The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1860-02-10

have been delivered to these companies in
State bonds. This rule of estimate fixes
twenty-five cents on the dollar, or one-fourth
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 can properly.
set up against the State. But although
such settlement would doubtless cancel
every obligation of the State to the holders
OF the special bonds, your committee would
earnestly recommend that the remaining
seventy-five per centum should be paid to
the parties surrendsring the special bonds,
in paid up stock of the company receiving
the bonus hereinafter proposed. Again,
they would earnestly recommend, with a
view of insuring the prompt building of the
railroads, and to give such assistance to
this great enterprise, as will insure its sue.
cess, and still keep the debt of the State
within its present limit of bonds outstand-
ing, that from time to time, as portions of
said road are completed and the cars run
ming thereon, and like amounts of the special
bonds, above referred to, delivered to the
Governor and cancelled, new bonds shall be
issued as an absolute gift or bonus, to the
company or companies actually completing
the portions of the road as above proposed.
With view of carrying out the sugges-
lions of this report, your committee beg leave
to submit Bill proposing an amendment
to the Constitution for submission to the
people, and which will, if adopted, in
the opinion of your Committee mainly
settled the complex question growing out Of
the. five million loan policy, and insure the
prompt completion of the Railroad /? In
submitting the policy of the proposed amend
ment, the signers of this report, recommend
its adoption, for the reason that it is the
only possible plan which suggested itself to
their minds to settle our present Railroad
complications. They however hold them.
selves ready and eager to embrace and
heartily support, any wiser plan than the
one here proposed, for the protection of the
people from taxation, the prompt completion
of the roads and the speedy enhancement of
the material prosperity of the State. Again
we say, show us better plan, and we will
promptly abandon this.
Your Committee, by resolution, called
upon the Presidents and Secretaries of the
several Railroad Companies of this State,
iOi q oV VI " ctotCluCAt VI CuC ouOuuU vi uI6t
mortgage bonds, issued by such companies
and now outstanding, to whom issued, when
issued, and for which amount negotiated,
and, also, for full and perfect statement
"under OATH" of the conditions and transac.
lions of their respective companies.
The President of the Minnesota and Paci
fic Railroad Company responded promptly to
the call of your Committee. None others
have yet done so.
Statements from officers and engineers of
said companies have been received by your
Committee, and are herewith submitted !;
also statements of the claims OF various
parties against the Minneapolis & Cedar
Valley Railroad Company, which are here
with submitted and recommended to your
consideration. All of which is respectfully
submitted
Signed
j. H STEWART,
Chairman Senate Committee.
G. K. CLEVELAND,
Chairman House Committee.
GEO. w. GREEN,
ORANGE WALKER,
AIN. OMAN,
JOHN w. BURNHAM.
ST.. PAUL, Feb. 3. 1860.
BILLS INTRODUCED.
By Mr.. HULETT A bill to establish
the county of Watonwan.
By Mr.. KNOX: An act to amend sec.
ton Z, Oh. l, page $50 of Compiled Stat
utes.
By Mr. MANN: A bill for the relief
of the Plymouth Church congregation of
Minneapolis.
BILLS PASSED.
An act to locate State road from High
Forest to Freedom.
A memorial to the Postmaster General
for the increase of mail service.
An act to provide for times and manner
of eecting q. S. Senator from this State.
THE REDEMPTION LAW.
The bill regulating the foreclosure of real
estate come up on its final passage. This
bill extends the period of redemption of
property sold on mortgages to three years,
when it can be redeemed on the payment of
the purchase money and per cent interest.
The law allows the mortgager to hold pos
session of the property until the period ex.
pires for its redemption, on the payment to
the purchaser annually of seven per cent.
interest on his investment. ..-
Mr.. MITCHELL spoke in reference to
the bill, pointing out constitutional objec-
tions to it in its present shape.
Mr.. COGGSWELL advocated the bill,
and replied to the legal objections urged
against it. He hoped that if the time of
redemption was not fixed at three years, it
would be put at two, which would be an
improvement on the present law.
Mr.. SANBORN thought the law would
be looked upon as impairing the validity of
contracts. .-...-. I'LL,
Mr.. SECOMBE opposed the bill on gen
eral grounds. He argued that it vitiated
contracts made between debtor and creditor.
Mr.. McDONOUGH moved to refer the
bill to Special Committee, with instruc-
tions to amend it, 80 as to give the mort
gagor and judgment debtor two years re.
demption instead of three. ....tg
Mr.. SECOMBE moved to add to the in-
structions, that the law shall not apply to
any contract entered into previously to the
passage of the act. Lost, ayes IA, nays 81.
Mr.. McDONOUGH then withdrew the
amendment.
Mr.. ROBERTSON moved to add to