Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-03-14
The Old Bonds,


last Legislature did nothing looking to
a settlement Of the State railroad bonds
Every one Knows that measure was
proposed two years ogo, one which was
suggested by tho holders and approved
'by the people. No one, except Selah
Chamberlain, complied with the terms,
but. on the contrary, Indignantly reject
I'd them. The law required that two
thirds Of the bonds should be deposit
ed within specified time, ae condition
precedent to its taking effect Mr.
Chamberlain had only about one-half
Of the bonds. After consultation with
others Mr.. G. learned thst he could
safely deposit all he had. Other hold
era agreed to retain theirs. This would
give Mr.. Chamberlain a chance to cay,
/ acted in good filth, but the terms
If the law were such as to exclude mic
from its benefits because there we're not
esoush who w~uld accept the terms
shich it proposed to make it operative"
The intention WAS apparent. Mr.. &.
sought, through sympathy, to get some
spcci,l relief for himself and thcr other
parties interested were anxious that he
-hould succeed, because that success
they would claim as q precedent upon
the strength Of which, their OVID claims
must have favorable adjust ment.-
That Plan did not work to their salts.
faction.
They procured the passage Of an act
in the Legislature Of 1871. by which,
upon ratification by the pe"ple, three
Commissioners were to dx upon the
amount which the State should pay and
the holders accept. Paid agents trav-
el]ed over the entire State in the inter
ct Of the bonds, but I'll to no purpose.
The people negatived the proposition.
They thought it was ''too thin" They
said they did not care how many cou,-
'missioners we're appointed ; that was not
u question upon which they desired t.
vote. They wanted to hear tho re,,or,
q tie commissioners, aud then tote
upon the adoption or rejection Of that.
They thought the question was sub
mit.cd wrong end foremost, aud 50 it
Was
But this vas part Of the bondhold.
er's tactics. Failing in it, they ut
once began system of blackma;ling,
which has been i"dustrious'y pursued
Letters and newspaper articles were
circulated as .hickly as Congressional
sn""ches just bet"r a political campaign
disparag;ng tie State, charging he1
with reputation, and generally de}am
ing the character Of her official manage
ment. This had the effect, temporarily
to diminish the value of our securities
Avn the eastern stock exchanges, and t.
injurc the credit Of our business inc,
in the wholesale markets of the coun
try. The purpose being to drive thu
State iate recognition Of the disputed
claims ~ the only means Of avoidin:
the slandce. which they were SO Law
ishly heapins upon it.
As m auxiliary to this, they sough
the opinion Of eminent lawyers upo,
the question Of the States liability Il
pay the bonds. When the opinions
Fcre promulgated they we're found hos
tile to the interest Of those who invok
ed them, and Clearly to establish IN
liability Of the railroaI companies which
gere :idcd ~ their construction by tho
use Of these houds. This presented .
new complication, and excited Auttc,
in Other circles.
Early in the last session a preamble
and elaborate resolutions we're offered
in the House Of Representatives,, in Of:
feet recognizing the obligation of tho
state to pay tho claim. They passed.
e1,at branch, and, upon being read
in the Senate, they we're laid upon the
table, ard arc lying there now.
From a,] that We can gather, the pco'
pie arc wiling to xait until the bond
pretende~ manifest O willingness to
submit their claims to such arbitration
and settlement as arc required by cour'
tesy, justice aud honor.
The last lcg;xlature created the Office
Of Insurance Commissioner. Everybody
will rejoice at the appointment Of Pen.
mock Pusey, to fill the responsible po'