, 1869-03-02
KZPUDIATIoH II NIHHEspTA.

Governor Marshall, OF Minnesota, in a
special message to the Legislature makes
an earnest appeal for the financial honor
and credit OF the State. Some years ago
the people Of Minnesota undertook TO
construct certAin railwAyA and offered
the contractors the bonds Of the State in
payment for their money, Labor and
Other materials. hfser progressing some
time, and Thea bonds 70 The amouut ol
2,50o, 900 had been Issued, tbs State con-
cluded to suspend the work. HArd times
fell upon the country, and wisdom sug-
eebted the posipnnement Of the Improve
menss unul more favorable opportunity.
The ceatractore, however, sustained an
hreparable loss. Tint loss has been made
almost total, in the first instance, by the
neglect OF the State to provide tor the
outstanding bonds, which neglect hAs
since degenersted into d!sgracetul re-
fusal 10 pay them at Ill. The only pre-
tence upon which Minnesof& ventures
70 1epudiA.e the bonds is that
they were part Of Bystem Of
internal Improvements, which, being
commenced too eoou, broke down. Since
the bonds were Issued Minnesota hiss
grown in wealth and power. She Il rich
In all the elements of great State, Her
population has quadruple her produc-
tions have Increased In like proportion:
Where there WAS one dollar OF capital
thcn owned In the State there arc now
ten. She then owed some debu. She IL
now, with the exception OF these repudl-
ated bonds, free OF debt Within her
limin she has over 100000 acres ot
land a. productive Is suT In America.
The eElise debt Is not equal 10 five cent?
per acre of that land, The annual ta1
1cr ten years needed to exttugutsh thsa
debt, principal and interest, would be q
email that no man would ever feel It. Nj
landholder ought 10 object to Il, and NJ
o.hes would ever directly e perlenco th'
burden. Minnesota viii yet pay severely
tor this tslnt upon her integrity. Penn
sJlvantA, Maryland, lndisns, Illinois
Michigan, and the other states which for
time did not pay theis debit, have p.t
he&vii5 fos tsw years' exemption frou
taxation. In this 6tstc ne tssucd bond
to the amount OF several millions Of do
lart, which were sold at sacrI6c,
and We never 60. mile Of rail1oa
built. Demagogues then sought popu1s
favor by voting against paying inie1e,
or principal. For ten years We escspe'
taxation, but at what . costl Emig1aul
from other States drove ACROSS Iliuot
no one Staying here who could go tuI
thes. We had no rosds, and no none
to build them. No man would eel goot
on credit to any person living IN the Il
pudiating community. The Safe eoul
rot borrow dollar, even from Il
own citizens. It's warrants were SO d.
pseciated that they hsd To he issued in q
amount at least thirty per cent grean
than WIS needed to cover the defcienc,
If money WIS loaned here, it wts up;
treble security, at IN exsorionate rate
interest, 10 cover the risk Of bAnkrui
people. Alter tasting this miserable E.
perieuce foz ten years, the people to:
things into their own hauds- Tht
kicked The representatives out of offlc
they declared that the debt should
mid, and they placed IN their col
stituuou, twenty years age,
4 popular vote, an uFapealao
tsx, 70 be collected until the debt primo
pa! and compound Interest, should - pa