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


COO The Wright county var s6ias cost
The State s2,935.00 Gov RA xsrl rec
osmmcnds that s9, rec. 90, in all, b Dc;
ducted from the allow, q aaleries Il State
Officers; and 81 SEQ the Cone!
tingent Fund" allowetlstoa sech Officers
~ the >loccasin clique 5Nk 4 have brought
thu State to the verge Of bankruptcy,
After accounting the arguments which
show conlusively that ;" State Railroad
bonds were illegaly issued and that the
present holders bought them at large
discount, he goes on to sag:
u ne very fact that the State cannot be
sued, that The laws Ut the land rive no
tribunal where her legal obligations can
be t:sted and enforced makes me the
more desirspus that she should meet even
doubtful obligations in a Liberal and equit-
able spirit, thatwlsl commend our action
to the approsalof Acknowledgement citiso,,s.
A&ct rding!Y, { propose For yorpa in4ui-
~ into their praetlcahi!.sy the following
modes that occur to 1ne, as worthy ut
consideration in the settlement of this
question. each suggesting such equita' le
arrangement and compromise with both
the Railroad Companies and the Bond
holders as to my mind, meets the case
fully and does exact jasticc 10 al parties
lst.- Assuming that the Railroad Com
panies will fail, as some of ,hem have full
ed, 10 pay the interest on TIE Bonds fall
ing due from time To time. and that thus,
undcr, the terms OF the contract, the State
re acquires the lands franchises, &c, /
suggest that it is get possible to secure
the construction OF about $50 miles o.
Railroads within our State, as. we'll as settle
finally this bone question, by granting to
parties wiling to accept them, other char
tors OF the most liberal character he
State rendering. to such parties, for the
sconstraction q every twenty miles Of
continuous Railroad ihorougtlo'y and SUBJ
stancially built, when complete and the
cars running thereon, a bonus of ten
thousand dollars mile, III State. : ends
bearing a graduated interest c.srless th3n
I per cent. per annt ,-..--- - always upon
condItisn, that II i, exchange therefor an
eqaa! anlou.:,t Of Minnesota State Bonds"
shaA % returned to the State Treasury
~: Cancellation, The interest on such
new lands however, to be postponed or
- graduated as to accommodate the present
1cmbarrassments Of the people. -. ..s..-
This compromise is sne which the
Eond-holsers, who are mostly Ra lroad
men or Railroad contractors. might find
dcsirable on account Of the favorable OPP
P, rtunity it offers 70 invest their special
bonds. The lands alone that would be
receivable BY; sach q company or :conYan-
les, is genrous boon. aside from the bonus.
They amount III tie aggregate to about
5000, 600 acres. At.the time they were
granted BY congress, il tsas estimated th!:rryy
Won d be worth ten dollars an acre as soun
as the Railroads were completed. Eight
years are yet allowed tor their com; etion,
and there is isle doubt that congress
would extend the: time. For .cac., mile
Of road constructed the Company would
be entitled to $40 acres, worth twenty
thousand dollars at a low, estimate .e,.-Aul
TO this tie ten thousand dollars a mile
given il State Bonds, aud it would make
i bonus equal to thirty thousand dollars
d mile tor completed Railroads. Could
there be presented a more liberal or gene
rous offer to the Bond-holders?. Indeed
to any body Of men commanding the
requisite ca!si,a!, either in Special Bonds
or otherwise, !ts@acceptaace would finally
prove one OF. the most profitable invest
,nents the present times afford. IVA.
Gnd -,4+Eu' as all the Bond holders might
not be disposed to i;syest in the Stock Of
such com pany or anpanics, it is therefore
hat just that a" independent mode should
be provided for taking up AMI cancelling
the bonds on !; tair and equitable basis: OF
compensation. Then, on the holders OF
any "Ninnesot. State Railroad Bonds
presenting them at The State Treasury
for cancellation, other and general Bonds
If the State would be issued to them at
the rate ascertained aud fixed by you
wi'h. the interest adjusted as to the
amount and time, to the present embarrasx-
! e. condition Of the people. - #..#*@.s=. ~.
= s Surveyor General. NJ
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