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

lst.-Assuming that the Railtoad 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, nnder
the terms Of the contract, the State re-
acquires the lands, franchises, &c, / sus
gest that it is yet possible to secure the
construction Of about two hundred and
fifty miles Of Railroad within our State,
as well as settle finally this bond ques-
ton, by granting to parties willing to &C.
cept OF them, other charters of the most
liberal characteristic State rendering to
such parties, for the construction Of every
twenty miles of continuous Railroad
thoroughly and substantially built, when
completed and the cars runiEg thereon, q
bonus Of ten thousand dollars mile,
in State Bonds bearing a graduated inter-
est Of less than per cent. per annun-
always upon condition, that in exchange
therefore, an equal amount OF 'Nlinnesota
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
the people. @.@ sl=a" -
This compromises one which the Bond
holders who are mostly Railroad 'mer
or Railroad contractors, might find it desira.
bic on account of the favorable opportunity
it 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 III
the aggregate to about six million acres. \,
the time they were granted by Congress, it
was estimated they would be worth ten
dollars an acre as soon as the Railroads were
completed. Eight years are vet 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 84l
acres, worth twenty. thousand dol.
lars at . low estimate. Add to this the ten
;houand dollars a mile for completed Rail
roads. Could Their be presented more Of
liberal or generous offer to the Bondholders:
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 thu Bond holders mi.ht no,
he disposed to invest in the Stock Of such
naw company or companies, it is therefore
but just that an independent mode should
be provided for taking up and cance!line
the bonds on a fair and equitable basis Of
compensation. Then, on the holders oil
any minnesota State Railroad Bonds
presenting them at the State Treasury
for cancellation, other and general Bonds
Of the State would be issued to them a,
the rate ascertained and fixed by YOU
with the intereat adjusted as to a,noun,
and time, to the present embarrassed
condition of the people ~ ~ ~.
Thus, You see, that the plan ! present t.
relieve our. complications is apparently ,
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 the
people for them to guaranty the present issu.
Of Bonds, or the Issue of new, &C an eoui,
aient amount, as a bonus, there will then be
at hand, already on our statute book, anoth
er mode of absorbing them and reducing on,
Indebtedness, and SO escaping the presen
difficulties without the necessity of ft,rthe
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