The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1860-02-17

oppression to the people. WIN respecC 10 tne
per centage to be paid in the new bonds pro.
posed to be issued to the holders of the special
bonds, your committee know no rule of settle
ment more wise and Just than to al0,c the cost of
the work that has been done upon the roads.
Moreover as the State will, doubtless, sell out
the companies and take possession of their
graded road.beds, it seems bit just that the
fair cost Of this work should be paid for by the
State. This, undoubtedly, is the true and just
rule by which to find the value of the old and
the amount of the new bonds issued for this
purpose. From the most reliable information
your committee have been able to obtain, the
cash cost of this work, including grading,
bridging, and other proper and legitimate ex.
penses incurred upon the roads will not exceed
800 per mile. Ten thousand dollars per
mile have been allowed to these companies in
State Bonds. This rule of estimate fixes
twenty-five cents on the dollar, or onefOurth
of the bonds issued as the per centage to be
paid by the State, and which will fully cancel
all claims in law Or equity that the holders OF
the special bonds eau properly set up against
the State.
Now, this portion of the report means
if there is any meaning to the language of
the mmttee-that the bondholders are
entitled to the " fair cost" of work done on
the different lines of road; and that
the cash cost of this work is ti0e,>
ty five cents. But do the Committee
propose to pay any one in cash at twenty
five cents? By no means. The terms of
the bill, and the report are, that holders
of the State Railroad Bonds shall receive
new minnesota State Bonds with interest
at seven per cent, actieh interest shall not
commence prior to the first day of January,
1861. These State Railroad Bonds have
already been issued one year, OF which no
interest has been paid, and now this most
honorable, as we'll as most generous Com
mittee, after acknowledging that twenty-five
cents in cash has been spent six months or
year ago, propose to pay twenty-five cents
in Bonds in the year 1861!
A holder of $4,000 Minnesota Railroad
Bonds is entitled, according to the terms Of
this report, an cash at the time of the issue
of these bonds, twenty-five per cent, which
is $4,000. Interest from Dec. 1858 to Dec.
1860, at seven per cent, 800. Amount
due the bondbolder Jan. 1861, S., 700. The
Committee, however, propose to pay in the
year 1861, S. 900 in bonds. which will sell
for cash, say eighty cents, $4,000. Deduct
interest for two years on S. 900 at seven
per cent. 500. Amount the Committee
propose to pay bondholders, in cash, So, 300.
In other words, the Committee acknowledge
that the bondhoders are entitled to SIS, 900
in cash, or twenty-five cents, but they pro-
pose to pay $4,000 cash, or sixteen cents,
on the dollar! We would be happy to
have some members of the Committee show
how the bonds of any State bearing interest
from future year will pay cash debt!
There are many other errors and incon.
sistencies in the report of this Committee,
Of which we would speak, did we not
know that the report fell stillborn from the
hands of the Committee, thus making its
numerous mis-statements of no account to
the public. We cannot close, however,
without congratulating the ambitious young
member of the Legislature from Farribault
County, on the prospect of the immediate
completion of Railroad from " some point
in Steele County to ST. Peter and Mankato,"
and also the we'll known business man from
Washington, on the simultaneous" com.
pletion of the Railroad from Saltwater to
st. PAUL." 1t is quite possible those mem
bers may be able at the end of the session,
to 60 home over the different lines of these
Railroads; as it can hardly be possible that
the Companies will allow the State to take
possession of the valuable property which is
to revert to the State on the non completion
of the Mendoza and Saltwater Railroads a.!
We offer the provision to those members for
reflection, and tender them our congratula.
tions that, after great labor they should
have been able to consider this most i'm.
portant provision Of the bill Here it is:
PROVIDED That said Company shall in
manner and upon the conditions before speci.
fed, complete so miles of the aforesaid portion
of it's road from La Crescent to West S.. Paul,
and from St. Paul to Anoka within two years
after the time this amendment shall take effect,
and shall. within three years from the time of
this amendment taking effect, complete the
whole OF said portion of its road from La Cres-
cent to West St Paul and to Anoka-and in
addition thereto, shall also complete further
portion, or further portions of road, as follows,
viz: from some point in Steele County to st.
Peter and Mankato from Mendoza to Belle
PLANE; from Saint Paul to Saltwater, and
from AlOka to Saint Cloud, on or before the
first day of April, 1865 and shall also complete
another or further portion or portions of road
to the extent of 200 further miles thereof, on
or before the first day of April, 1866 said last
mentioned 200 miles of road to be connected
with the road or roads Heretofore completed
and in case the said Company shall fail
to complete its said roads in the manner and
within the several times hereinbefore pre-
scribed-all the right, title and interest in and
to any lands, graded road beds, bridges, and
all other appurtenances, together with the
franchises connected with the same, which are
hereinbefore granted, as ,oeH as any right of
toay oUer the line of said road, which may have
accrued to said Company, not pertaining
or applicable to the portion of the road by said
company constructed, and fee simple to which
has not accrued to said company by rea.
son of such construction shall be by such fail.
ure, for feited and shall revert to the State.