Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-01-11

AUSTIN. M1NN.-
THURSDAY MORNING, JAN. II, 1872.
1s.as.:.1,-ss--... -..-..-.--,--..-...-
The Ola IL. Il. Bonds.
Annually since 1866 tho Legislature
has done something with view Of de-
tsrmining the policy Of the State con.
corning these unfortunate evidences of
her indebtedness. Nothing definite
has TRANSFERRED in relation thereto, OK.
cept tho effort. At first absolute rcpu.
dlation was openly advocated by many
whose influence was prominent in shap.
ing public opinion, which resulted un.
favorably to our financial character and
put u in false position before the ma.
ton. No ono asserts that the State
has had full, or even approximate value
for this debt which is outstanding and
anl;quidated, but all now agree ,ha,
she has raised an obligation relating to
it, which she must in some way dis.
charge. The equities which existed
eetwsca the original parties cannot be
urged Rs a basis Of settlement witt,
present heldcrs who were innocent pur.
chasers; neither should it b. c,nce dcc
that the bonds arc legally worth their
face, because they were bona fde trans
ferred for value before maturity. The
courts have quite generally held that in
cases like this where consideration is
almost entirely wanting, the innocent
holder can recover no more than the
Price paid-if it be less than par
with the legal interest added.
1t is notorious that these bonds arc;
to great extent, not in the hands OF
innocent purchasers, except in a few
Instances, although in the hands of
transterees. Thcin history was pre- ty
We'll known before they went into the
market, and when that event finally &C.
Cured they passed to new holders a.
rates which seemed to justify the hope
OF a profitable speculation. The were
considered as a chance and were gcner-
ally purchased at chance rates. Just
now two dangers seem to threaten us,
and from both we ought to find an es-
cape through the medium Of the pres
emit Legislature. One il that VIC may
attempt downright reputation, and
thus UNANIMOUSLY and lastingly disgrace
ourselves. The other is, that through
fear Of damage to our reputation as
IN honorable and fair dealing common
wealth, we may be cajoled into an I'D.
mission Of the justice and legality 0!
the whole clause.
The course which interested parties
is pursuing toward US is as likely to
produce one result as the other. Men
are not unfrequently influenced by
prejudice as well as by reason, and
when assailed unjustly do not hesitate
to adopt such line of defense as seems
to be suggested by the plan Of attack
hence, the danger of precipitate de-
NAL Of all obligation Of the State to
provide for the discharge Of this ap-
parent indebtedness.
The question will no doubt arise in
this Legislature, and We hope it may be
met fairly and fully settled.
We entertain no doubt of the States
liability in the premises, but the meas
"ro Of that liability must be determined
upon some basis other than that which
the bonds themselves present, and when
once established the internal Im-
provement Lands" should be called
Into requisition as a means Of settle
-ment and final discharge of the claim.
Awaiting definite finding Of the
amount to be paid, these lands should
be placed 10 the market under some
system which will insure their sale at
reasonable rates, and their proceeds an
honest and secure investment that the
State may invite additional settlement
and thereby largely increase her reve
uue-two things both possible and
greatly to be desired. In the absence
Of any better plan for ascertaining the
value Of the bonds, let the holders
themselves name the price at which
they will surrender them to the State
When fund shall have accumulated
from the sale of the lands at the close
Of each year, let it be distributed tc
those who will make the greatest dis
count upon their bonds. When such
parties see that they can get money to'
their Estate papers," they will surren
der them for what they arc worth.
Selah Chamberlain offered to return
his for wild land lying on the frontier
and estimated at eight dollars per acre
What would he have taken in cash
One quarter Of the estimate woult
have turned his bonds over to tn
State. Others will not be more rcluct
ant than he when they are rendered
money for their claims.
Let US settle the matter upon :
money basis. That is the business way
to do it, md when we make such ar
attempt VIC shall succeed.
The Message.
Our limited space forbids a very ex
tended notice Of Governor Austin's an