wherein they pledged them.
selves not to vote to levy tax for princi.
pal or interest of the bonds and assured the
people Of the State that the State Treasury
was completely exonerated, in any con tin
gency that might occur. He said upon
faith Of such documents and speeches as this
the people voted for the loan amendment
and he would put their defence upon highet
grounds than the plea Of bankruptcy-that
of legal right. There is the pledge made to
the people of the State, and we will hold
them to it. We propose now to return the
poisoned chalice to the bondholders. Why
did the State allow the companies to draw
100000 for every $4,000 expended? They
said, "true, we draw SIC, 1000 for that which
only cost US $4,000, but we want the possess
sion of the bonds, in order that we can take
the 100000 to buy the iron, that we may
keep the condition by which the obligation
of the State becomes good" This was
foolish but he (Mr. b. preferred it to think
ing that they wished to steal from the State.
They took the bonds to New York, and the
first thing done was to look at the Consti-
tutional amendment, and the first thing they
saw was this provision that the State was
not liable-the poison of the bonds was in
the Constitution.
He set up this defence for the purpose of
building the roads, but if the people agree
to pay the bonds they do not owe, they
would lose the roads. he would make the
bonds subservient to building the roads
release this point and all will be lost. Mr..
B. went on to show how the bondholders
would labor to get the bonds acknowledged
by indeavoring to fix upon the State the
stain of reputation, but hoped the people
would stand firm in disavowing the obliga.
ton to pay.
In closing, Mr.. Banning had few words
to say about his personal interest in the SUBJ
ject. The charge had been made that he
had Railroad bonds, this he denied most
emphatically. His main purpose was to
force the system he had proposed, upon the
the State, as means of building the roads,
and saving the State, and promised that if
he could see the Railroad question settled
that be would retire to his native obscurity
He desired to stand in the way of no mans
political advancement, but confessed his de-
sire of impressDg upon the policy of the
State, his own ideas Of settling the Rail-
road matters.
The above is but an outline of the speech,
which occupied an hour and half 10 deliv-
cry. 1t was mostly argumentatve, with
less denunciation of RAILROAD thieves" than
was expected, and was favorable exhibi-
tion OF the ability of the speaker, whatever
may be thought of the doctrines inculcateo