, 1870-03-31
MINNESOTA BONDS.
A Chance TO Lcnrn yEhnt Ii Due on
Them.


From ue 81. Rlul P,ea, Al,eh o.
VIC showed on Sunday that the act pror!tng
for The payment Of tho Minnesota State Rail-
road honda, by exchanging the Internal I'M
proycnentlandHt dHtherefor, WAS, ID eject, N onar
to compromise the debt by the payment OF not
the bondQoldcs arc wiling to accept these
terms Of settlement, it is quite luconcnFahle
how their creditors can reasonably object to it.
For there is not, We again repeat, the slightest
doubt IN tho mind Of any eound lawyer 70 The
country, that il the question were brought into
submitted to any impartial nrbidament, tho
State would be held liable, both IN Law and
equity, for the whole amount Of the bonds,
principal and interest.
Eut the rcpudiAtors have held themselves
and the State beyond tho roach Of Judicial in
its own courta, either by it's own citizens or the
citizens Of other States, unlesa by special act
Of the Legislature, and though all our Legisla-
lures have been higsling for eleven seaIs about
.twlat il Justly due on these bonds, they have
systematically refused to permit that question
nal. Nor can any State be brought 10 the bar
Of tie Supreme Court Of the United States ut
the suit Of private citizen. But il the people
reject the opportunity now offered them to
settle the debt on terms which gro to their
Minnesota nothing. there is one last re-
source left to tho creditors OF tho State
for that redress which will have been denied
them By the people OF the State. For the
bondholders have onlr to unite in making
donation of part OF their bonds 70 any other
to make that State party to the controversy,
md by this means, under the constitution. it
can he brought within tho jurisdiction Of the
Supreme Court Of the United States. Snch
movement, VIC learn. was iu2uGuIAted some
time laet fall and winter, bat waa delayed in
order to await the action OF our Legislature in
regard to setting npart the improvement lands
in settlement Of this debt. We have becn
furnished with cop7 Of some correspondence
which took place on this subject, between \
holders and Hon. benjamin F. Butler. It will
I've read with interest:
INV YonK, March l, 1870.
"Non. Benjamin r. Etaler, Washington:
at is not generally known that Minnesota,
in 1860, virtually repudiatel L, 775, ,0o0 Of her
bonds bearing the Great Seal of the State, and
Issued to railroads, on the Pretence that bhe
had been cheated it, the value Of the work.
but she took care to fofeclose and buy in (uu-
der mortgages eiren to secure her loan OF crolt) }
ali the value created hy the proceeds Of tho
bo':'ls With large land grants and franchises.
been cnrichcl thereby. while Tie innocent hold
ets OF the State bonda whose securities were
thus desroiled arc refused all satisfaction. The
State is rich, but wont pav, won't arbitratc,
won't consent to be sued by tho bonlho1ders.
There il but one wny Of reaching her. She
can be sued by another State Of the Uuiou.
write to ask whether, in your opinion, Ma-aa-
chusetts, for the honor OF tho whole American
people, will accept respectable amount OF the
bonds for komo charitable purpose and make
an example Of This great Northwestern rcpu-
diator. II shc will, l think l can procure tho
gift u lie made for that purpose
avery respectfully, ALLAN MELVILLE"
"NAsuISGTos, March 2, 1870
NIX DEAR Sin: have uo doubt that Nassau
chnketts would accept I'll amount, say St03, 900
or upward, Of the bonds that yo,t mentioned.
interest and principal, toward supporting her
more likely 10 be accepted, because il would
have to be obtained By snit: at auy ratio Az
offer to Governor Clatlin, viii, request to lay
it befuse the Legislature, simply stating tho
fact that the gift was intended would at least
Try that question, and il refused the offuz
could do no Aasr' a1n' n'ns, SGnrs trp'yi i,,
ALLAN Melville, 81 Enc street, New York. .''
From this it wonld appear that in case the
loiidlloltle.s shouldn't accept, or tho Peonle
should not consent to give, tho lands for tho
bonds, We ere in i fair way Of having the much
| moo:c1 question Of .' what il Justly due on
tie bonds" settled for us by tribunal whose
decrecs arc not likely to be disputed or re-
sistcd. Tie repudiaton will not long be- ablo
to shelter their dishonesty behind tbs prcte1t
that tie 6tAtc II not liable for the l,onds, o,
that they don't know what Is Justly due 1,pon
them. There II no lawyer who docs not know
that the United States Supreme Court would
declare the bonds az valid "a an obligation in
all 1cRrects for tho whole Eum, principal and
interest. aa those of the United Statea-apd
that the prete1t that the State did not receive
value for tho bonds would have no more force
AZ defence against tho demand for full pay
l meut tl.an the plea Of the CopperheAd repuli,
Ators that the United Statcs five-twentiea
| should not be paid at par In gold, be-
cause they were bought for greenbacks
or notes wortl, at the timo only sixty ceuts On
the dollar in gold. Tho reasoning Of tho re.
Tudiato1s in both cases is precisely the same,
! and The Supreme Court would gire precisely
! the sarue answer to both. In face Of suc! 4
! Judgment, which would dissirate all the idle
eophihtries OF the rerutliators in our milst
! the people Of Minnesota would rise m as ont
mai and demand that at every cost, ohliea
tons whosc validity was thus affirmed l,y ths
MGLest court in the nation, should be lonestl,
discharged 10 Tho last dollar.
| and the question for the people OF Minneao
IL now to consider is whether il is not better Il
pay thcsc bonds In lands which cost them moth
ing, and which are now worth in the n srke
hardly quarter Of the existing debt, O
whether they will wait till The lands are swe1,
away into the rlnga Of spccnlators already OF
Ea::izrd 10 gobble them. aud until the peopl.
shall Ike compelled at LAST, under Judgment o
the Supreme Court, to Jay the PRINCIPAL AMI
interest of the bonds by taxation.