Red Wing sentinel. [volume] (Red Wing, M.T. [i.e. Minn.]) 1855-1861, 1860-01-07

~SShSu'cue VI lhcsc OINlCulllSS HOW: the very
fact that the State cannot lie sued, that the
laws Of the Land give no tribunal where her
legal obligations can be t. ted and enforced
makes me the more DESTROYS that she should
meet, even doubtful obligations in liberal
and equitable spirit, that will commend our
action to The approval Of I'LL enlightened CHI
Zens.
According y, propose for your inquire in
to their practicabiltv the following modes
that occur to me. as worthy Of cons,de,a-
ton in the settlement OF this question,
each suggesting such equitable arrangrnc en- IS
and compromise with both Railroad Com.
panies and the Bond holders rs to my mind
meets the case fully and does exac, justice
to all parties: rs---.-,,-=zsz-
1st.-Assuminy that the Raitoai Companies
will Tail, as SEINE Of them have failed, to
pay the interest on the Bonds falling due
from time to time, and that thus, nnde,
the terms Of the contract, the State re-
acquires the lands, franchises, &C., L sus
gcst that it is yet possible to secure the
construction Of about two hundred and
fifty miles Of Railroad within our State
as we'll rs settle finally this bond ques-
ton, by granting to parties willing to &C
cept Of them, other charters of the most
liberal character-the State rendering to
such parties, for the construction Of every
twenty miles of continuous Railroad
thoroughly and substantially built, when
completed and the cars running thereon, a
bonus OF ten thousand dollars a mile
in State Bonds bearing graduated inter.
est Of less than per cent. per annun-
always upon condition, that in exchange
therefore, an equal amount OF "Mnnesota
State Railroad Bonds" shall be returned
to the State Treasury for cancellation.-
The interest on such new bonds, however
to be postponed or so graduated as to &C
commodale the present embarrassment d
the people.
This co'npronise..is one which the Bond
holders who are mostly Railroad MGR
or Railroad contractors, might find it desira.
bic on account Of the favorable opportunity
1t offers to invest their special bonds. The
lands also that would be receivable by such
company or companies, is generous boon
aside from the bonus. They amount il
the aggregate to about six million acres. Al
the time they were granted by Congress, i,
was estimated they would be worth ter
d"llars an acre as soon as the Railroads were
completed. Eight year, arc Yet allowed
for their completion, and there is little doub,
th't Congress would extend the time. Fo,
each mile Of road constructed the Company
would be entitled to three thousand 81
acres, worth twenty. thousand dol.
lars at u low estimate. Add to this the ten
;houand dollars mile FIR completed Rail-
roads. Could Their be presented more o,
liberal or generous offer t" the Bondholdcrs:
Indeed to any body Of men commanding the
requisite capital. either in Special Bonds OF
otherwise, its acceptance would finally
prove one of the most profitable investments
the present times afford.
2nd.-But rs all tn: Bond holders mi,ht no,
be disposed to invest in the Stock Of sucl,
NV company or companies, it is therefore
but just that an independent mode shoul1
bc provided for taking up and cancc!ling
the bonds on a fair and equitable basis OF
compensation. Then, on the holders Of
any minnesota State Hailroad Bonds
presenting them 1T the State Treasury
for cancellation, other and general Bonds
of the State would be issued to them a,
the rate ascertaned and fixed by YOU
with the intereat adjusted as to amour,
and time, to the present embarrassed
condition Of the people,
Thus, you see, that the plan present t.
relieve our complications is apparently 9
duplicate 1t permits us this advantage ir
settling these affairs; that, il the completion
OF $50 miles Of railroad should not be suf
ticient irducement in the estimation Of thu
people for them to guaranty the present ISSUE
OF Bonds, or the issue Of new, &C an eoui,
alent amount, as a bonus, there will then be
at hand, already on our statute book, anoth
CT mode Of absorbing them and reducing ou
Indebtedness. and so escaping the presen
difficulties without the. necessity of furthe
lcgislations.