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

HOUSE QUO ny OeuatOr AVEkILLi VuO ~
Senator KING and Representative NET
TLEroN, one each by Col. ROBERTSON and
Mr.. MAcKuB1N, and one by Messrs. STAN
NARD and NELSON.
The Joint Committee appointed about a
month ago, to consider this vexed question,
consisted, on the part of Senate, Of Messrs.
STEWART and MAcKUBIN, of Ramsey
BISHOP, of Hennepin f; KING, of Winona !;
SrANNARD, of Chisago; and NELSON, OF
Washington and on the part of the House,
of Messrs CLEVELAND, of Faribault; ABRA-
HAM, of Henne pin BURNHAM, OF Waba-
shaw; GREENE, of Steele; OzMUN, of
Olmsted ROBERTSON, of Ramsey; NET
TLEToN, of st. Louis ORANGE WALKER, OF
Washington and THAYER, of Winona.
Plan of adjustment No. One-This is
recommended by six members of the Joint
Committee, viz :-Messrs. STEWART, of st.
Paul, of the Senate and CLEVELAND, of
Faribault; GREENE, of Steele; WALKER,
of Washington OzMUN, of Olmsted and
BURNHAM, of Wabashaw. 1t is also said to
be an " administration measure, and has
the sanction of SELAH CHAMBERLAIN, and
WIN. L. BANNING 1t is in the shape of
an amendment to section ten of article nine
of the Constitution. The following is
careful digest of its provisions, arranged in
a clearer form than they are contained in
the amendment itself:
Fira--That there shall be no further
issue of" Minnesota State Railroad Bonds"
and the Loan Amendment adopted in
April, 1858, shall be abrogated and ex-
plunged from the Constitution.
Second-The Governor is authorized to
issue, upon certain conditions 81 ,93l $50 of
Minnesota State Bonds" to Railroad
Company to be hereafter organized, to con-
struct road from La Crescent, via Ro-
chester, Owatonna, Medford, Faribault,
Mortified, and Mendoza, to West St.
Paul, and from st. Paul to St. Anthony,
and Anoka. The bonds to be issued to
this company, at the rate of $4,000 for
every ten miles of road completed, and the
cars running thereon, from either termini
Provided that in no case shall greater
amount of minnesota State Bonds" be issu-
ed to any company, person, or association
than shall be equal to the amount of " Min
nesota State Railroad Bonds received by
the State for cancellation" The Railroad
Company provided for, is required to notify
the Governor of the acceptance of the Con-
stitutional amendment within sixty days OF
the Governors proclamation of the adoption
of the same, " and deposit with the Gov
ernor, to be by him cancelled, said Mime
sofa State Railroad Bonds" to the amount
Of 100000 with all unpaid coupons there
unto belonging"
1hud-As there are other State Rail-
road Bonds out than the 100000 above
referred to, land which are supposed to be
in the hands of Mr.. SELAH CHAMBERLA1N)
the holders of them will doubtless feel
anxious as to what provision is made for
their relief. This knotty question is solved
in the following extraordinarily liberal Sec
ton of the proposed Constitutional amend
ment:
All Minnesota State Railroad Bonds with
all unpaid coupons thereunto belonging, not
hereinbefore provided for, nor included in the
said amount of 100000, to be delivered by
said Company, as aforesaid, may be re-
turned to the Governor of this State by the
holder or holders thereof, at any time within
one year from the time that this amendment
shall take effect, to be by him cancelled, and,
upon such return and cancellation, the Cover
nor shall issue, or cause to be isseed, to the
person or persons SO returning the said Mime
sofa State Railroad Bonds with the unpaid
coupons aforesaid, and in full satisfaction there
of, new bonds of the State to the amount of
twenty five per centum upon the principal Of
the Minnesota State Railroad Bonds" SO re-
turned by such person or persons. and can
upon, in consideration of the provisions of this
section, upon demamnd made by such person
or persons, SO returning for cancellation afore-
said, the said minnesota State Railroad
Bonds" and upon presentation of the certiti-
cate of the Governor, under the seal of the
ta.e that said Minnesota State Railroad
Bond have been SO returned and cancelled,
issue such person or persons, stock of said
Company as full paid stock in shares of
fifty dollars each, to an amount equal to sew.
enty-five per centum of the principal of said
Minnesota State Railroad Bonds, SO returned
by such person or persons, and cancelled as
aforesaid; Provided, That such demand and
presentation shall be within six months after
the election of the first board of directors of
said Company, and at no time thereafter"
Fourth-The new bonds are to be signed
by the Governor, countersigned by the
Treasurer, and redeemable January l, 1885,
bearing interest until that time at the rate
of seven per cent. per annum, but no inter.
est is to accrue until January l, 1861.
The faith and credit of the State is hereby
irrevocably pledged for the payment of the
interest and principal of the said bonds :"
and .stl
The legislature of the State shall provide by
law for the levy and collection of tax, sufi-
cient to pay the interest u on the same, as it
may fan due, unless otherwise provided for,
and shall provide for a sinking fund, to com.
mence on the first day of January, 1870, sufi-
o;o,t 70 radaann tho nrncinal IF GA hor1, ~,