The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1860-03-02
SPEECH OF HON. THOS. CLARK,
OF THE SENATE, JIG

SPEECH OF HON. THOs. CLARK,
OF THE SENATE, ..+
UPON THE RAILROAD AND FINANCIAL POLICY
OF THE STATE.
Our financial embarrassment is the con-
sequence of radically unwise policy. We
can be disenthraled by adopting policy
dictated by the true interest of the State
or self interest, self protection, self preserva-
ton, and at the same time be true, honest
and magnanimous towards our creditors.
l 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, DIR. Stewart,)
the gentleman from Ramsey, did so in his
report of Feb. 8. 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 unmeaning unin
territorial pledge Of the faith of the Common
wealth. Would capitalists take such faith,
or such pledge? Common sense said no.
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 fnanciers 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 ,tnpretending 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 S25O,0O0
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,O0O,OOO would
be $350,O00, so that the gross earnings of
the roads must be $975,OO0 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
$500. 900 bushels at l0c.... $3.50, 900
Importations 10000 tons at So. ..... 100000
And passengers, at not over 40, 000a 100000
Gross earnings not possibly over. 80. 100000
Leaving an annual deficit of (S975 900
less SO0U ,UUU). OfO,UUU
Such was the security offered to ensure
"the punctual payment of the interest" on
the bonds.
Let us drop this disagreeable subject,
congratulating 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 partzans, but as the represen.
tatives Of young, courageous and patri-
otto people.
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 oil
internal Improvements which shall bring to
them prosperity.
Second. They expected this Legislature
to inaugurate such 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 a 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 theil
ballots to bind themselves to do that which
they know they cannot do. "Proposition'
after proposition has been heralded over
the State looking towards taxation. Who
is so deaf that he can stand in this Capitol
and say "an uncertain sound" is the reply tc
those propositions We have noble
proud and patriotic people, and they will
stand by US and sustain any engagements
and all acts we may do for them and fol
their best interests. While we represent
the judgment of the people as to the best
and most required roads, and maintain then
preferences so far as in our power, we mus
in their behalf submit to and be conten
with at least some of the views of those wht
will construct them. Subject to the ap
prevail 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 thu
greatest amount Of business must be frs
built.
There should be no difficulty-there car
be no reasonable objection to these prin
| cinlles of insfice ,, The neonle will sustain tn