The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1861-02-15
THE l WEEKLY PIONEER ,5ERR AND nEMocRu A.


Resolved, That in any act proposing to trans
fer to any parties the lands, properties and
franchises appertaining to the several Land
Grant lines of Railr0 d or either of them, the
interests of the people should be fully guarded
and protected by such provisions as will guar.
antee and secure the State against any loss or
unreasonable delay in the construction of said
road. ..,f. ~
The Committee recommended the indefi.
mite postpopement Of the other propositions
which had been referred to it by the House.
The report signed by w. L. BANNING,
A. 81. BUTLER, and T. j. Hunt, 1.-THE latter
modifying his views by supplementary re-
port) was very long and accompanied by a
bill. 1t states that the main difficulty in
the committee was the want of unanimity
in fixing upon the lines of road which should
first be constructed, and which is to inau-
gurate the completion of our entire lines Of
Railroads. ..lr . s.a t.l.s..
Erst.-Any proposed plan should con.
form to the policy inaugura'ed by the State
administration, and ratified by majority
of the people. ma .lzsffg -
Stcond.-Such plan should provide for
guarantees to the State against those abuses
in Railroad construction which have taught
our people, it is to be hoped, a lesson never
to be forgotten, so that the State shall be
fully secured in Advance before she parts
with the property in the road beds and
franchises. ..... t 81
1hird.-Such plan should be practical,
so as to ensure the immediate commence
ment and early completion of our roads.
The above points were elaborated end
enforced at great length, and we can only
give brief abstract of the most material
portions.
On the first proposition it speaks of the
bankruptcy of the late companies, leaving
the State fettered with outstanding State
Railroad Bonds to the amount of $685..
600, bearing interest at the rate of seven
per cent. per annum, and recapitulates the
practical solution of the difficulties pro-
posed by the Governor, and endorsed by the
people, 4. e. that as the State Railroad Bonds
were conditioned upon the building of the
roads, the outstanding bonds should be made
subservieut to this purpose, and as fast as
the lines progress to actual completion,
even bonds of the State would be issued in
return for like amounts Of the old bonds
at such rate per mile as should insure the
completion of the roads. This policy car
ried out would put in operation about two
hundred and fifty miles of road, and start
the enterprise towards the thorough COM
pletion of all the roads, without further as
sistance from the State. A long argument
ensues to show that the policy of making
the bonds subservient to building the roads,"
was endorsed by the people, and in what
that consists, which is simply the granting
new bonds to such parties as shall build the
roads upon their surrendering the old bonds.
As to the second proposition, the report
urges the past experiece of Minnesota as
the strongest argument for requiring the
State to demand adequate security an ad-
vance before she parts with her property in
the roads. She ought not to grant them to
any company, however plausible their pro
position may be for building the roads, or
however respectable may seem those who
are concerned in the enterprise, until she has
security in advance equal at least to the
value of the grading and improvements on
the roads. Let these parties deposite seem
rity in advance before the State parts with
particle of her title.
As to the third proposition-The plan
should be practical, so as to ensure the
building of the roads at once, that the grant
may be secured against reversion to the
United States. The proposed lines of road
lin the billy independently of the work al
ready done, will cost to finish and equip, at
least $4,000 per mile. This position is
sustained in the report by mass of statis-
tics 1t is plain, therefore, to every candid
observer that the lines of the road running
through the settled portions of the State,
and which, of course, should first be built,
would not, when completed, as mere
moneyed investment, be worth to the owners
during the next seven years, more than ten
thousand dollars per mile. If our roads
are to be built now, it is plain that some
other inducement must be offered beside the
prospective profits OF the investment, to en-
list capital in the enterprise. The offer of
the State to issue new bonds upon the sur
render of the old bonds upon the plan re-
commended, would supply the deficit, and
carry the roads along to successful compile
tiOn.
The practical question then is, should we
resort to this plan, or resort to other expe-
dents, such as farm mortgages, city and
| i e. l.,